<SEC-DOCUMENT>0001133228-25-012988.txt : 20251201
<SEC-HEADER>0001133228-25-012988.hdr.sgml : 20251201
<ACCEPTANCE-DATETIME>20251201100519
ACCESSION NUMBER:		0001133228-25-012988
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20250930
FILED AS OF DATE:		20251201
DATE AS OF CHANGE:		20251201
EFFECTIVENESS DATE:		20251201

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM MASTER INTERMEDIATE INCOME TRUST
		CENTRAL INDEX KEY:			0000830622
		ORGANIZATION NAME:           	
		EIN:				046584465
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1117

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05498
		FILM NUMBER:		251537656

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

	MAIL ADDRESS:	
		STREET 1:		100 FEDERAL STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>pmiit-efp18893_ncsr.htm
<DESCRIPTION>PUTNAM MASTER INTERMEDIATE INCOME TRUST - N-CSR
<TEXT>
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 12pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Investment Company Act file number <B>811-05498</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 Master Intermediate Income  Trust</B></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Date of fiscal year end: <B>September 30 </B></P>

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt; text-indent: 0pt">&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:-0.4px;white-space:nowrap">Annual
</div>

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

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

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

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

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

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:540px;font-weight:bold;text-transform:uppercase;position:absolute;top:611.7px;left:0px;letter-spacing:-3.05px;white-space:nowrap">Intermediate
</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:540px;font-weight:bold;text-transform:uppercase;position:absolute;top:611.7px;left:4169.15px;white-space:nowrap">Income
</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:540px;font-weight:bold;text-transform:uppercase;position:absolute;top: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">September
</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:220px;position:absolute;top:2720.23px;left:1137.28px;white-space:nowrap">30,
</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:220px;position:absolute;top:2720.23px;left:1504.23px;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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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2091.69px;left:1470.94px;white-space:nowrap">Firm</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2091.69px;left:4659.79px;white-space:nowrap">59</div>

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

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

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2347.69px;left:4659.79px;white-space:nowrap">60</div>

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

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

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

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

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2603.69px;left:4659.79px;white-space:nowrap">61</div>

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

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

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

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

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2859.69px;left:4659.79px;white-space:nowrap">70</div>

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

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

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

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

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

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

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3115.69px;left:4659.79px;white-space:nowrap">71</div>

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

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

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

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

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3371.69px;left:4659.79px;white-space:nowrap">73</div>

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

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

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3627.69px;left:4659.79px;white-space:nowrap">77</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:2984.14px;white-space:nowrap">for
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:220px;position:absolute;top:-34.79px;left:3292.26px;white-space:nowrap">fund
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:220px;position:absolute;top:-34.79px;left:3766.55px;white-space:nowrap">updates,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:220px;position:absolute;top:-34.79px;left:4643.93px;white-space:nowrap">to
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:220px;position:absolute;top:277.21px;left:180px;white-space:nowrap">access
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:220px;position:absolute;top:277.21px;left:903px;white-space:nowrap">your
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:220px;position:absolute;top:277.21px;left:1377.04px;white-space:nowrap">account,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:220px;position:absolute;top:277.21px;left:2242.48px;white-space:nowrap">or
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:220px;position:absolute;top:277.21px;left:2491.31px;white-space:nowrap">to
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:220px;position:absolute;top:277.21px;left:2728.46px;text-rendering:optimizeLegibility;white-space:nowrap">find
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:220px;position:absolute;top:277.21px;left:3131.53px;white-space:nowrap">helpful
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:220px;position:absolute;top:277.21px;left:3819.11px;text-rendering:optimizeLegibility;white-space:nowrap">financial
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:220px;position:absolute;top:589.21px;left:180px;white-space:nowrap">planning
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:220px;position:absolute;top:589.21px;left:1045.44px;white-space:nowrap">tools.</div></div>
</div> </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">2</div></div>
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<div style="width:2700px;height:254.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
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<div style="width:6492.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Annual
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div></div>
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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:513.00px">

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

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

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

<div style="font-family:Arial, sans-serif;font-size:380px;position:absolute;top:-45.09px;left:2682.08px;white-space:nowrap">Intermediate
</div>

<div style="font-family:Arial, sans-serif;font-size:380px;position:absolute;top:-45.09px;left:4899.92px;white-space:nowrap">Income </div>

<div style="font-family:Arial, sans-serif;font-size:380px;position:absolute;top:-45.09px;left:6244.77px;letter-spacing:-2.82px;white-space:nowrap">Trust</div>

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

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

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

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

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11281.45px;left:2080.9px;white-space:nowrap">declined,
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<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:8383.84px;left:5220px;white-space:nowrap">Q.
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:13063.84px;left:7541.28px;white-space:nowrap">sideline.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:13063.84px;left:8251.7px;white-space:nowrap">While </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:13063.84px;left:8751.8px;white-space:nowrap">some </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:13063.84px;left:9241.96px;white-space:nowrap">parts </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:13313.84px;left:5220px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:13313.84px;left:5420.13px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:13313.84px;left:5720.36px;white-space:nowrap">market </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:13313.84px;left:6320.48px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:13313.84px;left:6630.64px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:13313.84px;left:6830.77px;white-space:nowrap">fair </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:13313.84px;left:7130.83px;white-space:nowrap">value </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:13313.84px;left:7611.15px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:13313.84px;left:7811.28px;white-space:nowrap">slightly
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:13313.84px;left:8411.48px;white-space:nowrap">rich, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:13313.84px;left:8801.54px;white-space:nowrap">attractive
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:13563.84px;left:5220px;white-space:nowrap">opportunities
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:13563.84px;left:6300.7px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:13563.84px;left:6560.77px;white-space:nowrap">security
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:13563.84px;left:7230.94px;white-space:nowrap">selection
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:13563.84px;left:7991.37px;white-space:nowrap">remain </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:13563.84px;left:8591.57px;white-space:nowrap">available
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:13563.84px;left:9352.09px;white-space:nowrap">but </div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:3329.71px;left:5220px;white-space:nowrap">Portfolio
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:3329.71px;left:6053.75px;white-space:nowrap">Composition</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3527.59px;left:5220px;white-space:nowrap">9/30/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3816.08px;left:9147.5px;white-space:nowrap">%
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3816.08px;left:9334.22px;white-space:nowrap">of
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3816.08px;left:9529.69px;letter-spacing:-2.37px;white-space:nowrap">Total</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4008.08px;left:8966.33px;white-space:nowrap">Investments</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4350.02px;left:5220px;white-space:nowrap">Corporate </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4350.02px;left:5975.94px;white-space:nowrap">Bonds</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4350.02px;left:9446.33px;white-space:nowrap">24.3%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4610.5px;left:5220px;white-space:nowrap">Mortgage-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4610.5px;left:6527.34px;white-space:nowrap">Securities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4610.5px;left:9446.33px;white-space:nowrap">16.3%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4870.98px;left:5220px;white-space:nowrap">Agency </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4870.98px;left:5798.13px;white-space:nowrap">Commercial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4870.98px;left:6696.02px;white-space:nowrap">Mortgage-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4870.98px;left:8003.36px;white-space:nowrap">Securities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4870.98px;left:9446.33px;white-space:nowrap">10.3%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5131.47px;left:5220px;white-space:nowrap">Foreign </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5131.47px;left:5806.95px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5131.47px;left:6731.8px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5131.47px;left:7034.38px;white-space:nowrap">Agency </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5131.47px;left:7612.5px;white-space:nowrap">Securities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5131.47px;left:9535.31px;white-space:nowrap">9.5%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5391.95px;left:5220px;white-space:nowrap">Commercial </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5391.95px;left:6117.89px;white-space:nowrap">Mortgage-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5391.95px;left:7425.23px;white-space:nowrap">Securities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5391.95px;left:9535.31px;white-space:nowrap">8.5%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5652.44px;left:5220px;white-space:nowrap">Residential
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5652.44px;left:6056.02px;white-space:nowrap">Mortgage-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5652.44px;left:7363.36px;white-space:nowrap">Securities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5652.44px;left:9535.31px;white-space:nowrap">8.4%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5912.92px;left:5220px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5912.92px;left:5726.95px;white-space:nowrap">Floating
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5912.92px;left:6340.63px;white-space:nowrap">Rate </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5912.92px;left:6723.05px;white-space:nowrap">Interests</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5912.92px;left:9535.31px;white-space:nowrap">5.5%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6173.41px;left:5220px;white-space:nowrap">Convertible
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6173.41px;left:6073.75px;white-space:nowrap">Bonds</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6173.41px;left:9535.31px;white-space:nowrap">2.5%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6433.89px;left:5220px;white-space:nowrap">Management </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6433.89px;left:6198.36px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6433.89px;left:7025.39px;white-space:nowrap">Companies</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6433.89px;left:9535.31px;white-space:nowrap">2.1%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6694.38px;left:5220px;white-space:nowrap">Asset-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6694.38px;left:6251.56px;white-space:nowrap">Securities</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6697.59px;left:6954.06px;white-space:nowrap">*</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6694.38px;left:9535.31px;white-space:nowrap">1.8%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6954.86px;left:5220px;white-space:nowrap">Other</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:6956.66px;left:5620.16px;white-space:nowrap">&#8224;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6954.86px;left:9535.31px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7215.34px;left:5220px;letter-spacing:-1.61px;white-space:nowrap">Short-Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7215.34px;left:6055.7px;white-space:nowrap">Investments</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7215.34px;left:9446.33px;white-space:nowrap">10.7%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:7530.63px;left:5220px;white-space:nowrap">*</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7526.41px;left:5249.74px;white-space:nowrap">Includes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7526.41px;left:5774.98px;white-space:nowrap">non-agency
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7526.41px;left:6497.16px;white-space:nowrap">residential
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7526.41px;left:7131.69px;white-space:nowrap">mortgage-backed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7526.41px;left:8189.27px;white-space:nowrap">securities,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7526.41px;left:8816.46px;white-space:nowrap">collateralized
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7526.41px;left:9618.73px;white-space:nowrap">loan
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7718.41px;left:5220px;white-space:nowrap">obligations
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7718.41px;left:5883.83px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7718.41px;left:6139.22px;white-space:nowrap">consumer
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7718.41px;left:6751.8px;white-space:nowrap">loan
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7718.41px;left:7036.33px;text-rendering:optimizeLegibility;white-space:nowrap">certificates.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:7919.11px;left:5220px;white-space:nowrap">&#8224;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7914.89px;left:5262.54px;white-space:nowrap">Categories
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7914.89px;left:5933.48px;white-space:nowrap">within
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7914.89px;left:6305.35px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7914.89px;left:6524.26px;white-space:nowrap">Other
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7914.89px;left:6888.95px;white-space:nowrap">category
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7914.89px;left:7428.71px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7914.89px;left:7654.81px;white-space:nowrap">listed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7914.89px;left:7997.62px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7914.89px;left:8136.21px;white-space:nowrap">full
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7914.89px;left:8340.43px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7914.89px;left:8479.02px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7914.89px;left:8697.93px;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:7914.89px;left:9125.98px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7914.89px;left:9709.57px;white-space:nowrap">of</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8106.89px;left:5220px;white-space:nowrap">Investments
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8106.89px;left:5963.98px;white-space:nowrap">(SOI),
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8106.89px;left:6350.39px;white-space:nowrap">which
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8106.89px;left:6722.27px;white-space:nowrap">can
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8106.89px;left:6970.31px;white-space:nowrap">be
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8106.89px;left:7152.73px;white-space:nowrap">found
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8106.89px;left:7517.58px;white-space:nowrap">later
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8106.89px;left:7809.3px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8106.89px;left:7947.89px;white-space:nowrap">this
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8106.89px;left:8188.59px;white-space:nowrap">report.</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:1161.0px;width:891.0px;transform-origin:top left;transform:scale(1.5,1.5)">

<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:6453.14px;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:7127.45px;letter-spacing:10.29px;white-space:nowrap">MASTER
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7794.58px;letter-spacing:10.34px;white-space:nowrap">INTERMEDIATE
</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:644.15px;white-space:nowrap">3</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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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

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

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

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:610.31px;white-space:nowrap">rigorous </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1310.63px;white-space:nowrap">loan-level
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2131.08px;white-space:nowrap">analysis.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2881.41px;letter-spacing:-1.48px;white-space:nowrap">Finally,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3488.2px;white-space:nowrap">we </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3768.31px;white-space:nowrap">found </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4268.76px;white-space:nowrap">the </div>

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

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<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:6317.45px;left:1560.63px;white-space:nowrap">Overview</div>

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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8442.78px;left:1394.91px;white-space:nowrap">performance
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8692.78px;left:0px;white-space:nowrap">Summary </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8692.78px;left:1520.77px;white-space:nowrap">5.</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:9122.78px;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:9122.78px;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:9372.78px;left:300.23px;white-space:nowrap">guarantee
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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:9372.78px;left:1671.24px;white-space:nowrap">results.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:9372.78px;left:2301.42px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:9372.78px;left:3231.83px;white-space:nowrap">return
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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:9372.78px;left:4102.38px;white-space:nowrap">principal
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:9622.78px;left:0px;white-space:nowrap">value
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:9622.78px;left:480.32px;white-space:nowrap">will
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:9622.78px;left:3231.83px;white-space:nowrap">gain
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:9622.78px;left:3622.15px;white-space:nowrap">or
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:9622.78px;left:3832.21px;white-space:nowrap">loss
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:9872.78px;left:340.22px;white-space:nowrap">sell
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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:9872.78px;left:1060.49px;white-space:nowrap">shares.
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:9872.78px;left:1700.77px;white-space:nowrap">Current
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:9872.78px;left:2350.99px;white-space:nowrap">performance
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:9872.78px;left:3411.47px;white-space:nowrap">may
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:9872.78px;left:3801.53px;text-rendering:optimizeLegibility;white-space:nowrap">differ
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:9872.78px;left:4247.14px;white-space:nowrap">from
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:10122.78px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">figures
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:10122.78px;left:590.27px;white-space:nowrap">shown.</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:10552.78px;left:0px;white-space:nowrap">Q.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:10552.78px;left:240.03px;white-space:nowrap">What
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:10552.78px;left:729.93px;white-space:nowrap">were
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:10552.78px;left:1190.21px;white-space:nowrap">the
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:10552.78px;left:1510.22px;white-space:nowrap">leading
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:10552.78px;left:2190.32px;white-space:nowrap">contributors
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:10552.78px;left:3300.29px;white-space:nowrap">to
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:10552.78px;left:3520.2px;white-space:nowrap">performance?</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:10802.78px;left:0px;white-space:nowrap">A.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10802.78px;left:230.01px;white-space:nowrap">Corporate
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10802.78px;left:1080.44px;white-space:nowrap">credit </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10802.78px;left:1570.61px;white-space:nowrap">exposures,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10802.78px;left:2501.1px;white-space:nowrap">both </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10802.78px;left:2901.45px;white-space:nowrap">investment-grade
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10802.78px;left:4342.15px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11052.78px;left:0px;white-space:nowrap">high-yield, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11052.78px;left:870.47px;white-space:nowrap">were </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11052.78px;left:1310.63px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11052.78px;left:1610.86px;white-space:nowrap">largest
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11052.78px;left:2201.13px;white-space:nowrap">contributors
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11052.78px;left:3191.57px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11052.78px;left:3391.7px;white-space:nowrap">performance.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11302.78px;left:0px;white-space:nowrap">Spread </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11302.78px;left:630.44px;white-space:nowrap">tightening
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11302.78px;left:1461.09px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11302.78px;left:1651.2px;white-space:nowrap">late </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11302.78px;left:1991.43px;white-space:nowrap">2024 </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11302.78px;left:2441.87px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11302.78px;left:2792.2px;white-space:nowrap">mid-2025
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11302.78px;left:3592.62px;white-space:nowrap">drove </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11302.78px;left:4092.89px;white-space:nowrap">gains, </div>

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

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5850.44px;white-space:nowrap">early </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6290.6px;white-space:nowrap">2025 </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6741.04px;white-space:nowrap">volatility
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7431.24px;white-space:nowrap">from </div>

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

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8237.46px;white-space:nowrap">concerns.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:9067.85px;white-space:nowrap">Improving
</div>

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

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5680.11px;white-space:nowrap">clarity </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6200.16px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6550.49px;white-space:nowrap">delayed </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7231.03px;text-rendering:optimizeLegibility;white-space:nowrap">tariff
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7627.24px;white-space:nowrap">implementation
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8897.87px;white-space:nowrap">helped </div>

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

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5910.38px;letter-spacing:-1.1px;white-space:nowrap">recover.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6600.67px;white-space:nowrap">Investment-grade
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8051.4px;white-space:nowrap">credit </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8541.56px;white-space:nowrap">fundamentals
</div>

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

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

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:6900.91px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:7251.24px;white-space:nowrap">continued
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:8081.89px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:8282.02px;text-rendering:optimizeLegibility;white-space:nowrap">offer
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:8688.34px;white-space:nowrap">relatively
</div>

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

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:6000.29px;white-space:nowrap">yield. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:5220px;white-space:nowrap">Mortgage </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:6030.44px;white-space:nowrap">credit </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:6520.61px;white-space:nowrap">exposures
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:7401.09px;white-space:nowrap">were </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:7841.25px;white-space:nowrap">also </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:8221.46px;text-rendering:optimizeLegibility;white-space:nowrap">significant
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:9071.89px;white-space:nowrap">contributors
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:5220px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:5420.13px;white-space:nowrap">performance,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:6530.63px;white-space:nowrap">mainly </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:7100.77px;white-space:nowrap">due </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:7451.1px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:7651.23px;white-space:nowrap">CMBS </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:8221.29px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:8571.62px;white-space:nowrap">RMBS. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:9191.69px;white-space:nowrap">CRE </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:5220px;white-space:nowrap">showed </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:5890.43px;white-space:nowrap">signs </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:6360.64px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:6560.77px;white-space:nowrap">optimism,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:7380.88px;white-space:nowrap">including
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:8141.4px;text-rendering:optimizeLegibility;white-space:nowrap">payoff
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:8677.88px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:9028.21px;text-rendering:optimizeLegibility;white-space:nowrap">refinancing
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:5220px;white-space:nowrap">rates </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:5670.18px;white-space:nowrap">that </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:6020.42px;white-space:nowrap">continued
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:6851.07px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:7051.2px;white-space:nowrap">surprise </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:7741.41px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:7941.53px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:8241.77px;white-space:nowrap">upside </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:8822.2px;white-space:nowrap">amongst </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:9562.59px;white-space:nowrap">all </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:5220px;white-space:nowrap">property </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:5930.33px;white-space:nowrap">types, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:6460.58px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:6810.91px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:7111.14px;white-space:nowrap">potential
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:7841.69px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:8101.76px;white-space:nowrap">higher </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:8652.13px;white-space:nowrap">economic
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:9472.5px;white-space:nowrap">growth </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:5220px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:5570.33px;white-space:nowrap">bank </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:6010.66px;white-space:nowrap">deregulation
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:7051.46px;white-space:nowrap">under </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:7561.85px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:7862.08px;white-space:nowrap">new </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:8242.29px;white-space:nowrap">administration.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:9459.58px;white-space:nowrap">The </div>

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

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:5790.06px;white-space:nowrap">market </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:6390.18px;white-space:nowrap">continued
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:7220.83px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:7420.96px;text-rendering:optimizeLegibility;white-space:nowrap">benefit
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:8011.41px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:8251.52px;white-space:nowrap">U.S. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:8651.6px;white-space:nowrap">homeowner
</div>

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

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:5900.54px;white-space:nowrap">sheets </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:6480.88px;white-space:nowrap">remained
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:7281.3px;white-space:nowrap">well </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:7641.39px;white-space:nowrap">positioned,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:8562.04px;white-space:nowrap">supported
</div>

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

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:5460.12px;white-space:nowrap">locked </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:6030.44px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:6220.55px;white-space:nowrap">home </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:6720.82px;white-space:nowrap">price </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:7160.98px;white-space:nowrap">appreciation,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:8241.68px;white-space:nowrap">lower </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:8721.83px;white-space:nowrap">household
</div>

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

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:6010.49px;white-space:nowrap">strong </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:6560.77px;white-space:nowrap">underwriting
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:7591.29px;white-space:nowrap">standards,
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:7847.84px;white-space:nowrap">Emerging
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<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:5768.64px;left:5460.03px;white-space:nowrap">What
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<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1606.39px;left:0px;white-space:nowrap">9/30/25</div>

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</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2086.87px;left:4371.23px;white-space:nowrap">Assets</div>

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</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2412.92px;left:1911.88px;white-space:nowrap">Securities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2412.92px;left:4531.31px;white-space:nowrap">9.4%</div>

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</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:2571.4px;left:684.77px;white-space:nowrap">Services,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:2571.4px;left:1387.19px;white-space:nowrap">United
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:2571.4px;left:1894.14px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2787.88px;left:0px;letter-spacing:-2.21px;white-space:nowrap">GNMA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2787.88px;left:4531.31px;white-space:nowrap">7.7%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:2946.37px;left:0px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:2946.37px;left:684.77px;white-space:nowrap">Services,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:2946.37px;left:1387.19px;white-space:nowrap">United
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:2946.37px;left:1894.14px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3172.85px;left:0px;letter-spacing:-1.77px;white-space:nowrap">GNMA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3172.85px;left:515.63px;white-space:nowrap">II, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3172.85px;left:693.44px;letter-spacing:-0.79px;white-space:nowrap">Single-family,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3172.85px;left:1686.33px;white-space:nowrap">30 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3172.85px;left:1905.86px;letter-spacing:-3.67px;white-space:nowrap">Year</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3172.85px;left:4531.31px;white-space:nowrap">5.5%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:3331.34px;left:0px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:3331.34px;left:684.77px;white-space:nowrap">Services,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:3331.34px;left:1387.19px;white-space:nowrap">United
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:3331.34px;left:1894.14px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3547.82px;left:0px;white-space:nowrap">Franklin </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3547.82px;left:613.52px;white-space:nowrap">Ultra </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3547.82px;left:995.78px;white-space:nowrap">Short </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3547.82px;left:1422.66px;white-space:nowrap">Bond </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3547.82px;left:1840.78px;white-space:nowrap">ETF</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3547.82px;left:4531.31px;white-space:nowrap">2.5%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:3706.31px;left:0px;white-space:nowrap">Capital
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:3706.31px;left:542.5px;white-space:nowrap">Markets,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:3706.31px;left:1200.39px;white-space:nowrap">United
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:3706.31px;left:1707.34px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3922.79px;left:0px;white-space:nowrap">FHLMC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3922.79px;left:4531.31px;white-space:nowrap">2.4%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:4081.27px;left:0px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:4081.27px;left:684.77px;white-space:nowrap">Services,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:4081.27px;left:1387.19px;white-space:nowrap">United
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:4081.27px;left:1894.14px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4297.76px;left:0px;letter-spacing:-1.77px;white-space:nowrap">FNMA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4297.76px;left:488.91px;white-space:nowrap">Connecticut
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4297.76px;left:1369.45px;letter-spacing:-0.41px;white-space:nowrap">Avenue
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4297.76px;left:1953.67px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4297.76px;left:2697.73px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4297.76px;left:4531.31px;white-space:nowrap">2.1%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:4456.24px;left:0px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:4456.24px;left:684.77px;white-space:nowrap">Services,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:4456.24px;left:1387.19px;white-space:nowrap">United
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:4456.24px;left:1894.14px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4672.73px;left:0px;letter-spacing:-2.21px;white-space:nowrap">FNMA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4672.73px;left:4531.31px;white-space:nowrap">2.0%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:4831.21px;left:0px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:4831.21px;left:684.77px;white-space:nowrap">Services,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:4831.21px;left:1387.19px;white-space:nowrap">United
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:4831.21px;left:1894.14px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5047.7px;left:0px;white-space:nowrap">COMM </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5047.7px;left:551.02px;white-space:nowrap">Mortgage </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5047.7px;left:1268.52px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5047.7px;left:4531.31px;white-space:nowrap">1.6%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:5206.18px;left:0px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:5206.18px;left:684.77px;white-space:nowrap">Services,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:5206.18px;left:1387.19px;white-space:nowrap">United
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:5206.18px;left:1894.14px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5422.67px;left:0px;white-space:nowrap">Alternative </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5422.67px;left:800.39px;white-space:nowrap">Loan </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5422.67px;left:1197.89px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5422.67px;left:4531.31px;white-space:nowrap">1.4%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:5581.15px;left:0px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:5581.15px;left:684.77px;white-space:nowrap">Services,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:5581.15px;left:1387.19px;white-space:nowrap">United
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:5581.15px;left:1894.14px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5797.63px;left:0px;white-space:nowrap">FHLMC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5797.63px;left:595.55px;letter-spacing:-1.98px;white-space:nowrap">STACR
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5797.63px;left:1170.39px;white-space:nowrap">Debt </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5797.63px;left:1552.81px;white-space:nowrap">Notes</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5797.63px;left:4531.31px;white-space:nowrap">1.3%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:5956.12px;left:0px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:5956.12px;left:684.77px;white-space:nowrap">Services,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:5956.12px;left:1387.19px;white-space:nowrap">United
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:5956.12px;left:1894.14px;white-space:nowrap">States</div></div>
</div>

<div style="height:65.34px;left:0px;position:absolute;top:0px;transform:translate(54.000px,667.472px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:1160.48px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

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

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

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

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

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

<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:3180.39px;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: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
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:187.39px;left:5463.52px;text-rendering:optimizeLegibility;white-space:nowrap">reflect
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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:7024.61px;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: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
</div>

<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:824.45px;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:1174.61px;white-space:nowrap">is
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:367.39px;left:1305.86px;white-space:nowrap">not
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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:2392.73px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:367.39px;left:2538.67px;white-space:nowrap">the
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:367.39px;left:2757.58px;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
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:576.19px;left:590.78px;white-space:nowrap">data
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:576.19px;left:882.66px;white-space:nowrap">provider
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top: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
</div>

<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
</div>

<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:3507.19px;white-space:nowrap">and
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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:4229.14px;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:4389.45px;white-space:nowrap">all
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:813.79px;left:4571.88px;white-space:nowrap">portfolio
</div>

<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:5723.52px;white-space:nowrap">are
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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:6336.17px;white-space:nowrap">in
</div>

<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: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
</div>

<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
</div>

<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
</div>

<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
</div>

<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
</div>

<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
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1022.59px;left:1531.25px;white-space:nowrap">9.</div></div>
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">4</div></div>
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
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<div style="width:6492.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Annual
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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12960px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,7.26px) 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">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:190.11px;white-space:nowrap">2025 </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:640.55px;white-space:nowrap">due </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:990.88px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1191.01px;white-space:nowrap">signs </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1661.22px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1861.35px;white-space:nowrap">economic </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2681.72px;white-space:nowrap">slowdown,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3572.14px;white-space:nowrap">such </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4002.36px;white-space:nowrap">as </div>

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

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1500.91px;white-space:nowrap">employment
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2531.34px;text-rendering:optimizeLegibility;white-space:nowrap">figures,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3171.62px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3521.95px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3822.19px;letter-spacing:-0.41px;white-space:nowrap">Moody&#8217;s
</div>

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

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:940.69px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1140.82px;white-space:nowrap">U.S. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1540.9px;white-space:nowrap">debt.</div>

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

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:908.64px;left:240.03px;letter-spacing:-0.65px;white-space:nowrap">Were
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:908.64px;left:726.94px;white-space:nowrap">there
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:908.64px;left:1217.11px;white-space:nowrap">any
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:908.64px;left:1577.29px;text-rendering:optimizeLegibility;white-space:nowrap">significant
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:908.64px;left:2527.38px;white-space:nowrap">changes
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:908.64px;left:3307.68px;white-space:nowrap">to
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:908.64px;left:3527.58px;white-space:nowrap">the
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:908.64px;left:3847.59px;white-space:nowrap">Fund
</div>

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

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:1158.64px;left:609.87px;white-space:nowrap">the
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:1158.64px;left:929.88px;white-space:nowrap">reporting
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:2088.64px;left:0px;white-space:nowrap">Q.
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<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:2088.64px;left:240.03px;white-space:nowrap">What
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<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:2088.64px;left:2143.48px;white-space:nowrap">distributions
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:3581.98px;white-space:nowrap">$0.264 </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:4088.64px;left:3302.14px;white-space:nowrap">$0.093 </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:5018.64px;left:1810.81px;white-space:nowrap">decrease
</div>

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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5018.64px;left:3486.18px;white-space:nowrap">total </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5268.64px;left:0px;white-space:nowrap">total </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5518.64px;left:2686.03px;white-space:nowrap">ratio. </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:1478.64px;left:5460.12px;white-space:nowrap">investment
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:1478.64px;left:6380.51px;white-space:nowrap">advice
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:1478.64px;left:9724.04px;white-space:nowrap">The
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:1978.64px;left:5220px;white-space:nowrap">market,
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:1978.64px;left:5870.13px;letter-spacing:-1.48px;white-space:nowrap">country,
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:1978.64px;left:8444.44px;white-space:nowrap">Fund.
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:1978.64px;left:8954.74px;white-space:nowrap">Statements
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:2478.64px;left:5220px;white-space:nowrap">manager
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:2478.64px;left:5980.43px;white-space:nowrap">makes
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:2478.64px;left:8221.64px;white-space:nowrap">warranty
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:2728.64px;left:5220px;white-space:nowrap">completeness
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:2728.64px;left:6380.6px;white-space:nowrap">or
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:2728.64px;left:6590.65px;letter-spacing:-1.34px;white-space:nowrap">accuracy.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:2728.64px;left:7390.9px;white-space:nowrap">Although
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:2728.64px;left:8151.5px;white-space:nowrap">historical
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:2728.64px;left:8911.76px;white-space:nowrap">performance
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:2978.64px;left:5220px;white-space:nowrap">is
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:2978.64px;left:5400px;white-space:nowrap">no
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:2978.64px;left:5650.22px;white-space:nowrap">guarantee
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:2978.64px;left:6510.94px;white-space:nowrap">of
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:2978.64px;left:6711.06px;white-space:nowrap">future
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:2978.64px;left:7221.36px;white-space:nowrap">results,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:2978.64px;left:7851.53px;white-space:nowrap">these
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:2978.64px;left:8341.88px;white-space:nowrap">insights
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:2978.64px;left:9002.2px;white-space:nowrap">may
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:2978.64px;left:9392.26px;white-space:nowrap">help
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:2978.64px;left:9782.58px;white-space:nowrap">you
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:3228.64px;left:5220px;white-space:nowrap">understand
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:3228.64px;left:6170.71px;white-space:nowrap">our
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:3228.64px;left:6480.88px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:3228.64px;left:7401.27px;white-space:nowrap">management
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:3228.64px;left:8501.92px;letter-spacing:-1.21px;white-space:nowrap">philosophy.</div></div>
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<div style="height:13.14px;left:0px;position:absolute;top:0px;transform:translate(35.999px,719.672px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:243.00px">

<div style="width:4860px;height:116.48px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:-17.19px;left:255.16px;white-space:nowrap">&#174;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:347.98px;white-space:nowrap">is
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:479.23px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:588.68px;white-space:nowrap">trademark
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:1215.79px;white-space:nowrap">owned
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:1638.84px;white-space:nowrap">by
</div>

<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
</div>

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

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

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

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

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:3117.13px;white-space:nowrap">as
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:3511.05px;white-space:nowrap">of
</div>

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:5365.55px;white-space:nowrap">30,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:5858.09px;white-space:nowrap">2025</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:504.25px">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:6458.14px;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:7132.45px;letter-spacing:10.29px;white-space:nowrap">MASTER
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7799.58px;letter-spacing:10.34px;white-space:nowrap">INTERMEDIATE
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8959.09px;letter-spacing:10.29px;white-space:nowrap">INCOME
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:644.15px;white-space:nowrap">5</div></div>
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">franklintempleton.com</div></div>
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5653.45px;white-space:nowrap">Annual
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<div 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>

<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>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1287.42px;white-space:nowrap">performance
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:0px;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:960.64px;white-space:nowrap">distributions,
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:1020.59px;white-space:nowrap">interest </div>

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

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

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

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:3591.91px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:4178.94px;white-space:nowrap">portfolio,
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:4919.33px;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:5909.94px;white-space:nowrap">operating
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:6710.54px;white-space:nowrap">expenses.
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:7581.09px;white-space:nowrap">Capital </div>

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

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:8581.73px;white-space:nowrap">distributions
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:300.23px;text-rendering:optimizeLegibility;white-space:nowrap">profits
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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">9/30/25</div>

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

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4005.12px;left:0px;white-space:nowrap">Performance
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4005.12px;left:1080.44px;white-space:nowrap">data
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4005.12px;left:3791.95px;white-space:nowrap">which
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4005.12px;left:6413.73px;white-space:nowrap">results.
</div>

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

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4005.12px;left:7974.32px;white-space:nowrap">return
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4005.12px;left:8494.54px;white-space:nowrap">and
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4005.12px;left:8844.87px;white-space:nowrap">principal
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4255.12px;left:0px;white-space:nowrap">will
</div>

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

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

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4255.12px;left:3141.83px;white-space:nowrap">or
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4255.12px;left:3351.88px;white-space:nowrap">loss
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4255.12px;left:3721.99px;white-space:nowrap">when
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<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4255.12px;left:4862.64px;white-space:nowrap">your
</div>

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

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

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

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

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

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

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4255.12px;left:8859.46px;text-rendering:optimizeLegibility;white-space:nowrap">figures
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4255.12px;left:9449.74px;white-space:nowrap">shown.</div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:4831.39px;left:0px;white-space:nowrap">Share </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:4831.39px;left:766.04px;white-space:nowrap">Prices</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2215.66px;left:4244.47px;white-space:nowrap">Cumulative
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2215.66px;left:5151.34px;letter-spacing:-1.98px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2215.66px;left:5566.11px;white-space:nowrap">Return</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:2218.87px;left:6081.65px;white-space:nowrap">2</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2215.66px;left:7384.55px;letter-spacing:-0.74px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2215.66px;left:8048.62px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2215.66px;left:8635.26px;letter-spacing:-1.98px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2215.66px;left:9050.02px;white-space:nowrap">Return</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:2218.87px;left:9565.57px;white-space:nowrap">2</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2476.14px;left:4468.84px;white-space:nowrap">Based
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2476.14px;left:4993.53px;white-space:nowrap">on
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2668.14px;left:4811.18px;letter-spacing:-3.96px;white-space:nowrap">NAV</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:2671.36px;left:5137.12px;white-space:nowrap">3</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2476.14px;left:6052.84px;white-space:nowrap">Based
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2476.14px;left:6577.53px;white-space:nowrap">on</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2668.14px;left:5769.48px;white-space:nowrap">market
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2668.14px;left:6338.7px;white-space:nowrap">price</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:2671.36px;left:6721.12px;white-space:nowrap">4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2476.14px;left:7780.84px;white-space:nowrap">Based
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2476.14px;left:8305.53px;white-space:nowrap">on</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2668.14px;left:8123.18px;letter-spacing:-3.96px;white-space:nowrap">NAV</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:2671.36px;left:8449.12px;white-space:nowrap">3</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2476.14px;left:9364.84px;white-space:nowrap">Based
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2476.14px;left:9889.53px;white-space:nowrap">on</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2668.14px;left:9081.48px;white-space:nowrap">market
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2668.14px;left:9650.7px;white-space:nowrap">price</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:2671.36px;left:10033.12px;white-space:nowrap">4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3074.09px;left:0px;letter-spacing:-2.45px;white-space:nowrap">1-Year</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3074.09px;left:4641.89px;white-space:nowrap">+6.75%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3074.09px;left:6225.89px;white-space:nowrap">+9.75%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3074.09px;left:7953.89px;white-space:nowrap">+6.75%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3074.09px;left:9537.89px;white-space:nowrap">+9.75%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3334.57px;left:0px;letter-spacing:-2.45px;white-space:nowrap">5-Year</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3334.57px;left:4552.91px;white-space:nowrap">+16.06%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3334.57px;left:6136.91px;white-space:nowrap">+22.33%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3334.57px;left:7953.89px;white-space:nowrap">+3.02%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3334.57px;left:9549.77px;letter-spacing:-1.98px;white-space:nowrap">+4.11%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3595.05px;left:0px;letter-spacing:-2.1px;white-space:nowrap">10-Year</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3595.05px;left:4552.91px;white-space:nowrap">+39.06%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3595.05px;left:6136.91px;white-space:nowrap">+58.88%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3595.05px;left:7953.89px;white-space:nowrap">+3.35%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3595.05px;left:9537.89px;white-space:nowrap">+4.74%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5242.14px;left:0px;white-space:nowrap">Symbol:
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5242.14px;left:675.63px;white-space:nowrap">PIM</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5242.14px;left:6383.17px;white-space:nowrap">9/30/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5242.14px;left:7967.17px;white-space:nowrap">9/30/24</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5242.14px;left:9498.28px;white-space:nowrap">Change</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5562.08px;left:0px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5562.08px;left:284.61px;white-space:nowrap">Asset </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5562.08px;left:729.22px;letter-spacing:-1.98px;white-space:nowrap">Value
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5562.08px;left:1171.02px;letter-spacing:-2.37px;white-space:nowrap">(NAV)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5562.08px;left:6516.61px;white-space:nowrap">$3.47</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5562.08px;left:8100.61px;white-space:nowrap">$3.51</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5562.08px;left:9631.33px;white-space:nowrap">-$0.04</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5822.56px;left:0px;white-space:nowrap">Market </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5822.56px;left:533.44px;white-space:nowrap">Price </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5822.56px;left:942.42px;white-space:nowrap">(NYSE)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5822.56px;left:6516.61px;white-space:nowrap">$3.44</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5822.56px;left:8100.61px;white-space:nowrap">$3.39</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5822.56px;left:9591.17px;white-space:nowrap">+$0.05</div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:6336.18px;left:0px;white-space:nowrap">Distributions </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:6336.18px;left:1502.74px;white-space:nowrap">Per </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:6336.18px;left:1979.58px;white-space:nowrap">Share</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6420.85px;left:2717.83px;white-space:nowrap">(10/1/24&#8211;9/30/25)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6826.79px;left:5770.05px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6826.79px;left:6072.31px;white-space:nowrap">Investment</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7018.79px;left:6356.84px;white-space:nowrap">Income</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6826.79px;left:7677.17px;letter-spacing:-2.97px;white-space:nowrap">Tax
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6826.79px;left:7985.45px;white-space:nowrap">Return</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7018.79px;left:7772.09px;white-space:nowrap">of
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7018.79px;left:7967.56px;white-space:nowrap">Capital</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7018.79px;left:9714.69px;letter-spacing:-2.37px;white-space:nowrap">Total</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7355.73px;left:6338.64px;white-space:nowrap">$0.1714</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7355.73px;left:7922.64px;white-space:nowrap">$0.0926</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7355.73px;left:9506.64px;white-space:nowrap">$0.2640</div></div>
</div>

<div style="height:13.32px;left:0px;position:absolute;top:0px;transform:translate(53.999px,711.928px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.25px">

<div style="width:10085px;height:116.48px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.05px) rotate(0deg) scale(0.05)">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:-21.41px;left:269.92px;white-space:nowrap">page
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:-21.41px;left:612.66px;white-space:nowrap">7
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:-21.41px;left:722.11px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:-21.41px;left:933.44px;white-space:nowrap">Performance
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:-21.41px;left:1771.95px;white-space:nowrap">Summary
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:-21.41px;left:2406.33px;white-space:nowrap">footnotes.</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:1161.0px;width:891.0px;transform-origin:top left;transform:scale(1.5,1.5)">

<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:10.29px;white-space:nowrap">MASTER
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1341.44px;letter-spacing:10.34px;white-space:nowrap">INTERMEDIATE
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2500.95px;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:3143.94px;letter-spacing:9.15px;white-space:nowrap">TRUST</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:0px;letter-spacing:11px;white-space:nowrap">Performance
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:1200.8px;letter-spacing:9.64px;white-space:nowrap">Summary</div></div>
</div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(36.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

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

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(36.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">6</div></div>
</div>

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

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

<div style="height:17.16px;left:0px;position:absolute;top:0px;transform:translate(405.000px,743.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:254.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(80.389px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:324.61px">

<div style="width:6492.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div></div>
</div>

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

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

<div style="height:665.23px;left:0px;position:absolute;top:0px;transform:translate(36.000px,76.568px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12983.64px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">

<div style="height:288.00px;left:0px;position:absolute;top:0px;transform:translate(0.000px,1910.887px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:360.00px">

<div 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518Y5ckj+0f108lTp7wC9+xtW7V+Q6bfG3nztud6ffyrJ+I9gbr7/5Y+uz5t7bvKzcv3Oov9w83eR0KPHjvW0x87bpyyt37kCcwzMtLLvSBREsJf4f49lkq+hk937vLaEJ299SPhijoVuJc1/825urPLXZ4fsu251ftqSsrKlZKkX/wyxucFApXV9IYb7EYkSUWl/oer9B/OQK+vCS1bhOvbb6+3GwMAAJV04cIF27C91Y03qnPnzj5nynJ9/72OHj1art4gpIFa3djKsAL1zYED5h3uYc2alfsZuHTxor46dMg4Xxnff/+9Dh8+rFtvucVz/xMA4Oo4fvy4Za9D+/aWPQSfZs2a2Y345fx577uHuna7p9zM0GFDtTo1WYOHxKpFyxaesNgtNy9fs2fNKrdT3h/z35yrNm3b6Pix4/pw00bd2eUur37csCEaEeu9Zv+BA/JX2YtbH3lkgNfHzz4VrzWpqV5zq1JWebLLpJRUr93nkZHRXnlej25d9YsBMV6B+d49ez2Pc/Pyy30NZX+P27Rto969+uiBnz8kSZr5mv87+INBnQ7cpZIfsqzNm5W8ckWFzlqyM2XaDKWtfVcxAx+r1l3zpf3oh8tDCgut/8eptLL/eAj0+prQq3cfuxEAAFAFa1avtuw1CAlRty5dNCAmxnLGSukLL0sLadBA9//sZ8Ye6pdNZXabubW59dZyPwP3/+xnmj1rlu1lvVLJz2V4WJha3Xij9hUUWK65fPmy9h84oOsbN9agwYONMwCA6mf1d4umTZrwdwAETI9uXVVQUGDZf+ftd7zC9oiICD3wYD+fl4yWdiXALx805+bll6u1bdOmXM1k/QbvnekRERHGTcCd7vixVyheVOrvR6XDc0m69bbynzu0zIXGhaVeOCv7DoKIiIhy7w4YO3pUuRcxcEWtvzTVH7eV+sEp+4NZWQd/eOUpbe27cjgc5X49HB3pmZ388iRPvSKfPzy8hSTpgs0/NAp/OMuyXbsOXvVArwcAAHXP4a+/NtavueYaPXDffZUK2yUprHlzY/3M2bPGOuqXLVlZlr1+0dHG+k/vvddYd2seFqYud96p2CGD9exzz+nRQYP06MAY3diypc91Oz/9VAsXLPA5AwCoPqdOnzbWr7+ed6+jZjRq5B0W5+ftsJj0T0REhKbNeE3h4eF2o355//11Xh9HRERU+sSI8OYtjPWygfnBg1d20BeVOeLJ9H21aOn9vKU34x4/5r0x964u1X/qR31XqwN3d4htd5tvaKNGPvu1lfsHvqDA+5Wnstw/9M3L/AEJ9HoAAFC37NuzWydOnjT2OnXooPv69jX2/NG9Z0+7EdRjxyyOE2hU5h+Dpf30/vvVqYP3ho4GDRqo/e2365cDBuj5F17QoMGD1b5jJ0+/fcdOeva552xD96PHjmnG9BlavmyZzxcDAABV98033xjrzfw8xhaoqAcffNDr49dnzrDNDq1ERkbr7QWLLC9Uragp02Z4XdgqSYOHlDlfpgIKT/h3KsWRw4c9jwv9uIS+cZkXxErvkC+7Pjy8hXLz8vXC7170ZLXt2rWr9O95MKjVgXvvXiXHi5R+lcakJs4YT1y6SC6Xy/LXB+kZntnJU6d76hX5/O7zj5xOp5JSvG8PLm3XzpK3otxW5i0ggV4PAADqlk8+2WnZ6969m2UPsGMVuNud1RobF6dXXnlFnTp0UK+ePfXHP/5RI371K9sXcJ597jl1ufNOnzMXL13UgS+/1MYPP9Sr06frrfnzlZyURAAPANXM6t1sTdjhjlLydnyipcuWKyV1jd2orR7duipm4GNetdIXpPojNDRUk6dO14YN6yuU5VmZMm2GHA5HubA9MjK6Quebl/1anE6n8Yiaslmpr2Den43KpQP7oiLvHfJFRef1h4QErzPfnU6nXp85Q1FR/Y1fX7Cr1YH7XXeXvGUhe+tHPv/jff75fySp3B+22i5u2BDPuehWb3+ZPWee56KDocOGevUCvR4AANQtVsfJNA8L89pFXFkNQszXAxFw1n/nzp0z1v3d3RgbF6dfDPC+EMzOoMGD1bNbN8ufu9IuX7qkEydPavfevdr44YeaNm2aXn/9dS14+23l5ebaLQcAWNiek2PZszpSDMFlQ+Ym/fqJJzXwl4/oqfjfWUbx8AAAIABJREFUKHbo/6df/nKg8nZ8YrfUp4d9/L3h4ehIDXx0kBYuSbScmf/m3Gq9s7HsMS6SFDt8hDZsWG+Y9i0y0vvPzqqUVV4f5+blK3vrR1610pek+nNXY5MmTSx7RWWOnk5euaLcJapuGRnp+kNCgrEXzGp14N6rT29JJT80y/+83Dgze848z2Wp3XvUvbcyu99Wsjo12Xj+e2pysqSSP6SmSxICvR4AANQNvo6Tufmmm4z1impscXzIt99+a6yj/rC6yLRt27bGenUZEBOjB+67z6/QvbTvv/9eFy5c0LHCQv3jn/8kdAeASvq61K7Y0nwdKYbgsHTZcg0dGqvoyIf017/8WV9+9aWn9/77afrb3/7+/9i787Aoy/UP4N8RPKOgIItLKqVGWLkkirYcT5aBWJqmibiUK24dPblrLmkZJu6mlZr7giimaZqyiHHi16IoilqBhLiEirgLQqL8/iDmMDPPM+8AM8PM8P1cV9cF9/28I7ENc7/3cz8GrlY2cthQjB4jP7Rz757dGDU8BH37vSNdY0q6RWqgqIH4ozml67wHAN/WbbTenx82V/M4B6Nj8cGUKVoF9rJwV9iFWBoxMVEcL6PDqgvuI4cNRZ++/QEAK5YvxdCQEVr5j+bMxaQJ4wAU3f0x5Z0pS+kd3Bvt2j6P9PR0zJoxQ3P37WB0LLq/1RNHjv4CABg4aJBVXk9ERES2wdA4mZYtW0hzREpio8QdTw6OjoqjYUyhfYcO6BPUC46lLLoXK3z0CD8kJCgtIyIiges3bwrjNWrUEMbJ/oV+GoY33+yOYUMHIzJyu3Td2dQUac5Yyz9bgslTDNcCI7ZttUjRXVRwT09Px+wPp+vVM5W82lF7Rj0AzP5wOlQqFV4PDJB2m5vbgkVLUFhYiK0ROzRjwIt9H3dIclXlZNUFdwDYFr5FMypm3drVeD0wAEDRN1rxXKSAgEB8GhYmfYyKVDzDSaVSCbeytPF9Du9PmIB2bZ/HkaO/YNTwEM0PUHHn/uyPQ6XzpCr6eiIiIrIN5h4nY8gdyWFqZB8yr1wRxmU7HszB26cp3ujcGWp1NaWlQrfu3EGaCV74ExFVNjcku+dquboK42Sfkk4kI/TTMLT1a4cZ06Zi3769SpegevXqSkuMEjYvFAeiYgx2u0ds21qmTvPSeC3AX3O+o+5NgHVrV5fq3+/cyV/xRkJ53ZDcLJOZPGUaJo4v+hz3Cw7C4GHDtPJHjv5i8HzIysbqC+4AsOebXZj9caim271Yu7bPY/KUaYiOPmjT4076BQfhi1Wr9H6Yhgwdjq0ROxQ79yv6eiIiIrJulhgnAwDu7u7C+D3BTEuyH3ckh+XJvh/MxbdNG0ydOgWzZs3CP194AY0bNYKrgfmkJRU+emRwFwgREYndk4wU8/TwEMbJ/rz5Zne0a9sGM6ZNReKxo0rLNd4OMt05gZ07+WP5Z0s074vOePz9t1/1YqbULzhI83bYvFC9GwD/98N/dS8xKGxeqMGiu26uZMe5p2dt3eV6ZH+/yeie6zhy2FDNuZDFzqaeBRUp277LClBc9B04aBBeDwzA7I9Dy1wI7typ6K5TeRj7GLNmTsOsmdOgUqkMrmvj+xza+D5XqpOLS6ro64mIiMh6cZwMmZPshkr9evWEcUvQPagvNioKmVeuICsrSzpvPjUtTRgnIiKxtNQUPCwoEOYaNW4kjJN9efPN7kZ1s5cUFBSMt4N6Iziop9LSMhv13nt4vUsXjBoeoonpHjJqbi/+8yWsWL5U835MTBSOJZ0sVcNw2LxQ1K5TGz/897+aKRTduvcQHhjrauCgetGBrrrq1a+veVu3YN+kSRPhx/3kk09pzZI35t+pLGyiw93WcUsFERERVaSKHCcDAA8ePFBaQjbqeGIi8vPzhTlrKrb4BwZiwMCBmDhpEp5pKv6ez8/Px66dO4U5IiLSl3EuQxhXq9UW+fuCKlbSiWQcPPid0jKNAQMHIyrmEHbsiDBrsb3YyGFDMWTocM376enpOBgda+AK0yrZ8V7s2rVrgpWGTRw/Fnu+2aUZV7Pnm10YOWworl65qrXOw9NT87Znibdl7umMfHQqMQpQ93pPD3HHfHULjg+0NTbT4W7LTiadAAC0tcChUUREREQlWWqcDAB4uLnhXEaGXvwuZ7jbrcuZmcK4NRdbevfpg3nz5glvFLDLnYjIeNIzPJydhXGyL5s3b0GBZIdDMa+GXujVuw/effcd+LZqaXBtaU2ZOh3Z2dm4eOE8oqMPCtc8/sQTwrgpTJladK7k93GHENSnj2a+ebFjSSdFl5lMtk7xvmRXupPOz2B2djZ0Xcsy/vojR38BlY7NFdyNHeViLaZMnY75YXPRp2//Um0bISIiIjIFS46TUavVSkvIzlyXHLhl7Yfl+Xh749SZM3rx/Px8xEZF6Y2kISIifbIZ0C5Gnp9Btis6Ng47d0RI835t2uKtt9/GG6+/bvJCOwA83+4FrSLwwehYdO7kr7dOd8SJaE1Z6P777V54UW9NSmqqXqx2beXZ6sUWLl6Ka1nXkHT8GHxbt9EbAZ3y+29a7z/R6H83F57yeUord/HCeejK1Rmx51niY9O9Hiia3qHbtX/6lPZNhdp1jP//s3ccKWNmTs7O6NO3PyZOmqS0lIiIiMjkKnqcDNm3G5LdE9ZecO/ZqxccHMW9R6d/Ne+hakRE9sIaz/Agy9i6ZQsuXroozI0eMxZHE49g+gdTzFJsB4Am3t5a70fuEI9y/j7ukObtgADT3UzX/feP/Kw/H/5QjPb4moCAQKMbccf8ZxwmTRiH+WFzERMThd91iuvh2yMRExOlFXv11Vc1b/cLDtI60DQmJkprnM6xpJP4br/27P2SRfZ+wUFah7AC+v8/K79aqzW/HQDqN2gAKsKCu5nNmjkN28K3GP1DRURERGQqlhwnAwDuHh7C+G1JBxzZPtnX1lPyvWBNHm/YUBi/fecOYqO0X8QSEZE+WzjDg0wvOjYOmzauF+a6du2G5Z8tEeZM6elnntV6f93a1ZoRLwBw4+ZNdH+rp1YXetOnn4Gp6P77R47+gu5v9dSMkZkydTrWrV2ttca3dRsYq2S3OgDs3bMbH82ZC6Co2L5s0SKt/JChw/Xqjq+8qt3Nv3jhQs3Ht3DBAq1ieUBAoF73+isdX9N6v+Tn+GB0LHZFat/kED1GZcaCOxEREZGdsuQ4GQBozfNqKpWE+HhpzhZGsrz04gvSLvffBdvAiYjof2Q3Jh0cHbmDzs5t3bJFmuveo4c0Z0pdu3bR6uAGgPlhczVv9+/TG3v37NbKd+naBabStWsXvQ7wvXt2w691K6hUKq2PBQCaNGmC3sG9tWIqlUrrv5Id6K+++qre/9/sD6dDpVKhf5/eejPVg3rrF7rbPt9O6/2YmCjNxxexbatW7p//ehm6egf3Fn6OVSoVXg8M0OuwFz1GZcaCOxEREZGd4jgZMqcsncO6irnayOxeb5+m0i736zdu4HhiojBHRERA9vXrwngNJydhnOyDUnd7yJBBwpyptfF9DqP+PUZpmcbkKdNMNr8dKPr3Bw8bprRMY9LUaaWafNHG9zn0CuqjtAyA/P9t5LChGD1G+yBXkW7de2DWzGl68dJ8jvv07S98jMqMBXciIiIiO2TpcTLFZB3DhrqhyTbJCu41a9YUxq1R82bNpLkjR49Kc0REld2t27eFcXd3d2Gc7IM1dLcXmzh+LCZPUS7yTp4yTe/AUVMYOWwoFiwyPD6nSZMm+HL1GowcNtTgOpGweaHo07e/wTVK/2/LP1ti8DECAgLx4axZ0vzE8WMV/x/79O2PbeHy74vKSvyKiIiIiIhsmqXHyRSr4eQknOudl5cnWE227N69e8K4W61awrg1au3nhyNHj+JqVpZe7mpWFo4nJiqOSvry889x8/Zt/KNqVfh4e6ObhQsOREQVQfYc4OHmJoyT7TPU3R4UFGyx7vaSwuaF4jnfVvjp/37EiuVLtXKjx4zFi/98yaxzxSeOH4tXX30VO7bvwM7ICM1c9CZNmqBXUB/0Du5tdGd77dq19WLbwrfg6Weexf/98F+tES6l+X8TPUa7ts/jlY6vGXUjYuL4sWjevDn279uv9Tnu1r0H/vXyy5g4XrmLvjJSFRYWFiotIiIiIiLbsmL5cmGHe906dTBy1CjBFaaxdMkSYcH9ny+8YBNzvcl4H330kTD+ZpcuikVqa3I8MRHf7t8vzDVs0ABDQ0KEueOJiTgQFYWCggKtuG/Lliy6E5Hds5fnADLewEFDpAX3qJhD6OTfUZizJJVKBQA4EBVj0hEy5nIs6ST8WrcCALA8a184UoaIiIjIzhgaJ+PVoIEwbm537t5VWkI2xNBhebZWaGnt5wcPyQiEy1evIi01RS8eER6O7w4e1Cu2A8Dp337TixER2RPZcwDAA9Tt1fbIXdJi+4CBg62i2G6LUv4+pF33cFKyfSy4ExEREdkZ2TgZB0dHdOnWTZgzFdns1ns5OcI42abMK1eEcVs9LO9pHx9h/GFBAX786WfN+8cTE7F0yRKknD2Lhw8fCq958OABD1wlIrsmu4luK4dmU+lt2bRRmuv/zjvSHBl2KCYWANDu+RcVVpKt4Qx3IiIiIjuTefmyMO7Jg8zIRO4IxgYBtntYnn9gIE7/+qtwHNKFS5cAALt27sSvKSl4KOhq13X6zBl2eRKR3bp565YwbkuHZpPx1qzbgH379gpz1tbdbktjWcb8ZxzWrV0NAHj6mWcVVpOtYYc7ERERkR2xxnEyQFHXL9kP2Y6F+vXqCeO2oPmz4he7DwsKsHDBApw6c8aoYjsgv+lFRGQP7ko63G3p0Gwy3p7du6U5dreXzcHoWM0BpEOGDsesmdMUriBbw4I7ERERkR2pyHEyAODh5iaMy16ck+05npiI/Px8Ya5R40bCuC3wDwyEWq0W5nJyc4Vxmfz8fOzauVNpGRGRTRLtBgKAOrVrC+Nku2ypu92WdO7kjz59+2PylGlYu2aV0nKyQRwpQ0RERGRHKnqcjKxgSfbjcmamMK5Wq+Ht01SYsxU+3t44deaM0jItVVQqPBJsYb9w8aJgNRGRbUuIj5fm2nfoIM2RbWJ3u/lsC9+itIRsGDvciYiIiOyEtY6TIfty/eZNYbyWq6swbkt69upVqptGDRs0QFPJgau379zh4alEZHdu374tjPPAVPtjqLt9xMh/s7udyAAW3ImIiIjsxKG4w8K4g4ODRcbJAIC7h4cwLtt+TrbnhuSmjj0U3IGiLnclarUa/3zhBQwNCUHr1r5wcBRvHE46cUIYJyKyVbKbrtWqVRPGyfYknUhG6KdhmDRhvDDv1dALI0YMF+aIqAhHyhARERHZiWvXrwvjLjVrCuPm0NrPD9/u36+0jCwsLTUFh+IO4/79+3B0rIp/vvQifNu0UbpMSHbzxFNys8XWtGzZAqd//RWFgjExAFC3Th34v9ZRMz7H26cpPN3dcTUrS2/t5atX9WJERLbM3m+6VmbRsXE4eOAgdu6IwMVL8rFovXr3gW+rltI8EbHgTkRERGQXjicm4mFBgTDnLjnIlCqP8O07UPjokeb9b7/7DgBKXXRft2atNOcfGCjN2RJvn6ZwqVlT78aCSqVCm1athLtFmj/7rLDg/rCgALt27kTPXr30ckREtuie5BBpe7npWhltj9yF7/bvw6aN65WWolYtN7z7Lme3EynhSBkiIiIiO3DawEGP7wwYIM2Zg2y8hqGD1sh8Vq1cqVVsB4DCR48QFRMruUIsNioKF/+8JMzJvua2auy4cXB1cYFKpQIAqNXV8GaXLtLRTO07dICzk5Mwx8NTicheGLq5by83XSuTCZOmoHPnN9Cn99tGFdsB4NWOr7G7ncgI9vWXMREREVEllXn5sjBeER1nNZychGNH8vLyBKvJ3GQjYPLz87Dyyy8xctQoYb6k44mJ+NnAAaDV/vEPac5WjR03TmmJliaNG+OU4MZX8eGprf38BFcREdmOy5mZwrjshiNZpwWLluDDGdNK/XeZp6cnRr33ntIyIgI73ImIiIhsXkJ8PPLz84W551q0EMap8rh//740dzUrCxHh4dI8UDT/Pe7wYWlXYxWVCq917CjMVSYtW7bg4alEZNd4YKp9mD9vbqmK7U880QhBvfsgPGIHAl57VWk5EYEd7kREREQ27/SvvwrjarUa7Tt0EOYqwp27d5WWkInt37tXaQlSzp41OGc89lAcciQzex0cHPDKv/5V6lnw9oiHpxKRvbsj2THl4uIijJP1GT9hMrKzs5WWAQC6du2GF156CdM/mKK0lIh0sOBOREREZOOyb9wQxus/9pgwbm7u7u7CMSb3cnIEq8mcLv75p9ISAMCvKSmoEx+vd4MmIjxcWEAu9uzTT1vVTZ2KZqnDUzeuX4+bt27BrVYtDBw8WGk5EZFJyJ7H69erJ4yTddkeuQtLFi9QWoYBAwfjXy+/jJAhg5SWEpEEC+5ERERENmzXzp3SUR/NmzUTxqnykN2M0fWwoADfJyTAydlZM2s8IT4eKWfPSq9p2KCByQrI9qJ9hw74+cgR4Y4AUx2e+vGcOZpDcG/fuYN588IwdSq7D4nIvNJSU6Tj6xo1biSMk3XZsmmjNOfp6Yl3BwxG59c7o5M/x8QRlRdnuBMRERHZMNlhqa4uLlZ3SOODBw+UlpAJ7d+7V3ozRuRhQQHiDh9GWmoK0lJT8H1CgnStq4sLhoaESPOVWZPGjYXx4sNTy2PVypWaYnux/Pw8bFy/XnIFEZFpZJzLEMbVajW8fZoKc2Q9ps+cjX37xGPmWvu2RnTMISxeNJ/FdiITYcGdiIiIyEalpabguqSD+XEvL2HcEjzc3ITxu5zhblGycTIuNWsK4wCQk5uLffu/wzd75MV6tVqNrl3eEOYI6Nmrl/Tw1CNHjwrjxrp561ap4kREppJ55YowXk2tFsbJekTHxmHzhnXS/OQPpsO3VUtpnohKjwV3IiIiIhuVmHhMmmvZsoU0Z25qvvi2CrJxMk88/jhaGBg3dPvOHekhqQDQ/sUX2c2o4LG6dYXx7Bs3kJaaIswpOZ6YKB3n8Bd3jxCRmd2+fVsYd3d3F8bJeixftgwXL4nHmo0bPwnBQT2FOSIqOxbciYiIiGzUJUkHc906dVgQreQMjZNp2bIFevbqhYYNGgjzhrRo1oyHpBrBt1UrYfxhQQGSk08Jc0qSTpyQ5lhwJyJzEx2GDsh3tZF1WLJshXSUjF+btli8aL4wR0Tlw4I7ERERkQ1KiI+XdiF7laGQakruHh7CuOzFOpmebJyMq4uL5mbM0JAQ1K1TR7hOpG6dOjwk1Uit/fzg6uIizKWfOyeMK7mWnS3NPSwoKHPnPBGRkuOJiXj48KEw91j9+sI4VbykE8lYslBeUB/x3nvSHBGVDwvuRERERDYo5exZYdzB0RFdunUT5izF2g5rrYxk42Tq6Yw68X+tI5ydnIRrS3J2csLIUaOUllEJsnMUcnJzkRAfL8zJ7N+7VzpOppjsQEMiovJKTU2V5vicb70+nTtXOkpmxMh/I2TIIGGOiMqPBXciIiIiGyTrdpXNjqbKw9A4GR8fH633vX2a4q3u3QzO3XdwdMRb3Sv2Jo4tMnR4atLJk8K4jGzHQkmyAw2JiMor48IFYdyYG7ZUMdas24DIyO3CnF+bthgxYrgwR0SmwYI7ERERkY0x1O3a9KmnhHFLkxUaS9vZS6UnK846OzkJOxG9fZqi/YsvQqVSCa4CXmnfnmcClJHsBtiNmzeRdEx+6HFJaakpuJqVpbQMdziyiYjMICE+Xvo3R6uWLYVxqlhJJ5Kx6osvpPl+7w6Abyt+7YjMiQV3IiIiIhtjqKBqLQda1pB0veXl5QnjZDqycTKGDklt36EDfLy99eL16ta1mu8pWyQ7PBUAfjlyRJorydhDVvmzRUTmIBthp1ar4R8YKMxRxVq1ajUSjx0V5oKCgjHu/dHCHBGZDgvuRERERDYkLTWlTAVVqhxKM05GV59+/dD+pZfg6uICVxcX+LZsiREjRxq8hgxr7eeHqo5VhbmrWVk4npgozJVk7CGrskOUiYjK4/LVq8J4bU9PYZwq1pp1G7Bq5efCnFdDL3wwbZowR0SmJd7rS0RERERWKTn5VJkLqtbgzt27SkuoHEo7TkbXawEBeC0gQGkZlUKTxo2kHaJHjh41+HVJiI8vVSE9NiqKHadEZDKGbuIa2sFDFSPpRDJmTJsqzb87aAhHyRBZCAvuRERERDbkwsWLwriHu7tRBVVLcXd3x23BTOl7OTmC1eaxauVKXM3KQmFhIRwcHdHy2WfRrUcPpctsGnc/WJ8+/fphwfwFyL2vXzi/mpWFhPh46dgeWaFepVKhsLBQL559/bpgNRFR2ZT3Ji5ZzvbIXZgxbSquSnYkdO3aDaFzZgtzRGR6HClDREREZCOOJyYKi9gAUP+xx4TxyioiPBxXrl7VFCUfFhQgKTnZ6IMqbVF5xsmQefk+J+8oTDx+XJqTjXKo4ewsjJemG56IyBBDBzbzJq51Cf00DJPGj0VamvgmraenJ8a8/74wR0TmwQ53IiIiogr25eef4/qtWwCAf1StCh9vbzRv3gzePk211qWmpoouL+rebtlCmLM2Dx48UFpiEhkXxDsBzpw5A982bYQ5W8dOROvlHxiItPR0YfHq9p07wlEwhm6gPFavHu6mpenF73JkExGZiKEDm/387PN51BaNHDVaOrO92Btd3kQn/44G1xCRabHDnYiIiKgCfbZsGbKys/GwoAAPCwpw//59nDx1Clu3RWDpkiWICA9HQnw8ACDjwgXhY3i6u+sV5yuah5ubMG6pguCjRw+FcUuOtLE0jpOxbu3atpXmTiQn68XOnT8vWFl0A8WrYUNhTrYDhoiotAyNsLO2vzkqo6QTyXjzze6KxXZPT09s3LDO4BoiMj0W3ImIiIgqyK6dO3Hz7852kdt37iDl7Fkc+v57zJ07F/n5+cJ13k2aCOMVSa1WKy0xK1knvWjutT2IjYriOBkr19rPT3rzIyc3F7t27tS8fzwxEdclN1CaNG4snfkOQHODjoiorDjCzrptj9yFiRMmYN++vQbXderUGeEROwyuISLzYMGdiIiIqALs2rkTp86cUVqmISsgq9VqvVEUld3xxERpTnbTwtadl3QicpyMdenw8r/g4Cie6plaYkSMbHwUAM34KGcnJ2H+9u3bwjgRkbEMjbDr2auXMEeWsWTZCkwaPxZxcbEG102bMQtRUQcQ8NqrBtcRkXmw4E5ERERkYbFRUaUqthtS29NTaUmFcPfwEMYtMfLixvXr0lyenRbcr2VnC+McJ2NdvH2a4nHJOJj8/HxEhIcDkI+PqlunjmaUQ40aNYRrrt+8KYwTERnrkuRMEE93d2GcLKN3cF+MHzsGFy+Jb7IDgFdDL3y1dj1C58yWriEi82PBnYiIiMiCEuLj8bOBDuzS8m3VSmlJhajIrurMK1ekOXvscE+Ij5f+f3GcjPV56cUXpCOX0s6dQ1xMtPTr6VXiBkotV1fhmhuSUTRERMZIiI9HTm6uMOfFm7gV5sUXXkLkjgiDazp29Mea9RsQMmSQwXVEZH4suBMRERFZSEJ8PL5PSJDO2q5SpQpcXVykIyd0OTg4VGhh21rdUeiit7cZ1ylnzwrjHCdjnbx9msLH21uYe1hQgOMnTgpzarUaXbp107zvKdlFck9SKCMiMobsOUX3dxBZzshRo/HzLz8ZXDNg4GAsXLQInfw7GlxHRJbBgjsRERGRBRxPTDRYbAeAF9u1w9hx4zBj+nS89soraNyokXROM2D9nWayGwfmLnjn5eWVK29rOE7G9vTs1Uva5S7rLNU9qLBR40bCdQ8LCpCWmiLMEREpkT2nWOsIO3sX+mkYVq383OCaaTNmYeOGdfBt1dLgOiKyHOPap4iIiIiozNJSUxB3+LDBYnuLZs20Dj9t36ED2nfoAKDo+uPHk5CecR5/PfgLVapUgVf9+hg4eLDs4axCDScn4cx2cxe8ZQXLYtkGZrzbGo6TsV1+vr74v59/Vlqm0bxZM633vX2aQq1WC7/+GecyNLPeiYiMtX/vXulzStOnnhLGyXy2R+7CjGlTpflatdywYNFijpAhskIsuBMRERGZUVpqCr7Zs9dgEbhFs2bo2auXNO/t05TFMyMZ0z3/14MHSktshuzwXY6TsX7+gYE4/euvRh0k7OriIvx61nB2FhbHDJ1jQEQkc1FyWKqzk5OmCYAsY3vkLkwaP1aa9/T0RNiCxRgy6F3pGiKqOBwpQ0RERGRGO3ftNlhsb9yokcFiuz26c/eu0pIyu337ttISuzpUUrb1383NTRgn69L82WeVlgAAHvfyEsZdXFyEcaVzDIiIdKWlpiBb8vzIEWWWlXQiGatXfomLly4K83Xr1sWKL1ax2E5kxVhwJyIiIjKTefPCpFuzAaBunToYMHCgNG/r3N3dhfF7OTnCuClcv3lTaYndSIiPR2FhoTDHrf+2wT8wEB6Sn5NiDo6OaNmyhTDnIbmxYu6xTURkf5KTT0lH33FEmWVNnDABcXGx0vyy5V8gOKinNE9EFY8FdyIiIiIz2LxxE/Lz5UWvunXqYOSoUdI8lY0x3evGjPCwBZckW/+rqFTc+m9DXnrxRYN5T3d36Uipx+rXF8aVzjEgItKVefmyMO7h7s4RZRY0cNAQg8X2T+bOY7GdyAaw4E5ERERkYmmpKTh34bw07+riUqmL7Q/MOEM9z8COgpLSUlOUllg92eGvtWrVEsbJOrX280PdOnWkeUNjZ1r7+cHBUXwsV2xUlDBORKQrLTUF1yU3rOs/9pgwTqY3fsJkbNq4XpofN34Spn8wRZonIuvBgjsRERGRicUeikPho0fC3D+qVkXXLm8Ic/ZGNu7irhlnuBsa4VNSxrkMpSVW75akU79Jo0ausqF8AAAgAElEQVTCOFkv/9c6CuPG7Fao4eQkjJvzrAQisi+JicekOdlIKzKt0E/DsGTxAml+wMDBWLxovjRPRNZF3A5BRERERGUSGxWFq1lZwlwVlQqdAwOl4yHsjVqtVlpiUqXp6DW2MG+tEuLjpbN2mz5dOb6/7Im3T1PUq1sXV65e1YrLDkstqWbNmsIxSTdv3RKsJiLSd/GSeERZ3Tp1Ks3fLJa2PXIX7t4t+t3922+/YfFCeTG9Y0d/bNywTponIuvDgjsRERGRCSUmJUlzLZo3h2+bNtI8lU9pOnpt/XBV2fx2ZycnFkds1IiRIxERHq4puterWxd9+vVTuApwq1VL+P1gzp0kRGQ/fvzhB+TeF5/74NWggTBOxok5dBifLV2KU6eSUbVqVaSlnVW6RE/Hjv5YuGiR0jIisjIsuBMRERGZyKaNG6Wd0x7u7nirZ+U65Mrdw0MYN9ehpaXp6M218UMlZfPb3SRjfMg2GFNg11Wndm1h3Fw/Z0RkX44kJgrjDg4O6NKtmzBHxunXpzeys7OVlkl5NfTC8JGj4NuqpdJSIrIynOFOREREZALHExNxLiNDmHNwdMRLL74ozNmz1n5+SktMqjQdvXl5eUpLrJpsfns9A4dvkn0yNOP9uKSQRkRU7J7kBrQbD+AulzH/GVeuYjsALFi8FMFBlatZg8hesOBOREREZAL//eEHac67cWOLF58rI1nRQCTPhme4x0ZFSee3sxuxcnKWHJx6OTNTGCciAoC01BTp8wnHyZTPodhopSUGzZz1MYvtRDaMBXciIiKictq1c6d0fIOzk1OZxkTYCwdH8QTDhPh4YbysDBUNRGz50NTMK1eEcVcXF2Gc7F+NGjWEcVs/q4CIzCvl9xRhXKVSoVuPHsIcKZs+czZ+++1XpWVSQb374OPZM5WWEZEV4wx3IiIionJIS03BryniF6wA8EK7dtJcZVDDyUl4M8LUI10yzmUI42q1WlpcT4iPNziOw1rduHFDGHd3dxfGyf7VcnXF1awsvbjse4WICACuCH5vAIA7zwMps6QTydi8YZ3SMvi1aYt6jz0GAHCtVQs5OTkoePAAL7/yCiZNGKdwNRFZOxbciYiIiMrhYFS0tLO6caNGNlnQtUWyQ0SrqdWoplZbpOhvKbLdFPXr1RPGyf55engg5exZvbgtj04iIvO7KdkF4yk59JyUbd68BRcvXRTmPpz9MT6axc51osqAI2WIiIiIyig2KgrXJR2karUaL734gjBHwJ1SHHBqjBzJ/HZ3d3c4SsbayIr01iw2Kkqa8w8MlObIvjVq3EgYz8/PR1qqfAcOEVVeaakp0ufOhpzfXibRsXHYuSNCmPNr05bFdqJKxOYK7gejY6FSqfDRnLlKS4mIiIjMJi01BYlJSdK8n68vvH2aSvOVhWzMyb2cHGG8rO5KCvg1nJ3hIplt/teDB8K4NeP8dhLx9mkKtVotzMnGLRGRbdu4fj3mzp2LT0JDsXTJEqXlemTz2x0cHbk7r4y2bpF3t/d7d4AwTkT2yWYK7h/NmYvub/XE64EBAIDZH05Hp06dy1x4nzJ1eqkK9yu/Wou+/d6BSqXS/DfmP+NwMDpW6VKjHEs6iTH/Gaf1+H37vYPw7ZFKlwKo+OuJiIgqmx9/+lk6G9zD3Z3dxhYmG7NSp3Zt/KNqVWGutPOtD8XEICI8HIdiYpSWmg3nt5NMDWdnYVx2k4aIbNfG9euRceECHjx4gIcFBbh95w7mzQtTukyLbH57Ld7ALZPo2Dhs2rhemOvatRvGvT9amCMi+2T1BfdjSSfR/a2emP3hdOzds1srFxMThdkfTsfQkBGSq8WOJZ3E93GHlJZpTJk6HaOGhyBi21at+IrlS/F6YABWfrVWcqVxwrdHonevnlixfKlWPGLbVvTv01vxpkBFX09ERFTZxMVE41xGhjDn4OiIzoGdhDn6nwcm7C4/npgozbXv0EE6i7ZAMntfZOGCBUj48UeknD2LhB9/xMIFC5QuMbm01BTpjYUmjRoJ41R5yHZy5EpGRhCRbUpLTcH5i/pd1Pn5efjxhx8EV4hxfrtprVm9Wprr3qOHNEdE9snqC+5ffP6FptA+esxYHIgq6iia/XEohgwdDgBYt3Y1pkydLn0MXRvWb8CRo78oLQMALFy8FPPDigrOffr2x4GoGBQWFuJAVAy6dS/6pTlqeEiZO8GPJZ3EskWLkJ6ejnZtn8fWiB16jz/7w+nSTvqKvp6IiKgy+vHIUWnOu3FjjpIpwcPNTRiXjYApixuSWezOTk4AAHdJ8UA2u1bX15GRemtzcnOxZPFii87H5vZ/MkT2s3bv3j1hnIhsU/x/f0BhYaEwl5KaKozr4vx201qzbgMiI7cLc0FBwQgZMkiYIyL7ZdUF94PRsVi3tugu4eQp07D8M+25ZGvXrNIU3XdGRuBY0km9x9C18qu1ep3chkRGFB140a17D2wL34LOnfwBAJ07+ePDWbPQru3zAIBv9+yRPoYhO7bvwJGjv6BJkyb46JNP0C84CEDR4+/5ZhcCAoq2o3/5xRdWeT0REVFlk5aagoeSzmhXFxf06ddPmKusZHOlTUk2MqNatWoAgNZ+fsI8AKMK5hcvXRLG79y9i2/27DXqMUyB2//JkMfq1xfGjb2xRETWLzYqCpf+/FOalx3kros3cE1rz27taQwlhQwfLs0Rkf2y6oL74bjDAIAmTZqgd3Bv4ZrXAooK4Onp6Th8+LBwTbHw7ZFYMM/48Sgrv1qr6YR/vUsXvXwb3+fwSsfXABSNXzGm4K+reLRNr6A+mmJ+SZ06dwYA7N2zW9hlXtHXExERVTayF6kA4Ne6tTRH5iMbmVFyxEZxt7suYw6UNHS4ak5uLnbu2o2E+HjpGlPh9n8ypLWfHxwcHYW52KgoYZyILCsiPBzz5oVh3rwwrFq5Umm5nhPJyQbzObm5BsesFeMNXNNZsmwF9u3bK8wNGDgYnfw7CnNEZN+suuCenZ0NAHjyyafQxvc54Zp+wUFo0qQJAOB8xnnhGqCo2D5z2lSkp6dj9Jix0nUlnfsjXfP2yGFDhWtq16mtedvY7VvFwrdHagr6z/m2Eq6ZOH6s5v+v+AZEsYq+noiIqDKSvUitXr06u8IEZONcZLPIy0I2MqPkiA1HSSHyjhGjbQwV3AEgPz8f3yckmLXozu3/ZIwakhtLxnyfE5F5bVy/HilnzyI/Pw/5+Xm4cvVqqc4D2bRxo1E7VlKNqEvwBq7phG/eJIx7NfRC/3feEeaIyP5ZdcE9NzdHaQkA4I8//kBhYaHeyJliCxcvRf8+vZGeno7JU6ahS1f9bnWRsHmhKCwslM5HK6+TSScAFHXwF49yEWneouhmw4UL2jcUKvp6IiKiykj2IvXxhg2F8crO0DgXU5EVIEqO2KhZs6Zwzb0cw39vJsTHS0cIlfSwoACHvv8eu3buVFpaJtz+T8aQfZ/fvHVLGCciy7kgOOg0JzcXEeHhgtXajicm4oJkvJkuQyNnAN7ANaXQT8OQeEx8rk+v3n3Y3U5UiVl1wd3Ts6h7PCYmqlzjTCZNGAcAWLBoCcLmhSqsLp2SXfVNfXwMrNRXvP35ySefMriu+PNw/e+O/2IVfT0REVFlwxep1sdQV3nJYn/VqlWFa2TjaIplXbtmMK/r1JkzRhVPSovb/8kYbrVqCeOmPKSYiEovNioKj2QHnZ49q3iz9seffjLq5i+gPFaGN3BNI+lEMr75+mthzquhF959l93tRJWZVRfcn2j0hObtxQsXlmlGOlB04OmBqBhMHG/cKBljHYyOxXf7i2Z19enbXzr2Rqa4Y7y6ZOtnMU9PTwDAH3+c1YpX9PVERESVDV+klo1srrQpRrDcvn1bGHfVKUTXr1dPuC4vL08YL1aWzuCUs2ex8ssvlZaVCrf/kzHq1P7fuMuSTDnCiYhK73eFMS+nzpyRFt33790rPQxVpVIJ44bGytjaDdwdX+/G9JmzsWCReKJBRdm8eYu0u/3dQUPg26qlMEdElYP41Y+VmDh+LCIjInDk6C+IiYnC7Vu30O6FF5Uu07Pnm11KS0rtozlzsWnDWqSnp6NJkyYYOGiQ0iV67v/dUVXcQa4kPf1/M+WBir+eiIiosrG1F6nWooaTk7Dgp1TsNsZ1SSG6WrVqwriuewod7rJCt4e7B67fuC7MAcDVrCzMnz8fzZ99Fm907SpdZ4zjiYnSnRU+pdxhaSoxhw7j++/jUauWq2Y3KVW89h064ND33wtzxxMTLTLiiYi0HU9MlBbMSzp15gwAoGevXppYWmoKTv36q+wS1HJ1Fd4YNjRWxpZu4A4ZOgzr163RvP/58s+w+5s9FV7MTjqRrPVxleTXpi1C58wW5oio8rDqDncAeH/CBM2hnUeO/oIVy5cCADZtWIspU6cjfHukoctNrlOnzlCpVJj94XSkp6cjICAQc+bOQ+dO/kqX6rltZMeUk7Oz5u2So3Uq+noiIqLKxpZepFYWdySdu046O/j8AwOF65S26MsK3a1atkCLZs2EuWL379/H0WPH8EloKFZ++SV27dyJtFTxLglDMjIyhHG1Wl0hBdQhQ4ehk39HzP3kI0yeOB6NGjVGzKHDSpeRhThLdq9ezswUxonIvI4cFXdBi/yakqK1+yv+vz8gPz9fuLZhgwZ4snFjYU42VsaWRuOt+GKVXlH7/PkMzJkzR3KF5UycMAG3bon/Jnzr7beFcSKqXKy6wx0A+gUHwd3NDRs3bEDEtq2aeHp6OuaHzQUAHIoZjrVrVskewqRiYqL03q/u5AR3N7cyFd2JiIjINtjSi1RbcccEc6Vlh56KRsg4ODoKC+wJ8fHCkUCxUdp/9xUrOULIpWZN/JyYaLBw/7CgAFezsnA1KwunzpyBq4sL6tWtCx8fH6MK5rI58rVcXYVxc4r8+hthAWTh/PkIeO1VyVVkSTVq1BD+rpLtBiEi80lLTUG2Ed3txR4WFOD7hATN+7JOdQdHR3R4+V/w9mmKpFOnhM9Bqampes8xtjQab+umjcL4ge/2IelEcoV1uY+fMBlxceJGxI4d/TH9gynCHBFVLlbf4Q4AnTv5Y1v4FhyIisHoMfpz2NetXY2+/cx/IMWxpJNIPH4ChYWFKCws1Hwse/fsxqwZM8o8Y56IiIisny29SLU27u7uwrisWF4ass6/Ro0b6cVqSDp/ZaNtsq+LR8aUfBz/wEC80r69dE69yO07d5By9iy+3b8fcz7+GGu++srg+luSOfWyed3mFL51izAeHX0QoZ+GCXNkWbq7O4rdKEXRj4hMIzHxmOJOKl3FRfcff/5ZuubZpk3h7dMUAOApeY4VFettZTTeyFGj8fMvPwlzeXl52LxZ/FxkbqGfhmHJ4gXSfN/+/aU5IqpcjH9lYAWKO8hXLF+K2R+HIvvaNc2ImYhtW/H0M89i1sxphh6iXHQPRV3+2RI4OTlhfthcHDn6C3Zs31Hqg1NJ29EjvyAvT/zCmYiIqCKdv3hRGHd2csIP//2vMEdF7t+/L4zn5uaW63N3+bJ4RIaDgwMuX7mKy1euasULhauBP86dg1rwcVy+qn19serVq2t/3CoV2vn54WhiIgpKWVh5VFiIPzMzsXjxYrQVdLvfvn1belPhH2p1uT5/pXUiORnf7P5amv9ixXJUQSHa//Ml6Royv2rV1ML43Xs5Fv1+ISIgXTISzNnZGbU9PZFx/rww/7CgAPclzyfOzs6oXaeO5ue5Zs2auCoopOfk5mLft9/CtcRuKNmNZL3ntQoUHXsIq1Z+bnDN9ohwPPdcczRp1MjgOpFd3+yBi4sL/DuWbldWdOwhfDLnY2neq6EXmno3sZrPo7Vyc3ND8xYtlJYR2TybKrjrWv7ZEjRr0RyjhocAAI4f059RZm5h80Lx+++/Ye+e3Ug6fkxpuRbXWrWUlgAAckt0f5UcW1PR15tD1rVs5OaWv9uNiIjI1ESHfgJA1apVceXqFWGOisgOJr1561a5PnfZ18Udu1UdxV+TKlXEmzvz8vOF63MlH3chIFzfsGFDXLhwAY8ePdK/SMHdu3fxy9GjeOJxL634tWvZwvWOjo64n3cf9/PENzPM4cCBgwbzmZl/InxrONTVqsGrYX2Da8l8HkiKdI8ePUT6uXNwcqouzBORaV2/fgMPHjwQ5mrUqAEnZyfUrl0b1yRjw2Rq166t9Rz0D/U/UKVKFeFzT8b586hbtw4A4K+//pLu6FJVqVKu52NTuXgpE9/s2q20DJmZf2L//u8Q1Kun0lKNmNg4bNq4QXMTe93aNXjn3QFobUTT5LHjJ7Bpo3jEDQC4urhi2IjhVvE5JCLrYNMFdwAYOWwo4g8fRsS2rdi7R/kXszk8/fQz2LtnN2JionAs6aTRXe7V/97umZ1t3BNs8eGxxSr6enOoU9sTeXk1lZYRERFZ1P379/HXX38Jc/Ufewy1K2C0hy25deMm7gnmtT98+BD16urPWjfWDUnBvWbNGsLHzc3JxS3BofEPHjzQW3///n1pt3qTxo1Rvbq4aNmkcWNcuXIZWVnXcD8vDzmlGJuTc+8ezp+/gJYtWmge//Jl8Yv3mjVrlutzV1onkpNx4Lv9Sstw+swpxETHYBpn2FaoP/5IR2Gh/p4OlUpl0e8bosrs/PkLwnjVqlXR7NlnAQD16tZDenq6tNNdV726ddFEcFDq5ctXhAe75+TkaH7mL1yQfzxPeXsLc5b29de7cfrMKaVlAID/S0hAly5vGNXlnp6Rgc0bN2rtGLt06RJWfPYZer7dCyFDBxu+dtMm6a66+vUbYPTo0dzdZSQ3NzelJUR2weYL7gDw+ONPaN4+GB1r9i5sXU7Ozpq3S3N32tOz6MX5fUn3VLHs7KLOpieffEorXtHXm0Pbds8rLSEiIrK4/Xv3CuMOjo7o+fbbwhz9z9Url5F5Rb9w/KiwEP96+WXBFcY5dky8u9DdzU34uPn374uLGoKPQ/Y1V6vV6BQYKMyJpKWmIDn5FLKuXUP2jRuKs3xzcnKQnJyMt7p3g7dPU/zfjz8K1zWsX79cn7vSmr9gkdISjYMHv0Nrv7YInTNbaSmZyQ8JCcLO2n84Olr0+4aoskqIj5fecG3SqJHWz+G/Xn4Za9eskR6QWkytVmPEyJHC3J1bt5AoKLjn5eXB2ckJrf38sHaN9oHXxWTPmZa2ZNkKbN8eobRMIzPzT5w8eRoDBwxQWoq16zciL1+/u/9ezj1s2rQBly5dQt/+/REyZJBWPulEMjZt3IzMTPnXZvHSzxAcZHynPRFVDlZ9aKpKpYJKpcKUqdMNritZ8DalJ598EiqVCkNDRigtLRNPT08AwB9/nDW4rrgD3ePv9cUq+noiIqLKwlYOGbNWvXoHC+OFjx4hLVV8GK0xZKNqPD08hHF3STxH8DjXBYULAKhRyr87vX2aomevXhg5ahRmTJ+Of77wAurUrg2VSn5NTm4udu7ajb27d8sPhTWio89U1qzbgH37xDcgZOZ+8hG2R+5SWkZmUr+euItd9L1ORKZ3+tdfhXEHR0f4+bXRiw8NCUHdOnUEV/yPn6+vNNelWzfp4d2pqakAIOyAByrmAG5dSSeSsWThfGn+hedfFMZ37ohA0olkYa7YmnUbsHHDOoNr4uJiMWzoYIwcNVrr8T6cORNxcbHS6z6ZO4/FdiISsuqCe7u2Rd3OFy4Y3l5lrhnjzVsUjYa5qPDvZ//d1d6kSZNS/fvP+bYCAKSnpyN8e6R03elTJwFod/IDFX89ERFRZSF7kSor7JI+tVp8kGPGuQxhXElaaoq0W9xf0oHeWnAoaTHdwv+NG+JxNeX9mvsHBmLUe++hY4dX4Pz3eD+R/Px8nDx9Wpgr7la0lD275WMbu78lLzQsDJunWAgh83CR3Ay8KxjtRESmlZaaIjzEFAAeq1sX3j5NhbmRo0bBXTJuo4azs/S5rZinu7swfunPP3E8MVF6w82SN3BlPp07FxcviQ+n79q1G4YOHy7MXbx0EZs3bxHmgKJC/qovvpDmda1a+TmGh4RgybIVGDhoiMGbzdNmzMJ0jk8jIgmrLrg3b1lU8D7yy084lnRSuu73338DAHTr3kO6piyefvoZAEBMTJTBgvSRn38CALST3HWV6RccpJmLfjLphHDNwsVLkZ6eDgDoHdxbK1fR1xMREVUGaakp0hepDRs0EMZJXzVJwT37+nVhXImsUC8r7BeTFbl1H092SG55C+7F2nfogLe6dzNYdJcdvmrJ+aeGutsHDByMWbNmwa9NW2E+8dhRfDhzpjBH5iXrWJXtCiEi0/nxp5+lOd9WraQ5ABjzn/9Ara6mFVNVqYKOr74queJ/vCR/k+Tk5iIlRbybTK1WW/QGrkjop2GIjNwuzHk19MLHc+YgZMggdO3aTbjGUJf70qVLkXjsqDAnk3jsKMaPHYNNG9dL1wwYOJhj04jIIKsuuLd9vh2Aog7sDes3CNcsXLxUc1hq6zamfaLoHdxbU5Devm2bcM2Y/4zDkaO/AAA6GPEkqKtXUB8AwM7ICByM1t+qFBlRNMOsT9/+wsNYK/p6IiIie5fyu/hFqoOjI9p36CDMkT53SeddWUdcyAr1ssJ+MUfJlvs7JTp/E+LjhWsAefd8WXj7NMVb3bvBQ/K5kamnMHbAlAx1t/d/5x34tmqJiVOmStfs27cX4ydMlubJPGS/mx4WFOB4YqIwR0SmkXn5sjDu4e5uVHF76tQpqFe3LlxdXODh7oE333gDvm30x9DoMjRWRvYx1XJ1FcYtJTo2Dqu++FyaHzdxMnxbtQQAdO8hbrCUdbkvWbZCWjSX/S1gjKCgYMURNUREVl1wHzlsKPr07Q8AWLF8qd4s9Y/mzMWkCeMAAAEBgZg1c5reY5RHG9/nNAXpvXt2o2+/dzSd9gejY9G33ztYsXwpAGD0mLEYOWyo9LFkegf3Rru2zyM9PR2zZszAyq/WAih6/O5v9dQU8wcOGmSV1xMREdk7zm83Ddns87KOuJAV6mWFfaX8vRIjCrP+Hheoy9UMX3Nvn6YYPWaM4uzekpo+LR5HYGqGutvHjZ+ETv4dAQDBQT3xydx5wnUAsGTxAqxZt0GaJ/OQ7Z64UcZdJUSkbNfOndKzN5728RHGRUaMHImx48Zh9JjRRhXbi8nGyuRKnjMren778mXLpKNkgoKCMe790Zr3S9PlrjQTfvbHn2DajFnwauglXSPSsaM/Pphm2roTEdknqy64A8C28C2aUTHr1q7G64EBAIDZH07H7A+LDlMNCAjEp2Fh0scoj7B5oZg8pegXasS2rfBr3QoqlQqvBwYgYttWAEXF9uWfLRFe/9GcuZrDX4uL2SW18X0O70+YgHZtn8eRo79g1PAQzeMXd+7P/jhUOhu+oq8nIiKyd5zfbhqyF/Wy0S1KZIX60h5qWuxOiY9DVnCvWbOmMG4KI0eNMmpEUfXq1aXzf01NNvfWq6EX3n33Ha3Y9A+mYMDAwcL1ADBpwnjEHDoszZPpVaumPZaiWOaVK8I4EZVf+rlzwrharTbpDikZ2ViZR4WFwnhFzm+fNOUD6U1dvzZthYVtY7vcDc2EDwoKxvQPpiB0zmysWb9BWsTX5demLRYuWqTpuCciMsTqC+4AsOebXZj9caim271Yu7bPY/KUaYiOPmjWcSdh80Lx5eo1ev/+kKHD8eXqNdJiu7H6BQfhi1WrNIX9YkOGDsfWiB2KnfsVfT0REZG94vx20zE0fqcsIy5ks6iVuvXq16snjBeUOID13r17wjVutWoJ46YyNCQELZo1M7jG0Mx3Uwr9NEw697ZX7z7CgsPYsWPRsaO4SePWrZvo3ettbI/cJcyT6ckOTpV1uhJR+cRGRUn/ZvDx9hbGTc3QWBldFTm/fcGiJVg4X74zasR77wmfZ4zpcl+ybIXBmfAlC/md/Dvi22/3YPHS5Qa73WvVcsPEKVNZbCcioxn3m9gKFBd9Bw4ahNcDAzD749AyF4I7d/JHoeQOr8zIYUMxcthQbAuXn4AtMmvmNMyaOQ0qlcrguja+z6GN73MImxdqcJ1MRV9PRERkjzi/3bScnZyExYjSjrg4npiIhyUK5CUpfV1kXb8lC/iygoklOgF79uoFADj9228oFByaao6xNiLffP21MC7qbi/m26olho8chbOpKcLOwlu3bqJP77eRPGMWD5uzAA83N5zLyNCL5+Xl6S8monJLS08Xxh0cHTW/2y3B090dVyXj8EqqyPnty5fKmxZHjPw3QoYMkua79+gh7Iy/eOki1q1bjz27xc9fgPZMeK34+6PxSoeXERYWhu0R4Xr5OaGfIjiop16ciEjGJjrcbV349kilJURERGSFOL/dtEw14kJWoDem+9vQYZJAUYeiiIOjo8U6AXv26oW2vr56cVWVKnhnwADBFaZVlu72YsFBPTHivX9L8wAw95OP0Lt3H615u2R6rpJiWlnHOBGR3PHERGmR+/GGDYVxc5GNldGltCPMXMZPmCwd9/LMM89ixIjhwlwxQ13ua75aafRMeF2+rVoiYttWfPzJXDRr1hwA4OnpiWkzZmH0e9rnCRIRKWHB3QJOJp0AALS10Is0IiIiMg3Ob5cr3rYdMmwknnzySc2ZNY0aNcaCReLONVONuJAV6GUFfV2y7faxUVHSx65hRDHflF7v2hXtX3oJzk5OcHB0hIe7B9584w2ly0yiLN3tJU3/YIp0tEyxyMjtGB4SwhEzZmRot0dCfLw0R0Sld/rMGWmuucKoMFMzdqyMJXZt6doeuQtLFi+Q5idONm5si2yWu2wHj+4oGUNmTv8Ap0+fQmFhIa5du8YdWURUJsq/ha1MWcbBVKQpU6djfthc9Onb36xz5omIiMi0OL9dW3RsHI4ePYrUlBT8evq0tAP6/PkMfDhjGv766y9M/2CKVs5UIy5kBXpZQV9XDScnaZfvHUnc3d1dGDen1wIC8Ap2N9UAACAASURBVFpAgNIykxo/YbL0azvivX8bVQgBgIWLFuHdd/rjzJnT0jWJx45yxIyZubq4CL/Xb9++LVhNRGWRlpqCjPPnhbm6depYbHdUSUpjZSpifnvSiWQsDJPPbe/atRuGDHpXmi8pZMgg7Nm9W3roqi7ZKBkiInNhh7uZOTk7o0/f/pg4aZLSUiIiIjKzQzExiAgPR0S4/nxOXZzfXnSoWfPmLVC9enUEBryGGdOmYtPG9dKCbLG8vDzMmDYVAwcN0RobYqoRF/dycoRxDzc3YVyXodE2sseWHbZqT5JOJGPzpvXCnF+btno3UAzxbdUSp0+fwthxE5WWcsSMGcm+169Ldu8QUekdijssbQr0btJEGDc3pbEyFTG/fdWq1dK/H154/kV8++0eYU5G1uWuS2mUDBGRObDgbmazZk7DtvAt7G4nIiKqYKtWrkTCjz8i5exZpJw9i4/nzEHSsWPS9ZV9fnvk199g8sTxOHPmdKk70Itt2rgeEydM0IwNMXSj4nhiojSnK0dSFJcV9HU5ScbD3L9/H/n5+cJco8aNhHF7sWbdBvTv1xfZ2dnC/Ftvvy2MK1myeAEidnwNvzZtDa6LjNyOrl1el44jorKRfa/LdnIQUendvXtXGK9atSr8AwOFOXNTGitj6fntS5atwKqVnwtzXg29MHaC8s1ZXYZmuRcrzSgZIiJTYsGdiIiI7N6Xn3+OK1evasUKHz3CdwcPIi1V3Mle2ee3r1m9SmmJUeLiYjFp/FiEfhoGQH6wqewgVF17d++W5ozdeVDD2VkYv3NHXDRRq9Xw9mkqzNm66Ng49O7dB8OGDsZvv/0qXFPa7nZdwUE9sXrNGgQFBRtcl5mZickTx2P6zNkG15HxZDszynoTjYj0Ffx96LYuSxe1dbkZuAltyfntSSeSsWThfGn+3UFDEBzUU5o3RKnLnaNkiKiisOBOREREdut4YiIWLliALEnXbkFBAb7Zs1ev6F7Z57dHx8YhOvqg0jKjXbx0UTNipkoV8Z+fssNKdcm+LsYcEFfMpWZNYfzBgwfCeEVsvbeE8RMmI2TwIERGbje4rqzd7SX5tmqJHTsiMG3GLKWlWC3pgqTSc5fcIJT9HBFR6aSlpiD/r7+Euda+vsK4pXhIzh5RVali0fntn86di4uXLgpzXbt2K9cZHiFDBuGZZ54V5oL79OMoGSKqMCy4ExERkV2KjYrCd1FRioWlnNxcHIyK1opV9vntW7dsUVoCoKjzecDAwfhk7jx8NCcUXg29DK7ftHE9fvr5F2HO2BEXsnnvNSSd8yKy8TAPCipHwX3JshVo69cOSxYvkBZBij3xRKNydbfrCp0zW3HETHZ2NsZPmCzNk/EMFdUS4uOlOSIyTsa5DGHcwdHRokVtkT79+kGlUunFXWrUEKw2j+kzZ0tv6no19MLHc+YIc6XR4+0gvVi1atUwZYrpnruIiErL+FYgIiIiIhsRER6OlLNnlZZpXL9xAyu//BIjR40CULnnt0fHxmHTRvHBmXXr1sVbPXqh6dNPo1mzZ9HJv6NW/s2uXfHhzJnYt2+v8HoAuHjhApo3b6YXN3bExa3bt4Xxp558UhgXKe14GHvZ1bDj691Y9cUXiIuLVVoKAPD09MS/x/xHaVmpBQf1hM9T3li0aBG2btkkXLNk8QI8/8ILZR4zQP/j6uIivFGVde2aYDURlYZsd5a1/L3QqkULnDh1SnOoa9WqVdHh5ZcVrjKN6Ng4bN6wTpo31biX0DmzcffObWwL34Ls7Gw0a9YcI98bbZLHJiIqKxbciYiIyG6kpabgYFQ0rt+4obRUz9WsLE3RvTLPbzfU3f7J3HkIGTJImvdt1RLffrsH4ydMxpLFC4RrZB3qSjsRgKIRQbJDTR+rX18Yl3F2cjLq3wSMnw1vzYYMHYb169YoLQMA1K9fH2/17IXPly9TWlpmvq1aYsvmjQAgLbpv2bSRBXcTqFmzpvDn7p7k8GEiMt4Nyd8bLlZScO/Wowe69eiBvbt3w7lGDbwWEKB0icksX7ZMuosqKCjYpONePlu2BJ8t46HbRGQ9OFKGiIiI7EJCfDy+2bNXsdju4OAgzV3NysJXq1dX2vnthrrbu3btZrDYXtLiRfPx1dr1wrEhv//+m+CKIkojLi5nZgrjarW61Fv3HY2c+e5qJUWT8liwaInRxfYBAwdj3/4DZi22l7Rl80a88sqrwty+fXt5gKoJSA8qLsONSSLSdk/y94LswOKK0q1HD4sW28dPmCzd7ebXpi0+mDZNmCMishcsuBMREZHN27h+PeLi4xU7lhs2aIA+vYOkBSgAyLx8WRivDPPbDXW3d+/RQ5oTCRkyCKvXrEFQULBeLu2PPwRXALcl42KKSUf9lGHGurvkMDldNSUHrNqSg999p7QEHTv646u167FxwzqLb8Mf+Z68y3HzhnWIjo2T5kmZbGdOnmS3CBEZJyE+Hg8LCoQ5/8BAYbwyWLdhs3SXGwCMeO89iz/PEBFZGgvuREREZNMiwsORceGCZj6piIOjI1o0a4ahISHw9mmKt7p3M1h0F7GWeazmYqru9pJ8W7XEjh0RGD5ilFY8V3Jj5LpklE8x2aifshTcjVWvTh2lJVYt6USywZntXg298MnceTh0KKZMX2NTCA7qiXHjJwlzFy9dxPJllum2t1eyQ4Jl45mIyDiycxBK+/eFPUk6kYwpk8ZL8yNG/rvCnmuIiCyJBXciIiKyaekZGQbzzk5OeKV9e/Ts1UsTKy66Oxg5VgSw//ntpuxu19W2XTut9/Puiw9IvSOZ7w4Uzec35agfY7f7l3Y2vLXZ+fUuaW7Q4KHY8+0+TP9ginSNpSxeNF84gggoGi2zZNkKYY6Uefs0lf6ui42KEsaJSNnNW7eEcTc3N2G8Mli+fDmys7OFuY4d/bHyS/4uJ6LKgQV3IiIismkFku3cAODh7o63uncTjoLx9mmKV9q3N7roXpairq0wR3d7SY8//rjW+9clL8bz8sSFeADIOJchjJd11E+1atWUlsDB0bHUs+GtTfQB8TiZN9/sjvXr1ljVtv4R770nzS1ZOB9JJ5KleTKshqTj9s7du8I4ESmT7bpyq1VLGK8Mfv7pR2lu+Ejt3W5ERPaMBXciIiKyWQnx8dJRMk94eWH0mDHw9mkqzANA+w4djCq6Ozg4lKmoaysMdbe/M2CgNGesTv4dtd6/eOmScJ2hGfyZV64I42Ud9WPM17Osj20t1qzbgMRjR4W5V1/zF8YrUsiQQRgx8t/C3MVLF7F06VJhjpTJziKQdegSkTLZc1ad2rWFcXu3PXIXfvvtV2EuqHcfBAf1FOaIiOwRC+5ERERksy79+acwrlZXw6AhQ4Q5XcYU3dX/UEtzts5Qd/uAgYPN8gI5M/NPaWetbMTFjRs3hHGXchTF1WrDX9fyPLY1iD54UBj3a9MW496XH1RakUaMGC4dLbNp43qsWbdBmCPDZB23d9nhTlQmsueqsu66sgff7d8njNesURM7tm8T5oiI7BUL7kRERGSzsq9fF8Zre5Zu3nr7Dh3wbFN5J3z16tWlOVtnqLu9/zvvSHPllZWVJYzLCvG3JfPdjZ3FLlJNoeBenseuaNGxcYiM3C7MdXr9DWHcGvi2aol+7w6Q5ld98QVHy5SBi6TD/Z6BXSVEJCfbdSUb32Tvkk4k4/Ah8QHd/d6R/04nIrJXLLgTERGRzbolKcLWq1NHGDekZ69eeMLLS5h75ml5Md6WKXW3646CKQ/druU7t8Vfu3s5OXqxhPh4wcoi/oGB0pwSpTnujRo3Mpi3ZgcPiLvbAaDX26bftWBK494fjaCgYGEu8dhRrFq1WpgjOdnPycOCAqSlpghzRCQnO+Tb3d1dGLd33x04gIuXLgpzPa38OYeIyBxYcCciIiKblBAfj4eSA1O7dOsmjCsZNGQIGtSvD5VKBQBQqVRo+tRTeC0gQOFK22TJ7vZ6jz2m9f79+/eF60SjY2Sjg1zLOfLFyUAnorOTk8H5/9Zu544IYXzAwMFWdVCqzAfTpsGrofgG2KqVn2Pdhs3CHMnJRijJDiQmIjnZDX9b3hlVHnGx4u72rl27mfTmPRGRrTB8QhgRERGRlUrPyBDGy1uEDRk2TGmJXbBkd7vIndu3hfG8/Hy9mGx0kOwgSGN5uLnhnOT7qEaNGsK4LQj9NEzaafivl18Wxq2Nb6uWeHfQEMz95CNhfsqk8fBt9ZxN3DywFtXUauSX4ueLiMSOJyZKb/jb8s6ostoeuQtxceKC+wsvvSSMExHZO3a4ExERkU2SHaJZWbdzl5Ylu9tFLl66JIyLCoKmHB1UkqFDU+vUri3NWbuff/xRGO/Y0R8hQwYJc9YodM5sdO0q3q2SnZ2N4SEhnOdeCrLfjbckN7+ISOxyZqYwbus7o8pKdliqX5u2mP7BFGGOiMjeseBORERENskch2hWFju+3m3x7nZ3D+2DbDMz/5QekBobFaV521AnYdNyztY31IloqwX36Ng47Nu3V5jr6O8vjFuzMe+/j1q13IS5xGNH8eHMmcIc6fNwE38e8/LyhHEiErsiOfTblndGlVXSiWTp3xP/6vCKME5EVBmw4E5EREQ2p2RBVld5DtGsLGbPnCHNmau73cPDUy+WJSlalCzEZ0hGvpiik9DQ9e07dJDmrJls54JXQy+88frrwpw16+TfEQGd5D/T+/btxcBBQ6R5+h9XV1dhXHbzksjSko4dQ0R4OA7FxCgtrVB3JTeLa0l+xuzZzq93SXOdX+8szRER2TvOcCciIjJg7+7dOHnqFB4VFgIA1OpqCAzwh2+bNgpXkjllXrkijJd3fntlMHDQEPz226/CnLm622VuXL8BPPmkXvzmrVuat7OuXdPLA6brJHR2ckJObq5ezBYlnUjG4UPiObpvdO1ms/POd2zfhnrxh3H16lVhvri7cuOGdcI8FWnfoQMOff+9MHc8MRGt/fyEOSJLWLVyJa78/TOecvYskk6cwMRJkxSuqhiym1QNGzQQxu1Z9IHvhPGgoGCL/j1BRGRt2OFORERkwIkSxXYAyM/Pw2FJwYIsh/Pbyyb00zDp1m/AfN3tMrn37wvjJbsH7927J1xjqpEvEydNgquLC6pUcUCVKg5wdXGx2iKPku8OHJAeltrz7Z7CuK04cDAa//xne2l+08b17HQ3guxm0g0enEoV6MC+fZpie7Gc3FysWrlSckXFMbTDzlZ3RpXVmnUbkHjsqDD3ooHf10RElQE73ImIiCQiwsNRWKLYXuzuvXtIiI+vdC+srAnnt5femnUbMGPaVGm+w8uvmLUbzcNTe4Y7ANzPyRGsBO793XGelpqi131erFGjRsJ4WYwdN05piU345uuvhfGuXbuZ9WtrCb6tWmL5is8xccIE/D975x3W5PXF8W8Ui6KiDMWFIipYfy4UXLXFIohWxWpFce/WWq114q7augdabeteVQShDupiCKJWZSNOhoCzoKhAFaWi/P6ICYHcmzeBQAI5n+fxeeCccwOJQN73e8/9nuBgdhc/dboLU7VqVebvFO/UEEGUBXdTUplxbbQ7yuBsTuniCbuLFy4w47Yd7TBj+lRmjiAIQlegDneCIAiC4PDon3+4uavh4dwcUbqQf7vqePscxfIfl3DzlpaWWLiEn1cHZmZmcrGw8DBGJfAuLw9JCfGIvxPPzFfW0yP7iyIo6jTs0q0bM17esGnfFus3bICDA3/4K3W6K8aQIwrmcDa2CKIsyHnN/vl7zTkFpUl4gruunbCjYakEQRCKIcGdIAiCIBhER0ZyrSwA8VFnL09Pbp4oPci/XTViYuOwY9vvXKsR80bm+H37Tjj1/JyZL22ev3jBjKempCKNM1S1Nv1fy6Go03DhfHdmrjyirOi+YtUabl6XMTEyYsYVvd8R2oHfsWMV8rojKSFeobB+ys+Pm9MELzkns3i/WxUVGpZKEAShGLKUIQiCIAgG4RHsTlFZklJSkJQQj+ZW1kKlhBoh/3bVWLJ4MdeCAwDWbdykUbuR1zmvAYZQkfHsWSEvd1lMTeTtaXQZXes0lIjuX0+cyO3qX7RgHtL+ScOWXzyYeV2lfoMGQEyMXJxn3STh9KlTSEhIAABUq1YN30yerLCeUB+XL15E0PnzyH//HgCwfPlytG/TBi4DBwqsLB/wTjJJePDokcJ8WZKUEI/c3Fxmzrqlbl0L0rBUgiAIxVCHO0EQBEEUISkhHhkcUVeWd3l5OOsfIFRGqJGkhHiup6ulGj29Kwpjxo7HyZP87sCfV67GUNeyGabZuHFjZjyNc2LhVU4O9/+6UcOGzLiu8scfB7m5itppaNO+LWa7z4N5I3NuzdYtm/D99Irhz68uFFkxXQoNZcb/9PFBRGQksrKzkZWdjbT0dKxft45ZS6if8xcvSsV2AMjPz0fs9esKVpQveCeZJChzPVZW8DYH9PX1dar5goalEgRBCEOCO0EQBEEUIS7uOt7l5QmVAQCePX+u0FOcUC+KPL1piG1hVqxaw+16BoBvJn9XplYjvI63fzlWFi84VjMA6P+6CBdDzzPjFb3TcKjrIKzbuEmh6L5zxzZuTlfh2W9lZWXJxZIS4nHrzh25+KucHFy+eFEuTqift2/fysXy8/MRHRnJqC5/PM3IUJh/l5fH3Qwqa55x3pdqVK/OjFdUaFgqQRCEMCS4EwRBEEQREpKShEoKEck4nk+UDuTprRzePkexaME8bt7VdSi2/b6Vmy9LsjMzmfGcN2+YcfLqL8zqteu5nYa9elfM7nZZhET3N2/ewNuH7zWsi1StWpUZZ4mJZ/0D8F6mu1qWy1evMuOE+lAkqv/z+DE3V16IjozkWrTIEp+YKFRSJvAs7XTJ5kzXLMwIgiCKCwnuBEEQBCFDkL8/9+avuoEBM56bm4sD+/czc4R64XU969LNrhABQcGYPm0KN+/g4Ij5CxZw82VNdEw0M57PEfnIq78wBw+w//bYdrTDxPFjmbmKhkR019Njj6cKCQ5mxnUVA857WXYRCycvT088U2Dn8Sonh054lTLPnz3j5oSsWMoDqampQiUAhLvgywqezZkuXYPQsFSCIAjlIMGdIAiCIGS482EoXFH09fXx5QAXVOYIOimpqRXmeLe2kpQQzx3sR57eYn5c9hMGD/wS6enpzLx5I3O4z58Pm/ZtmfnSxrajHTP+VkkLJwBoUK+eUInOEBMbh5s3bzBzvfp8wYxXVIa6DoKb2whmLioinBnXVXi/Q29kTpVcCg1Vqqv4xq1bQiVECchQILjzhkqXJx7/849QCQBxY4OmbWUUfX1HZ2durqLBG5Y6esy4Cm1hRhAEoSokuBMEQRDEB6IjI7ndfA3q10dzK2s0b9qUmQeAC+RnW6qQfzufFavWwM62E5YvXYJ/X/JFmHUbN2n0hrhe/frMuCg/nxlnYdHUQqhEZzh95gwzrqenh8Fflc0wXG2in4sLMx4ZFUG2MjIYc7pxJRuaSQnxuBqu3CZFVnY2dbmXIrxNZoDfbV2eyFThOTx89EiopFThfX1dsjlTZGH26WefMeMEUdZMmPgNOnfqIlRGEKUOCe4EQRAE8YGY2FhurltX8YWb2/DhXGuZrOxsnPLzY+YAsYhx8MABrF27FmvXrsXBAwe4tYQ85N9emJjYOMycNReNzRtj0YJ53JtgCT+vXI2hrloqwoqUuyStbmCA5lbWQmU6Q0I8exOqbZu2GjvFoEmGug7inqIgW5kCOtjack9rBfn7I+hcsEKhtyixcXFCJUQxEepiL8+bHZdCQ5UeUA9oXnDPZAwVBoCaNWsy4xURsjAjdIWomGto1qwZRCKRUKkU93kL0blTF4hEIum/ad/PgKe3j9BSQc4GBMF93sJCj92rV28s+2ml0FIpy35aiV69ekvXd+7UBe7zFgotk3I2IAjTvp9R6HsYNnwk1m/cJLRUZ2FfaREEQRCEjpGUEI9/ODYcZnXrFhL5unTqhHPnzzNrY65fh3VLa2l9dGQkUlNT8fiff+S65++mpGDlipVoaW2FQYMHsx6OkIH828XExMbhjz8OwveIFx48fCBUDgAYOXIMFs53FyrTGHqVKwuVAACMjIyESnSKWzfYdjL9BnzJjOsCn9r3YG4+ka1MYWoYGDA7pO+mpCBdRW/wVzk5OOrrS+9jpcBLgY0PRZYz2k4yx79dX78qcnPlh2a/yslBdGQkOtjaMlaVPi9fvmTG69Wty4xXNBYuXkoWZoTW4untg2sxsVi7pkCAFolEmDrtB3T9pBuGD3VVsFqeI95HkJycLFQGQPy1N2/YgPCIMLnc1i2bsHXLJiQmrMCPi4s3P2nbzt349uuJcvHAQH8EBvrjzu1bOOx5kLGygAFfDoLfiWOFYuERYQiPCMOdO7dx4rjiU4DrN27CnFkz5OJehw/B6/Ah3L51G7t3bWes1G2UayciCIIgiApOXNx1bqdV61atCn3e3d6e6xn+Li8P54JD4OXpifXr1uGvU6dw/eZNrlXN27y3uH7zJlavXo0D+/cjKYHdsarrkH87EHguBP37D0C3rp3hsXGd0mJ7l85d8ccf+4TKygSelcWjx4+Z8aLoirChDAFBwdxTDZ988gkzrgvwhvaRrUxheF256U+fMuMA0KxpU25nfEJSEjNOlAyhDvDyLLg/4WzsNKhfj/tzpuyQVXWj6BqkfoMGzHhFIiAoGH/s28PN66KFGaE9uM9biBFuQwqJ7RK2btmEEW5DVOoEPxsQBF8fL6EyAOJOeJ7YLsvSJQuL1Qnu6e3DFNtl8Tp8CMOGj+Tmp30/Q05sl8XvxDFMmPgNN88T22XZs3uHSt3yugIJ7gRBEAQBvlhQy9CQ6Q9u/9mn3BvCtPR0xCcmqnQkPzc3FympqfDy8cXuXbtoAGsRdN2/PSY2DqNGDMPJk36FBhsqokkTC4wbPxFXrl4WKi0zTExMmfEaNWsx40XRBWFDWUJDLzDjth3tNOrTr2l6OTrAwcGRmTt96iQzrovwrNHy379nxmsZGmLk6NFo3KgRM5+bm4ujvr7MHFE8lLGLefnqlVCJVqJIwG5Qrx5MjY2ZOWWHrKqb1JRUZryynp7GOu7LkjWrVnE3+bt07qqTFmaEdrB+4yam0F6UpUsWKmXtEhVzDRvXr1e6u/23X3+Tiu2d7Dpj3QYP5OfnIz8/H7/v2AUnp4KByj5eyon4sngfPiz92G3YCBzyOiJ9/KXLV0hzXocPYdvO3XLrzwYEYeuWAqF/rvsC5vo9u3cw10fFXMPvv26Rfu42bAQio2ORn5+PyOhYjJ/wtTTn6+OFqJhrco+hy5DgThAEQeg8Qf7+yM3NZeYam5sz482trGHTpg0zVxLe5eXh4aNH+OvUKfyyeTPOBQYKLdEJdNm/PSY2DtOmfod0juVRUWw72uHnlauRmpqCPbt3CpVrDTwBUIK+vr5OCBvKkhh/hxnvaNeJGdclunRjd/iHnAtixnURVay4KuvpoV9fsWVEt65dFHa50ykt9ZEt4N8OiDc6yuMGvaJNdEdnZ5hzTq49e/5cIz9jj9PSmHFduAaZOWsugoPZfzvNG5lj+YoC0Y4gyhpZEdtlwEAc8jqC8RO+Rie7zjjjHwi3YSOkeVnxmsfyZcsQGCi82QmIxejzIeLfjU52nfHb9u2YPfMHaX7ypAkICDgrFd3DI8JU6nL39PaRdqa7DBiIw54HC1nj/Lh4AdZt8JB+HhEmb5136uQp6cdz3RdgzeqC39ei60NDQlAUWWudqdN+wGHPg+ho0w4A0NGmHXbv2i4V3ZOTkxHCeAxdhgR3giAIotwRExWFMyfV16l4JyGBGdfX11foSdvXxQW1SvFm60VmJi5dvozVq9do5AZTm9BV//aY2DjMnjULf/99SahUKrRHRIZrtV87jxo1aijM166lXBe8rnD1CvvkgnXLlsy4LmFv/xkz/uDhA3hs3srM6RoWTS2ESqR0sbWVziVpbmWNVtbswcW5ubm4fOUqM0eojrLd6/8oacmlTTzgDECVCNh9XVyYeUBsAVjWPOfYAhqW4jWgNrBrzz54bFzHzS9ZthxOPT/n5gmiNFm/cZO0u9xt2AicOH60kCDdu5cjDnsehMuAgQDE1im8DuyomGtMn3NFhISESMXoL/q7SIXoooydMEH68b3Ue8waFtdiYqUff/oZ+7pm9swfpIL+jTj553b6lB8A8YaArNguYfbMH6SvT3jYFbnX53zwOQCApaUlxo4bW3Q5AKCnU8GpQlWeny5AgjtBEARRbrh88SJ+XrECfidPIjwqCsuXL8fvv/2GS6GhQku5REdGcv3VG9Svz4zL8tmnnwqVyGFQzQBV9KoIlUnJzX2DIz5/KnW8vCISHRnJPXpuZWXFjFcEJGI7r7NMQr9+LuVGaDcxZW+QJCbEw0Cgw50E9wJ27dnHPd7fgyM26xKKbGViY6KZcV2juZU19PX1hcrQ1MICjs4FR+IBYNDgwdy19x8+1PkNYnXBE3mLwjsBps1kZmUx47LXXSYcW5knCuYMlBa84bUN6tVjxisCMbFx2P7bb9z8jJlzMHH8WG6eIEqbp08K/hb0HzCAWycrVrM6sLft3I0p33wjFdudnJwLdcbzkP36/fr15dYNH+oKS0tLAMD9+8oL0mtWr5Dav8h2zhfFxFRs11jUR97T20e6IdDDoafcOgmS16doh7qnt4/0MQe7unE3FIYPdZV+n1t+KeiYJ0hwJwiCIMoJB/bvR1BISKEBYvn5+Xjy9CnOnT+P1atXY/euXSqL7zGxBd0DRenWtQs3J6GDrS2MatdWWFNZTw9mdevC1sYGP/74I+bMnYMFCxegzf/+p5TgAYiHq/599SoO7N8vVFrh4A1JKw8WI+s2eKBatWoQiUQQiUQYMnQYYmLjhJbB2+eooNhuZmaGzVt+w19/ndB6oV2CmZkZNyckXOjKcFxluHXzFjPer58LwuHpvgAAIABJREFUeel+gGxlhKkq8P5T3cAAo8eMYeasmjdnxt/l5VGXu5rIExiYKoF3AkxbiY6M5Nr4WVhYSD/mNT1kKLkRoS4uhYZyh9cW3YyqSKxauZI7mNvBwREbN6xl5giirMjIyJB+LNvZXpTZM39QKFzv3blTKiw7OTlj1Zo1MDCoLldXFMnXt7S05IrRElq3UZxXBxJRX0JiQqL043Y27YuWS2ndurX0Y9lNBNkOe0XrCT4kuBMEQRBaTZC/P9avW4eU1FTk5+dz63Jzc/Hw0SOp+O7l6Snoa5qUEI9/OL7YZnXrSo/QC/H99OlynrZ6enpo1LAhevbogUULF2Lyt9/KHZEeNHgw5s2bh0+6dFHamiYlNRXr161TeWOhPMPrZtP2jmefP49j7uyZhYac+hzxQp/evTD526kICApmrvP2OYo5M39QKLZ/8kl3nDkbgO+nfsutKW8YK7AH0pXhuMpyLTaGGW+h5N8sXYBsZYSpXp0vKFTW04PD53yrCOpyL32UHbyubJ22kKDAxk92E71tW/acnHd5eTjl58fMlQa8axChuSPlGY/NW+Hj483MmTcyh/v8+cwcQZQlsicj1TGsc/yErxEQcFZQPJewe9d25Ofn4+7du0KlSCtF66/wsCsAgGbNWhSK58jYklkrOBHcu5ejVKyX3cTI+fDeYmlpqXBDg+DDnnhDEARBEBomKSEeoRcu4iHH51MRubm5iE9MRHxiIk6dOYuq+vowNjZClSpVUKN6dRjWrAljExOkpqZyu5Zat2rFjPNYtHAh/I4dQ87r16hTpw56OjkJLZHi6OwMR2dnXAoNxfUbN/BE5mKHxaucHJw7fx4PHz2C2/DhCmsrAryj53Xr1GHGtYXtv7OPYqenp2P7tl+xfduvGD1mHEaMHIlejg4ACsR2nl0IAIweMw779+3h5ssrHWxt8depguFOstSowMKGqsTExnE3Yzp3ET6VoytIbGVYrxXZyoipwhl+CgA2bdoIniCytbHB31flu9nf5eUh6Fyw0pvWZcG5wEDcvHUL79+/Rz0zM61/71R1Uz3I37/cdFtnPHvGjNf5YIsgobmVNaobGDA3FMrSRodnOyg0d6S8EhAUDI/1/O71UWPHS69ZCEKTyAruR7yPKC2UF8WyeXOMmzQJkycVeK2rk6iYa9IO+saNmwhUq8a072dIbWNsOnQslFOlA9/UpA6Sk5ORkVGwwSixv5EV8t3nLcT54HOFvPP7DxhAgjwHEtwJgiAIreOory9uxcdzxXBVeP/+HXJe5yDnkfIdYLUMDYvVTesycKBQiUK629uju709Ll+8iAt/X0ZubkFnNIv4xERs8vDAZ59+KiiMlFeUPXqubezasw/nzgUKleHA/r04sH8vRo8Zh9Zt2mDLJo8KLbY3btyYGT95UtytWFlPj/l7X7VqVbmYrnI+9AIzbt7IHENdBzFzukqXbp8wBXeylRFjbm6Oew/k/97UMjRUOLRSgqOzM27cuoWs7Gy5XPqTJ4iOjNSK9ya/Y8cQE1dg5ZWVnY1fNm/G99OnK1ilWbI4G828v5GP09IY1dpJJuPnBQDq1a0rF2vUsCHiEwtsESQ8FWhMUCe8Dndt2fRfuHgpAKBHD3u1DDDdsnkz9zrE1XUoVvy0lJkjiLLmc4fPsXbNSgDA2jUrUaduHYVe5zwOex4UKikRR7yPSD9uYqEewf1sQBB8jvhgz+4dAMRDUYcMHVKoRiKem5oI/62q16ABgMKd+K8/bHZWMzBAVMw1LF+2TG6orNfhQ/A6fAiPH3kU67Wv6JClDEEQBKE1REdGYv26dbh+86ZaxPbi0tjcXKikVOn26aeYN88d1i1ayFnVFCUrOxsnz5zBwQMHFNaVV8qrf7uiQWMsDuzfi7mzZ1ZosR2AYFecXmX2z7upCXt4ni4Sf+cOM96lazdmXJchWxnF9HRygolxYSunynp6sP+M/bqxUHQaLCys8AA3TZCUEI+4W/IzD15kZiImKoqxQjt4xvFlr/rRR8x4NkfE1jaC/P2513fWLeVPRPAGo+fm5qp8CqC48Lz0NS24B54LQZ06dbDy52VY+fMy9HJ0wE8rVgktU8jMWXOlG+BFMW9kjvkLFjBzBKEJevdyxPgJX0s/nzNrBgZ8OQgPVBhMWtpExVyDr48XAHGn+ecKrNqUwX3eQohEIvRxdioktk+fNUuwi11VsjIzAQCmpnWwft06ObFdljmzZsDT24eb11VIcCcIgiC0gq1btuKvU6eU8iKtbmCA9m3boqmFhdJDR5WlUqXKGDR4sFBZmeA2fDi+cHYW9HfPf/8ed1NSsHZtxRtgVR7922fOmssdNFZcKoLYrgytrOXFlcp6ehg8ZCijWjeJighnxltYt2TGdRmJrQwLspURM3XaVHTv1g3WLVrApm1bLFq4EDYdCx9LV4SjgveoJxkZOBcofNKnNAk6F8wVeOPjtddnPodzLcSzMeF1jWsbvE78WoaGTAuiDra2XK90Vue7ulEk6hfnJKS6iImNw+SvJxbyWwaAJYsWKDWYnYW3z1F4bFzHzS9ZtpyGchMl4l5KCkKCg3Hq1Cn4nz2LG9evCy0RZMp3U+DkVGCn5XfiGAID/REeEYZmzZrBfd5CnA3Q3Km2fXv3SS1fBru6lVgUZ703tG7LfkxJh7qke11VMp6J78FuxF2D1+FDAICp0woG0B7yOlLotd+8YQPzcXQZEtwJgiAIjRLk74+VK1fi2XO2p6cslfX0YN2iBWbPmYMBAwdi9JgxmDdvHnr26IFGDRuqRXyvY8of3KgJOtja4ocZM9BUCfuU169f4/dffxUqKzcc9fXV+qPcRQkICubesBbXFkVXxHZAbMtk07Yt9PWrorKeHkyMTdC3d2+hZTpDQFAwdzOH182t6zg4sgV3spUpoKeTE9yGDy+2LZpthw7cXITA8PLS5JSfH9IVeH3/9/YtN6dpZIdty8I7gfcuL09wULw28ITz/2FszD/FZGRkxIy/4JwCUCc8a58qVaow42VBTGwcZs+aJRXxivLrr6qdsAPE3fKTxo/l5r+Z/B0mKsgThCIiwsNw6tQphEdGIONZBnJyXiH732zcvnO7xKJ7R5t2CAg4i6nT5O1MkpOTsXbNSvRxdoL7vIWM1aXL+o2bsHXLJgBsy5fiIOuxLmHP7h0Y4TYE23buLhSXdKgXF8nfGIlf+9LlK7DlFw9pfvhQV6xas0YquodHhGH9xk3yD6TDkOBOEARBaISkhHhs3bIFf1+9irdK3PSaGBvjC2dn5qCz7vb2mDBxolR8r1unDkQiEeNRhGnRvLlQiUYYPWYMevbowe30kvAkIwPbfv9dYY22c9TXF6tXr8b1mzeRn5/PrNFW//YtmzdzczNnu2PnbrFfu7IsWPRjhRPbbTvaMeO79uwDIBbd581zx6KFCzF12lSVum0rOhERbLHdtqOdoF2PrvJFnz7MONnKqI/u9vYwql2bmcv97z8E+fszc6VJdGQkYgSEnNK0YYmJisLq1WuwfPky/LR8OTZ5FIgUysDyxQcAw5o1udcBPAs2bSEpIZ57itFSwXu6dYuCgX2yvMrJKfVNBp61j5EGT9mtWrmSOzgbAALOnla5y/23X3/Fvy//ZeYcHByx7Xf6W0mohqSb/c8/fZF67x5ycl4x6x49esSMq8qWXzyQn5+Pue4LCnVdS1i7ZmWZiu6e3j6YM2uG9PNxkyaVuLsdAMaMHSvtMP99xy64DCjYKF+3eiWiYq4pWF18XAYMxI+L5S2lOtq0wyDXgoGpUaX8N7m8QYI7QRAEUeZ4eXrCy8cXz54/FyqFvr4+bG1sMHXaNKU8u7vb2+PbKVOwZMkSjBjmhk+6dIGtjQ2aWligqYUFahkaopahIdMbvZ6ZGXo6OTEeVTvobm+PLwe4oFHDhgrr0p88KZeiu6zQzhuUCgCiSpWU+lkoazw2b+V6nzo4OGLFT0sxcfxY7N+3B/6B5wSF959Xrq6Qw8nq1a8vVEJwuBYTw4y3at2aGScAm/Zt4erKtiS68vclZpxQHUVd7jcYHuqlzYWLFwVnwbx8xRaA1MGZs/7IzX2D/HzgfX4+srKzlRbdFYnI3e3tubYyL0rYzVjaxMWxN0Aq6+kptGfpbm/PPcGYkJDAjKsL3qZMdc7/QWkzZux4+Ph4K6x58PAB/vhD+SGQAUHBOH7sT27+68nfcnMEUZSi3ezv379XWJ/37p3CvKqsWb0C5o2boJNdZzlB2tfHq9QEaVnOBgQVsleZ674AkydNULBCeXr3Kji1N3nSBJw4flT6HJOTkwsNaGUNQi0unyqY7TJ50gRYWloCAJ6V4UDr8oDiSWwEQRAEIUBMVBTi4+OZnedFuRQaiqvh4Ur5tAMfBHCHz5m+nsrQ3MpacO2ZkyeRlZ2t1PevDUie04ljxxAbx+9gkojuk7/V/hulo76+SEhKUiiyy/JRFfbQOE0SExsHzz/4g2uL3rD2cnRAL0cHjBg5En/sP4CDB/cXyo8bPxEL57uDIGS5euUyM97ehi92EkA7GxumSOXj442Y2AXkS6wGun36KS5duYLXr1/L5bKysxHk7w9HZ/muw9LgwP793A5xWXJzc5GUEC94naAqQf7+eJsnf3Lv33/ZHcRFef6MbbEn6WyvW6cO0yqnLCxWSgLPIs5UgZ2MhNq1ajGfc1p6OqNaffAGpjaoV48ZL03GjB2PA/v3CpUBAHyPeGHUqJFK/W07dJAvzk+Z+j2Gug7i5gkCAJ6kpyEiMorbxa4Iw5o1hUqKzeRJEzB50gRMmPgN9uzeIRWk1dFpziMq5hp+XLRIasPiNmwE1qxeIbCqZHw7ZYp0oOl9NQ6M7WTXWfo8Wgs0dnTq3BXJyckIDCz7E23aDAnuBEEQRLFZv26dVDxftmwZAHGnUo0PN4VVq1aFgYEB3r97h39fvsRzJW8Gq+hVQetWHxfbT1YV+vTrJ1SilQwYOBA1a1TH31fDuN0j2i66b9+2DelPnyJfoPtFlkoiEZyd2J7MmuSPPw5yvbW/mfwd94ZVIryPHjsGhz09kZmZif4uLhg3ZhSzntBdvH2O4sHDB8xcD/JvV8gXffpg0YJ5zNzpM2eUEqUIYRwdHPDXqVPM3I1bt8pEcA/y90eKCtYqqSmpahfcIzknUd7n5yM6MlLwhFYGR3CXzAHhzTBRtplBU2Ry/NCVmcli3rAhU3DPys4ulU0TCbyNG2OTsp33o4rYDhR0udu0X6uwbteefdzH/fjjVvh1C98mjyDupaQgMSkJmVmZXAtIRRjWNFTYOa0upnw3BedDgpCcnIw7d24LlRebqJhrmO/uLhWpnZyccdhT+dMmxaV3L0c4OTmLh8WGXZHGTU3Ff1slw08VIemClx2wWotjFcfCwKC6UIlOQpYyBEEQRLHYvm0b8+buXV4esrKzkZWdjfQnT5CSmop7Dx4oJbZLhqIuWLigTMT28o6DUy98/tlnTHscCdpqL7N1y1akpacrLbaLKlWCibEJ+vXtq3We3t4+R7mDUs0bmeObb75m5mRx6vk59uzeiaN/+lR4sZ0nVNy6Wfa2E+WJsKtXmXEHB0cSjAVQZCvDs+khVKeDrS3M6tZl5iRd7qVJUkI8V+zm8TgtTahEJY76+io8raWMzzpPODc0NAQgtljhve+X9mtcXC6FhnJfF2VmsvR1ceE+Z55VTUlRZO0jtGmiTlasWqNQbDczM2PGfY94CXq5nzh2jJubOXsON0foNvdSUhAUGIjwyAi8yHyhktheqVIlGNU2Qtu2beHcu7dQuVroaNMOrduIu9rVYa/CY767u7TD28nJGavWrBFYoT7MGzcBgELDlA0+NMAlJycLWulIRHmJSA8AJqamvHJCSUhwJwiCIIoF72hwcTGrWxduroPLjbWLttDd3h49unfn+psC2im6P38h7N8PiD38m1pYYPjQIVo7QPPggcJ2MLJ8M+U7EkOLYGJCF/DFITEhnhlv196GGScK086G/TqJbWVUGzBI8OlkZ8cVRkvby/2sfwBX1K1SpQoznqPGrvCkhHjcimf/nkpQ5tqJZz1To3pBB2ENzuBUdW8gqIuHnMGI1Q0MlBavedYzySkpzHhJEbL2KQtWrFrDPZ0DiDdcFyz6kZl78PABtm/fwcwB4sfmzZ0ZPWYcJo4fy8wRusuN69fhf/asVGhXhapVq8KiSRN82r07HJ2cYG3dUmiJICKRCCKRCMOGjxQqLXWGDR8pFds72XXGzNmzS9W6pigsOx8Dmb9V8QrmXZwNCJIK9aYyIrus+C7UOJeRIX5vk3i5E2JIcCcIgiBUJsjfX3AIjrLo6+vjky5dMPnbb0vtSHBFp7u9PQYPGqjwJjD9yRP8unUrN1/WCHXD6Ovro83//od58+Zh9JgxWvuzoeiGtV8/F/JhJ9RCTGwc9+es1f9aMeNEYb7o04ebO33mDDdHqEYHW1s0btSImSvNLvejvvxB7JX19GDJ6aJ++fIlM14cLl+5KjiolWerIstLXoe7jNexMUd85g351DQ8mxwjIyNmnEVZW+nwNi8k1j6ljZDYbt7IHOs3bMD3U79Fv34uzJrt235FQFCwXDwmNg7H/2QPSjVvZI4RIzUvYBLaQ9jVqzh+7Bhu37mN7H+V/xsj283ev78L7Dp1Rl0z9c0/6GTXGQCQnJQkUAm8LqW/EwDgPm8hvA4fAiAWnJf9/HOh4abFpVev3hCJROjcqYtQqXRYqZNTgXVbO5v20o+vxcTKrZEQFhYu/bhO3YK/s00smkg/VrQeAG5cF3fQS04SEGJIcCcIgiBU5o6CXXJlqaynh6YWFpg3b16Z+LpWdJpbWePLAS4KRfeMZ8+wenXZHW/koUhwkRXaBw0ezK3TBmJi47D9t1+5+ZGjx3BzBKEK50MvMOPmjcypC1FJyFam7OjWtQu3y13RsO/icik0VGFnefOmTWFlZcXMqUusjY6MVMo7XjKoVRE80V72Wok3tDNTSwV33mZIPY4FEYu2bdtwc8ePHuXmisvbt/KDb4ECa5/iEnguBOMnTMKgr1zx7ZRpmDlrLvr3HyD917OnE0QikaDYvm7jJukJugEKbBhZQ1EVzZ0ZPMQNvRwdmDlCd7iXkoIrf/8N3z99cf/BfeYgaB6iSpXQuJG5WrvZWVg2bw4ACI8Iw7adu7l1UTHXpN3nkjXqwtPbB2vXrJR+/tPK1WoR24ECSxeh57dt527p85NYywDA8KGu0o7z88HnmGsBIDpKbJ9laWmJzz//XBqX/VjR+mU/rZR2yLds+TG3ThchwZ0gCIJQiejISO6Nk7JUq1YNXzg7Y/QYEiTViTKie27uG2zdotlOd16nW7Vq1cqF0C5h+/Yd3CGWM2bO4Q5K1XVMTNke7jzLFAKIv3OHGe/StRszTrBRZCvTt29/zJw1Fx6bt5LFTAlpbmXN7XJ/lZODo76+zFxxuRIWzhWpTYyN4TZ8ODrY2paq7/nlKwWD6oSIv8P/W8f7Xop+7xZNLZh17/LyFHqPawJFr29fF3ZnNovmVtZca6C09HRmvCTwrH1MVOjKl2XXnn1wdR2KXo4O2LtnF44d9cW237fCY+M6nDzpJ/0XHByk8HEkYrvsNcbE8WO5Xe4H9u8t1OUeEBQM3yNezFrbjnYYNYq623WZ2OgoqW3Mw8ePlJ61BIgHZ37c8mMM/mowOnftqtZudhYtPy444XfUx4dbt35dwZylxjKCtDrwPnxY+vFc9wUYPtRVQbVqKPP8omKuYe/OndLP7Tp3KpTv8blY/A+PCIP7vIUoyvqNm+B3QjzLoVPnroVscDratIPLgIHS9dO+nyG3PirmGk7/VXAC83OHApGeAPhT1giCIAiCQXgEuyMGAEYMc0N29r9S38uMZ8/w39u3ePnyJTIzswAR0LB+fYwZN477GETJkIjux0/4cTv3MrMymfGygnekvh5n8Jc2sm6DB7ZvY3e30w2rYngD3gg+vM2IFqXUNVZR+aJPH27X6OnTJ3H69Enp57Yd7dCqdWsYG5ugQcMGmDNL/kaT4NOtaxfcf/iQKYQnKHH8XxlO+fnh5p07eP36NTOvr6+P3s69pJ/XMDBAFqMDnLcJrCxB/v4qNSKkPXnCzWXz/NuLbKQ3t7JGdQMD5vt8amqq0r7o6sDv2DHkvH6N//77DxCJAIitbfI+/N+/fCXvLQwAtYrRKV7fzAz3Hz6Ui2eo8PorC8/aR9HMnKLExMbB98+jCDhzmttRrgossV3CgIEDudZjhw4elHatHzp4kNss8OVXX9HcGR3kXkoKklNS8PzF82JZhhrVNoJ5Y/NS62Tn8ePiBTj9lx/CI8IQGOiPAV8OwtBhw6T5swFB2L9vXyG7lyFDh/AeTmW27dwtFatdBgzEmtUrBFaoBu/5SUT99Rs3wcfLC+ERYQDE38PkSRMKPYbrEFfs2S2e5SDpxJd8n8t+WomlSwpEePvP5cXyPn37Sp/j1i2bkJHxFLPnzEFHm3bw9PbBvt27pV9//ISv1dbdX1EgwZ0gCIJQmqSEeO5NjVndulrrs61rSET3P4+fwBuGEPHu3TskJcRr7P/rzZs3zLjsQDhtZ8M6vjXP8FGj6YaVUBsBQcHcjse2bennTBVs2rdFjx6f4/z5EKFSREZFFBLIlixagClTv1f4u08UIOlyZ9ms5Obm4qivb7FOM0VHRuLGzZt4/M8/3AGpEmxtbAq9zxkbGzMFd2V81RWh6jDYFwqGz/HE6Zoy/u0SjIyMmIK7MoNZ1cXq1WuQm8t+TxeiOJvs7dq1Ywru7/LyEOTvrzaLwqSEeKWsfXjs2rMPFy9cwIH9e4VKVWLG7Lnc03MTx4/FiWPHmKL7gf17MWLkSLx4kcn9nmjujG7xJD0N16/fQFZ2Ft69eydUzsSothFaNG+OJk2bCpWWGq5ublLB1+/EMak4DAB9nJ0K1Q52dVPrINPQkIJrCb8TxyD6sOGoiE52nREWflX6+badu/Ht1xMBiAXr3bu2F6pnPb8RbpDD0tIS306ZIhfv3csRU6f9gK1bNgEQi+6yFjgS3IaNkBPrAWDypAm4ef2GdL3X4UPSDQxZLC0t4TpEfd39FQUS3AmCIAiliYyM4t6AdLKzY8YJzdDcyhpffTkAnl7ezAGl8Xc0J7izBA+APxBN25g5ay7SOcfX+/VzwYzpU5k5gigOEZxTRbYd7ci2qBi0adtOKcG9KG/evMHG9WtxISQEX371FQlTSqCuLvekhHjExV3H/QcPuO8fRWlqYSEnjJoYGTE3AEoyOPWory/3ezI1MWF2z7/KyeFuej/nNDWwrOKMatfGw0eP5OIleT6qsH3btmKL7QDQqGFDoRI5OtjaIjgkhLnRcO8Bu2u7OKSmpDLjirrbA8+FYOeOHQgPu4p791K5dcVl6rQfBK8vpk2frrDL/bmC0xyKfOCJikN8/B08uP8AmVmZzPsDIUQA6tapiyZNmmhUaJcwe+YPACB4Cm2u+wK1d6CHhylvJVZclHl+new6Y/qsWdzu8i2/eCAnJ0fa6V4UlwEDMXvOHGYOEK8HIBXdi2JpaYk58xZQdzsDEtwJgiAIpUm9f58Zr2VoWKbHlwnlaG5ljdq1auFFpryFzAPGTXpZcCk0lJvrbm/PzWkLu/bsg8fGAi/IokybPp2bI8Q0btyYGeeJBLpOAmcYZKvWrZlxQjG/bPbAYc+DyMjIECplIul8P/7nnyS8C1DSLncvT088fPQIOW/eqOQj/FGVKswZMfUbNAAYA3KLOzg1KSGeu3FQWU8PXbt0QUBQELMTn7fpncdpajA1kZ99YWFhges3b8rFFQn66iIpIR7pJeykL+57fqOGDRGfmCgXf1rM32kWPGufqhzBPfBcCIa7DSn23xVFmJqaYtjwkfhls4dQKXo5OmD0mHHMLnZF3faurkNpAHcF5kl6Gu7du4e09HTuKVMhKlWqhBrVa6BlS2s0sdC80C7L7Jk/oHXr1ggJDoGvj5d0gCcg7hrv6eSoVm91CbJfpzSRfX6y3emd7Dqjh0NPpTYSdu/ajsZNmuDvixekA1ZVWb/lFw/8r01rhIaEFOpwn+u+AEOGDlHryYGKBAnuBEEQhFIc9fXlHt9u0awZM05onrp16jAF95IeoS8uWZyvWxwv17ImJjYO23/7jZvv189F6pFK8KHXSDVCzrHtZKysS09Mq+h4eh0pcScqCe/K0a1rF679C0uslljGPHz4CG/z3srllYF34q6DrS1O+/szO+6LY0dy+cpV7nVR40aN0MHWFpevXGHW8HzceeK/MUNwV/R8UlNSS1Vwv3zlqkqbIEUpyXs+T3DPzc3FpdDQYgv5svCsfYyNjZnxnTt2qCy2f/JJdzRr3gImJqYwb9wYNWvWkOZKIn6PGDlSZSubiV9/LVRClENuXL+OtLQ0ZGVnFcubvVKlSqhlWAv16tVD6zZthMo1Su9ejujdyxFrVq/AhInf4EbctULWLaqye9d2OXuXohTnhEBRJk+agMmTJqBXr94K62SfX3H5cfECAAuEyrhIvtfDngeFSokPlDvB/WxAEPo4O2Hp8hUffmAIgiCIsuA+56iuvr4++rq4MHOE5rGysuLemEZHRpb5yYRnHO/aqlWrMuPaxKZNm7hDzzrYdMBff51g5giiuHj7HOUOt/uiTx9mnBDGqefncOpZMBzM2+co4uLi8PDBfdy6cUOl4YYS4f3QHwfQ07GX9Og1Iaa5lTWsmjdndmLLdrkf9fXF43/+UWn4aFGqVKmC1h9/jJ5OhX17ZVHX4NToyEimlzggvi7q1rULAHFnOus5sXzcFZ0A471X1zY0ZD7+47Q0RrV6UPTchRCJRDCsWRM/zCj+EOLu9va4xNnIYFnsFAeetc9HVaow448fKfd62Ha0w6f2PdC7T+9S23xW1OXOYsbMOaX2vRBlz5P0NMRdv47MzOJZxgDia/J6ZmZo0qQJ6prW1IiaAAAgAElEQVTVEyon1MDdu4mwbvmxUBlRzig3gvuyn1YiOipSOgRh6ZKF+PviBXzy6WfFEt7d5y3E2jUrlRbuPb19cC4wqJDvkSpHMISIirmGfXv3FfJFchs2Av0HDFDq+Ium1xMEUbG5FBrK9Si1at6cGSe0gw62ttwj7ampqWUuuPNuYmvXqsWMawsem7dyb17NG5lj1Vq+zQxBFJe4uDhm3MHBkQbzqpGhroMK+eHHxMbhfOgFREaE4/Spk8jM5A+5lHD79i3cvn0LXocPwtPrSCFBX9cZNHgwEpKSmO9DN2/fwa2ffy720L7qBgZo1LAhbG07KtXRra7BqeEREdyZNlbNm0u/F143Nsv2pTgnwAw5gjvvvVYdKHrudUxNUaNGDdSoXh2GHwa9GpuYqP1ao46pKVNcV5fg/oZzcoFl7QOIfbEV4eo6FF0/6S7owa4ulO1yN29kjlGjRgqVEeUASTf7CyXer3gYGRmhRTPNDkHVRdZv3ITk5GQ0sWgiVEqUM7RecI+KuYbly5YVmjYsITDQH4GB/rh/757gcQ9ZomKu4XzwOaEyKRJxvijhEWEIjwhDTHQUVq1ZU2zfIk9vHyxeME/OA0oyATgxQfGmgKbXEwRR8blx6xYzXllPD23bavcRQ0IsZqczjq8//ucfRnXpoupNrDYQExsHj/VruflRY8dTd5iK2Ha0Y3YR79qzr0RH6SsacbHyftMA0EIJYZEoPjbt2xba0Fixag2O//mnUp3vGRkZWLF8OQnuReB1ub9/r7rQXllPD6bGxmjdqpXK9iHqGJwa5O/PfE8FxOK4rC99d3t7nL90iSlQF/VxL84JsAb16rGfTzF96YW4FBqq8LlP+e47Zk7dWLdowRTXX+XkqOX0Hs8qyKKphVxs1559XDuZ2XPnwcnJqcyvEZTtcv9myne0eVuOeZKehrtJd5H+5EmxLbiq6ldFLUNDfNajh1BpuUEVbVDTrN+4CXNmzYCTk7N0QCpRcagkVKBpfvv1N6nYPnXaDzjjHwgAWLp8BcZPEHuN7dm9A+7zFnIfoyj79u5DeESYUBkAcWe9RGx3GzYCZ/wDkZ+fj/z8fEydJv6FCAz0x/p1xetsi4q5hs0bNiA5ORmd7DrjkNcR5Ofn44x/IFwGiCeFL12yEGcD2P6dml5PEETFJzoykntzVd/MTKmOMkKzmDdsyIxnck4tlBZJCfEq3cRqC0sWL+baeri6DsWKn5YycwSfevXrC5UQ4A+StbUrmZhEqMbC+e6IiAzHzytXw7Yj2x9clrDwq4iJZZ9O0FUGDR4Mfc7ASWWpZWiINv/7HxYtXIjJ336rstgOfBicykCVwamRjMGrElq3aiUXq83pUC/q457D+R4MDAyYcQBc3/l3eXkKLWqKS2R0NDfHeu6lRXd7e1TWY/cOJiQkMOPKwnvdKuvpMa95b91kN6X06+eCdWtWlbnYLmHESMWd67Yd7Wj2RDnlxvXrCAoMROiFC3j4WPV5F1X0qqCeWT10srVDfxeXCiW2lzdq1KwJlwEDMXP2bKFSohyi1YL72YACC5e57gvkPBF379ouFd19fbwQFXNN7jGKsm3n7kK2KUIc2LcbgFhsP+x5EL17OUpzW37xwFx3cee31+FD2LZzN/MxFHHE+wjCI8JgaWmJZT//LLVv6d3LESeOH4WTk/gi6nfOkDZNrycIouJzg9GRJsGmfXtujtAerFuyN0VK64acR2pKKjOur6+vtRs3Cxcv5Yqe5o3MMX8BnQAjSoeFi37k5ugUgGZQVnh/8+YN/viDhooVpTgWdFX0qsDE2ATdu3XDDzNmFOoeLw4dbG25Qm2Qvz8zLsv+vXu5G8cmxsZMAZx3gquoj/ubN2+YdSZGRsy4hOocQf7J06fMeHEJ8vfn2gvynntpYsoZYKqqH39ReNY+NTiv8zUtPYnUy9EBQ92Gc/PfTJnCzRHax5P0NISGhMDX1we379wulnWMYU1DtGjWDF8OHIhPP/uMrGO0gMmTJuDE8aOFdEai4qDVgntIcAgAwNLSEkOGDmHW9HQS/2AmJycjJCSEWSPB09sH61bLW8PwkHgpAcCYsWOZNWtWr5CK0qECX5+FxNpmsKsb85esV2/xtGK/E8eYXeaaXk8QRMWHNxjLxNi4xEd2ibKhuZU194Y8mXEUvbTgDXGrWsKux9LC2+coVv68jJufMXsuHcUmSgVvn6P47dctzNwXX/RjxomyQ1Z4r12bLYb6HvFixnWZQYMHo1KlykJlqKynB7O6ddGzRw8sWLgAU6dNVTgIVVV4wqkyQu0/CoaRduvalRlvxDllJvFxl8ATs2sJzDgx4gjy6hbcYzkzJQD+cy9NeKf3nj1/Xuh1VRVVrH1iYuMQHMy+R+7cpQszXpa4u7M72D/+uBVt3JYTZLvZn2Q8VXkQqkgkQu3aRuhkawfn3r3RvkNHoSUEQagJrRbcJV5ozZq14PqjDx/qCktLSwDAvdR7zBqgsE+5xApGCMnjOTk5K9xxkkwTTk5K4taw8PT2kVrbtLNhd4nOnvmD9PlJNiAkaHo9QRAVn6O+vtzBWC2trJhxQjvh3ZCrOljNy9MTmzw8sMnDA+cCA4XKC8E7Lm/M6VLTNDu2/c7NfTP5uzIbflYRMeZ0fPKO5usS3j5HMWfmD9xBnY3MzZlxouxZON8d6zZsZOYePHyAFavWMHO6TONGbJEUEG/kl9QyRhl47zlCg1OTEuKR+99/zJxZ3brcJgRF9ifxd8TCcHRkJDMPQPB1MKpdmxlXxZdeiKO+vlzbnUYNG2qkAaOviwv3dY2Lu86MK0M2Z+ODZe1zPvQCo1J8Ak52ELOmsGnfFuPGTywU09PTwxz3eZwVhDZwLyUFFy9cwPFjx0rczT54sCucnJyom50gNIBWC+45Oa+ESgAAd+/eRX5+vpzljIT1GzdhhNsQJCcnY677AvTt15dZV5SMDHFXQDUFvnlAwZuvsr7wEq7FxAIQd/BLrFxYtG4j3my4f7/whoKm1xMEUfFJTklhxqsbGJT50WGiZDThiHS8jjoW27dtQ3xiIrKys5GVnY1Lly/Dy9NTaJkU3s2/0HF5TTD526ncrjXbjnb45puvmTlCOUxMTIVKdJKY2DisX7OaOzMAALpooJOU4DNx/FiuvczxP/9kxnWZMePGwcS4YMNNJBKhQb166N+3L6ZOm1Ziyxhl4L3nCAnUkZFR3FznTp24OUDYx/05p7uedzpNFgsLC2a8aAd9cUlKiEcCp7Gssp4e7D/7lJkrC3iva0mGwudxGk0a1KsnF4uNYXvad+najRnXBHt278SefQfgOsQN48ZPxOmzARg3ZpTQMkIDXLp4EadOnkR4ZATS0tNK5M1O3ewEoXnYW8JagqlpHQDioaRnA4KK7Ws0Z9YMAMC6DR6YPfMHpa1RDnsexGFPYf9FSceepBNcWSTrmjVrobBO8jo8KzL9XNPrCYKo2AT5+3O7mSypS6Lc4ejsjL+vXmXmTvn5oa+LCzMnISkhHmnp6fLxD9ZrysD7eeINsdMUv2z9Hdu3/crNz3afR1YyhNqJiY3D7FmzEBkVwa0ZN34iCSVayJdffcX8f4uMioDH5q10GqYIU6dp9vWo36ABwBh8KjQ49eGjR8y4sZERbDoqFrZMTUzwjHGiTOLjzrOz0eN0cMvSwdYWp/39mScS/QMCEX8nXvA9XhGXr1zl+tY3btRIozNYGtSvz3xdSzIUnteIwDqZdevGDUYl0M7GhhnXFOPGjKL3Di3lXkoKkpKT8eLFc5XtYiQY1jSEWd06JLAThJah1R3uTSyaSD/euH69UkNRWbgMGIgz/oGYPVM5KxlVCb96BYCwcF0USce4UAe9qam4C+zu3cRCcU2vJwiiYnMnIYEZr6ynVyYdaIT6MeEco5d02CmC19n37t07pTroFA1n1cRRdBYBQcGYOGkyZs34nlszY+YcrTgmTlQsJGI771QFAAx1G449u3dy84TmWDjfndvlHhykmvUWUfoUZ3BqdGQkvwmB02Eui5CPO++xlbVcq1WzJjOe8ewZImNisGzZMmzy8ICXp6dKw9KTEuK5s3z09fUxeswYZq6saNu2DTP+Li8Pp/zYA88Vocjap+i1SkBQMHeD1M6OP1SZIJ6kpyEiPAx//eWH8MgIPH/+TGWxXSQSoXatWtTNThBajPCWuQaZPfMH+Hh5ITwiDIGB/sjKzESnLqofoz1x/KhQSbHZtnO31EpG4uWuLK8/XFhJOsiFSC7SRajp9QRBVFyiIyOZHUOAuJuJKJ8IddgpIvX+fW4uLu66YIcbb3hbLc5x8LIkICgYhw4exIH9exXWOTg4YuOGtQprCOUwMWV7uCcqsXlT0VBGbB89Zhz279vDzROa51P7Hkzx7eRJP+zas48GFGoZNQwMmJ3MvE7zmNhYZryynp5S3ePd7e1x/tIlZhd6/J14/Pvvv4xVQI3q1ZnxolSpUkWoRGoHF5+YiOALF2BQtSpq1qyJng6fc9/Dg84Fc2f5WDVvzoyXJc2trGFibMy8tnnAOZGgCFWsfUI5/u22He3Qy9GBmSN0mxvXryMtLQ1Z2Vl4//69UDkTo9pGqFevHlq3YW82EQShPWh1hzsATJ81S2rVEh4Rhq1bNgEADuzbDfd5C+Hp7aNoealz1Kfg6yvrDS8hKzNTqAQAYCBzoSVrh6Pp9QRBVFwuXvqbm+vWtQs3R2g3ijrsFHV1nfLz4x4nB/hiuiwvX7HnstTkdOWVBbv27EP//gPg7NRTUGyvXdsI7vPnK6whlMfMzEyoRCcgsb3iMGrUSJg3Ys/KCDh7lhknNIeqg1Ofcqw166vwt0yRj/tLToe7oZLvkbVr1RIqKUT++/d4lZODtPR0HDrshfXr1uHA/v2Fut+jIyORzjkBV8vQUGtOO5pyhnBnqDgUHgAep6Ux41WrVpWLJcbfYVQCHe0U+/kTukVifDxOnToFX18f6QBUVcX2KnpV0KhBQ9h/9hkcnZxIbCeIcoJWd7gDwPChrjA2MsL+ffvgdfiQNJ6cnIy1a1YCAM4Ffo3du7bzHqLUcJ+3EIGB4mOH4yd8XWyPeYIgCG1i965dyMxib8iZ1a0r2MlMaC+KOuxSU1O51i6Jd+8y4xKUual9zqlRZiCcuvHYvBXBQYE4eVL54+bDR46ijjVC7ZDYXnGwad8Wg4e4wWPjOrmcj483AoK+pr8hWoSJkRFSUlPl4qzBqUH+/txNZ+sWyluKKjplxusiV3ZAvdvw4Vj+00/IV1HIk/AqJwcpqalISU3F+UuXYGpsjGxO1z0AtG7Vipsra6ysrBCfKG99+i4vD5dCQ9Hd3p6xis3bt+whlYaMzZKrVy4zKgHrli2ZcUJ3eJKehnv37iEtPR1v3rwRKudC3ewEUb7ResEdAHr3ckTvXo4YM3YsTp08Je1yl7Bn9w7k5LxSasCpuli/cZNU8O9k1xlTvpsisIIgCEK7SUqIx1n/AK6VDKBdN1hE8TA1NmZ2rPG61KMjI7kDxCQoc1PL697jdaaVBus2eGDJogUq3/x06dwVv27ZLFRGEACAvfv/wFFfXwDiOTmNOF3P12JjSGyvYPTu05spuAPAoYMHSXDXImpxOsJZXuq84eD6+voqibmNGjZkCsM8/3aezzyP/l98gcBz5/AmN7fYwjsgfk/ndbYD4u52ZTcCyoIOtrYIDglhvo7xiYkq/R/xrH1MjIwKfe7tcxQPHj5g1vaw/4wZJyo+sdFRSH/yFNn/Fn9ob6VKlVC7Vm20adMadc3qCZUTBKHFqPYurmEkHeRbt2zC0uUrkPH0qVR89zp8CC0/boUfFy9Q9BBqwdPbB7//ukX6+fRZs9DRpp2CFYSyhAQHI+f1a6EygiDUTFbmC9x/8FChbUjlypWR9fIlTp06xa0htJ/Kldlv/c+fv2D+3yZwhucW5cat28hidAYCwKuXL7nde7l5eWXyM3XI8zAOexaclFOGNq3boHPXbvhyQP8y+R51iecZ7A2ekyf9yu1rffPmLQQFBSEwMECoVBD7z3pgiOtX5fa10GX69XfByb/kT88c2L8XXTrboXHjxoxVhDZxYP9+mJiaSj/P4NjJ1K5VW+Xf0cqVKuGdkmK4fpUqKj/+//73PwDi993nz1/gVc4rvM7JUfprKkODBg1U/r5Km2rVDJiCe3r6E5W+V9YJBwB49qLwNRJvRlyXzl3w+NEDPH7EFuOJikdeXh7evcvD+/fvVR58KkEkEqFyZT3o6emhUqVKeJObi4jIKKFl5Za6dUxh16mzUBlBlHvKleBelC2/eOB/bVrj268nAgCio/j+s+ribEAQNm/YIB0gunT5Cgwf6iqwik2t2rWFSgAAOTK+t7K2NZpeXxrkvH6NnBy2zy9BEKVDZmYW0tLSBP0Ea9euTb+fFYCP9D9ixt/mvUV6ejpq1qwhjf3333/cm8+iZGVlwSSH7YnL65D/6KOPSv1nKio6FiHBwQgPDxMqldLni75o27YtOnZoDwCl/j3qIk2bNuHmytvrfftOPK5eDcOZ08qLOoro1KkzXL4cUO5eB0KMnZ0tU3AHgJDzoXAdPIiZI8qeqvpV8SZX/sRT9r//oppBNQDA06cZXLG6mkE1lX9P9atWRQ6no70oelWqqPz4EkSVRDAxNYYJxO/LmZlZyMnJQU5ODv777z+B1Xyq16gBUSVRsb+v0qKaQTWAMe+UdW3D47///lP6//rhA7agbt6kida9NoT2k5+fj7y8t8jLY1saVTTevFFuNgVBlHfKteAOAJMnTUBoSAi8Dh+C34ljQuUl4mxAEH5ctAjhEeKb9qnTfihRR321D761GZwur6JIhsdK0PT60qB582Z4+59uvNEQhDZw/fp1PH78WGFNJZEI1lZWaPWha4oo/6Snp+M14zSRXuXK+Ljlx9LPo6OjBTdiJLzJfQPzho1QgzHgLTyMLXYbGBgU+nrqZtuOnTh+7CgePXokVAoAGDx4CPp80QedbDsKlRKlSGn+TKiT8MgonDl9Br6+R4RKlab7J59ixqwZsGreXKiU0FI+bvkxLl64iKCgQLnc5b8vwc1tKP3/agnPnz1HWrq84C5Cwd+hx4+D5fIAULNGDXTs0IGZU8TrnNdM73gWJsbGpfL38OnTp7h79y4yMzPxJjcX7969E1oCQNyF271rV+b7vDaQnp7O3Ewoem3DI5kzr+ajjz4qtD4hKQkXL15g1rZv316pr0WUT3Jz3+DJ06d4lZNTbNsmkUgEY2Nj1DI0hL6+/DBeXaBmDeENMIKoCJR7wR0AGjcu6JI6GxBUKl3YRcX28RO+xpZfPARWKcbUtA4A4LVAl4PkGGOzZoWH8mh6fWlgbU1DZgiirNj2++8KPToB8UBLh88/5w7TJMonYWFheMgQobOzswsNZjrJOYYtEomYx2afZWSgS7ducvHz58/LxQDAqHbtUhkEFRMbhyWLFys1FNXMzAzDR4zGqFEjYdO+rVA5UQaUxs+EOgkICsahgwdxYP9eoVKVsLayxi9bt9LPYQVg6LDhTMH90aNHuH0nAYMGDmSsIsqahPh4pKWny8Vfv36N1m3aICkhHpmZ7CHyFk2aFOtvVebz50oL7g1KcVji5w4F8wQuhYYiOTUVT5484frJA4BhzZrM93htgXdt8+TJE6Vex4T4eGa8WtWqhdYHBocy68wbmWPB/HnMHFG+iQgPw5OnGcU+vVCpUiXUqF4DpqYm6GhrJ1ROEEQFQasFd5FIBACY674Aa1av4NYZVK/OzamDqJhrhcR2lwEDsXvXdoFVwph+8Aa8e1d+eI4skg50WS9BQPPrCYIonyQlxOP4CT+FN1WAuLOqt3MvNLeyVlhHlD/q1a3LvCmVHZh7ys+P6+lfvXp1ptXMA04nOW9IaYN66h8G5bF5KzzWr+UOM5Ogp6eHoW7DMWvWLBI4NYRtRztERkXIxXft2YeJ48fKL9AwgedCsGL5coReOC9UqjKmpqbY8tvv9LNYQZg4fiwOHzrEHIp7/M8/sXC+O2MVUdbUrVOHGZdcH0Uq8FBu21ZYwGXR3d4e5y9d4s41kcW4jIaKd7e3lw4WTUqIR1zcdTx6/BjPX7yQ1lQ3MMAPM2bwHkIraGJuzry2eZWTg+jISMHmkZev2GKqsXFhu7z4O3eYdV26au9mBKE6CfF3cO/+A7x6+RJvi2n1YlTbCKYmxmjfgU5OEoQuotWCeye7zgiPCMP9+/cU1pW2x/h8d3ep2O7k5MwdkqIq7WzE3rDJycnw9PbhesHfuH4NQOFOfkDz6wmCKF9cCg3FtevXkfGMYXJZhKYWFhg9ZoxQGVFO6evigsiYGGYuyN8fjs7OSOQcrdbX10fD+vURnyi/WZuZlcVYAe7mjjrFhMBzIVi7ejWCgoQHVjo4OMJ9/nz0cizo8CPKnnr16wuVaA2B50Lw1ZcD8O/Lf4VKpTg4OMLKuiWqVavGzOfk5CA9PQ3m5ub4ZXPJTk0S2oeDoyNTcI+MisCKVWtIdNcCutvb4xznBNal0FCmeAsAZnXrlqgZobahYaENbh5CAnFp0NzKutBz8zt2DOaNG8Omo/YLho7OzrgaGcnczEhISBB8PZ9z/k8+qlKl0OdREeHMuhZ0UrtCEB9/B4kJiXj9Rt56URkMDKqjbh1TNGnSBHXN1N9YQhBE+UGrBffWbdshPCIM4WFXEBVzDR1t2jHr7ty5DUDcea5upn0/A4GB/gDEGwCr1qwRWKE8w4e6YvECSyQnJ+NaTCxT8F6/cZN0QOuQoUO0aj1BENpPUkI8IiOj8PDRI8GOdgCorKeHVtbWGDR4sFApUc6pZWjIHGb6OC0N0ZGR3EGnFo0bw8rKiim45+bmynWRBfn7y9UB4p81oZtfZfll6+9wnzOT20kvy4yZc7Bxw1qhMoKQEhMbh3lzZistto8eMw4jRo6kDR0dZ+F8dxz/80/mKY7goCAS3LUE3nvhg4cPuddN5g0bMuPKYqiE4F7L0FBhvqxwKWf2R6bGxky7RGWaTd5wTvWZyjQHBAQFM3+nAcDe/jNmnCgflMQ2RiQSoZZhLVi1aIEmTZsKlRMEoSNUEirQJHadOwEQd2Dv27uPWbN+4ybpsNQOHdVz4y7hbEAQtm7ZJP18+qxZXNG/uAx2dQMA+Pp44WyAfBeMj5cXAMBt2Ajm19b0eoIgtJNTfn7YumULDh32QnxiotJie4/u3Uls1xGKHpGW8OTJE4RHsG8mK+vpwda2IzrY2kJfX59Zk5CQUOjz7H/ZImWND4O7S8rkb6di+rQpgmK7bUc7eB35k8R2QiViYuMwe9YsRMdEC5Vi9Jhx8A88h/379pDYTgAAvvzqK2Y8ODgIu/bsY+aIsqUmZwDoI85A+cp6eujr4sLMKYsydmpVq+rmMMWSwtsMefb8OZIS2B7tEng2ehZNLaQfR3Cuj2w72tHf/XLIk/Q0XPn7bxw/dgyp9+6pLLYb1jREi2bNMHiwK5x69SKxnSCIQmi14D550gS4DRsBANi6ZRMmTPymUH7ZTysxZ5bYS87JyRk/Ll4g9xglweeIj/Tjue4LuJYrJWHI0CHoZNcZycnJ+HHRImzbuRuAWOwf8OUgqZXNmLFjtXI9QRDaQ0xUFDZu2IDly5cjMiZGsHtKluoGBnBzHSz18CQ0Q0xsHDw2b8WoUWNRp04diEQiVKtWDd9PV79vqqWFBTP+KieH2wlmamwsPWpehzPXo+jaF5yBczyRQ1m8fY6iZ08nbN/2q1Apvpn8HXbs2oWhroOESokyhGcpdOvmLWa8rJGI7SxbEFlIaCd4fNGnD8wbmTNzG9evY8bVSeC5EAwZOgz9+w/A3v1/CJXrJEa1azPjOZxN3PpmZsy4Kjg6OwuVwEBNm9K6hqLNkCtXwri5S6HsQaiV9fQKWexc49jxtWrdmhkntJN7KSkICQ7GxUuX8PDxI5U82itVqgRTE1N0srWDc+/e5M9OEAQXrbaUAYDDngeRk5MDvxPHsGf3DuzZvQMAsHTJQmmNk5OzWq1eJJwPKbjBWrtmJdauWamgWkx+fn6hz5f9tFL6vf6+YxcmT5pQKN/Rph2mz5qFzRs2iO1zIsLw7dcTC9UsXb6C602v6fUEQWgPf50+jfz374XK5KhWrRq+HOBSIj9Sovjs2rMPt27eQmJCPE6e9JPLv3nzBlt+2YRG5o0xd7b6hHdFg9vevXvHWAF0srOTfqzM4FUA+JfT4c4TOZRh5qy58NgoLFY1aNAAs+fOx4zpU4VKCQ1gYqK9w9iVEdu7dO6KZT//TCI7wcWmfVsMHuLG/Ht1+/YtuA0bAa/DhxgrS866DR6YO3um9POTJ/3ge+QIps+YQT+zMvAGp/Kup6xbtGDGVYVnZSPBxMiImyMUY1SrFl4wZso8esz25AeALM4MmqKn8a5eucysa2/TgRkntIvY2BikpqSqJLBL0NfXR/169cibnSAIpdHqDncJJ44fxdLlK6Td7hI62XXGXPcFCAg4q3a7k7MBQVLv8tJm+FBX/LZ9O+a6F+7QHz/haxzyOiLYua/p9QRBaJ7ffv1VZbG9SpUqqGdmhrlz55LYroB1GzxQrVo1iEQiiEQidO3SDYHnQoSWcdm7/w8MGToMn31mD5FIhEkTxsFj4zqm2C7LqhU/ISAoWGGNqtRWwSO2lqFhIc91RV1kp/wKngtPUOCJHIoICApG//4DlBLbu3TuipOnzpDYTqiMMmL7ULfhuHL1MgmXhCCjRo3k5ry9PLFilfqbhmJi47Bkkfz1++nTJ+Hs1BNjxo5X+/tJeUWVk336+voq1SuCZ+smoVatWgrzBB9DzrVN7n//IToykpl79uIFMy5r7ePtcxQPHj5g1vUg/3atJiI8DH/95YfExESVxfYqVT6CZdOmcHEZALtOnUlsJwhCabS+w12CRPQdM3Ys+jg7YenyFcUWgnv3cpTrRC9OjTL8uHgBfr1+3/wAACAASURBVFy8ACKRSGFdR5t26GjTDmtWr1BYx0PT6wmC0BxJCfFK28fo6+ujQf36aP2//6ltYGVFRiJayPqDXw27gunTpuLHZT+pbFHy3bTp+G3rL0JlTDIzX2DNqlVqFfga1K+v9M9Oi2bN5GK8Dr20DwPLeDe2gGoiBwAsXLwUf+zbw73ZlVC7thFGjhqDLb94KKwjCBbKiO2jx4zD/n17uHmCkMWmfVvYf9YDoRfOM/OLFswDALUNUZX8DCuaa3Fg/14c2L+XBvx+QKjbXIJF48ZCJUrToF49pKSmcvOqvkcSBbRr1w73HrCvFcIjIpjXv9mc/39Za5+wq1eZNQ4OjrBp35aZIzTHk/Q0xMcn4NmzZyqL7JUqVULdOnXR2NycfNkJgig25UZwL894ehd4wRMEoRvEREXBPzAIee/Edh11TExgZ2tbKiJ36IWLeC/Q3W5Wty7MGzYs8aAvXWPa1O+YosXt27cwZ+YPSEpKVEokiYmNw5LFiwW72IUIDg7CmLHj1Sb2WVhY4PrNm0Jl0NfXZ/7s1DMzY4oULz50iv3DGTpXXQVv2sBzIZg3Z7ZSQyv79XPBtOnTdV48Ki+YmLI93BMFBtuVJksWLyaxnVA7U77/niu4A+oV3VetXCk4d0ACCe9iatasqZTgbmVlJVSiNI7OzvibI+Dq6/+fvXuPy/l+/wD+KuWQYwdKupF1MKOVyunrMLeSQzKHMHMeY5v9nGcYc8o58Z0Z+1oyjGQ5G0mGbQ5FSUykpFDJeaI5/f5otep+f+7P3fm+6/V8PL6PB9d1vdu+lu77vj7v9/XmhalF4eTsjF+PHxde2p6alobzEREq78dfCsbrAXkvuJV6bXrX0UkYp7KRmJCAa3FxePT4kezno/wMDQzRoIElx8YQUbFgw70UXIiMAgC4lkCjjYi004FDh/LMxk5JTcW+AwcQEhqKumZmsLe1LZbdS+cjIoRztAFAX08P7zRrBgeHFhwZUwjDR4zC77//JplPSk7CVzO/xNXYWLUNOL/Va+C3YpnszmxN/bhpI+zs7QvUmJk1ey6ioyJRt149fDB4MNy7dAYAtHRxQUhoKDIzM9Wul9rVZ9WgAWKvXVOJP83IwPmICMkj2jVq1BDG8/NbvQZfTJ0k+UE4t5lffQ2fBXPlykiLmBfD5YPFafiIUWofinl6erHZToUyoF8f/LXxR0yfNhnp6enCmuJouo/7ZDyCggLlylRkN96VSjd0fK8zvHp5Vqgdu8Z16ki+l8qWf6xacahatarESYSin7Ku6Dp17Ih9Bw4IczGXLqn8t5R64JJ9uXdkVLTk60Ozd5oJ41S6Tv3+O1LT0gq8mx0AjIyqo0F9C16ASkTFSuca7sU16qW0TP9yFpYtXYRBH3xY7HPmiUg77d21S3gRJQBkZmYi+dYtJN+6hd9OnSpy8/3EyZOSubatW8PNw0MyT9J8Fi/Fj5s2ypUByGpUJCclYfqMGXl2B0ZGRWPVqlUaf51sCisF2rRth2fPnkl+uPtq5pewsbGVHWkTGRWNSRMm5NlZue2nLdi05ScM6NcHAFCndm2k/jMCRqSSgQFcXMQfQNp36oTfTp0SNuxv3Lih0RFtkcioaCxetEijxpFS6YaPx30i+2dBpE6XLu5qdwUrlW6Yv2CBZJ5IzqgRQ1G9enVMmzxR8gFsUZruPouXYv26b+XK1AoLC0VYWCjmzpkFF2dXNGveHHb29hq93ugyTe4UaahQyJUUWJXKlYUN96pVqgiqqSBaurjgj1OnhGPzbiYnI+5qbM5mFHXj77Ib878ePyHMK6wUGD1qhDBHJS8xIQE3k5KQfi9do80Z+VWuXAWODg4cG0NEJULnGu66xqh6dQz64ENMnTZNrpSIyokkmV1S2XI338NOnIBR1aroolTCyVmz3RWhhw9L7sipXasWm+2FtME/IKfpoamwsFBcuxqLOfPmY/SoEdjgH4D1a9ci4ly43FIAWTtnHRyd4ODgkKepoa4JOG3yRNjZ2kjuQtzgH4A1/12NCxei8sSfP3+OGV9Mhe1bb8HJ0QGKBg3UNtzNTEzUnpCQatjfvnMHfz19KliR94h2fgU5ETBp8jSs9F0mV0aklptbV9lm+wpf3wq145dKRvbPd7mmu5FR9QJd+Cz3uuXh0R3mFhYFegAccS48z2vYZEtLNFQ0glnduuj43nuYNmWSmtW6pX2nTjj6669qaxwcWqjNF0aL5s3x2x9/qMQttOz0j65qamcnHNvz6uVLREScy3lvc//ePZUaIO/4u9grV4Q1bdq2E8apZIWfPYP79x/g8RP5UVD5Zc9nt7e349gYIipRbLiXsMJe7EpEuuvJX3/Jlah48/o1nmZkYP8/x181abpHREZK5jp26CCZI2khoWGY//UcuTKhpOQkjPloJHbu2IHDh3+RK0ejRo0xavQYzPlK+nViha8vevfyFDZmkpKTMGf2bOzbt0clN3nKF/BbuVwlni0+Ph5Tp0zBCl9f2De1V/u91MrVVTIHQLJh//DxY8mTHo2tG6vECrKrvUmTJpgxazZ3lem4hhKjiop610FBhISG4ejRI5J5NtupuGnSdPdbsQyWlpYa7SoPDApW+7qlVLph8ZIlcHJ0wIdDhmDrli0Farxnu337Nm7/cy/H/v178ftvv2H3rp9lVukOdRenmterVyKj+bq4uyPu+nWkpKbmxCzMzTFo8GA1q0hTbh4eiLl8Wfjf9cbNmzm/vp2SopIHskb+ZDsXflZYY2vfVBin4peYkID4hATcf3C/wLPZgX/ns7u2ai1XSkRULPTlCoiISHO/HT8uOw9bnddv3uBwSAjiZC4N3P7TT5L/HKsGDYp9zmhFEBkVjaWLF0s2QBRWCqz+Zi0UVuqPlWvSbB877jPs2r1HbbMdAJwcHbB85SrJ/P79ezHuk393QYaEhqFLF3e1zfZsYWGhmDplCp5kZMLQ0FBYU6VKVdnvJfum4iaEVLO9koGBSuPCb/Ua9O7lqVGzvUsXd+z8eReb7eWANlzQuHXLFskcm+1UUgZ698WcefMl80nJSZjw+adYs3a9ZA2Q9bq1YukSta9b02fMyPke7uqmxKYAfxw+chTDho8UrtHUnt3B6NdvACKjouVKdUK1atUkc4oGDSRzRTV23Dh8/fXX6NCuLb7++muMHTdObgkVgNQooMzMTATv3AkAePFCPPO7Vq1aALLeW0mdWHRw4OtDSTtz+jR+/vlnnI0IR/q99AI3242MquPtpm/j/T592GwnolLFhjsRUTESXSAJAHp6esK4SObff2P3nr2STfe4q7GIS0gQ5ioZGKBTR+5uL4zFixZJjpVQWCmwfOUq/N/4T7Bn334olW7COjkKKwVWrvoG675bo3ETb6B3XyxctEQyv37dt/BZvBSzZs/F6JEj1I7GyC+76V5JX/x2wMqyvjCem42dfZ5j13Jq5Ko9cvQYevbshckTP5cdIWNpaYn//bARoaEhGv/ZEakTEhomudNXYaVgs51K1OhRI9T+bE9NTcXnn41D8+YtMHzEKPgsXorAoOCcfGRUNKZOmSLZCMx+3RI92MrdeC/s6xkABAcHYeqUKXn+vXRVlcqVhXE9PT309PIS5oqT0r2rXAkVQt/+/VFFYiZ+/D/vpZ88eSLMmxobAwDCw8V/x1ycXTU6hUKFE3PxIg7s34+bSTfx+vUruXIVRtWM0MrFFT179kTzFsU/EoqISA5HyhARFaO76enCeANLS9jb2iL22jU8ePAATzMyhHXZnmZkYPeevXi/t5fKbuDjJ05K7h62sbYukWPP5d3kKV+o3V099tPPcj5UOTk64OjRIxj3yfgCXVDn7T0QM2bOLFQDb9aM6bgaGyvZHFw4f67w4jVNhIWFolatmnB0zHuxt56+PoYMGyaxKq969eoh4cYNuTIAgImJCQBgua8fvpg6WaY6S1H+7IikqNvdPnX6DH6/UYnLvhxV3fz1S5dicOlSTM7vp/1zsfajR4/UPmDN/bolpaubEl3dlFizdj0uRl9AWloakm/e1Pj+EeDfO0xu375doLnz2qaeuTkSk1Qf/Bqp2flOusHOxgYXL11SiT/NyEDo4cP4S+I9eXaj/o/ffhPmmzVvLoxT0cRcvIjEmzeRkSG+B0gdAwMD1K5dG281aYJGjXkRKhGVrUpz586dK1dERETyQg8fRkJiojDXqWNHtG7XDi1btkS7//wHtWrUgB6AR48fSx6NfPHiBeLj41GvrhlMTM0AAOcjIhBx7pywvkqVKhj3ySfCHEnzWbwUixZKH+0fO+4zLFuySCXu6dkDtY3NcDkmBo8l5r4CWbsMv/hyJr757yrUtyj8RWiNG1vj2rU4JCTEq+ReSjyAyaawUqBNm3a4fj1OmL9y5QosLOrjrSZNUNnQEDVr1MS0Alz2/eTRI40b7jbW1rCzt8fYjz/G3bvSl7UCWf/ec+f7YKXvsiL92ZH2OrD/IG7fua0St2rYGC2dHAUrikdIaJjkpY+enl5YvcpXmCMqbh07tIdhlWoIO6rZ6aTHjx/j8uVLkj/PgawLpX0WzJPM59fK1QW9PHti0MAB+PjjMWjXviNaOruiceMmqG9RH1dlxtw9fvwYhw/9ghevgC7K99TWaitbOzucPn0Gr179+3qqp6eHbh4eqG9pqWYlaTtDg0q4fOUK3gjebz969Ehyw8Kojz4CAAwZ8qEw7z1wEDp2aC/MUcHFXLyI8IgI3LlzW3LMj4i+vj7q1K4DOzs7tG/fAdbWTVCnjrHcMiKiEscd7kRExSQuXrURCgDVjYxU5mC3dHHJiX27Zg3S790TLf3nItWDmPjPrvUTJ08K6wDAxclJMkdi/gGbsWrlCsm8t/dArPtujWR+0oTxsLS0xLLFPjgfeV4l7+HRHZOnTi2WWdVOjg6YPmMGrl2NlR2/kptS6YbpM2agq5sSvXr1lryQcvv2bahcpSo2BfgL8+q079QJv/72m+TJi9xq164NAHl2bIpwV3vFYFFffmxRSVC3u713nz6SOaKSoMlOd00NGz4SK32XyZWplb3zPbdlK/yw5ccAXLwoPbN90cJ5SE66iYkTJ+rkz+4vv5yO7T/9hJTUVBgYGOI/7dpqdIk9aTcbO3s0tLISbgx4LDFOJnt3u7pxST26d5fMkeaiIs8jOfkWnj1/JleaR9WqVWFhbo5GjRqhnrmFXDkRUaljw52IqJik378vjFvJXLb12fjxWPfdd0hNE+/2ffT4MdZ99x1smjTBI4md1LVr1YKbh4cwR3lFRkXj4C+/4HzEOQQHB0nWKZVumDFT/aWmQNaMdTtbG3w6bhxOnzmVE/ceMAg7ArepWVlwXd2UmDNvPsZ8pNlld5MmT8vTeJm/YAEyMjIkxxBkj6wpTNPdzMRE8ns4t/adOmGDf4BkXmGlwKSpX+j0aALSbupmt3t6evFCXioTs2ZMx/W4OGz03yBXKkmpdCvUz29NfDF1EtzdumDxokVqR7D9uGkjkpOSdPYOhEGDB8uVkA5q17YNbiYna7QxAACq/tNwj4sT381kZmamk9/f2uRabCxiLl+SPaWZn5FRdTRv1gyNrDkyhoi0GxvuRETF4MDevZJv4u3s7ITx3MZ98glWLF8uOds9NS0N9yQa+gDg0rKlZI7+bbJfiIxU2yjIprBS4ONxn2j8YcrJ0QGnTv+BjZs2Iy7uOt57rxPcu3SWW1Yoo0eNQELCDSxaKD0uwMXZFWM//VSlcejk6IAVvr6YOmWK2qa7oWFlbPjfOmFeSr26dWUb7rVr1QIAXL50WZh/553m2Lxlq8Z/7kSFceiXQ5I57m6nsuT/w/9Q37IBTv/xO65fj0Ni4g25JTlatMj6+V6SnBwdsGPHdkye0hB+K5dL1oWFhULZ+T2MGj0GHh4exXLKi6gobOzsNd4YAPx730zSTfGJwm7degrjJC8tNQXR0Rfx4OEDudIc+vr6qFe3Huzt7bibnYh0BhvuRETFIOnWLWFcNE5Gyvu9vbB7z17JprvUDhDzevXQvlMnYa48cnPriqNHj+T8vkcPT+jr6wMAbHNdGFvPvB5uJd9C4o0E7Nu3R+XrqDNn3nzZy+ZERg4fKldSLHwWzMXxY0fx+++qF3nJjWLRpOn+w4b1eP78GbZs3iTMizRu3Fh4KVluVatWBQBciIoU5nv36cdmewVjYmoqjEs9lCmqyKho7NyxXZjj7nbSBj4L5ub8OjIqGr8eP4HYK1dw7Wqs2ktSJ06eWmo/P1f6LoOiYUP4rVgmOeLs4cMHWLliGVauWJZ1j0jbdrC1bwpr68b8e0ZlopWrK/YdOCBXBgCobGgIALgmcX9B02ZvC+MkLS01BbGxV5F2N03y/qr82GgnIl3GhjsRUTEo7DiZ3Gzs7GWb7vlVMjCAW5eKs3OsV6/eeZrtAHDw4H6J6sL5dPz/6UQz4Ot58zHmo1F5dkBOmTodK5YvkV70D02a7lu3/IiXL19i+7atwnx+LV1cEHbsmNrv3Tq1ayMyKlryn+ngUDrNItIepv9cCF1aNm/eItkg5O520jZOjg4qTfQN/gE4feo0jv8ahhcvXqBGjRoYPnIURo0onQe+2bLvMFmxdAkizoWrrU1KTkJSrtNlYz4aiTat26J2nTqws7fHf1f7qVlNVDxaurjgbHi4Rrvczf55GCz1fsXGxlYYJ7FTv/+O2yl32GgnogqFDXcioiIq6jiZ3AradG9oZQWbXLu6y7PIqGiEhobIlRVJm9Zt8e03q+XKtIJ7l864cSMBy3398PDhI/Tv17dAuxudHB3w8bhP1F7CGrj9J7x+9Urjy0uNjY3Vft+amZri1+MnhDmFlaJQpwqINMXd7VQejB41Qmu+V7PvMJkze7bkhdxSsu88OXz4F4SfOYNTp/+QWUFUdDZNmmjUcG9s3Vjyvhm+X9Fc+NkzuHXrNl68fCFXmsPM1AzvvNOMjXYi0nn6cgVERKRecYyTyS276V7dyEhtXZUqVTBs+HC1NeXJqlWr8Pz5c7myAjMzM4NS6YaZX32tkx/4p02ZBJ8FczVqiOc30Lsvlq9chTp1jCVrgoICMXXKFERGRUvWZGukUKjNu3l4IPbKFWGuTdt2wjhRceHudqLi5+TogH379mDYcM0u8xY5feYU5i9cJFdGVGRuHh4598lIqWRgABs7e8nRZu86Ognj9K8zp08jOPhn3EhM1LjZXrlyFbzr4IDOSiWb7URULnCHOxFREcRdjZUcJ9PE2loY10R2031n8C5kZmYKa1o0ayaMl0choWH4cdNGuTKNKawU6NzFDY5OLTFpwni58nJtoHdf3L17F59/Nk6yJiwsFL17eWL5ylVqd3W5eXjgdHg4Xr16pZIzNFA/D9XWvqkwTuWbqZl4hrvU90lhcXc7UcnaFOCPSpUqYaP/BrlSoTOnTsmVVGhHjh7Dvr1Zpwh6eXmV2MXsFYHtW28hIlJ8lwwA1Phnw0ty0k1h3raCnCwtjJiLF3EjMRHPnsmf0s1Wq2YtNLW3R6MifG4iItJGbLgTERVBdPRFyXEyDg4thHFN2djZo33btgg7fhxv3rzJkzM0MERPLy+JleXPhu+/lyuRZWlpCTd3DzbZBcZ/OhYAMHP6NDz564mwJik5CdMmT8STJ4/VNicrV66MZ8+eqcQNDA04v51UmJuby5UUC+5uJyp5/j/8Dx06dsT5c+dx924a7qalqb3oNbeDB/cjJDQMXd0Kdy/NrNlz81w4W54s9/XDF1Mn5/z+m/+u0vjOFlLV08sLFy9fltzQkn3B++lT4lOPzd6pOBteNBVz8SISb95ERsZTudIcRkbV0ahhQzRvUbTPS0RE2ooNdyKiIrh9544wbmpiUiyz1dt36oT79+8j6uLFnKa7nr4+WrdylVlZfmzwD0BQrsvWcuvRwxN9+vXL+X328d8XL14g8nwEkpOTUd+iPpRu7vBZOE/4NSjL+E/H4j/t2qq9SDUpOQljPhqJ1NRUzJoxXVhTs3p1YcO9sqEh57dTmeDudqLSM3L4UIwc/u8FrpFR0Th3/jwuX7qMa1djcf58BG7fvi1cu3XLlgI33Ed9NCZnV/2ihfPgPWAQZsyYUagxa9ooMCgYc76aqRJfvcoXrq1albvXzo2bNiMu7jpq166NlHzvsbNPPqXcuYMbiQn466+/0LpVG8yaM6fAO/7tbGxw8dIlyXxIaJjkQ1rnli2F8YqoMI12QwNDNG7UEI4tneVKiYh0GhvuRESFFHc1FvckxslY1q8vjBeGV58+8OrTB9t/+glG1arBq4Ltxtyza5dkbsKkSQX+cE7SnBwdsMLXF4sXLZJ8yAEAX838Ekk3k7DuuzUquTZt2mDv/v0q8RbNmyMoeI9KHOD8dipZ3N1OVHacHB1Umt/e3gOxc+cOldpjR0MRGRWtcbN8gc9ilRE2QTu248TxYxj84TAMHTpE46+ljQKDgjFt8kTh/TUvX77EtMkTYWdro9P/H3MbMPADBEk8HJVy/MSvSJ+QjpiYi3KlefTt3x8xf/6JN69fq+Tq1K6NSxLz25VKt3Lz510UiQkJuBIbi8dPHsuV5jAwMIBVgwZwbdVarpSIqFzgpalERIUUHS395r6o42REBg0eXOGa7T6Ll2L//r3C3LDhI9lsLwFOjg7YsWO77AV469d9i/c6qe4oc3J2hpODAwwNDVHJwACGhoZwcnBAF3d3zm8nFQ0bNhTGpf7eFxR3txNpn/4DBgrjSclJ2Lx5izAnslfigXxqair8Vi5H716emDzlC40u/dY22c12qYeFQNafl6aXmhfGkaPHMGv2XCz39ZMrLZLAoGC0b9+hwM32bJcuxSAwKFiuTEUdictT7e3tJS94t5K5HL68i4qKxO7du3E2IrxAzfZaNWvhP+3asdlORBUKd7gTERVSSY+TIWD3zz8L4worBSZOnCjMUfHYFOAPK0VDLFIziuf4iV/RrVsPHDp0ME88+1RGbpzfTiIl/dDM338jd7cTaZmB3n2xxdNL+GDt5PFfVRcIbPAPQMS5cLU1SclJ8Fu5HDt3bEf/AYOw0neZ2nptoUmzPVtYWCjmzJ6NffvEJ8gKw2/1GhzYtxdHjx7JiX37zX8xeeoX+L/xn6hZWXCzZs/F5gB/jf6/qrMr+OcCj9f5vwkTsGTJUmRm/nuCwMLcHE7Ozrg1d75wjZVC/JC4vAs/ewYpqanC0xZS9PX1Ua9uPdjb26GeuYVcORFRuaP3Jv9NfEREJCvuaiy2bhPvxGnxzjvo27+/MEeamzV7rmSzd9LkaTrzwVnX+SxeivVrv5X8MGxgYICz4edkj1j7LF6Kr2Z+qRJ3cXZFeMRZwQqqKPT09ITxor5FPXL0GLw8ewgbBJ6eXsXaoCKigvFbvQaTJ34uzC1ctETynpBsri6tZBvu+b37riO6uHeF7/KlcqVlpiDN9tyGDR+JTQH+cmWSAoOCcSwsDAf371X7z/b2HojRH39c5IelkVHRmDN7drGdZgKAw0eOFurf6+iRI7h79y5cXJxzNsxIvS5t31Hwxr6uSktNQWzsVdy7dw8vXr6QK8/BRjsRURaOlCEiKgSpcTKVDAxKZJxMRRMZFY3NEh8cFVYKDB06RJij4jdrxnQsX7kKCivxMeqXL1/i4C+/CHO5XY0Vj5Np1ry5ME5UVGu//VZyNx53txOVrUkTxsPFWXwBfFio+DRUNp/FSwvcbAeACxeisHLFMlSrVq3Ex6QUxgb/gEI12wHgx00bMWv2XLmyPEJCwzBr9ly4urTCoAH9sH6d9MP1bEFBgfBw71KkUT1+q9egdy/PYm22A1mX7hZGF3d3DBo8OKfZvsE/QLK2IjTbExMSEHrkCE7+9htSUlMK1Gw3rmOMDu3bo0PHjmy2E1GFx5EyRESFEJ+QIIybcZxMsVB3yeHYTz+T3U1NxSv7A+aEzz9FamqqSj4sNFR2N+LlmBhh3M6ef18qOhdnV2HzbIN/QJFmrJ8LF5+cUCrdivR1iah4vN+vn/DvflhYqOTf/8ioaKxf+61KHACqVq2q0ciL58+fY85XMzFtyiS50lIjdQost4WLluBCZKTkpeaLFs6DkVE1ta/HkVHR8PffiEO/HEBc3DXJOjnZo3qGjhgFnwVz5coBZP2zV61ahR83bZQrhbm5Obr38ISxsUlOrNk7zQAAB/bvx+5dqiMHC3rprpSEhBvCuKenlzBeXpw5fRq3bt/Cq1ev5EpVGNcxhq2NDRpZW8uVEhFVGGy4ExEV0PmICDzNyBDmFA0aCOOkuZDQMMlLDl2cXWUbu1QyBnr3xaVLl7Bg3hyVXFhYKAKDgiV3foWEhknuRnR1Fe9wpIrDon59uZICCwkNk3xo16mz6mW/RFT6enTvLjmyLOTQIWHDXd0D+clTp8PaujH27Nolu3v6+fPnWO7rpxVNd02b7bNmTEdkVDTu3bsneSfKVzO/hI2Nrcrrsd/qNYiKPI/Dhw4KH5wXRlJyEhYtnIeQXw5i8NBhmDRhPICsxvq58+dz6lJTU3E1NhbHfz2GxMQbEl/tX3JjA2vWrCVsuGdfuuvkWLSRg9dixRem2pbTDTWJCQmIjonB8+fP5EpVVK5cBW83tYedfVO5UiKiCocNdyKiArp69aowXsnAAD29yvful9KwdYv0h+nBQ4cJ41Q65s+djYAf/if873PwwH7Jhnt4uLjZ7uLsWqh5q0Ryjh8/IYxbWlpizlczhTkiKl1Ojg7oP2AQ/FYuV8kFBQUiJDTvrPDIqGi1D+Szd1qPHjUCfqvX4KfNP6odPRN/PV4yVxw2btqMkydOIDMzEyYmpjA0NERy0k08e/ZvY1PuwQCQd6a9k6MDVvj6oncvT8n3StMm/3up/LGwMJwLP1uoETyaijgXjohz4ZIz+TXl4uyKqdO/lB3bou7S3Z07tmPo0CFF2uWeEC/+vlA0LF8XpiYmJOBaXBwePHwgV5oHZ7QTEWmGSW4yJwAAIABJREFUDXciogJKvnVLGDcz+ffYKxVOYFCw5FFjT0+vnN1TVHZ6eHph/TrV4/zqjnJzfjuVttN//C6M9/Li7HYibdKtezdhwx3IegCfu+G+atUqySbz+/365fn9pAnjMWnCePgsXor/rV8n3Fl9VWInc3EY9dEYbPTfIFcmS3SBrJOjA5avXCU57z0pOQljRo3Ak7+eqOQ0pVS6QenmhlatWmHL5s0ajYEpirHjPsPYsR9r3Cjv3aePsOGelJyEg7/8ovHXyS8yKlry4cQ7/4y00XXZl6GmpKbIleZhaGCIBg0s4dqqtVwpERGBl6YSERXI0SNHOE6mBG35cZNkjpccaoe+/cQ7z7I/5IpwfjupY2JqKoxfvnRZGJcTEhomOW6hs5InKoi0SVc3JYYNHynMZT/IBbL+Xqt7IC81bm7WjOlYutxXmAsL+/frF7eSarZnG+jdF3PmzRfmABSq2e7i7IpJk6fh8JGjOHr0CGbNmA73Lp2xKcAfh48cLZEZ5gorBVau+gbrvltToCb56FEjoFS6CXO7f1YdN6OpXyVOR5WHE3lpqSk4eeJEzmWomqpVsxbebvo23u/Th812IqICYMOdiEhDP27ahD9OnxbmKlWqxHEyRbTBP0DyaPWw4SN5yaGW6OqmlPzQHRaq2uTk/HaSY2pqJldSIFLjZFycXWVHFRBR6evR01MYz57JDQDfrF4trAHkH8gP9O4LhZVCmJN6UFwU8xYskiuRpa7Znm30qBFYuGiJ2hpN9O8/ANt3/IzwiLNY6btM2Fju6qbEvn178L8fNsLFuXheu729B2LPvv2FPr2odBM33CPOhcNn8VJhTk7SzZvCuHWTJsK4LkhLTcHR0FCcOHkSKakpeP36tdwSAIBRNSO0cnGFR7duaN6ihVw5ERHlw4Y7EZGM0MOHsWTJEiTcuCH5JrVWzZrCOGkmMChY7YVhHw4ZIpmj0temXTthPCwsFBv8A/LEOL+dSpvUOBmOMCLSTgO9+0o+yD15/Fe1D+Q9Pb00eiDfuYu4OSs18qwo4q/HyZWo9eXMr2Sb7dlmzZiOSZOnyZWp6P1+X4z/fCLevHmDoKBAjR9Gjh41AuERZ7Fw0RKYm5vLlUuaPPUL7NixvUC72vObNWO6ZPNftAFAE9euir8fbHXwUtDEhAQcCwvDiZMncf/Bfbx580ZuCYCsHe2tXF3R09MTjayt5cqJiEgCZ7gTEUk4HxGBP06dwr379+VKYVmflwYVRmRUNFatWqV2NujYcZ+xMatlZs2Yjt0//yzcuX7yxIk8zQ/Ob6fSpG6cjKNTS2GciMqe0s1d2FSPOBeOagHS7xE+nzBBMpeb1AizY0cL15iVEhkVXeh552ZmZvhg8BAs9lkgV5rHSt9lSLqZiJ07d6itUyrd0Kbdf9C/X98iNbqBrPcBPbp3x+LFixGU7yJbhZUC7zo65fzexNQU1aoZ4VZyEqoZGaF7jx4YOXxo/i9ZKO/36yd8L5K9AUCThzG5ST3YsbZuLIxro5iLF3Hr1i08fvJYrjQP4zrGsLWxYZOdiKiYsOFORJRP3NVY/HHqNBJu3JArBQDo6euj/4CBcmWUz+QpX2Dnju2SF6ABQJ06xhg79mPJPJWdDp3eE37I/XHTRkycODHnw7xUM4PNT8pmaiae4S6101AdqXEyCitFoccWEFHJmzRhPH7a/KP4Qe5J8d/rYcNHavxAvkf37sKTdEnJSQgMCtZ4h7ccdSNqxn8+EU3eegs1a9bIiTm3bFnk5jcABAUFwsLiOFJTU/PE33mnOdp36IS+/fpq/GelKSdHB+wI3AYEbpMrLTE9unfH+rXfCt9L7tm1q0AN98CgYMlcQb5OWUhLTUFiYiJu3bqNFy9fyJXnYWRUHTY2b8FeB3fxExFpMzbciYhy2bRxI5Jv38bLly/lSgEAVapUhYe7+JgyifmtXiP5oTo/964exfJBlIpft+7d4LdyuTC38+dgODk6IDAoWPKBynudOgrjVPEUZSxBflLjZKTGSRCR9pDarSyisFJg4sSJcmU5nBwdoFS6CU/AnDl9utga7qf/+EMY9/YeiG/+6yfMFZfNW7fhf99/j7NnTqO+RX0o3dzhs3Ce3DKd5uTogP4DBgnfj+zfv7dAu9zj4q4J4yVxWWxxuRwTg4QbN/Ds+TONR8ZkMzKqjkYNG3I+OxFRCWHDnYgqvN+OH0fM5ctIS0/HGw0vEqpuZARHBwe4eXjIldI/QkLD8M3q1ZLHdfMzMzPDmI+5u11bdXVTwtt7IIKCAlVyIb8chM+CuYiOjhaszDrWzgcpVNw4ToZIt6nbrZxf/wGDCvw68q6jk/BnxIWoSEF1wYWEhkm+x3nX6d8RKyXFvUtnuHfpLFdW7gwdOkTyxGT+MXfqSI3AayBx4W5ZSkxIwJXY2AKPjQEAPT09KBpYoXXbtnKlRERUBGy4E1GFdD4iAjGXLuH2nTvIzMyUK89RycAANtbWGDR4sFxphRUSGoabN28iNTUV99LvIS0tFTEXo3HhQpTc0hzv9+mHTz/7rEJ+cNQlbf/TXthwjzgXjg3+AbgWe0WwCrC1E8/SJSoKjpMh0m3qdivnprBSYOjQgl+m3uydZsJ4WFgoIqOiC9zAz0/dzyBNL0GlgnNydEDnLm7C2fk/btqID4cM0WicTnKS+EGPoqH2NNwTExJwLS4ODx4+kCtVUbVKVdSuVQsd33tPrpSIiIoBG+5EVGHEXY1FdPRFxCck4GlGhly5CqsGDdCpYwfYsFmYY+Omzdi6eTPi4q6hUiV9xMfHyy1Ry9t7IEZ//LFGH4yo7KmduXviBE6fEh+tt2/KOaH0r4YNGwrjmp6GyRYtsUuV42SIdIe6cWXZxn76WaGa46NHjcD8r+cId0If/OWXQn3N3DjSqux8OGSI5GW1W7dskX1fGRkVLXlCytXVVRgvTUVptBvXMYaioYIz2omIShkb7kRU7sVdjcXuPXsL1WQHgNq1asGlZUu079RJrrRCmTFrNpYsWihXphGl0g0ffPihxsd+SXuouzxVCue3U25yjRBNREZFSzboOU6GSHd0dVNi2PCRkq8hLs6uRdot3qZtOyQJTmZJjRPRVGBQMEdalSF13zf5L3MXOXf+vDCusFIUy2tUYRW20W5oYAhTU1PY29uhnrmFXDkREZUAfbkCIiJdV9hmu54e8La9PSZOmsRmez7DR4wqlma7wkqBhYuW4OjRI2y266hu3bvJleTB+e1UEg7+8oswznEyRLqnR09PydzYTz+VzGlCapb6saPiZrmmjoWFCeMuzq78GVRKPhwiPWZo8+YtkjkAuHzpsjDepm07YbykXYqJwe7du3E2IrxAzfbKlavA9q238H6fPujQsSOb7UREZYgNdyIq9wrabDc0NISFuTl69fTEgEGD5MorlJDQMHTp4q5297KmJk2ehj379hdppxqVvezLUzXF+e1UEi5EcpwMUXkx0LsvGjVqrBJv1KhxkR/OS40HSUpOQmBQsDCniXPhZ4VxZ9dWwjgVv65uSnh6eglzG75fh8go8UXuAHDtqviEg5VCPPKsJKSlpiD87Bns27cXl/+8jBcv/pZbkqNq1ap45+1m6N27NxxbOsuVExFRKWDDnYjKteCdO+VKAABVqlSBva0tevXsiZkzZ2LsuHFwcuYb1tz8Vq/B6JEjJI9Ma8rGxhaBO4Ox0ncZdzqXE127ab7LnfPbScTFWdwE2+AfIIznFhkVLby8F+AoByJdtcx3JczMzHJ+b2Zmhq/nzVezQjNd3ZRQKsUP4qKjpRuy6vitXiMcrQYAnZVlN46kIurdp48w/uSvJ1iwYIEwBwAXJO4AkbpotzjFxl5B6JEjOPnbb7iRmIjnz5/LLclhXMcYrVxc0auXF5o1by5XTkREpYgz3ImoXLt9545krpKBAeqbm8Pe1pYjY2SM+2Q81q/7Vq4sR/YOI1s7e1QzMoK1dWPUrFkLA737ql1Humn0qBFYv3atZMMhN85vJxGL+vXlSiRJjZMBwFEORDpqQL8+GNCvD5b7+gEApk2ZJLNCc7Z29sLNA1IXL8uJihTP/1Yq3fi+p5SNHjUC27ZuFf733RW8Ez6Ll6qcrAwJDRNepAugyCcq1Ak/ewZpd9ORkfFUrlSFcR1j2NrYoJG1tVwpERGVETbciajcOh8RgXv37wtzDSwtMXrMGGGO/hUZFY2pU6bI7mo3NzfHR2PGwWfBXLV1VH517d5DtuHu6enFUw1U7KTGyRRk1BERaafibLRnc3F1wfp1qvH9+/ciMiq6wK9TUvPf27T7jzBOJavZO80l37euX/stbGxs8zwICQ8Xv3eROglRFIkJCYi5fLlQTXaAjXYiIl3CkTJEVG7FXLokjFcyMOAuWw0sW+EHZef3ZJvtnp5e+OVQCJvtFVz/fvK7+Di/nYqbunEyUpcjElHFNnrUCCisFMLcr8dPCONSfBYvldwd3YnvNcvEN//1yzOOKLek5CSsWLokzzz3pJvi/35WCvH3SGEkJiQg9MgRnI0IL1SzvXLlKmjl4go3d3c224mIdAQb7kRUbkmNkzEzMYENG39qjfpoDKZPm4yHDx+orRs77jPs27enwLvBqPxxcnTAsOEj1daUxixU0k0mpqbC+OVLl4XxbOrGyfTo3l0yR0QVW5u27YRxqfEwUqRO2Hh6eqGrG+e3l5Wly1eiZo2awlzEuXDMmT075/dSF6ba2Rf9s0LMxYs5jfYHMu+p8zM0MISxsTEcHd5F79692WgnItIxbLgTUbkUevgwMjMzhTmbJk2EccriH7AZG/03qK1RWCmwctU3WPfdGrV1VLF06Kh+N19JzkIl3WZqKt6NKEfdOBk+CCQiKVInYC7HxAjjIupO2LRpJ27oU+kYNWIo5i1cJJnfv38vho8YBQCSJzltbGyFcU3EXLyIAwcO4M8rfxa40W5kVB22b72F9/v0gZubO2yLofFPRESljzPciahciouPF8arVKkCNw8PYY6yPjyuWLZEbY1S6YbpM2Zw5xapGD1qBBbOn4fExBsqORdnV9UFREXAcTJEVFiuruLXpIhz4QgMCtbostOdPwdL5njCpuxNmjAe6enpWLRwnjD/46aNqFWrtjCnsFJo9D2Q37GwMDx89BAvX76UK81DX18fJsYmaGJtzZ3sRETlBBvuRFTuxF2NRbrEZamW9esL45Rl1apV+PNP6REOY8d9xl3tpFb7Dh2FDXcL/t2jYsZxMkRUWF3dlFAq3YS7m6OjozVqtp7+43dhfNjwkTxhoyV8FsxFctJN/LhpozC/5ptVwvi7jgV7aBt+9gwSb97Emzdv5Erz0NevBCtLS7Ru21aulIiIdAxHyhBRuRMdfRGvJHaWNH/nHWGcsi7+kvpAAgAzZ81hs51kDR8xQhjv27+/ME4EAKZm4hnuUrN1AeBqrDjHcTJEpAmpi7yjo8SjqnILCQ2THEXi6NRSGKeyMXHiRCiVbnJleWh6yXv42TPYvWsXbiQmFqjZXqtmLbzd9G3069ePzXYionKKO9yJqNyJT0gQxk1NTNDSxUWYq+hCQsOwfu23kvmJk6bCR+JILlFu7l06wz/gR3z/3Xe4k3IHpiYmGPThEIwcPlRuKVVg5ubmciUqjh0VN7s4ToaINOHi6oL161Tj+/fvRWRUtNoHd4d+OSSMK6wUmDRhvDBHZcPJ0QErfH3Ru5cnkpKT5MoBAIqGDdXmw8+ewa1bt/Hi5Qu1dfkZ1zGGrY0Nx8YQEVUAbLgTUblyPiICTzMyhDmOk5G2dPFiyQ8hnp5e8Fu5XJgjEhk5fCgb7FSi/FavkfyZxXEyRKSJ0aNGYP7Xc4Q/S349fkJtw/3k8V+F8c5dCraTmkqHk6MDlq9chUED+smVAgDe6yS+BL4wjXbOZyciqpjYcCeiciUyKkoYr2RgwJEWEiZP+ULyWLTCSoH5CxYIc0REZSU05LAwznEyRFQQbdq2Q5Lg8uWoyPOC6iyBQcGIOBcuzPXo6SmMU9kb6N0XcYuW4KuZX6qtc3F2VXkdORoaigcPHxRobIweAHNzC9jb26GeuYVcORERlTOc4U5E5crd9HRh3MzERBgvT5b7+qFxY2vo6emhbt26GPvJZ3JLsME/QO3u9Tnz5rN5RUQlrqHE8f39+/eqxCKjonHw4H5BNcfJEFHB2No3FcYvx8QI4wBw8ID454+Ls6tGl61S2Zk1YzqGDR+ptuYtW9ucX4efPYOff96J+w/ua9xsz97R3t97ADp07MhmOxFRBcWGOxGVGwf27kVmZqYw17xZM2G8vPAP2Iwvpk5GYuINAEB6ejq+X7cWzZq9A5/FS4VrIqOiMf/rOcIcAIwd9xlGjxohmSciKi5d3ZRyJTn8/aUvd+Y4GSIqiE4So0MizoUjMChYJR4SGoa9e3YLVgAdOr0njJN22RTgD09PL8l87dq181yG+vr1a8na3AwNDNG4USP069cfXdw4WoiIqKJjw52Iyo2kW7eE8epGRmjfqZMwVx4EBgVj+rTJwtyff17GVzO/hKtLK5XG++JFiyRnICuVblj33RphjoioLP3x2wlhXGGl4IkcIiqQrm5KuDi7CnPR0dEAsprss2bPRZcu7vBw74KHDx8I67t17yaMk/aZv2ABLC0tVeI9enrC8d0WuJGYqPGc9uxG+/t9+sC1VWu5ciIiqiA4w52IyoW4q7FITUsT5qwaNBDGywOfxUuxfu23SJcYpZMt4lw4Is6FY/fPP+P9fv2QkfEMQYKZpUBW02r6jBnCHBFRWfJbvQbnJWYr9+6j2WV4RES5Obu2Es5kP3n8GLp0+V3ynpvc2rRuW6CTOlS2nBwdMHHyVHwxdTKsrKzQ7j/t0aZNa1g1UG3CSzE0MESDBpZsshMRkRAb7kRULkREnJPMubg4S+Z0mc/ipbIXP+WX3Xg3MJD+8T/208/4oZGISp2Ls6uw6bXBPyBnvFVY6BGVPAC0aOGAb/7rJ8wREalj31Q8x/3kSfFpGhEHR0e5EtIyw4d8AKNqVVCjenUYGVWTK8+hp6cHS4v6aNe+vVwpERFVYGy4E1G5kCwxTsbUxAQ2dvbCnC4rTLM9t5cvXwrj3t4DMWvGdGGOiKgkWdSvrzYfEhomvEQVANzcPYRxIiI5kyaMx+SJn8uVqdXf21uuhLREWmoKYmOvIjUtFfXqmsmV56hUyQBmJibo+N57cqVERERsuBOR7vvt+HE8zcgQ5qwbNRLGdZkmzXYbG1vExV1TW5Ofi7MrZsycKVdGRFQmtm7ZIowrrBQYOnSIMEdEpIlevXpj3749cmUqqlativkLF8G9S2e5UipjiQkJuBYXhwcSM/ilcHQMEREVBhvuRKTzYq+JG8uVDAzQ08tLmNNVmjTbFy5aglkzpsNn8VLs/vln4YgGkanTv+SFg0SklSKjovHjpo3CXOcubvzZRURFUl9wgaYUF2dXOLu2QmelEgO9+8qVUxljo52IiMoCG+5EpPPupKYK4/XNzYVxXTV5yhfwW7lcbU12sx0AZs2YnvW/2XOxOcAfSclJkuvGfz6RHxqJqEyZmJoK45cvXcblS5eFOQD4cAh3txNR0bRp2xbfr/9OMq+wUqBzFzf06OnJ90s64szp00hJTcXff2fKlebBRjsRERUHNtyJSKcd2LsXryTmkTuVowusevbshYMH96utyd1sz81nwVz079cXmzdvwUb/DXiYb4dPo0aNedkgEZU5U1PpWbo7d2wXxr29B/KSZyIqspHDhyJ4584890RUrVoV/foPgLOLKyZNGK9mNWmTmIsXcf36dfz94m+50jz09PRgbm6ODh06ypUSERHJ0rmG+6GQUHT3cMfc+T74ejZnDRNVdNeuXxfGqxsZoaWLizCnSzb4B2Dh/HlITLwhWaOwUmD5ylVqd1w5OTrAyXEZhg4dgjmzZ+P06T+Qnp6ONq3bYr6Pj+Q6IqKylpycJHlCp2u3bsI4EVFB7du3B8t9/RB+9iwsLCzw39XcjKBLws+ewa1bt/Hi5Qu50jyMjKqjUcOGaN6ihVwpERGRxvTlCrTFvAWL0Pv9vuju4Q4AmDtnFrp27YZ5CxbJrBSb/uUs6Onpldn6/M5FXsDn/zcJenp6Of/7YPAQ/BQYJLcUQNmvJyoLR48cwaPHj4W5JtbWwriuCAwKRq9evTHmo5FFbrbn5uTogH379uDu3bt48+YNTp3+gxd9EZFWO3vmtDCuVLph9KgRwhwRUWFMmzIJOwK3sdmuI9JSUxB+9gx279qFG4mJBWq2GxlVx9tN30bPnj3ZbCciomKn9Tvcz0VewPx587B3zy6V3JEjh3HkyGHcTEzEDxvWC1aLnYu8gF/DjsqVSSrq+vx+CgzC7JlfIj4+Pk98+7at2L5tK65dVb+bv6zXE5WVOInd7QDg4KCbb5xDQsOwdcsWycsBcytos52ISJuZmolnuEs9dFS6uQnjRERUvqWlpiA29irS7qbh9evXcuV5GNcxhq2NDRrp+OYcIiLSblq/w33tt2tzmu3jP5+IXw4fAQDMne+DUR99DADw/+F7TP9yluTXyC9gYwDOhp+RK5NU1PW5nYu8gNW+voiPj0cr19bYun0H3rx5g18OH4FX7z4AsnbzHwoJ1cr1RGXpr7/+EsarGxnBxs5emNNWkVHRmDzlC4weOUKjZnvNGjXZbCeicsW8ABddK6wUwjsriIio/EpMSMC+fXtx/MQJpKSmFKjZXrtWbbRycYWbuzub7UREVOK0uuF+KCQU/j98DwD4YvpMlUv9ftiwPqfpvjNoO85FXlD5Gvmt+98PWPPNKrkySUVdn9+OwB04G34GTZo0wbyFCzF4oDcAoFtXN+zZHQx3dw8AwHdr12rleqKy9PcL8bFRiwI0bcpSYFAwNvgHYMDAD6Ds/B78Vi6XnFOcW9WqVTF77jw224mowuo/YJBcCRERlROJCQkIPXIEZyPC8fz5c7nyHHp6eqhRoyZaubqiq4cHG+1ERFRqtHqkzLGwYwCAJk2aYMDAAcKaLu5u8P/he8THx+PYsWNwdnpXWAdkjU5ZvqTwM9eLul4kezRNf+9B6NZV9Wh0127dcOTIYezdswuHQkJVasp6PVFZibsai7///luYa9asmTBe2jZu2oxLMZdw924aqlUzwq1/mun79++VWSlmbm6O3u/3xfp1fABGRBXb0KFD5EqIiEjHxVy8iJSUFDx4+ECuNA9DA0OYmprC3t4O9cwt5MqJiIiKnVbvcE9PTwcAvPWWrWQjffBAbzRp0gQAkHgjUVgD5J1TPv7ziZJ1Uoq6XuSnwKCc0TTvOjkKa6ZOnpjz/y/7AUS2sl5PVJZir8QK41WqVEFLFxdhrjQNGToco0YMg++Kpfhx00asX/ct9u/fW+hm+6TJ0/DLoRA224mo3GrYsKFcCQBg2PCRcHJ0kCsjIiIdFXPxIg4cOIA/r/xZoGa7oYEhGjdqhPf79EGHjh3ZbCciojKj1TvcMzKeypUAAK6ruTgRAFasXIVpUyYByBpN01nZuUBjYYq6XsqFyCgAWTv4s0e5iDRv8S7i4+Nx82beBwplvZ6oLKWkpQnjNapXF8ZLS2RUNBYuWIjg4CC5Uo0MGz4SHw4Zgq5uSrlSIiKdpunPuQ+HcHc7EVF5dCwsDI8ePcKLl+KxkVKMjKqjXl0zuLZqLVdKRERUKrS64W5mVhcAcOTI4SKNM8luli/39cPUyRMLfAFoUddLycjIAJC1g1+d7D+He//s+M9W1uuJytKTJ0+EcTNTU2G8NAQGBWPF0iWIOBcuVyrL09MLvfv0wehRI+RKiYgqDE9PL40b80REpP3SUlNwPe46bqXcwZsCXIIKAPr6lfBWE2s4OrWUKyUiIipVWt1wb9S4Uc6vV65Ygbp166qplubVuw8++fTTQjfsi7peSvaO8WpGRmrrzMzMAADXr1/LEy/r9URl6dHjx8K4VYMGwnhJmzV7LhYtnCdXJsvMzAyLly5no52ISKB3nz5yJUREpANiY68g6WZSgUbGZDOuYwxFQwXs7ZvKlRIREZUJrW64T508EUHbt+Ns+BkcOXIYjx4+RKs2beWWqdizO1iuRK2irpfy7J8d5tk7yOXEx8fn+X1ZrycqK6GHD0vm2nfqJJkrCZFR0Vi8aBGCggLlSlW4OLvCon59PHv2DNWqVUPdevXg/8P/5JYREZVbLs6ukqeEXJxd+TCSiEjHhZ89g7S76RqPj83NuI4xbG1s0MjaWq6UiIioTGl1wx0AJkyZknNZ6dnwMzmXfP4Y8AMynj7Fu06OauePa7NHDx/KlQAAjHLNpM49Wqes1xOVldspKcJ47Vq1hPGSssE/AOvXrpUdIdOoUWO4uXvgnebNUbNmDTRs2JAjEYiIBGrVri2Ze79fP8kcERFpr8QbCbh6LQ5//fUEL1++lCvPQ19fH/Xq1kNDhYKNdiIi0hla33AfPNAbJsbG2BQQgO3btubE4+PjsWzpIgDA0SMf44cN66W+BBGVM48lxsmYmJgI4yVh9JhxGv3c8fYeiBkzZ8LJ0UGulIiowrtz57Ywbm5ujh7duwtzRESknRITEnAlNhaPn4jfu6ujB6Be3Xpo+nZT1DO3kCsnIiLSKlrfcAeAbl3d0K2rG4aPGIED+w9gzTer8uT9f/geGRlPse2nLRJfgYjKk4cSDXdLi5J/M37k6DGM+WgUEhNvqK1TWCkw9tPPMGvGdLV1RET0r+wL3fPz6NaDDy6JiHREzMWLSElJKdR8dn19fdSpXQc2Nm+hUWPuaCciIt2kEw33bNmjTNZ8swpz5/sg/e7dnOb79m1b0fTtZvh69kx1X4KIdNz5iAi8kjiK2ti6sTBeXDb4B2DalMl4KPPhQal0w8fjPsFA775q64iIKK9WrdsIH2i+17mzajEREWmVqPPncOtOSqHms9eqWQsNGjRA8xYt5EqJiIi0nk413PP75r9+eKfUfKsmAAAgAElEQVRFc3zy8WgAwPlzETIrtEvtOnXkSgAAGU//fcOSe356Wa8nKgs3btwQxqsbGcHGzl6YKw6Tp3wBv5XL5cowbPhITJw4kTsxiYgKYUfgNrRNTMTpM6dyYiNHjcbI4UPVrCIiorIUfvYMbt26jRcvX8iV5qGvrw8TYxM0sbbmfHYiIipXdLrhDgDjxnyE48eOYfu2rdi7Z5dcuVapZmQEAEhPvytTmaVJkyZ5fl/W60vCgQMHCrUjgiqOxJtJwnglAwMEBe0Q5ooiKfk2du/ahZMnT6itMze3QE/Pnujm0RVx164g7toVtfVERCQ2ecpEnDrdDml302BvZ4em9nYl8vOdiIjK1uvXr5F+Lx3p99JxNiJcrpyIygELcwt06NhRroxI5+l8wx0AGjZslPPrQyGhOrML28ysLgDgmcS80mzp6ekAgLfess0TL+v1RGXhxd9/C+NVqlQRxovi9z9OY0dgoOQlftnqmtXFiJEj4dzSUW0dERFppm2bVnIlREREREREWkmrG+56enoAgC+mz8TSJT6SdUbVq0vmtJmZmRkA4Pr1a2rrsnegm/5Tn62s15eEnj17ypVQBRZ3NRaXL/8pzLVp1QotXVyEucKYPOULrF7lJ1cGpdINX86cCfcunC9MREREROVLWmoKEhMTcf/+Azx+8liuXMi4jjFsbWw4NoaIiCoMrW64t3JtjbPhZ3DzZqLaOl2dMf6uU9Zu2Pj4ePwUGITBA72FdTEXLwDIu5MfKPv1RKUt9kqsMF7JwEC22e7m1hVHjx4BANSsURMdOnbKmhtpagpT06yHSYqGDVGpUiXs2RWMsLBQdV8OCisFxn76GWbNmK62joiIiIhI1/x28gQePHyIzMxMvHnzRq5chb6+PurVrYeGCgUb7UREVOFodcO9ucO7OBt+BmfPnMK5yAtwdnpXWHflStaOV6/efYR5bTV4oDdmz2yC+Ph4XIiMEja8V6xchfj4eADAgIEDtGo9UWm79+CBMF6nVi1hPFuvXr1zmu0A8OSvJzh4cL+aFeoplW74eNwnGOjdV66UiIiIiEgnRJ0/h/R79/Hw0cNCNdkBwNDAEOb16uEtm7dQz9xCrpyIiKhc0pcrKEuurbPmd8bHxyNgY4CwZsXKVTmXpbZ0Lr5xEqWlv/cgAMDOoO04FKK6ozZo+3YAwKAPPhQ+cCjr9USl6f79+8K4mampMA4AIaFh2L9/r2S+oIYNH4kVvr5sthMRERGRzouNvYJjYWHYvWsXrl2/jgcPHxSq2a6npwcLCwu836cP2v7nP2y2ExFRhabVO9zHjfkIx48dw/ZtW7Hmm1XIyMiA94B/d2HPW7AIc+fMAgC4u3vg69kzpb6U1howcAB+DTuKs+Fn8PVXX+FGYiLGjfkIh0JC8d3atTgbfgYAMHzECK1cT1SaHj0Wz41U13Df8P33krmC4AgZIiIiIioPzkWE4969+8jIyMCLly/kyiUZGhiidu3asGxgCXv7pnLlREREFYZWN9wBYNtPW5CRkYG9e3bB/4fv4f9DVvMsu9EOZDXbFy9dKvUlylTuhwLffb8B48Z8lCfv7PQuJkyZgtW+vlnjc8LP4JOPR+epmTvfR3I2fVmvJyotoYcPS+bcPDyE8Q3+AQgKChTmCoIjZIiIiIhI1505dQpJt2/hzevXcqWS9PX1UbtWbZiZmsCxpbNcORERUYWk9Q13ANizOxjzFizClT8vY/u2rTnxVq6t8Z6yC5Yu8VGzWvsNHugNezs77AjcgWVLF+XER330Mbq4u0leZpqtrNcTlYb0e/eE8dpq5rdv2/rvz4vC6uX1PubNmwcnRwe5UiIiIiIirRN+9gxu3bpdpN3sNWrUgJmpKVxbtZYrJSIiqvD03hRmQFsZOhQSiu4e7pg730enRsjo6ekJd7gTkWbWfPMN7glmuFs3boxhw4erxH0WL8VXM79UiQPAwEGD4ebuDgBISLiBZxkZAIDYK38iISEeGf/83qv3+/jvaj/h1yAiIiIi0lZpqSmIjb2Ke/fuFbrRbmBgAKNqRmja1B6NGlvLlRMREdE/dGKHu677KTBIroSIZDyUmN9uamysEouMisb6td8KqrNmsU+fPp071omIiIio3MlutKfdTcPrQoyOqVq1KsxMTGFpaYlG1myyExERFQYb7qXgQmQUAMDVxUWmkohEzkdE4NXLl8KcfVN7ldjmzVuQlJwkqAb6DxjEZjsRERERlSuXYmIQd/06Xrz4GwU9xM4mOxERUfHSuYZ7t65uBX4DUZamfzkLy5YuwqAPPoSz07ty5UQkcOPGDWG8upERbOzyNtxDQsPgt3K5sN7F2RUrfZcJc0REREREuiQ29gpu37qNR48eFXhsjB6A6jVqolnTpmyyExERFTOda7jrGqPq1THogw8xddo0uVIikvDg4UNhvEaNGiqxDd9/L6jMMnjoMMkcEREREZG2K0qTHQAMDQzRoIElGjVqhHrmFnLlREREVAhsuJcwXbrYlUhbPXjwQBivV7dunt9v8A9AUFCgsNbT0wuTJowX5oiIiIiItFVUVCRuJd/C88xMvH79Sq5cKLvR7tqqtVwpERERFREb7kSk1eKuxuJpRoYwl7/hvm3rVmEdAAwZNlwyR0RERESkTbJ3sj94+BCvXonvMtKEkVF1NKhvAceWznKlREREVEzYcCcirXYj4YYwXsnAAO07dcr5vc/ipQgLCxXWDhs+EgO9+wpzRERERETaoKjjYnIzMDCArY0tmrdoIVdKRERExYwNdyLSardTUoTxOrVq5fw6Mioa69d+K6xTWCkwceJEYY6IiIiIqCydOX0a6enp+PvF33j5svA72QGgatWqqF69OizqmaNZ8+Zy5URERFRC2HAnIq12//59YbxWrob75s1bkJScJKzrP2AQnBwdhDkiIiIiotKWmJCAm0lJSL2bhjevX8uVq1W1alWYmZjC0tISjayt5cqJiIioFLDhTkRa7dHjx8K4pYUFACAkNAx+K5cLa1ycXbHSd5kwR0RERERUWtJSU5CYmIi0u+nIyHgqV65WpUqVUNesLhoqFGyyExERaSE23IlIa/12/Lhkzs3DAwDw9VdfSdYMHjpMMkdEREREVNJiLl5ESkoKHj1+hNdF2M1uYGAAQwNDKBRWeNfRSa6ciIiIyhAb7kSktZJv3RLGa/8zTmaBz2KcPnNKWOPp6YVJE8YLc0REREREJSU29gquXb2G55nP8ebNG7lySRwXQ0REpJvYcCcirZV+754wXrNmTQDAtq1bhHkAGDJsuGSOiIiIiKg4xcZewe1bt/Ho0SO8ePlCrlxSlSpVUNfUjE12IiIiHcaGOxFprb+eiudbWtSrh1mz5+LPPy8L80qlGwZ69xXmiIiIiIiKQ3E12Q0MDGBUzQjW1o1hZ99UrpyIiIi0HBvuRKSVzkdEIDMzU5gzqFwFmwP8hTkAGPvpp5I5IiIiIqKCSkxIwJO//sL9+/fx6PEjZGZmFmlcjL6+PkyMTWDZwBL2bLITERGVK2y4E5FWunP7tjBepUoV7NqzD0nJScL82HGfYUC/PsIcEREREZE6Z06fRqVK+nj27DkyMjLw8tUrZGSIT10WRq2atWBery4cWzrLlRIREZGOYsOdiLRSSlqaMJ6ZmYn1674V5lycXbHuuzXCHBERERFRtrTUFKSl3cWDBw+QmZmJp0//wt8vCj8WRh09fX3UNzeHra0t6plbyJUTERGRjmPDnYi0TtzVWNxJSRHmLl0Sz20HOEqGiIiIiFRFRUXiXvo9/P3ib7x6+QqZf2fi9evXcsuKxNDAENWrV4eJiTGcXVzlyomIiKgcYcOdiLTKb8eP47dTp/Dq1Sth/npcnDDu6en1/+zdeXiU5fn28XMmk21CEsKurVu0xSooyGZbWyqGpT8pVgXZVFRcsNWKgIJQFTcKikrrjoBgFUF4Vai2shRcq0AgICgEIexLQhIgIZPMZJb3j2GGJPM8MwkZyML3cxwcR3Jf1/0wohPwzM116847bjOsAQAAoHELzFg/fPiw3G63HKWlKisrPeXBekUJCQlq0ay5zj77bJ13wQWR2gEAQCNF4A6g3vhg4UL9kJ0tj9ttWPf5fFqXtc6wdv8DDxiuAwAAoH4IhOIlJSXyej2Ki4tTfHyCaX9xcZE8Hq+8Ho8sVqskBcN0SfJ6vXK6nPKdxlC9qlhbrFq3akXIDgAAggjcAdQLb8+Zox07d4btOZiba7j+4KiH1Cujh2ENAIDGKhBeSlJJSYlstpiw4aXTWSaXyyWrNUZJSUmmfcXFRZKkxMRE2WyxwfXSUofKypySpPLycpWWlckWE6PEhIRgGFqRx+NRaVmZvF6v4uLilBAfH9IjSU6XU06nS5KUZE9UTEzo/6L4vF6VlPpPK9tiYmS320N6pOo9S1LwMkyr1aKkRLvp6y9xOCTJ8PU7nU45XS653W55PG5ZLBbZbLGyGjzL5/OpvLxcXq9XMTExio098etakcfjltsdeJZNVmtMSI/X61V5uUs+n2S1WhRriw15/fbERFkslrCvP+DU/Vr4f+3LyspCntdQJSQkKC42TrGxsYqLi1WztGa6pF27SNsAAMAZxuLz+XyRmgDgVNm2NVufLlmqgsLCsH3HSkr0yb8+1uYtmyutd+7URdNnzFDHDpeZ7AQANCR5uQf1/fc/yFFaejzcMgsm/WGu1WIxDXwlf9jnKi8P+6yjR4+q3F0un88nm81mHPj6fCovd8nr9clikWJj4yoFqw5HScgeAA2PRZI1JkZNkpooMTFRaWlpSm7ShNPrAACg2jjhDqDOfPX55/p29ergiSkzO3ft0tIlS7V//76Q2h9vvJGwHQAauLzcg9q1a5cKCgpVfKw4uF7dELvo+InscKr7LP8dIs5IbfJ4SiO1AKjnAifW7XY7wToAAIgaTrgDqBPLlyzRt5mZpvPaAzwej5566inDWt++/fSvfy0yrAEA6rddO3Yo71CeCgsPVyswB4CTZbPZZJFFsXFxapKUpObNm6td+/aRtgEAAJwUTrgDqJY5b72lPfv3S5LsCQm6+ne/U8dOnSLsMvbaK68oLz8/bE+MzaYrO3fWIxMeNe25+dZhpjUAQP2zfn2WCgsLVVxcLJfLFakdAGokLi5eSXa74uPjldwkSYlJSWrb9uJI2wAAAKKKwB1ARHPeeks7d+8Ofl587Jg++c9/VHLsmK7q3j3Mzsq2bc3Wv//zqQ4fORK2L8lu15Vdu+qDxZ8oc+0aw55bh92ugQNuMKwBAOpWXu5B5eUdUnFRkUocDjldrmqPdAHQeMXaYmWLja18gazNJlksIb2BC2QlKblJEyUkJEqSbDExSk5JCfYxBgYAANQ3BO4AItq1d2/Imsfj0Wdffqm8Q4d0Q//+Brsqq+689ubNmqlP714qdjj11qwZhj3n/PQcjRw50rAGADh9du3YoeJjx1R09KgOHz2qcpdLPvmCIRlODavVGgwfJanc5ZLH65XkH51hsxn8Ed/nU3l5uTxer6xWq/8CWYOQ0+vxyO1xy+fzKSbG/yxbTIzsdnulPofDIbfHI6vVoqREu+GltT6vV6VlZXJ7PGEvrS0vL1dpWZlsMTG1vgA3cJmu5DN9XdKJnzMu1lbp17KiwOv3+rxKTEgIXqabkBCvxMQTvx5OZ1nwb2wkJ58IgqsqKSmR1+tRXFyc4uMTDHvcHrdKj/9ZKdyzAn3hegoLCgxff1W1+bWoGn5Xff2xcbGcMAcAAGccAncAYX2wcKF8x/8nviqPx6ON33+vvEOHNOLeew17JOmTxYuVtXFjxHntF5x/vm4d5h8T88srf6UjRw4b9t1y2x1clAoAp0Fe7kHt2LFT5eXlcrpc8nm9crpcKne5VO4uj7S9VuLi4pUQHx8S9AY4XU45nf6QM8meaBgm+rxelZSWyuv1GobGkj88jY2LC4aEiYmJstmMw9xAmFixhznQAAAAACri0lQAYU2ePFlOpzNSm5LsdvW4+mpd0blzpfW358zRjp07jTdV8Iu2bXXToEGSpGG33aG357xl2NejR4b++99lhjUAwMnZtHGj3OUuFR8rCZ5cPt0jYKxWq1JTUtWieTN1uOLk7ggBAAAAgLrGCXcApt6eM6daYbsklTgc+veSJSosKFBG797atjVbny5ZqoLCwrD7rFarLm/XTv2uv16S9MzfppiG7ZI0eOhQ0xoAwFhg9EtxUZHcHo9KSkr8oz5O8Sn1SAjZAQAAADQ2nHAHYGjb1mzNW7Aw4hgYI2efdZYKCgsjhvWBee0X/bytJH/Y/tfx40z7r+h4hdauW2taB4Az3aaNG1VYWKjCw4fl8XgkSV6vJ8Ku08tqjVFcXKxatWylbldeGakdAAAAABoUTrgDMPS/b741DdutVqu8JnPdJWn/gQOmtYCK89olaf6CD8KG7a1bt9bk56aa1gHgTLNp40YVFxWpxOFQaVmpysrKIm05rWJtsUpMTJTdbldykySlpTXTeRdcEGkbAAAAADRoBO4AQmzbmq3de/ca1uLj49X/huv10aLFKjl+wVxNxNhs6ti+va7t1y+4Nn/BB3po1EjTPWeffbbemvNP9bzmatMeAGissrO3qLSkREVFxSo8fFhuj1v16S8o2u1JirFaZbFYJEktWjRXp85dIuwCAAAAgMaJkTIAQsycMUN79+0zrHXu2DEYlofrM5Jkt+vKrl11VffuwbWs9d/puj/01Z69ewz3nPPTc/TcC9M0cMANhnUAaCx+2LRJhYcPy+fzyeFwyFXuqhen1m02m7xen+z2RCUl2tWseXNJUrv27SPsBAAAAIAzDyfcAVSyLjPTNERPTUmpdDJ9+J136pPFi5W1cWPEWe+tW7VSxjU9gvPaJX/YPmb0aNOwXZIee+JJwnYAjU5e7kHt37dPxcdKVFRUpNJSh+ryBITFalVifILsdrsS4uOVnJKi5CZNGAEDAAAAADVE4A6gktVr1pjW2l1yScjatf36KTU1Vf9btUqlpaUGu6S2P/uZBg0ZErI+ZvRorVix3GCH39OTJuvOO24zrQNAQ7Br5w7t379fTqdTTqdLpaWlKneXR9oWVVarVQkJibLFxMhut8sWE0OoDgAAAACnAIE7gKB1mZnKzcszrKWmpCijd2/D2lXdu6vNWW30wUeLQkL3Dpddpuuuvz5kz7Db7ggbto//6+Oa8MhY0zoA1Dd5uQeVl3dIxUVFKnM65Sgt9Z9cP43T+wLBemJCguLi/JeWMk8dAAAAAE4fZrgDCHr5pZdUUFhoWPv1lVeaBu4VzZs7Vwdzc2WzxerXv/qlOnbqFNJzzTU9w4bttw67XXNmzzKtA0Bd27Vjh/bs3aOjRcUqd7nkk0/uCKO1os1itSo5qYnsdruSmyQpLa0Zp9UBAAAAoI5xwh2AJGn5kiWmYXvrVq2qFbZLMhwdU9H9f3kwbNg+YMBAwnYA9U529hYVHT2qo0eLdOzYsdM6EiZwat2emKiE+HhZY2LUpk1rnXc+4ToAAAAA1DcE7gAkSZt++MG01rVLdMYRzF/wgd755xzTeo8eGXpk/HjTOgCcLqu+/VYljhKVlpaprKxUXq830paosFitio+LU9PUpkpLS2PGOgAAAAA0MATuALR8yRIdLSoyrLVu1UpXdO5sWKuJrPXfafrrr+nIkcOG9c6dumjq88+rY4fLDOsAcKrs2rFDhw8X6vCRo3KUlsrhKIm0JSoSEhKUmJCoJLtdySkpate+faQtAAAAAIB6jsAdwGk53f63SZPCjpK59777CdsBnBbf/O9rOZ1OOZ0ulZaWnpbxMBaLRTExMUpJSVXrVq3UqlVLtWrdJtI2AAAAAEADQ+AOnOE+WLjQ9HT7BeefH5XT7RMenagFC+ab1p98epLuuO0W0zoAnIy83IPKyzuk4qIilTgcKnGUyOVyRdpWK7G2WMXGxSklOVkJCfFKTLRzch0AAAAAziAE7sAZ7nuT0+0xNpt+9csrDWs1MX/BB5r09BOm9QdHPaRHJzxiWgeA6sjLPajt27frWIlDbne5nGXOU35y3WazKT4uTvHxCWrevJk6dLwi0hYAAAAAQCNH4A6cwWa8+aa8Pp9h7dyf/lQX/bytYa26stZ/p6lTJpvWBwwYqBeef9a0DgBmsrO3qOjoUR09WiRHqUNOpzPSllpLSEhQk6QmSmuaqrN/8hNGwgAAAAAAQhC4o1H598cfa92GDfK43ZL8p7Sv7dNHHTt1irDzzJRfUGC4brFao3K6/bFHH1Xm2jWGtc6duuiR8eMNawBQVcW568dKjsnr9UbaUisWi0UWi1V2e6LOatOG0+sAAAAAgGohcEejsC4zU//75hsVFBZWWve43fr3p5/K5/NFZRZ5Y7IuM9P0RGjLZs1qfbp91OiH9fHHi03rY8aO45JUACGys7eotKRExcdKVFRcLKezTB6PJ9K2WktISFBiQqJSU1OUkpqqtm0vjrQFAAAAAIAQBO5o0NZlZmr1mjXKzcsz7XG73fr3kiVylJToqu7dTfvONJu+/95w3WKxqGfPDMNadc2YNVsvvvCcaX38Xx/XwAE3mNYBnBnWZq5Rfn6BXOUuWWRRaVlppC1RYZFkjYlRcnKKzmrTRq1atWQ8DAAAAAAgKgjc0SBt25qtz7/4Unv37YvUKsl/0v2zr76SJEL34/YfOGC43qply1qdbs9a/52efPwx0/qtw27XM09NNK0DaHzycg8qL++QDh8+LIfDIVe5S2VlZZG2RUWsLVaJiYmy2+1KS0tTcpMmOu+CCyJtAwAAAADgpBC4o0HZtjVb//vmW+3euzc4p726AqH70aNHdW2/fpHaG7VPFi82HSfT7pJLDNer608jRmjP3j2GtR49MjRy5EjDGoDGIS/3oPYfOKADBw7K5XLJ7XbL6z31I2EkyWq1ymq1yp5o109+8hNOrgMAAAAATjsCdzQYb7z+unLzcuXzReo053G7lZmVJafLpRv694/U3mjt2LXLcD0+Pr5WfwPgd92v1rervjGsnfPTc3T3iHuZ2w40Irt27NDhw4UqPlYih8Oh0tJSlbvLI22LmoSEBDVJaqK0pqlKS2vGyXUAAAAAQJ0jcEeD8M7bb+tgbm6ktqD4+AQ5nebjCjYen19+Jobu6zIzQy6XDTj/3HMN16tj0OCh+vyLz0zr9/zpz8xtBxqwQLiem3dIx0pK5PN55avNd0BryGKxKCYmRk2aJOusNm3Urn37SFsAAAAAADjtCNzRIFR3VnvrVq3UtUsXXdG5s96eM0c7du407d34/fc6fOSIht95p2lPY2R2Waokde7cybQWzrDb7tD8eXNN6/eM+LMmPDLWtA6gfsnO3qKio0dVVuZUUXGxyspK5fV6I22LGrs9SfbERCXExys5JYVwHQAAAADQYFh8p/N4GnAStm3N1rvvzQvbk5qSos5XXBEyDuWDhQuDp9nNNEtL0/1/+UvYnsZk8uTJhvPbW7dqpRH33muww1zW+u80ZvRorVix3LQnPT1d27dvN60DqFubNm5UcVGRioqLdayk5LTNW5ckm80mqzVGNptNLZo3V5vWrRkLAwAAAABo0Djhjnrvu+82mtZSkpPV/tJLldG7t2E9MDImXOheePiwJk+eonHjGv8J7OVLlphelnpRerrhupnqhO2S9NfHJoatAzg96nreeqwtVomJibLb7UpLS+NCUwAAAABAo0Tgjnpv9549huspycl6cNQow1pFN/Tvr5TkZH2bmSmP223Y43SW6Y3XX9c9I0YY1huLbTk5huvx8fGm37QwUp2wvX37yzRy1BjdPuwW0x4A0ZOXe1B5eYfkLnep+FiJ3G63HKWlcrvL5XK5Im2PqlhbrOLi4mSxWtUsLU0XXHA+4ToAAAAA4IxA4I56bV1mpo4WFRnWfn7RRYbrRjJ691ZCQoI+++or09C9pKTEcP10m/PWWzp85IgkqU3r1ho0ZEiEHdWzbWu2cvPyDGs1uSx1/oIPNHXKZGWuXWPa06NHhqY+/7w6drjMtAfAyQkE64cPH1bxsWI5SkvlO43z1auKj4+XPdGuJLudeesAAAAAgDMegTvqta1btxqux9hsurZfP8OamcB895VffGF4+d/pPgFqZOpzz6nE4Qh+frSoSE899bRatmiuc37yE7W9uK0u+nnbME8wl5m51rRW3ctS5y/4QA+NGqk9e43/1oFE2A5E04b1WXK5XHV2eWlVdnuS4uPiZI2xKsmepG5XXhlpCwAAAAAAZxQCd9Rre/ftM1xv0ayZ4XokV3XvLpfLqS//901IzelyadvW7JMOtGvrg4ULK4XtAV6vR7l5ecrNy1NmVpaaN2ums886S5dd1r5Gr3Xn7t2G682bNavWc15+9Q09OuERHTly2LSnb99+evKppwjbgRrYtWOHio8d0+HDh4NjYJzOMnk8p+/yUiPx8fFKbpKsJk2SlJKaqrZtL460BQAAAACAMx6BO+qtdZmZhgG0JJ3zk58YrldHj5699L9Vqw3DrOwtdRO4f/X55/ohOztSmySpoLBQBYWF2vj994qNjVVKcop+/atfqmMn81Pq4S5LveC88wzXK3ru+Rf18Jjw8/JvHXa75syeFbYHOFMFxsAUFxXpWEmJio8Vy+vz1ekomIBYW6xi4+KUkpys5CZJSkxKIlwHAAAAAOAkEbij3spav95wPdw4maXLV2jLlmxt+3GrnC6X+vfvr57XXB3S1zQ1VQWFhSHrBYfNT2+fKtu2ZoedLR9OeXm5CgoL9K9//1slx44Fx+ZUFe6y1EijebLWf6dnJ08K20PYDvitX5+lUodD5a5yucrL5XS56nwMTEVWa4wSExOUltpUySkpatWqJZeZAgAAAAAQRQTuqLcO5ecbrufl5umhsY/I4/Zo757dKi0t1cEDBwwv8Zz++qt6duoLemj0g5XWWzRvbhi4FxqsnUrbtmbro0WLT8KsKt0AACAASURBVCpsr8jn9WrlF18o79Ah3dC/f6VauMtSzz7rLMP1ih579FHlm/y7kAjbcebJzt6icld5pREw5S6Xyt3lkbaecnFxcbLZYmVPTJTNZlNykyTZYuO4yBQAAAAAgNOEwB310leff246AuXrr77Suqx1hjUjj/11vM499zwNHHBDcK1F8+bK/vHHkN6jRUUha6fS8v+uMB2bU1Ner1cbv/9eeYcOKeOaHsHRON99t9F0T7tLLzWtSdKo0Q/r448Xm9bHPDxOz035m2kdaKgqhuqu8nIVFR2Vx+ORz+eLtPW0SEhIUFxsnOx2u9LS0pTcpInOu+CC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)"></div>
</div>

<div style="height:13.32px;left:0px;position:absolute;top:0px;transform:translate(0.000px,12606.214px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:116.48px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.05px) rotate(0deg) scale(0.05)">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:-21.41px;left:269.92px;white-space:nowrap">page
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:-21.41px;left:612.66px;white-space:nowrap">7
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:-21.41px;left:722.11px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:-21.41px;left:933.44px;white-space:nowrap">Performance
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:-21.41px;left:1771.95px;white-space:nowrap">Summary
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:-21.41px;left:2406.33px;white-space:nowrap">footnotes.</div></div>
</div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:0px;letter-spacing:-4.8px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:621.44px;white-space:nowrap">Return </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1474.05px;white-space:nowrap">Index </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:2182.32px;white-space:nowrap">Comparison
</div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:3656.25px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:4031.9px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:4248.74px;white-space:nowrap">Hypothetical
</div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:5751.74px;white-space:nowrap">$10,000 </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:6763.81px;white-space:nowrap">Investment</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344.48px;left:0px;letter-spacing:-3.33px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344.48px;left:430.22px;white-space:nowrap">return </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344.48px;left:950.45px;white-space:nowrap">represents
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344.48px;left:1850.89px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344.48px;left:2151.12px;white-space:nowrap">change </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344.48px;left:2791.67px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344.48px;left:2981.78px;white-space:nowrap">value </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344.48px;left:3462.1px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344.48px;left:3662.23px;white-space:nowrap">an </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344.48px;left:3912.45px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344.48px;left:4832.84px;white-space:nowrap">over </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344.48px;left:5233.01px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344.48px;left:5533.24px;white-space:nowrap">periods </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344.48px;left:6173.61px;white-space:nowrap">shown. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344.48px;left:6793.95px;white-space:nowrap">It </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344.48px;left:6943.97px;white-space:nowrap">includes </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344.48px;left:7654.39px;white-space:nowrap">any </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344.48px;left:7994.62px;white-space:nowrap">applicable
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344.48px;left:8855.24px;white-space:nowrap">maximum </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594.48px;left:0px;white-space:nowrap">sales </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594.48px;left:470.21px;white-space:nowrap">charge, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594.48px;left:1120.61px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594.48px;left:1580.89px;white-space:nowrap">expenses,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594.48px;left:2451.45px;white-space:nowrap">account </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594.48px;left:3131.89px;white-space:nowrap">fees </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594.48px;left:3522.13px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594.48px;left:3872.46px;white-space:nowrap">reinvested
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594.48px;left:4752.95px;white-space:nowrap">distributions.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594.48px;left:5810.19px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594.48px;left:6170.36px;white-space:nowrap">unmanaged
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594.48px;left:7171.17px;white-space:nowrap">index </div>

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

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

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

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

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844.48px;left:0px;white-space:nowrap">income </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844.48px;left:630.26px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844.48px;left:840.32px;white-space:nowrap">distributions.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844.48px;left:1900.81px;white-space:nowrap">It </div>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844.48px;left:9351.12px;white-space:nowrap">cannot </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094.48px;left:0px;white-space:nowrap">invest </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094.48px;left:520.22px;white-space:nowrap">directly </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094.48px;left:1140.38px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094.48px;left:1330.49px;white-space:nowrap">an </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094.48px;left:1580.71px;white-space:nowrap">index.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:1521.76px;left:0px;white-space:nowrap">09/30/15&#8211;09/30/25</div></div>
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<div style="position:absolute;top:0px;left:0px;width:594px;height:774px">

<div style="height:50.48px;left:0px;position:absolute;top:0px;transform:translate(53.999px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:912.36px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:6453.14px;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:7127.45px;letter-spacing:10.29px;white-space:nowrap">MASTER
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7794.58px;letter-spacing:10.34px;white-space:nowrap">INTERMEDIATE
</div>

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8141.27px;letter-spacing:11px;white-space:nowrap">Performance
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:9342.06px;letter-spacing:9.64px;white-space:nowrap">Summary</div></div>
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<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(522.144px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:644.15px;white-space:nowrap">7</div></div>
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<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5653.45px;white-space:nowrap">Annual
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6098.45px;white-space:nowrap">Report</div></div>
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<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
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<div style="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>

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

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

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

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

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:3340.94px;white-space:nowrap">and
</div>

<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,
</div>

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:4624.77px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:4777.89px;white-space:nowrap">social
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:5149.84px;white-space:nowrap">disruptions
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:5820.86px;white-space:nowrap">may
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:6105.23px;white-space:nowrap">heighten
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:6645.16px;white-space:nowrap">risks
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:6951.33px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:7206.72px;white-space:nowrap">adversely
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:7804.77px;letter-spacing:-0.32px;white-space:nowrap">affect
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:8160px;white-space:nowrap">performance.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:8967.27px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:9229.84px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:9565.39px;white-space:nowrap">is
</div>

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

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:158.59px;left:1276.56px;white-space:nowrap">there
</div>

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</div>

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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:4343.59px;white-space:nowrap">decisions
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:158.59px;left:5145.7px;white-space:nowrap">produce
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:518.59px;left:204.14px;white-space:nowrap">investments
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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:1494.92px;white-space:nowrap">risks,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:518.59px;left:1874.3px;white-space:nowrap">including
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:518.59px;left:2493.98px;white-space:nowrap">possible
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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:4142.03px;white-space:nowrap">Fixed
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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
</div>

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

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

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:518.59px;left:7270.86px;text-rendering:optimizeLegibility;white-space:nowrap">inflation
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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:518.59px;left:8015px;white-space:nowrap">reinvestment
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:518.59px;left:8802.66px;white-space:nowrap">risks,
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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:415.78px;white-space:nowrap">principal.
</div>

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</div>

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:698.59px;left:1954.77px;white-space:nowrap">rise,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:698.59px;left:2458.05px;white-space:nowrap">value
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:698.59px;left:2954.14px;text-rendering:optimizeLegibility;white-space:nowrap">fixed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:698.59px;left:3267.81px;white-space:nowrap">income
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:698.59px;left:3727.27px;white-space:nowrap">securities
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:698.59px;left:4317.97px;white-space:nowrap">falls.
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:698.59px;left:4624.3px;white-space:nowrap">Low-rated,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:698.59px;left:5324.14px;white-space:nowrap">high-yield
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:698.59px;left:5980.31px;white-space:nowrap">bonds</div>

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</div>

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</div>

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</div>

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</div>

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:698.59px;left:8007.73px;letter-spacing:-0.8px;white-space:nowrap">volatility,
</div>

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

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

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

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

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:878.59px;left:1393.05px;white-space:nowrap">mortgage-backed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:878.59px;left:2523.13px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:878.59px;left:2690.78px;white-space:nowrap">mortgage-related
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:878.59px;left:3798.91px;white-space:nowrap">securities</div>

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</div>

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</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:878.59px;left:5272.34px;white-space:nowrap">prepayment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:878.59px;left:6001.72px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:878.59px;left:6257.11px;white-space:nowrap">extension
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:878.59px;left:6855.31px;white-space:nowrap">risks.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:878.59px;left:7197.97px;white-space:nowrap">International
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:878.59px;left:8021.8px;white-space:nowrap">investments</div>

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</div>

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</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:878.59px;left:9648.2px;white-space:nowrap">special
</div>

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1058.59px;left:342.66px;white-space:nowrap">including
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1058.59px;left:897.03px;white-space:nowrap">currency
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1058.59px;left:1436.64px;text-rendering:optimizeLegibility;white-space:nowrap">fluctuations
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1058.59px;left:2136.95px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1058.59px;left:2392.34px;white-space:nowrap">social,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1058.59px;left:2800.78px;white-space:nowrap">economic
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1058.59px;left:3398.83px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1058.59px;left:3654.22px;white-space:nowrap">political
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1058.59px;left:4128.28px;white-space:nowrap">uncertainties,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1058.59px;left:4945.23px;white-space:nowrap">which
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1058.59px;left:5317.11px;white-space:nowrap">could
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1058.59px;left:5667.27px;white-space:nowrap">increase
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1058.59px;left:6199.69px;letter-spacing:-0.8px;white-space:nowrap">volatility.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1058.59px;left:6727.5px;white-space:nowrap">These
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1058.59px;left:7128.67px;white-space:nowrap">risks
</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1058.59px;left:7660.94px;text-rendering:optimizeLegibility;white-space:nowrap">magnified
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1058.59px;left:8266.33px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1058.59px;left:8404.92px;white-space:nowrap">emerging
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1058.59px;left:9031.95px;white-space:nowrap">markets.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1058.59px;left:9608.13px;white-space:nowrap">Deriv-</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1238.59px;left:0px;white-space:nowrap">ative
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1238.59px;left:335.55px;white-space:nowrap">instruments</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1238.59px;left:1122.89px;white-space:nowrap">can
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1238.59px;left:1370.94px;white-space:nowrap">be
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1238.59px;left:1553.36px;white-space:nowrap">illiquid,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1238.59px;left:1990.94px;white-space:nowrap">may
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1238.59px;left:2275.31px;white-space:nowrap">disproportionately
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1238.59px;left:3347.5px;white-space:nowrap">increase
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1238.59px;left:3879.92px;white-space:nowrap">losses,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1238.59px;left:4324.84px;white-space:nowrap">and
</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1238.59px;left:4901.25px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1238.59px;left:5010.7px;white-space:nowrap">potentially
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1238.59px;left:5638.05px;white-space:nowrap">large
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1238.59px;left:5966.25px;white-space:nowrap">impact
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1238.59px;left:6389.22px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1238.59px;left:6571.64px;white-space:nowrap">performance.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1238.59px;left:7381.17px;white-space:nowrap">Active
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1238.59px;left:7811.41px;white-space:nowrap">management</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1238.59px;left:8657.19px;white-space:nowrap">does
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1238.59px;left:8978.2px;white-space:nowrap">not
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1238.59px;left:9197.11px;white-space:nowrap">ensure
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1238.59px;left:9634.77px;white-space:nowrap">gains
</div>

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1418.59px;left:153.13px;white-space:nowrap">protect
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1418.59px;left:590.78px;white-space:nowrap">against
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1418.59px;left:1050.39px;white-space:nowrap">market
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1418.59px;left:1487.89px;white-space:nowrap">declines.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1418.59px;left:2040px;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:1418.59px;left:3673.67px;white-space:nowrap">environmental,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1418.59px;left:4643.44px;white-space:nowrap">social
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1418.59px;left:5051.95px;white-space:nowrap">and
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1418.59px;left:5321.72px;white-space:nowrap">governance
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1418.59px;left:6094.69px;white-space:nowrap">(ESG)
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1418.59px;left:6495.63px;white-space:nowrap">criteria</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1418.59px;left:9792.34px;white-space:nowrap">ESG
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1598.59px;left:1677.73px;white-space:nowrap">determinative
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1598.59px;left:3005.16px;white-space:nowrap">security
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1598.59px;left:3493.75px;white-space:nowrap">selection.
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1598.59px;left:4230.55px;white-space:nowrap">addition,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1778.59px;left:1181.64px;white-space:nowrap">evaluated.
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1778.59px;left:3345.78px;white-space:nowrap">discussed
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1778.59px;left:4751.33px;white-space:nowrap">prospectus.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2138.59px;left:0px;white-space:nowrap">1. </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2138.59px;left:143.67px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2138.59px;left:406.25px;white-space:nowrap">total
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2138.59px;left:690.78px;white-space:nowrap">annual
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2138.59px;left:1121.25px;white-space:nowrap">operating
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2138.59px;left:4305.08px;white-space:nowrap">available
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2138.59px;left:5224.3px;white-space:nowrap">time
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2138.59px;left:6347.73px;white-space:nowrap">Actual
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2138.59px;left:9177.81px;white-space:nowrap">portfolio
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2318.59px;left:0px;white-space:nowrap">returns.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2527.39px;left:0px;white-space:nowrap">2. </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2527.39px;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:2527.39px;left:457.34px;white-space:nowrap">return
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2527.39px;left:836.56px;white-space:nowrap">calculations
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2527.39px;left:1558.67px;white-space:nowrap">represent
</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2527.39px;left:2368.36px;white-space:nowrap">cumulative
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2527.39px;left:3287.42px;white-space:nowrap">average
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2527.39px;left:3798.05px;white-space:nowrap">annual
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2527.39px;left:4228.52px;white-space:nowrap">changes
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2527.39px;left:5118.59px;white-space:nowrap">value
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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2527.39px;left:5797.11px;white-space:nowrap">investment
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2527.39px;left:6468.13px;white-space:nowrap">over
</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2527.39px;left:6978.75px;white-space:nowrap">periods
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2527.39px;left:7445.55px;white-space:nowrap">indicated.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2527.39px;left:8043.75px;white-space:nowrap">Return
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2527.39px;left:8473.98px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2527.39px;left:8663.59px;white-space:nowrap">less
</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2527.39px;left:9225.31px;white-space:nowrap">one
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2527.39px;left:9480.7px;letter-spacing:-1.2px;white-space:nowrap">year,
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</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2707.39px;left:274.92px;white-space:nowrap">has
</div>

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</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2707.39px;left:1070.23px;white-space:nowrap">annualized.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2916.19px;left:0px;white-space:nowrap">3. </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2916.19px;left:138.75px;white-space:nowrap">Assumes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2916.19px;left:714.84px;white-space:nowrap">reinvestment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2916.19px;left:1502.5px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2916.19px;left:1648.44px;white-space:nowrap">distributions
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2916.19px;left:2385.08px;white-space:nowrap">based
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2916.19px;left:2779.06px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2916.19px;left:2961.48px;white-space:nowrap">net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2916.19px;left:3180.39px;white-space:nowrap">asset
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2916.19px;left:3530.55px;white-space:nowrap">value.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3124.99px;left:0px;white-space:nowrap">4. </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3124.99px;left:138.75px;white-space:nowrap">Assumes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3124.99px;left:714.84px;white-space:nowrap">reinvestment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3124.99px;left:1502.5px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3124.99px;left:1648.44px;white-space:nowrap">distributions
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3124.99px;left:2385.08px;white-space:nowrap">based
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3124.99px;left:2779.06px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3124.99px;left:2961.48px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3124.99px;left:3180.39px;white-space:nowrap">dividend
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3124.99px;left:3705.63px;white-space:nowrap">reinvestment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3124.99px;left:4493.28px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3124.99px;left:4748.67px;white-space:nowrap">cash
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3124.99px;left:5062.34px;white-space:nowrap">purchase
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3124.99px;left:5638.59px;white-space:nowrap">plan.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3333.79px;left:0px;white-space:nowrap">5. </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3333.79px;left:145.94px;white-space:nowrap">Source:
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3333.79px;left:634.61px;white-space:nowrap">FactSet.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3333.79px;left:1159.77px;white-space:nowrap">ICE
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3333.79px;left:1414.92px;letter-spacing:-1.44px;white-space:nowrap">BofA
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3333.79px;left:1728.67px;white-space:nowrap">U.S.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3333.79px;left:2018.05px;letter-spacing:-0.53px;white-space:nowrap">Treasury
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3333.79px;left:2567.42px;white-space:nowrap">Bill
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3333.79px;left:2778.83px;white-space:nowrap">Index
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3333.79px;left:3136.33px;white-space:nowrap">tracks
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3333.79px;left:3522.81px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3333.79px;left:3741.72px;white-space:nowrap">performance
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3333.79px;left:4514.77px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3333.79px;left:4660.7px;white-space:nowrap">U.S.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3333.79px;left:4952.34px;white-space:nowrap">dollar-denominated
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3333.79px;left:6112.03px;white-space:nowrap">U.S.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3333.79px;left:6401.41px;letter-spacing:-0.53px;white-space:nowrap">Treasury
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3333.79px;left:6950.78px;white-space:nowrap">bills
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3333.79px;left:7213.28px;white-space:nowrap">publicly
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3333.79px;left:7687.34px;white-space:nowrap">issued
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3333.79px;left:8103.13px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3333.79px;left:8241.72px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3333.79px;left:8460.63px;white-space:nowrap">U.S.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3333.79px;left:8752.27px;white-space:nowrap">domestic
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3333.79px;left:9313.83px;white-space:nowrap">market.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3513.79px;left:0px;white-space:nowrap">Qualifying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3513.79px;left:620px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3513.79px;left:1210.7px;white-space:nowrap">must
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3513.79px;left:1531.56px;white-space:nowrap">have
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3513.79px;left:1852.58px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3513.79px;left:1962.03px;white-space:nowrap">remaining
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3513.79px;left:2574.61px;white-space:nowrap">term
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3513.79px;left:2873.52px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3513.79px;left:3019.45px;white-space:nowrap">at
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3513.79px;left:3165.39px;white-space:nowrap">least
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3513.79px;left:3479.06px;white-space:nowrap">one
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3513.79px;left:3734.45px;white-space:nowrap">month
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3513.79px;left:4135.63px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3513.79px;left:4281.56px;text-rendering:optimizeLegibility;white-space:nowrap">final
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3513.79px;left:4558.75px;white-space:nowrap">maturity
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3513.79px;left:5061.88px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3513.79px;left:5317.27px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3513.79px;left:5426.72px;white-space:nowrap">minimum
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3513.79px;left:5995.31px;white-space:nowrap">amount
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3513.79px;left:6469.45px;white-space:nowrap">outstanding
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3513.79px;left:7184.45px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3513.79px;left:7330.39px;white-space:nowrap">$1
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3513.79px;left:7512.81px;white-space:nowrap">billion.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3722.59px;left:0px;white-space:nowrap">Important
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3722.59px;left:590.78px;white-space:nowrap">data
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3722.59px;left:1845.39px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3722.59px;left:2100.78px;white-space:nowrap">terms
</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3722.59px;left:3019.69px;white-space:nowrap">at
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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,1px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:160px;position:absolute;top:313.5px;left:0px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:53.02px;left:6195.12px;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:6577.7px;white-space:nowrap">Ended
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:53.02px;left:7111.05px;white-space:nowrap">September
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:53.02px;left:7982.46px;white-space:nowrap">30,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:313.5px;left:4718.03px;white-space:nowrap">2025</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:313.5px;left:5870.03px;white-space:nowrap">2024</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:313.5px;left:7022.03px;white-space:nowrap">2023</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:313.5px;left:8174.03px;white-space:nowrap">2022</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:313.5px;left:9326.03px;white-space:nowrap">2021</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:626.44px;left:0px;white-space:nowrap">Per
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:626.44px;left:302.42px;white-space:nowrap">share
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:626.44px;left:773.83px;white-space:nowrap">operating
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:626.44px;left:1547.19px;white-space:nowrap">performance</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:828.92px;left:0px;white-space:nowrap">(for </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:828.92px;left:284.45px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:828.92px;left:417.89px;white-space:nowrap">share </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:828.92px;left:862.58px;white-space:nowrap">outstanding
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:828.92px;left:1734.38px;white-space:nowrap">throughout
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:828.92px;left:2543.91px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:828.92px;left:2810.78px;white-space:nowrap">year)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1031.41px;left:0px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1031.41px;left:293.44px;white-space:nowrap">asset </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1031.41px;left:720.31px;white-space:nowrap">value, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1031.41px;left:1191.72px;white-space:nowrap">beginning
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1031.41px;left:1930.16px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1031.41px;left:2108.05px;white-space:nowrap">year</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1031.41px;left:2428.74px;letter-spacing:52.51px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1031.41px;left:5071.61px;white-space:nowrap">$3.51</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1031.41px;left:6223.61px;white-space:nowrap">$3.32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1031.41px;left:7375.61px;white-space:nowrap">$3.52</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1031.41px;left:8527.61px;white-space:nowrap">$4.08</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1031.41px;left:9679.61px;white-space:nowrap">$4.30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1233.89px;left:0px;white-space:nowrap">Income </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1233.89px;left:569.14px;white-space:nowrap">from </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1233.89px;left:933.59px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1233.89px;left:1751.72px;white-space:nowrap">operations:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1436.38px;left:144px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1436.38px;left:437.44px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1436.38px;left:1255.56px;white-space:nowrap">income</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1439.59px;left:1771.34px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1436.38px;left:1868.26px;letter-spacing:51.66px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1436.38px;left:5160.59px;white-space:nowrap">0.18</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1436.38px;left:6312.59px;white-space:nowrap">0.20</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1436.38px;left:7464.59px;white-space:nowrap">0.16</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1436.38px;left:8616.59px;white-space:nowrap">0.18</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1436.38px;left:9768.59px;white-space:nowrap">0.19</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1638.86px;left:144px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1638.86px;left:437.44px;white-space:nowrap">realized </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1638.86px;left:1042.2px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1638.86px;left:1353.61px;white-space:nowrap">unrealized
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1638.86px;left:2136.34px;white-space:nowrap">gains </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1638.86px;left:2563.3px;white-space:nowrap">(losses)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1638.86px;left:3176.05px;letter-spacing:55.09px;white-space:nowrap">...........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1638.86px;left:5160.59px;white-space:nowrap">0.04</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1638.86px;left:6312.59px;white-space:nowrap">0.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1638.86px;left:7369.91px;letter-spacing:-1.98px;white-space:nowrap">(0.11)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1638.86px;left:8510.03px;white-space:nowrap">(0.49)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1638.86px;left:9662.03px;white-space:nowrap">(0.13)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1870.35px;left:0px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1870.35px;left:382.42px;white-space:nowrap">from </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1870.35px;left:746.88px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1870.35px;left:1565px;white-space:nowrap">operations</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1870.35px;left:2335.33px;letter-spacing:52.33px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1870.35px;left:5160.59px;white-space:nowrap">0.22</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1870.35px;left:6312.59px;white-space:nowrap">0.45</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1870.35px;left:7464.59px;white-space:nowrap">0.05</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1870.35px;left:8510.03px;white-space:nowrap">(0.31)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1870.35px;left:9768.59px;white-space:nowrap">0.06</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2101.83px;left:0px;white-space:nowrap">Less </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2101.83px;left:382.42px;white-space:nowrap">distributions
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2101.83px;left:1280.63px;white-space:nowrap">from:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2304.32px;left:144px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2304.32px;left:437.44px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2304.32px;left:1255.56px;white-space:nowrap">income</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2304.32px;left:1774.85px;letter-spacing:51.55px;white-space:nowrap">..........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2304.32px;left:5054.03px;white-space:nowrap">(0.17)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2304.32px;left:6206.03px;white-space:nowrap">(0.17)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2304.32px;left:7358.03px;white-space:nowrap">(0.20)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2304.32px;left:8510.03px;white-space:nowrap">(0.26)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2304.32px;left:9662.03px;white-space:nowrap">(0.03)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2506.8px;left:144px;letter-spacing:-4.43px;white-space:nowrap">Tax
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2506.8px;left:437.44px;white-space:nowrap">return </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2506.8px;left:899.86px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2506.8px;left:1077.75px;white-space:nowrap">capital</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2506.8px;left:1588.02px;letter-spacing:51.37px;white-space:nowrap">............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2506.8px;left:5054.03px;white-space:nowrap">(0.09)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2506.8px;left:6206.03px;white-space:nowrap">(0.09)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2506.8px;left:7358.03px;white-space:nowrap">(0.06)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2506.8px;left:8768px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2506.8px;left:9662.03px;white-space:nowrap">(0.25)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2738.28px;left:0px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2738.28px;left:382.42px;white-space:nowrap">distributions</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2738.28px;left:1307.78px;letter-spacing:51.14px;white-space:nowrap">...............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2738.28px;left:5054.03px;white-space:nowrap">(0.26)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2738.28px;left:6206.03px;white-space:nowrap">(0.26)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2738.28px;left:7358.03px;white-space:nowrap">(0.26)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2738.28px;left:8510.03px;white-space:nowrap">(0.26)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2738.28px;left:9662.03px;white-space:nowrap">(0.28)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2969.77px;left:0px;white-space:nowrap">Repurchase </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2969.77px;left:907.19px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2969.77px;left:1085.08px;white-space:nowrap">shares </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2969.77px;left:1609.77px;white-space:nowrap">(Note </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2969.77px;left:2045.47px;white-space:nowrap">2)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2969.77px;left:2241.91px;letter-spacing:52.17px;white-space:nowrap">.....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2969.77px;left:5312px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2969.77px;left:6412.12px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2972.98px;left:6572.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2969.77px;left:7464.59px;white-space:nowrap">0.01</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2969.77px;left:8616.59px;white-space:nowrap">0.01</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2969.77px;left:9868.12px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2972.98px;left:10028.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3201.25px;left:0px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3201.25px;left:293.44px;white-space:nowrap">asset </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3201.25px;left:720.31px;white-space:nowrap">value, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3201.25px;left:1191.72px;white-space:nowrap">end </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3201.25px;left:1503.13px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3201.25px;left:1681.02px;white-space:nowrap">year</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3201.25px;left:2055.09px;letter-spacing:51.89px;white-space:nowrap">.......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3201.25px;left:5071.61px;white-space:nowrap">$3.47</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3201.25px;left:6223.61px;white-space:nowrap">$3.51</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3201.25px;left:7375.61px;white-space:nowrap">$3.32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3201.25px;left:8527.61px;white-space:nowrap">$3.52</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3201.25px;left:9679.61px;white-space:nowrap">$4.08</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3461.74px;left:0px;white-space:nowrap">Market </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3461.74px;left:533.44px;white-space:nowrap">value, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3461.74px;left:1004.84px;white-space:nowrap">end </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3461.74px;left:1316.25px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3461.74px;left:1494.14px;white-space:nowrap">year</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3464.95px;left:1805.39px;white-space:nowrap">c</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3461.74px;left:1868.26px;letter-spacing:51.66px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3461.74px;left:5071.61px;white-space:nowrap">$3.44</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3461.74px;left:6223.61px;white-space:nowrap">$3.39</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3461.74px;left:7375.61px;white-space:nowrap">$3.02</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3461.74px;left:8527.61px;white-space:nowrap">$3.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3461.74px;left:9679.61px;white-space:nowrap">$4.07</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3780.68px;left:0px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3780.68px;left:382.42px;white-space:nowrap">return </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3780.68px;left:844.84px;white-space:nowrap">(based </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3780.68px;left:1378.52px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3780.68px;left:1600.94px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3780.68px;left:1867.81px;white-space:nowrap">asset </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3780.68px;left:2294.69px;white-space:nowrap">value </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3780.68px;left:2721.64px;white-space:nowrap">per </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3780.68px;left:2997.34px;white-space:nowrap">share)</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3783.89px;left:3450.86px;white-space:nowrap">d</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3780.68px;left:3549.7px;letter-spacing:58.6px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3780.68px;left:5018.33px;white-space:nowrap">6.75%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3780.68px;left:6081.34px;white-space:nowrap">14.20%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3780.68px;left:7322.33px;white-space:nowrap">1.75%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3780.68px;left:8367.77px;white-space:nowrap">(7.53)%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3780.68px;left:9626.33px;white-space:nowrap">1.18%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3983.16px;left:0px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3983.16px;left:382.42px;white-space:nowrap">return </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3983.16px;left:844.84px;white-space:nowrap">(based </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3983.16px;left:1378.52px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3983.16px;left:1600.94px;white-space:nowrap">market </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3983.16px;left:2134.38px;white-space:nowrap">value </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3983.16px;left:2561.33px;white-space:nowrap">per </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3983.16px;left:2837.03px;white-space:nowrap">share)</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3986.37px;left:3290.55px;white-space:nowrap">d</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3983.16px;left:3362.87px;letter-spacing:56.45px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3983.16px;left:5018.33px;white-space:nowrap">9.75%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3983.16px;left:6081.34px;white-space:nowrap">21.73%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3983.16px;left:7322.33px;white-space:nowrap">0.77%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3983.16px;left:8278.78px;white-space:nowrap">(14.14)%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3983.16px;left:9626.33px;white-space:nowrap">5.82%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4273.1px;left:0px;white-space:nowrap">Ratios
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4273.1px;left:533.44px;white-space:nowrap">to
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4273.1px;left:728.91px;white-space:nowrap">average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4273.1px;left:1378.28px;white-space:nowrap">net
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4273.1px;left:1662.73px;white-space:nowrap">assets</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4475.59px;left:0px;white-space:nowrap">Expenses </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4475.59px;left:747.11px;white-space:nowrap">before </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4475.59px;left:1245.23px;white-space:nowrap">waiver </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4475.59px;left:1752.03px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4475.59px;left:2063.44px;white-space:nowrap">payments
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4475.59px;left:2801.56px;white-space:nowrap">by </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4475.59px;left:3015px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4475.59px;left:3643.11px;letter-spacing:60.2px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4475.59px;left:5018.33px;white-space:nowrap">1.02%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4475.59px;left:6170.33px;white-space:nowrap">1.05%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4475.59px;left:7322.33px;white-space:nowrap">1.09%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4475.59px;left:8474.33px;white-space:nowrap">1.04%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4475.59px;left:9626.33px;white-space:nowrap">1.01%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4678.07px;left:0px;white-space:nowrap">Expenses </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4678.07px;left:747.11px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4678.07px;left:1013.98px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4678.07px;left:1191.88px;white-space:nowrap">waiver </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4678.07px;left:1698.67px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4678.07px;left:2010.08px;white-space:nowrap">payments
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4678.07px;left:2748.2px;white-space:nowrap">by </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4678.07px;left:2961.64px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4678.07px;left:3549.7px;letter-spacing:58.6px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4678.07px;left:4914.62px;white-space:nowrap">1.02%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4681.28px;left:5368.29px;white-space:nowrap">e,f</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4678.07px;left:6170.33px;white-space:nowrap">1.02%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4678.07px;left:7322.33px;white-space:nowrap">1.09%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4678.07px;left:8474.33px;white-space:nowrap">1.04%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4678.07px;left:9626.33px;white-space:nowrap">1.01%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4880.56px;left:0px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4880.56px;left:293.44px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4880.56px;left:1111.56px;white-space:nowrap">income</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4880.56px;left:1681.44px;letter-spacing:51.46px;white-space:nowrap">...........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4880.56px;left:5018.33px;white-space:nowrap">5.36%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4880.56px;left:6170.33px;white-space:nowrap">5.85%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4880.56px;left:7322.33px;white-space:nowrap">4.45%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4880.56px;left:8474.33px;white-space:nowrap">4.83%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4880.56px;left:9626.33px;white-space:nowrap">4.35%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5170.5px;left:0px;white-space:nowrap">Supplemental
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5170.5px;left:1093.52px;white-space:nowrap">data</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5372.98px;left:0px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5372.98px;left:293.44px;white-space:nowrap">assets, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5372.98px;left:844.77px;white-space:nowrap">end </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5372.98px;left:1156.17px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5372.98px;left:1334.06px;white-space:nowrap">year </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5372.98px;left:1689.77px;letter-spacing:-0.41px;white-space:nowrap">(000&#8217;s)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5372.98px;left:2241.91px;letter-spacing:52.17px;white-space:nowrap">.....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5372.98px;left:4804.66px;white-space:nowrap">$167,036</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5372.98px;left:5956.66px;white-space:nowrap">$168,928</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5372.98px;left:7108.66px;white-space:nowrap">$161,142</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5372.98px;left:8260.66px;white-space:nowrap">$176,942</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5372.98px;left:9412.66px;white-space:nowrap">$208,743</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5575.46px;left:0px;white-space:nowrap">Portfolio </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5575.46px;left:631.41px;white-space:nowrap">turnover </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5575.46px;left:1262.81px;white-space:nowrap">rate</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:5577.26px;left:1538.52px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5575.46px;left:1588.02px;letter-spacing:51.37px;white-space:nowrap">............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5575.46px;left:5062.78px;white-space:nowrap">454%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5575.46px;left:6214.78px;white-space:nowrap">971%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5575.46px;left:7277.8px;white-space:nowrap">1295%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5575.46px;left:8518.78px;white-space:nowrap">949%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5575.46px;left:9581.8px;white-space:nowrap">1073%</div></div>
</div>

<div style="height:103.13px;left:0px;position:absolute;top:0px;transform:translate(36.000px,622.591px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:1946.91px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:22.81px;left:0px;white-space:nowrap">a</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:42.54px;white-space:nowrap">Based</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:451.06px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:633.48px;white-space:nowrap">average
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:1144.1px;white-space:nowrap">daily
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:1450.43px;white-space:nowrap">shares
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:1880.74px;white-space:nowrap">outstanding.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:219.3px;left:0px;white-space:nowrap">b</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:215.08px;left:42.54px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:215.08px;left:531.21px;white-space:nowrap">rounds
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:215.08px;left:968.87px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:215.08px;left:1114.81px;white-space:nowrap">less
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:215.08px;left:1384.65px;white-space:nowrap">than
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:215.08px;left:1676.52px;white-space:nowrap">$0.01
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:215.08px;left:2041.37px;white-space:nowrap">per
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:215.08px;left:2267.46px;white-space:nowrap">share.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:415.78px;left:0px;white-space:nowrap">c</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:38.26px;white-space:nowrap">Based</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:446.77px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:629.2px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:848.1px;white-space:nowrap">last
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:1088.81px;white-space:nowrap">sale
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:1365.99px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:1548.42px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:1767.32px;white-space:nowrap">New
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:2063.88px;letter-spacing:-2.41px;white-space:nowrap">York
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:2358.1px;white-space:nowrap">Stock
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:411.56px;left:2722.79px;white-space:nowrap">Exchange.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:612.27px;left:0px;white-space:nowrap">d</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:42.54px;white-space:nowrap">The</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:305.12px;white-space:nowrap">Market
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:742.62px;letter-spacing:-1.6px;white-space:nowrap">Value
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:1102.77px;letter-spacing:-2.42px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:1416.45px;white-space:nowrap">Return
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:1846.68px;white-space:nowrap">is
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:1977.93px;white-space:nowrap">calculated
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:2605.27px;white-space:nowrap">assuming
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:3203.32px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:3312.77px;white-space:nowrap">purchase
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:3889.02px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:4034.96px;white-space:nowrap">common
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:4574.57px;white-space:nowrap">shares
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:5004.88px;letter-spacing:0px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:5187.31px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:5406.21px;white-space:nowrap">opening
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:5909.65px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:6055.59px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:6274.49px;text-rendering:optimizeLegibility;white-space:nowrap">first
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:6522.38px;white-space:nowrap">business
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:7076.76px;white-space:nowrap">day
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:7324.81px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:7580.2px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:7689.65px;white-space:nowrap">sale
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:7966.84px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:8149.26px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:8368.17px;white-space:nowrap">closing
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:8813.09px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:8959.02px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:9177.93px;white-space:nowrap">last
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:608.05px;left:9418.63px;white-space:nowrap">business</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:0px;white-space:nowrap">day </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:248.05px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:393.98px;white-space:nowrap">each
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:715px;white-space:nowrap">period.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:1152.66px;white-space:nowrap">Dividends
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:1765.23px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:2020.63px;white-space:nowrap">distributions
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:2757.27px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:2983.36px;white-space:nowrap">assumed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:3552.27px;white-space:nowrap">for
</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:4923.67px;white-space:nowrap">calculation
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:5908.52px;white-space:nowrap">reinvested
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:6696.33px;white-space:nowrap">prices
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:7082.81px;white-space:nowrap">obtained
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:8640px;white-space:nowrap">Dividend
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:800.05px;left:9186.95px;white-space:nowrap">Reinvestment</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:992.05px;left:0px;white-space:nowrap">and </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:992.05px;left:255.39px;white-space:nowrap">Cash
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:992.05px;left:598.13px;white-space:nowrap">Purchase
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:992.05px;left:1188.91px;white-space:nowrap">Plan.
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:992.05px;left:1524.45px;white-space:nowrap">Net
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:992.05px;left:2482.73px;letter-spacing:-2.42px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:992.05px;left:2796.41px;white-space:nowrap">Return
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:992.05px;left:4743.91px;white-space:nowrap">basis,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:992.05px;left:9365.08px;white-space:nowrap">dividend</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1184.05px;left:2572.58px;letter-spacing:-2.42px;white-space:nowrap">Total
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1184.05px;left:2886.25px;white-space:nowrap">return
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1184.05px;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:1184.05px;left:9071.41px;white-space:nowrap">Fund
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1184.05px;left:9406.95px;white-space:nowrap">shares.</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1380.53px;left:633.48px;white-space:nowrap">expense
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1380.53px;left:1166.06px;white-space:nowrap">reduction
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1380.53px;left:1742.31px;white-space:nowrap">rounds
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1380.53px;left:2595.74px;white-space:nowrap">than
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1380.53px;left:2887.62px;white-space:nowrap">0.01%.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:1581.24px;left:0px;white-space:nowrap">f</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1577.02px;left:466.27px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1577.02px;left:612.21px;white-space:nowrap">waiver
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1577.02px;left:1027.75px;white-space:nowrap">and
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1577.02px;left:1283.15px;white-space:nowrap">payments
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1577.02px;left:1888.54px;white-space:nowrap">by
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1577.02px;left:2063.61px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1577.02px;left:2581.5px;white-space:nowrap">rounds
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1577.02px;left:3019.16px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1577.02px;left:3165.1px;white-space:nowrap">less
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1577.02px;left:3434.94px;white-space:nowrap">than
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1577.02px;left:3726.82px;white-space:nowrap">0.01%.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:1773.24px;left:0px;white-space:nowrap">g</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1769.02px;left:42.54px;white-space:nowrap">Portfolio</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1769.02px;left:560.35px;white-space:nowrap">turnover
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1769.02px;left:1078.17px;white-space:nowrap">includes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1769.02px;left:1593.79px;letter-spacing:-1.8px;white-space:nowrap">TBA
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1769.02px;left:1878.24px;white-space:nowrap">purchase
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1769.02px;left:2454.49px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1769.02px;left:2709.88px;white-space:nowrap">sales
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:1769.02px;left:3052.7px;white-space:nowrap">commitments.
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<div style="height:30.71px;left:0px;position:absolute;top:0px;transform:translate(54.000px,738.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:459.61px">

<div style="width:9192.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(8270.481px,65.000px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3857.28px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4119.86px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5002.43px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5359.93px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5586.03px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5768.45px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6235.25px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6497.83px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6643.76px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7001.26px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7519.15px;white-space:nowrap">statements.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8353.45px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8798.45px;white-space:nowrap">Report</div></div>
</div>

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left: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:88.75px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:88.75px;left:648px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:21.02px;left:6010.72px;white-space:nowrap">Country</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:21.02px;left:7530.33px;white-space:nowrap">Shares</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:88.75px;left:8451.51px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:21.02px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:234.11px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:234.11px;left:648px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:234.11px;left:6612.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:234.11px;left:8052.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:234.11px;left:8484.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:234.11px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:321.88px;left:648px;white-space:nowrap">Management
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:321.88px;left:1926.03px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:321.88px;left:3037.45px;white-space:nowrap">Companies
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:321.88px;left:4171.05px;white-space:nowrap">2.5%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:595.91px;left:648px;white-space:nowrap">Capital
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:595.91px;left:1225.89px;white-space:nowrap">Markets
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:595.91px;left:1875.11px;white-space:nowrap">2.5%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:795.6px;left:596.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:792.39px;left:648px;white-space:nowrap">Franklin </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:792.39px;left:1261.52px;white-space:nowrap">Ultra </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:792.39px;left:1643.78px;white-space:nowrap">Short </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:792.39px;left:2070.66px;white-space:nowrap">Bond </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:792.39px;left:2488.78px;white-space:nowrap">ETF</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:792.39px;left:2796.5px;letter-spacing:51.03px;white-space:nowrap">..........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:792.39px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:792.39px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:792.39px;left:7485.64px;white-space:nowrap">166,982</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:792.39px;left:9279.22px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:792.39px;left:9368.2px;white-space:nowrap">4,191,248</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1071.41px;left:648px;letter-spacing:-2.47px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1071.41px;left:1166.46px;white-space:nowrap">Management
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1071.41px;left:2444.48px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1071.41px;left:3555.91px;white-space:nowrap">Companies
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1071.41px;left:4689.5px;white-space:nowrap">(Cost
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1071.41px;left:5256.11px;white-space:nowrap">$4,152,125)</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1071.41px;left:6399.15px;letter-spacing:52.22px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1105.28px;left:9368.2px;white-space:nowrap">4,191,248</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1470.5px;left:7388.22px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1662.5px;left:7423.4px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:1665.71px;left:8027.7px;white-space:nowrap">*</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1928.85px;left:648px;white-space:nowrap">Convertible
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1928.85px;left:1803.76px;white-space:nowrap">Bonds
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1928.85px;left:2481.5px;white-space:nowrap">3.0%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2202.88px;left:648px;white-space:nowrap">Aerospace
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2202.88px;left:1510.66px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2202.88px;left:1670.66px;white-space:nowrap">Defense
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2202.88px;left:2337.61px;white-space:nowrap">0.0%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:2206.09px;left:2702.3px;white-space:nowrap">&#8224;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2399.36px;left:648px;letter-spacing:-0.19px;white-space:nowrap">AeroVironment,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2399.36px;left:1801.2px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2399.36px;left:2059.09px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2399.36px;left:2148px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2399.36px;left:2654.95px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2399.36px;left:2992.92px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2399.36px;left:3081.83px;white-space:nowrap">Zero </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2399.36px;left:3455.27px;white-space:nowrap">Cpn., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2399.36px;left:3882.14px;white-space:nowrap">7/15/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2399.36px;left:4477.94px;letter-spacing:55.68px;white-space:nowrap">........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2443.05px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2443.05px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2443.05px;left:7574.63px;white-space:nowrap">33,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2443.05px;left:9590.63px;white-space:nowrap">40,970</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2639.53px;left:648px;white-space:nowrap">Axon </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2639.53px;left:1057.14px;white-space:nowrap">Enterprise,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2639.53px;left:1875.27px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2639.53px;left:2133.16px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2639.53px;left:2222.06px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2639.53px;left:2729.02px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2639.53px;left:3066.98px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2639.53px;left:3155.89px;white-space:nowrap">0.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2639.53px;left:3378.31px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2639.53px;left:3520.58px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2639.53px;left:3609.48px;white-space:nowrap">12/15/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2639.53px;left:4291.11px;letter-spacing:54.34px;white-space:nowrap">..........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2683.21px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2683.21px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2683.21px;left:7574.63px;white-space:nowrap">15,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2683.21px;left:9590.63px;white-space:nowrap">47,081</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2966.98px;left:9590.63px;white-space:nowrap">88,051</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3294.42px;left:648px;white-space:nowrap">Automobile
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3294.42px;left:1572.38px;white-space:nowrap">Components
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3294.42px;left:2594.56px;white-space:nowrap">0.0%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:3297.63px;left:2959.25px;white-space:nowrap">&#8224;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3490.91px;left:648px;white-space:nowrap">Patrick </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3490.91px;left:1181.44px;white-space:nowrap">Industries,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3490.91px;left:1964.02px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3490.91px;left:2221.91px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3490.91px;left:2310.81px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3490.91px;left:2817.77px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3490.91px;left:3155.73px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3490.91px;left:3244.64px;white-space:nowrap">1.75</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3490.91px;left:3556.05px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3490.91px;left:3698.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3490.91px;left:3787.22px;white-space:nowrap">12/01/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3490.91px;left:4477.94px;letter-spacing:55.68px;white-space:nowrap">........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3534.59px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3534.59px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3534.59px;left:7574.63px;white-space:nowrap">38,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3534.59px;left:9590.63px;white-space:nowrap">61,788</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3862.03px;left:648px;white-space:nowrap">Automobiles
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3862.03px;left:1661.36px;white-space:nowrap">0.0%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:3865.24px;left:2026.05px;white-space:nowrap">&#8224;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4058.52px;left:648px;white-space:nowrap">Rivian </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4058.52px;left:1128.23px;white-space:nowrap">Automotive,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4058.52px;left:2017.53px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4058.52px;left:2275.42px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4058.52px;left:2364.33px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4058.52px;left:2871.28px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4058.52px;left:3209.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4058.52px;left:3298.16px;white-space:nowrap">4.625</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4058.52px;left:3698.55px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4058.52px;left:3840.81px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4058.52px;left:3929.72px;white-space:nowrap">3/15/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4058.52px;left:4477.94px;letter-spacing:55.68px;white-space:nowrap">........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4102.2px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4102.2px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4102.2px;left:7574.63px;white-space:nowrap">55,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4102.2px;left:9590.63px;white-space:nowrap">57,124</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4429.65px;left:648px;white-space:nowrap">Biotechnology
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4429.65px;left:1803.55px;white-space:nowrap">0.3%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4669.81px;left:648px;white-space:nowrap">Alnylam </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4669.81px;left:1261.52px;white-space:nowrap">Pharmaceuticals,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4669.81px;left:2533.16px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4669.81px;left:2791.05px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4866.3px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4866.3px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4866.3px;left:1725.83px;white-space:nowrap">1%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4866.3px;left:2045.98px;white-space:nowrap">9/15/27 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4866.3px;left:2703.09px;letter-spacing:50.95px;white-space:nowrap">...........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4866.3px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4866.3px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4866.3px;left:7574.63px;white-space:nowrap">19,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4866.3px;left:9590.63px;white-space:nowrap">31,274</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5065.99px;left:523.57px;white-space:nowrap">b,c</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5062.78px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5062.78px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5062.78px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5062.78px;left:2188.41px;white-space:nowrap">0.19%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5062.78px;left:2730.98px;white-space:nowrap">9/15/28 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5062.78px;left:3356.98px;letter-spacing:51.65px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5062.78px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5062.78px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5062.78px;left:7574.63px;white-space:nowrap">50,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5062.78px;left:9590.63px;white-space:nowrap">49,719</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5259.27px;left:648px;white-space:nowrap">BioMarin </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5259.27px;left:1323.78px;white-space:nowrap">Pharmaceutical,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5259.27px;left:2515.42px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5259.27px;left:2773.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5259.27px;left:2862.22px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5259.27px;left:3369.17px;white-space:nowrap">Sub. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5259.27px;left:3742.77px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5259.27px;left:4080.73px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5259.27px;left:4169.64px;white-space:nowrap">1.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5259.27px;left:4481.05px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5259.27px;left:4623.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5259.27px;left:4712.22px;white-space:nowrap">5/15/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5302.95px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5302.95px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5302.95px;left:7574.63px;white-space:nowrap">49,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5302.95px;left:9590.63px;white-space:nowrap">46,575</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5502.64px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5499.43px;left:648px;white-space:nowrap">Exact </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5499.43px;left:1092.61px;white-space:nowrap">Sciences
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5499.43px;left:1786.28px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5499.43px;left:2177.53px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5499.43px;left:2266.44px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5499.43px;left:2773.39px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5499.43px;left:3111.36px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5499.43px;left:3200.27px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5499.43px;left:3662.84px;white-space:nowrap">1.75</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5499.43px;left:3974.25px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5499.43px;left:4116.52px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5499.43px;left:4205.42px;white-space:nowrap">4/15/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5499.43px;left:4758.18px;letter-spacing:59.72px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5499.43px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5499.43px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5499.43px;left:7485.64px;white-space:nowrap">103,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5499.43px;left:9590.63px;white-space:nowrap">96,353</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5695.92px;left:648px;white-space:nowrap">Halozyme </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5695.92px;left:1400.89px;white-space:nowrap">Therapeutics,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5695.92px;left:2414.72px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5695.92px;left:2672.61px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5695.92px;left:2761.52px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5695.92px;left:3268.47px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5695.92px;left:3606.44px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5695.92px;left:3695.34px;white-space:nowrap">1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5695.92px;left:3784.33px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5695.92px;left:3926.59px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5695.92px;left:4015.5px;white-space:nowrap">8/15/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5695.92px;left:4571.35px;letter-spacing:56.65px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5739.6px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5739.6px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5739.6px;left:7574.63px;white-space:nowrap">65,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5739.6px;left:9590.63px;white-space:nowrap">91,487</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6023.36px;left:9501.64px;white-space:nowrap">315,408</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6350.81px;left:648px;white-space:nowrap">Broadline
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6350.81px;left:1430.34px;white-space:nowrap">Retail
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6350.81px;left:1910.5px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6547.29px;left:648px;letter-spacing:-1.98px;white-space:nowrap">Etsy,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6547.29px;left:1036.2px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6547.29px;left:1294.09px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6547.29px;left:1383px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6547.29px;left:1889.95px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6547.29px;left:2227.92px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6547.29px;left:2316.83px;white-space:nowrap">0.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6547.29px;left:2628.23px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6547.29px;left:2770.5px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6547.29px;left:2859.41px;white-space:nowrap">6/15/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6547.29px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6590.97px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6590.97px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6590.97px;left:7509.39px;letter-spacing:-3.39px;white-space:nowrap">111,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6590.97px;left:9590.63px;white-space:nowrap">98,318</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6918.42px;left:648px;white-space:nowrap">Capital
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6918.42px;left:1225.89px;white-space:nowrap">Markets
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6918.42px;left:1875.11px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7158.59px;left:648px;white-space:nowrap">Coinbase </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7158.59px;left:1368.47px;white-space:nowrap">Global, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7158.59px;left:1919.88px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7158.59px;left:2177.77px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7355.07px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7355.07px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7355.07px;left:1725.83px;white-space:nowrap">0.25%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7355.07px;left:2268.41px;white-space:nowrap">4/01/30 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7355.07px;left:2889.91px;letter-spacing:51.11px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7355.07px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7355.07px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7355.07px;left:7574.63px;white-space:nowrap">40,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7355.07px;left:9590.63px;white-space:nowrap">50,370</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7554.77px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7551.56px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7551.56px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7551.56px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7551.56px;left:2188.41px;white-space:nowrap">Zero </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7551.56px;left:2561.84px;white-space:nowrap">Cpn., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7551.56px;left:2988.72px;white-space:nowrap">10/01/32
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7551.56px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7551.56px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7551.56px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7551.56px;left:7574.63px;white-space:nowrap">50,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7551.56px;left:9590.63px;white-space:nowrap">55,350</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7751.25px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7748.04px;left:648px;white-space:nowrap">Hercules </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7748.04px;left:1323.78px;white-space:nowrap">Capital,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7748.04px;left:1910.73px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7748.04px;left:2168.63px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7748.04px;left:2257.53px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7748.04px;left:2764.48px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7748.04px;left:3102.45px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7748.04px;left:3191.36px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7748.04px;left:3653.94px;white-space:nowrap">4.75</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7748.04px;left:3965.34px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7748.04px;left:4107.61px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7748.04px;left:4196.52px;white-space:nowrap">9/01/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7748.04px;left:4758.18px;letter-spacing:59.72px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7748.04px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7748.04px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7748.04px;left:7574.63px;white-space:nowrap">33,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7748.04px;left:9590.63px;white-space:nowrap">32,866</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7947.74px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7944.52px;left:648px;letter-spacing:-0.49px;white-space:nowrap">WisdomTree,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7944.52px;left:1637.77px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7944.52px;left:1895.66px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7944.52px;left:1984.56px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7944.52px;left:2491.52px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7944.52px;left:2829.48px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7944.52px;left:2918.39px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7944.52px;left:3380.97px;white-space:nowrap">4.625</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7944.52px;left:3781.36px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7944.52px;left:3923.63px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7944.52px;left:4012.53px;white-space:nowrap">8/15/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7944.52px;left:4571.35px;letter-spacing:56.65px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7944.52px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7944.52px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7944.52px;left:7574.63px;white-space:nowrap">33,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7944.52px;left:9602.5px;letter-spacing:-1.98px;white-space:nowrap">35,117</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8228.29px;left:9501.64px;white-space:nowrap">173,703</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8555.74px;left:648px;white-space:nowrap">Communications
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8555.74px;left:1990.34px;white-space:nowrap">Equipment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8555.74px;left:2861.44px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8755.43px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8752.22px;left:648px;white-space:nowrap">Lumentum </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8752.22px;left:1448.39px;white-space:nowrap">Holdings,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8752.22px;left:2159.88px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8752.22px;left:2417.77px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8752.22px;left:2506.67px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8752.22px;left:3013.63px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8752.22px;left:3351.59px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8752.22px;left:3440.5px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8752.22px;left:3903.08px;white-space:nowrap">0.375</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8752.22px;left:4303.47px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8752.22px;left:4445.73px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8752.22px;left:4534.64px;white-space:nowrap">3/15/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8752.22px;left:5131.83px;letter-spacing:102.76px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8752.22px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8752.22px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8752.22px;left:7485.64px;white-space:nowrap">100,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8752.22px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">115,050</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9079.67px;left:648px;white-space:nowrap">Construction
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9079.67px;left:1687.92px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9079.67px;left:1847.92px;white-space:nowrap">Engineering
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9079.67px;left:2816.91px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9276.15px;left:648px;white-space:nowrap">Fluor </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9276.15px;left:1056.98px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9276.15px;left:1448.23px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9276.15px;left:1537.14px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9276.15px;left:2044.09px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9276.15px;left:2382.06px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9276.15px;left:2470.97px;white-space:nowrap">1.125</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9276.15px;left:2871.36px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9276.15px;left:3013.63px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9276.15px;left:3102.53px;white-space:nowrap">8/15/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9276.15px;left:3637.22px;letter-spacing:52.12px;white-space:nowrap">.................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9319.83px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9319.83px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9319.83px;left:7574.63px;white-space:nowrap">64,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9319.83px;left:9590.63px;white-space:nowrap">76,096</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9647.28px;left:648px;white-space:nowrap">Consumer
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9647.28px;left:1483.7px;white-space:nowrap">Staples
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9647.28px;left:2097.3px;white-space:nowrap">Distribution
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9647.28px;left:3039.41px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9647.28px;left:3199.41px;white-space:nowrap">Retail
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9647.28px;left:3679.56px;white-space:nowrap">0.0%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:9650.49px;left:4044.25px;white-space:nowrap">&#8224;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9843.76px;left:648px;white-space:nowrap">Chefs&#39; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9843.76px;left:1140.97px;letter-spacing:-0.54px;white-space:nowrap">Warehouse,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9843.76px;left:2042.14px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9843.76px;left:2344.48px;white-space:nowrap">(The)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9843.76px;left:2726.75px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9843.76px;left:2815.66px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9843.76px;left:3322.61px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9843.76px;left:3660.58px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9843.76px;left:3749.48px;white-space:nowrap">2.375</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9843.76px;left:4149.88px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9843.76px;left:4292.14px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9843.76px;left:4381.05px;white-space:nowrap">12/15/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9843.76px;left:5038.42px;letter-spacing:75.86px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9887.44px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9887.44px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9887.44px;left:7574.63px;white-space:nowrap">40,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9887.44px;left:9590.63px;white-space:nowrap">57,920</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10214.89px;left:648px;text-rendering:optimizeLegibility;white-space:nowrap">Diversified
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10214.89px;left:1510.58px;letter-spacing:-1.19px;white-space:nowrap">REITs
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10214.89px;left:1996.59px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10414.59px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10411.38px;left:648px;white-space:nowrap">Digital </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10411.38px;left:1137.06px;white-space:nowrap">Realty </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10411.38px;left:1632.14px;letter-spacing:-0.99px;white-space:nowrap">Trust
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10411.38px;left:2035.11px;letter-spacing:-10.31px;white-space:nowrap">LP</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10411.38px;left:2210.19px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10411.38px;left:2299.09px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10411.38px;left:2806.05px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10411.38px;left:3144.02px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10411.38px;left:3232.92px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10411.38px;left:3695.5px;white-space:nowrap">1.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10411.38px;left:4095.89px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10411.38px;left:4238.16px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10411.38px;left:4327.06px;letter-spacing:-1.48px;white-space:nowrap">11/15/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10411.38px;left:4945px;letter-spacing:66.89px;white-space:nowrap">...</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10411.38px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10411.38px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10411.38px;left:7497.52px;letter-spacing:-1.7px;white-space:nowrap">117,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10411.38px;left:9501.64px;white-space:nowrap">123,142</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10738.82px;left:648px;white-space:nowrap">Electric
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10738.82px;left:1270.58px;white-space:nowrap">Utilities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10738.82px;left:1892.92px;white-space:nowrap">0.4%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10935.31px;left:648px;white-space:nowrap">NextEra </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10935.31px;left:1270.42px;white-space:nowrap">Energy </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10935.31px;left:1821.83px;white-space:nowrap">Capital
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10935.31px;left:2364.33px;white-space:nowrap">Holdings,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10935.31px;left:3075.81px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10935.31px;left:3333.7px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10935.31px;left:3422.61px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10935.31px;left:3929.56px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10935.31px;left:4267.53px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10935.31px;left:4356.44px;white-space:nowrap">3</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10935.31px;left:4445.42px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10935.31px;left:4587.69px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10935.31px;left:4676.59px;white-space:nowrap">3/01/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10978.99px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10978.99px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10978.99px;left:7574.63px;white-space:nowrap">70,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10978.99px;left:9590.63px;white-space:nowrap">82,845</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11175.47px;left:648px;white-space:nowrap">PG&amp;E </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11175.47px;left:1137.06px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11175.47px;left:1528.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11175.47px;left:1617.22px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11175.47px;left:2124.17px;white-space:nowrap">Secured
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11175.47px;left:2764.56px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11175.47px;left:3102.53px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11175.47px;left:3191.44px;white-space:nowrap">4.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11175.47px;left:3502.84px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11175.47px;left:3645.11px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11175.47px;left:3734.02px;white-space:nowrap">12/01/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11175.47px;left:4384.52px;letter-spacing:54.94px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11219.15px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11219.15px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11219.15px;left:7574.63px;white-space:nowrap">76,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11219.15px;left:9590.63px;white-space:nowrap">77,049</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11415.64px;left:648px;letter-spacing:-1.48px;white-space:nowrap">PPL
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11415.64px;left:988.94px;white-space:nowrap">Capital </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11415.64px;left:1531.44px;white-space:nowrap">Funding,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11415.64px;left:2198.55px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11415.64px;left:2456.44px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11415.64px;left:2545.34px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11415.64px;left:3052.3px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11415.64px;left:3390.27px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11415.64px;left:3479.17px;white-space:nowrap">2.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11415.64px;left:3879.56px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11415.64px;left:4021.83px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11415.64px;left:4110.73px;white-space:nowrap">3/15/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11415.64px;left:4664.76px;letter-spacing:57.93px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11459.32px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11459.32px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11459.32px;left:7574.63px;white-space:nowrap">92,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11459.32px;left:9501.64px;white-space:nowrap">105,133</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11655.8px;left:648px;white-space:nowrap">Southern </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11655.8px;left:1341.83px;white-space:nowrap">Co. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11655.8px;left:1635.27px;white-space:nowrap">(The)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11655.8px;left:2017.53px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11655.8px;left:2106.44px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11655.8px;left:2613.39px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11655.8px;left:2951.36px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11655.8px;left:3040.27px;white-space:nowrap">3.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11655.8px;left:3440.66px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11655.8px;left:3582.92px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11655.8px;left:3671.83px;white-space:nowrap">12/15/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11655.8px;left:4384.52px;letter-spacing:54.94px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11699.49px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11699.49px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11699.49px;left:7574.63px;white-space:nowrap">94,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11699.49px;left:9501.64px;white-space:nowrap">105,915</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11983.25px;left:9501.64px;white-space:nowrap">370,942</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:1161.0px;width:891.0px;transform-origin:top left;transform:scale(1.5,1.5)">

<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:10.29px;white-space:nowrap">Master
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1341.44px;letter-spacing:10.34px;white-space:nowrap">Intermediate
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2500.95px;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:3143.94px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:0px;letter-spacing:10.67px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:858.7px;letter-spacing:8px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:1113.45px;letter-spacing:10.91px;white-space:nowrap">Investments</div></div>
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<div style="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)">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Annual
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:994.69px;white-space:nowrap">The
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:1257.27px;white-space:nowrap">accompanying
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2139.84px;white-space:nowrap">notes
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2497.34px;white-space:nowrap">are
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2723.44px;white-space:nowrap">an
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2905.86px;white-space:nowrap">integral
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3372.66px;white-space:nowrap">part
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3635.23px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3781.17px;white-space:nowrap">these
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4138.67px;text-rendering:optimizeLegibility;white-space:nowrap">financial
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4656.56px;white-space:nowrap">statements.</div></div>
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<div style="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>
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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12258px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.62px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:648px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:6010.72px;white-space:nowrap">Country</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:21.02px;left:7388.22px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:7423.4px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:216.23px;left:8027.7px;white-space:nowrap">*</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:8451.51px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:6612.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:8052.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:8484.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:648px;white-space:nowrap">Convertible
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:1803.76px;white-space:nowrap">Bonds
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:547.74px;left:2481.5px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:648px;white-space:nowrap">Electronic
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:1466.05px;white-space:nowrap">Equipment,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:2381.59px;white-space:nowrap">Instruments
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:3341.75px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:3501.75px;white-space:nowrap">Components
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:4523.94px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:987.6px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:648px;letter-spacing:-0.41px;white-space:nowrap">Avnet,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1143.16px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1401.05px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1489.95px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1996.91px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2334.87px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2423.78px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2886.36px;white-space:nowrap">1.75</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3197.77px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3340.03px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3428.94px;white-space:nowrap">9/01/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4010.87px;letter-spacing:53.1px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:7574.63px;white-space:nowrap">34,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:9501.64px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:9590.63px;white-space:nowrap">34,408</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:648px;white-space:nowrap">Itron, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:1057.06px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:1314.95px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:1403.86px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:1910.81px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:2248.78px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:2337.69px;white-space:nowrap">1.375</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:2738.08px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:2880.34px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:2969.25px;white-space:nowrap">7/15/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:3543.81px;letter-spacing:51.95px;white-space:nowrap">..................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:7574.63px;white-space:nowrap">92,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:9501.64px;white-space:nowrap">105,662</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:648px;white-space:nowrap">OSI </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:968.08px;white-space:nowrap">Systems, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:1670.42px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:1928.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:2017.22px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:2524.17px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:2862.14px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:2951.05px;white-space:nowrap">2.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:3262.45px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:3404.72px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:3493.62px;white-space:nowrap">8/01/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:4104.29px;letter-spacing:53.44px;white-space:nowrap">............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1464.72px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1464.72px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1464.72px;left:7574.63px;white-space:nowrap">49,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1464.72px;left:9590.63px;white-space:nowrap">71,209</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1748.49px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">211,279</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2075.94px;left:648px;white-space:nowrap">Entertainment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2075.94px;left:1768.16px;white-space:nowrap">0.2%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2272.42px;left:648px;white-space:nowrap">Liberty </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2272.42px;left:1172.69px;white-space:nowrap">Media </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2272.42px;left:1652.92px;white-space:nowrap">Corp.-Liberty
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2272.42px;left:2622.14px;white-space:nowrap">Formula </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2272.42px;left:3253.39px;white-space:nowrap">One </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2272.42px;left:3600.27px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2272.42px;left:3991.52px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2272.42px;left:4080.42px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2272.42px;left:4587.38px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2272.42px;left:4925.34px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2464.42px;left:792px;white-space:nowrap">2.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2464.42px;left:1103.41px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2464.42px;left:1245.67px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2464.42px;left:1334.58px;white-space:nowrap">8/15/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2464.42px;left:1955.78px;letter-spacing:50.5px;white-space:nowrap">...................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2464.42px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2464.42px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2464.42px;left:7574.63px;white-space:nowrap">91,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2464.42px;left:9501.64px;white-space:nowrap">120,894</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2704.59px;left:648px;white-space:nowrap">Live </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2704.59px;left:985.97px;white-space:nowrap">Nation </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2704.59px;left:1492.92px;white-space:nowrap">Entertainment,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2704.59px;left:2577.92px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2704.59px;left:2835.81px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2901.07px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2901.07px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2901.07px;left:1725.83px;white-space:nowrap">3.125%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2901.07px;left:2357.39px;white-space:nowrap">1/15/29 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2901.07px;left:2983.33px;letter-spacing:51.2px;white-space:nowrap">........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2901.07px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2901.07px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2901.07px;left:7574.63px;white-space:nowrap">33,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2901.07px;left:9590.63px;white-space:nowrap">53,315</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3100.77px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3097.55px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3097.55px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3097.55px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3097.55px;left:2188.41px;white-space:nowrap">2.875%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3097.55px;left:2819.97px;white-space:nowrap">1/15/30 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3097.55px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3097.55px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3097.55px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3097.55px;left:7574.63px;white-space:nowrap">74,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3097.55px;left:9590.63px;white-space:nowrap">82,214</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3381.32px;left:9501.64px;white-space:nowrap">256,423</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3708.77px;left:648px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3708.77px;left:1385.97px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3708.77px;left:2088.78px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3905.25px;left:648px;white-space:nowrap">Block, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3905.25px;left:1128.16px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3905.25px;left:1386.05px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3905.25px;left:1474.95px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3905.25px;left:1981.91px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3905.25px;left:2319.87px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3905.25px;left:2408.78px;white-space:nowrap">0.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3905.25px;left:2720.19px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3905.25px;left:2862.45px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3905.25px;left:2951.36px;letter-spacing:-1.48px;white-space:nowrap">11/01/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3905.25px;left:3637.22px;letter-spacing:52.12px;white-space:nowrap">.................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3948.93px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3948.93px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3948.93px;left:7574.63px;white-space:nowrap">46,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3948.93px;left:9590.63px;white-space:nowrap">42,010</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4145.42px;left:648px;white-space:nowrap">Global </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4145.42px;left:1154.95px;white-space:nowrap">Payments,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4145.42px;left:1955.27px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4145.42px;left:2213.16px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4145.42px;left:2302.06px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4145.42px;left:2809.02px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4145.42px;left:3146.98px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4145.42px;left:3235.89px;white-space:nowrap">1.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4145.42px;left:3458.31px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4145.42px;left:3600.58px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4145.42px;left:3689.48px;white-space:nowrap">3/01/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4145.42px;left:4291.11px;letter-spacing:54.34px;white-space:nowrap">..........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4189.1px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4189.1px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4189.1px;left:7574.63px;white-space:nowrap">81,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4189.1px;left:9590.63px;white-space:nowrap">74,338</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4385.58px;left:648px;white-space:nowrap">Shift4 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4385.58px;left:1101.59px;white-space:nowrap">Payments,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4385.58px;left:1901.91px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4385.58px;left:2159.8px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4385.58px;left:2248.7px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4385.58px;left:2755.66px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4385.58px;left:3093.62px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4385.58px;left:3182.53px;white-space:nowrap">0.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4385.58px;left:3404.95px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4385.58px;left:3547.22px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4385.58px;left:3636.12px;white-space:nowrap">8/01/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4385.58px;left:4197.7px;letter-spacing:53.85px;white-space:nowrap">...........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4429.26px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4429.26px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4429.26px;left:7574.63px;white-space:nowrap">72,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4429.26px;left:9590.63px;white-space:nowrap">71,034</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4713.03px;left:9501.64px;white-space:nowrap">187,382</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5040.47px;left:648px;white-space:nowrap">Food
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5040.47px;left:1083.39px;white-space:nowrap">Products
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5040.47px;left:1821.28px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5236.96px;left:648px;white-space:nowrap">Post </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5236.96px;left:1012.61px;white-space:nowrap">Holdings,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5236.96px;left:1724.09px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5236.96px;left:1981.98px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5236.96px;left:2070.89px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5236.96px;left:2577.84px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5236.96px;left:2915.81px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5236.96px;left:3004.72px;white-space:nowrap">2.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5236.96px;left:3227.14px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5236.96px;left:3369.41px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5236.96px;left:3458.31px;white-space:nowrap">8/15/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5236.96px;left:4010.87px;letter-spacing:53.1px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5280.64px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5280.64px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5280.64px;left:7574.63px;white-space:nowrap">72,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5280.64px;left:9590.63px;white-space:nowrap">80,964</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5608.09px;left:648px;white-space:nowrap">Ground
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5608.09px;left:1270.11px;letter-spacing:-0.46px;white-space:nowrap">Transportation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5608.09px;left:2434.64px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5804.57px;left:648px;white-space:nowrap">Uber </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5804.57px;left:1036.36px;letter-spacing:-1.27px;white-space:nowrap">Technologies,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5804.57px;left:2059.25px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5804.57px;left:2317.14px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5804.57px;left:2406.05px;white-space:nowrap">2028</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5804.57px;left:2761.98px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5804.57px;left:2850.89px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5804.57px;left:3357.84px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5804.57px;left:3695.81px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5804.57px;left:3784.72px;white-space:nowrap">0.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5804.57px;left:4185.11px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5804.57px;left:4327.38px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5804.57px;left:4416.28px;white-space:nowrap">12/01/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5804.57px;left:5039.09px;letter-spacing:75.86px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5848.25px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5848.25px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5848.25px;left:7574.63px;white-space:nowrap">89,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5848.25px;left:9501.64px;white-space:nowrap">131,052</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6175.7px;left:648px;white-space:nowrap">Health
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6175.7px;left:1181.44px;white-space:nowrap">Care
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6175.7px;left:1581.67px;white-space:nowrap">Equipment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6175.7px;left:2452.77px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6175.7px;left:2612.77px;white-space:nowrap">Supplies
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6175.7px;left:3324.02px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6372.18px;left:648px;white-space:nowrap">Dexcom, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6372.18px;left:1323.7px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6372.18px;left:1581.59px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6372.18px;left:1670.5px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6372.18px;left:2177.45px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6372.18px;left:2515.42px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6372.18px;left:2604.33px;white-space:nowrap">0.375</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6372.18px;left:3004.72px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6372.18px;left:3146.98px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6372.18px;left:3235.89px;white-space:nowrap">5/15/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6372.18px;left:3824.05px;letter-spacing:52.55px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6415.87px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6415.87px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6415.87px;left:7497.52px;letter-spacing:-1.7px;white-space:nowrap">113,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6415.87px;left:9501.64px;white-space:nowrap">103,141</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6612.35px;left:648px;white-space:nowrap">Haemonetics </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6612.35px;left:1626.2px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6612.35px;left:2017.45px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6612.35px;left:2106.36px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6612.35px;left:2613.31px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6612.35px;left:2951.28px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6612.35px;left:3040.19px;white-space:nowrap">2.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6612.35px;left:3262.61px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6612.35px;left:3404.87px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6612.35px;left:3493.78px;white-space:nowrap">6/01/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6612.35px;left:4104.29px;letter-spacing:53.44px;white-space:nowrap">............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6656.03px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6656.03px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6656.03px;left:7574.63px;white-space:nowrap">49,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6656.03px;left:9590.63px;white-space:nowrap">45,455</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6855.73px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6852.52px;left:648px;white-space:nowrap">Integer </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6852.52px;left:1190.58px;white-space:nowrap">Holdings
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6852.52px;left:1857.61px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6852.52px;left:2248.86px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6852.52px;left:2337.77px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6852.52px;left:2844.72px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6852.52px;left:3182.69px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6852.52px;left:3271.59px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6852.52px;left:3734.17px;white-space:nowrap">1.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6852.52px;left:4134.56px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6852.52px;left:4276.83px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6852.52px;left:4365.73px;white-space:nowrap">3/15/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6852.52px;left:4945px;letter-spacing:66.89px;white-space:nowrap">...</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6852.52px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6852.52px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6852.52px;left:7574.63px;white-space:nowrap">66,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6852.52px;left:9590.63px;white-space:nowrap">64,284</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7052.21px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7049px;left:648px;white-space:nowrap">Merit </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7049px;left:1048px;white-space:nowrap">Medical </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7049px;left:1643.78px;white-space:nowrap">Systems, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7049px;left:2346.12px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7049px;left:2604.02px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7049px;left:2692.92px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7049px;left:3199.87px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7049px;left:3537.84px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7049px;left:3626.75px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7049px;left:4089.33px;white-space:nowrap">3</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7049px;left:4178.31px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7049px;left:4320.58px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7049px;left:4409.48px;white-space:nowrap">2/01/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7049px;left:4945px;letter-spacing:66.89px;white-space:nowrap">...</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7049px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7049px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7049px;left:7574.63px;white-space:nowrap">37,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7049px;left:9590.63px;white-space:nowrap">43,087</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7332.76px;left:9501.64px;white-space:nowrap">255,967</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7660.21px;left:648px;white-space:nowrap">Health
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7660.21px;left:1181.44px;white-space:nowrap">Care
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7660.21px;left:1581.67px;letter-spacing:-1.19px;white-space:nowrap">REITs
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7660.21px;left:2067.69px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7859.91px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7856.7px;left:648px;letter-spacing:-0.29px;white-space:nowrap">Welltower
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7856.7px;left:1391.91px;letter-spacing:-0.96px;white-space:nowrap">OP
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7856.7px;left:1664.64px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7856.7px;left:1958.16px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8053.18px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8053.18px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8053.18px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8053.18px;left:2188.41px;white-space:nowrap">2.75%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8053.18px;left:2730.98px;white-space:nowrap">5/15/28 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8053.18px;left:3356.98px;letter-spacing:51.65px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8053.18px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8053.18px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8053.18px;left:7574.63px;white-space:nowrap">51,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8053.18px;left:9590.63px;white-space:nowrap">95,548</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.66px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.66px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.66px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.66px;left:2188.41px;white-space:nowrap">3.125%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.66px;left:2819.97px;white-space:nowrap">7/15/29 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.66px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.66px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.66px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.66px;left:7574.63px;white-space:nowrap">50,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.66px;left:9590.63px;white-space:nowrap">73,550</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8533.43px;left:9501.64px;white-space:nowrap">169,098</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8860.88px;left:648px;white-space:nowrap">Hotels,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8860.88px;left:1225.89px;white-space:nowrap">Restaurants
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8860.88px;left:2195.11px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8860.88px;left:2355.11px;white-space:nowrap">Leisure
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8860.88px;left:2968.7px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9060.57px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9057.36px;left:648px;white-space:nowrap">DoorDash, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9057.36px;left:1457.22px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9057.36px;left:1715.11px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9057.36px;left:1804.02px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9057.36px;left:2310.97px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9057.36px;left:2648.94px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9057.36px;left:2737.84px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9057.36px;left:3200.42px;white-space:nowrap">Zero </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9057.36px;left:3573.86px;white-space:nowrap">Cpn., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9057.36px;left:4000.73px;white-space:nowrap">5/15/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9057.36px;left:4571.35px;letter-spacing:56.65px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9057.36px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9057.36px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9057.36px;left:7485.64px;white-space:nowrap">100,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9057.36px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">113,900</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9257.05px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9253.84px;left:648px;letter-spacing:-1.48px;white-space:nowrap">NCL
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9253.84px;left:1006.59px;white-space:nowrap">Corp. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9253.84px;left:1442.3px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9253.84px;left:1709.17px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9253.84px;left:1798.08px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9253.84px;left:2305.03px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9253.84px;left:2643px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9253.84px;left:2731.91px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9253.84px;left:3194.48px;white-space:nowrap">0.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9253.84px;left:3594.87px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9253.84px;left:3737.14px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9253.84px;left:3826.05px;white-space:nowrap">4/15/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9253.84px;left:4384.52px;letter-spacing:54.94px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9253.84px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9253.84px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9253.84px;left:7574.63px;white-space:nowrap">41,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9253.84px;left:9590.63px;white-space:nowrap">48,457</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9537.61px;left:9501.64px;white-space:nowrap">162,357</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9865.05px;left:648px;white-space:nowrap">Household
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9865.05px;left:1519.09px;white-space:nowrap">Durables
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9865.05px;left:2248.23px;white-space:nowrap">0.0%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:9868.27px;left:2612.92px;white-space:nowrap">&#8224;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10061.54px;left:648px;white-space:nowrap">Meritage </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10061.54px;left:1314.95px;white-space:nowrap">Homes </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10061.54px;left:1866.2px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10061.54px;left:2257.45px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10061.54px;left:2346.36px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10061.54px;left:2853.31px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10061.54px;left:3191.28px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10061.54px;left:3280.19px;white-space:nowrap">1.75</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10061.54px;left:3591.59px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10061.54px;left:3733.86px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10061.54px;left:3822.77px;white-space:nowrap">5/15/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10061.54px;left:4384.52px;letter-spacing:54.94px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10105.22px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10105.22px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10105.22px;left:7574.63px;white-space:nowrap">65,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10105.22px;left:9590.63px;white-space:nowrap">66,850</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10432.67px;left:648px;white-space:nowrap">Household
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10432.67px;left:1519.09px;white-space:nowrap">Products
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10432.67px;left:2256.98px;white-space:nowrap">0.0%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:10435.88px;left:2621.67px;white-space:nowrap">&#8224;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10629.15px;left:648px;white-space:nowrap">Spectrum </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10629.15px;left:1377.14px;white-space:nowrap">Brands,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10629.15px;left:1973px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10629.15px;left:2230.89px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10629.15px;left:2319.8px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10629.15px;left:2826.75px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10629.15px;left:3164.72px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10629.15px;left:3253.62px;white-space:nowrap">3.375</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10629.15px;left:3654.02px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10629.15px;left:3796.28px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10629.15px;left:3885.19px;white-space:nowrap">6/01/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10629.15px;left:4477.94px;letter-spacing:55.68px;white-space:nowrap">........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10672.83px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10672.83px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10672.83px;left:7574.63px;white-space:nowrap">32,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10672.83px;left:9590.63px;white-space:nowrap">29,816</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11000.28px;left:648px;white-space:nowrap">IT
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11000.28px;left:834.64px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11000.28px;left:1537.45px;white-space:nowrap">0.3%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11196.76px;left:648px;white-space:nowrap">Akamai </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11196.76px;left:1223.08px;letter-spacing:-1.27px;white-space:nowrap">Technologies,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11196.76px;left:2245.97px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11196.76px;left:2503.86px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11196.76px;left:2592.77px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11196.76px;left:3099.72px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11196.76px;left:3437.69px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11196.76px;left:3526.59px;white-space:nowrap">0.375</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11196.76px;left:3926.98px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11196.76px;left:4069.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11196.76px;left:4158.16px;white-space:nowrap">9/01/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11196.76px;left:4758.18px;letter-spacing:59.72px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11240.45px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11240.45px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11240.45px;left:7574.63px;white-space:nowrap">84,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11240.45px;left:9590.63px;white-space:nowrap">80,556</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11440.14px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11436.93px;left:648px;text-rendering:optimizeLegibility;white-space:nowrap">Cloudflare,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11436.93px;left:1466.2px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11436.93px;left:1724.09px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11436.93px;left:1813px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11436.93px;left:2319.95px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11436.93px;left:2657.92px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11436.93px;left:2746.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11436.93px;left:3209.41px;white-space:nowrap">Zero </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11436.93px;left:3582.84px;white-space:nowrap">Cpn., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11436.93px;left:4009.72px;white-space:nowrap">6/15/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11436.93px;left:4571.35px;letter-spacing:56.65px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11436.93px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11436.93px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11436.93px;left:7574.63px;white-space:nowrap">66,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11436.93px;left:9590.63px;white-space:nowrap">75,108</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11633.41px;left:648px;text-rendering:optimizeLegibility;white-space:nowrap">Snowflake,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11633.41px;left:1475.11px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11633.41px;left:1733px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11633.41px;left:1821.91px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11633.41px;left:2328.86px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11633.41px;left:2666.83px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11633.41px;left:2755.73px;white-space:nowrap">Zero </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11633.41px;left:3129.17px;white-space:nowrap">Cpn., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11633.41px;left:3556.05px;white-space:nowrap">10/01/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11633.41px;left:4197.7px;letter-spacing:53.85px;white-space:nowrap">...........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11677.1px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11677.1px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11677.1px;left:7485.64px;white-space:nowrap">100,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11677.1px;left:9501.64px;white-space:nowrap">151,950</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11960.86px;left:9501.64px;white-space:nowrap">307,614</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:1161.0px;width:891.0px;transform-origin:top left;transform:scale(1.5,1.5)">

<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:6453.14px;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:7127.45px;letter-spacing:10.29px;white-space:nowrap">Master
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7794.58px;letter-spacing:10.34px;white-space:nowrap">Intermediate
</div>

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:7913.58px;letter-spacing:10.67px;white-space:nowrap">Schedule
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8772.28px;letter-spacing:8px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:9027.03px;letter-spacing:10.91px;white-space:nowrap">Investments</div></div>
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<div style="height:40.61px;left:0px;position:absolute;top:0px;transform:translate(53.999px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:691.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">
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<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(53.999px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">franklintempleton.com</div></div>
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<div style="width:9192.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(8270.481px,65.000px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3857.28px;white-space:nowrap">The
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4119.86px;white-space:nowrap">accompanying
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5002.43px;white-space:nowrap">notes
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5359.93px;white-space:nowrap">are
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5586.03px;white-space:nowrap">an
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5768.45px;white-space:nowrap">integral
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6235.25px;white-space:nowrap">part
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6497.83px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6643.76px;white-space:nowrap">these
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7001.26px;text-rendering:optimizeLegibility;white-space:nowrap">financial
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7519.15px;white-space:nowrap">statements.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8353.45px;white-space:nowrap">Annual
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8798.45px;white-space:nowrap">Report</div></div>
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<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:580.79px;letter-spacing:-4.8px;white-space:nowrap">11</div></div>
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<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(513.610px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
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<div style="background-image:url(data:image/png;base64,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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12268.8px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.62px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:648px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:6010.72px;white-space:nowrap">Country</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:21.02px;left:7388.22px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:7423.4px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:216.23px;left:8027.7px;white-space:nowrap">*</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:8451.51px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:6612.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:8052.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:8484.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:648px;white-space:nowrap">Convertible
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:1803.76px;white-space:nowrap">Bonds
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:547.74px;left:2481.5px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:648px;white-space:nowrap">Life
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:976.91px;white-space:nowrap">Sciences
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:1715.19px;letter-spacing:-1.98px;white-space:nowrap">Tools
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:2174.41px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:2334.41px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:3037.22px;white-space:nowrap">0.0%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:791.12px;left:3401.91px;white-space:nowrap">&#8224;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:648px;white-space:nowrap">Repligen </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1324.02px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1715.27px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1804.17px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2311.13px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2649.09px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2738px;white-space:nowrap">1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2826.98px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2969.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3058.16px;white-space:nowrap">12/15/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:7574.63px;white-space:nowrap">50,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:9501.64px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:9590.63px;white-space:nowrap">50,400</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1355.52px;left:648px;white-space:nowrap">Machinery
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1355.52px;left:1483.86px;white-space:nowrap">0.0%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:1358.73px;left:1848.55px;white-space:nowrap">&#8224;</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1555.22px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1552px;left:648px;letter-spacing:-0.72px;white-space:nowrap">JBT
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1552px;left:974.02px;white-space:nowrap">Marel </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1552px;left:1418.55px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1552px;left:1809.8px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1552px;left:1898.7px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1552px;left:2405.66px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1552px;left:2743.63px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1552px;left:2832.53px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1552px;left:3295.11px;white-space:nowrap">0.375</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1552px;left:3695.5px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1552px;left:3837.77px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1552px;left:3926.67px;white-space:nowrap">9/15/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1552px;left:4477.94px;letter-spacing:55.68px;white-space:nowrap">........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1552px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1552px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1552px;left:7574.63px;white-space:nowrap">34,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1552px;left:9602.5px;letter-spacing:-1.98px;white-space:nowrap">33,116</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1879.45px;left:648px;white-space:nowrap">Multi-Utilities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1879.45px;left:1696.83px;white-space:nowrap">0.0%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:1882.66px;left:2061.52px;white-space:nowrap">&#8224;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2075.94px;left:648px;white-space:nowrap">CMS </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2075.94px;left:1048px;white-space:nowrap">Energy </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2075.94px;left:1599.41px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2075.94px;left:1990.66px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2075.94px;left:2079.56px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2075.94px;left:2586.52px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2075.94px;left:2924.48px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2075.94px;left:3013.39px;white-space:nowrap">3.375</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2075.94px;left:3413.78px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2075.94px;left:3556.05px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2075.94px;left:3644.95px;white-space:nowrap">5/01/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2075.94px;left:4197.7px;letter-spacing:53.85px;white-space:nowrap">...........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2119.62px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2119.62px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2119.62px;left:7574.63px;white-space:nowrap">51,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2119.62px;left:9590.63px;white-space:nowrap">55,973</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2447.06px;left:648px;text-rendering:optimizeLegibility;white-space:nowrap">Office
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2447.06px;left:1141.59px;letter-spacing:-1.19px;white-space:nowrap">REITs
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2447.06px;left:1627.61px;white-space:nowrap">0.0%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:2450.27px;left:1992.3px;white-space:nowrap">&#8224;</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2646.76px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2643.55px;left:648px;white-space:nowrap">Boston </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2643.55px;left:1190.58px;white-space:nowrap">Properties
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2643.55px;left:1964.25px;letter-spacing:-10.31px;white-space:nowrap">LP</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2643.55px;left:2139.33px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2643.55px;left:2228.23px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2643.55px;left:2735.19px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2643.55px;left:3073.16px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2643.55px;left:3162.06px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2643.55px;left:3624.64px;white-space:nowrap">2</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2643.55px;left:3713.63px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2643.55px;left:3855.89px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2643.55px;left:3944.8px;white-space:nowrap">10/01/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2643.55px;left:4571.35px;letter-spacing:56.65px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2643.55px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2643.55px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2643.55px;left:7574.63px;white-space:nowrap">50,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2643.55px;left:9590.63px;white-space:nowrap">50,050</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2970.99px;left:648px;white-space:nowrap">Oil,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2970.99px;left:950.27px;white-space:nowrap">Gas
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2970.99px;left:1297.14px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2970.99px;left:1457.14px;white-space:nowrap">Consumable
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2970.99px;left:2461.75px;white-space:nowrap">Fuels
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2970.99px;left:2924.09px;white-space:nowrap">0.0%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:2974.2px;left:3288.78px;white-space:nowrap">&#8224;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3167.48px;left:648px;white-space:nowrap">Northern </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3167.48px;left:1314.95px;white-space:nowrap">Oil </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3167.48px;left:1554.95px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3167.48px;left:1706.13px;white-space:nowrap">Gas, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3167.48px;left:2088.47px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3167.48px;left:2346.36px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3167.48px;left:2435.27px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3167.48px;left:2942.22px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3167.48px;left:3280.19px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3167.48px;left:3369.09px;white-space:nowrap">3.625</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3167.48px;left:3769.48px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3167.48px;left:3911.75px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3167.48px;left:4000.66px;white-space:nowrap">4/15/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3167.48px;left:4571.35px;letter-spacing:56.65px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3211.16px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3211.16px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3211.16px;left:7574.63px;white-space:nowrap">61,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3211.16px;left:9590.63px;white-space:nowrap">61,320</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3538.61px;left:648px;white-space:nowrap">Professional
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3538.61px;left:1652.77px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3538.61px;left:2355.58px;white-space:nowrap">0.0%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:3541.82px;left:2720.27px;white-space:nowrap">&#8224;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3735.09px;left:648px;white-space:nowrap">Parsons </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3735.09px;left:1279.41px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3735.09px;left:1670.66px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3735.09px;left:1759.56px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3735.09px;left:2266.52px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3735.09px;left:2604.48px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3735.09px;left:2693.39px;white-space:nowrap">2.625</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3735.09px;left:3093.78px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3735.09px;left:3236.05px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3735.09px;left:3324.95px;white-space:nowrap">3/01/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3735.09px;left:3917.46px;letter-spacing:52.8px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3778.77px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3778.77px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3778.77px;left:7574.63px;white-space:nowrap">41,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3778.77px;left:9590.63px;white-space:nowrap">46,842</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4106.22px;left:648px;white-space:nowrap">Semiconductors
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4106.22px;left:1946.05px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4106.22px;left:2106.05px;white-space:nowrap">Semiconductor
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4106.22px;left:3315.11px;white-space:nowrap">Equipment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4106.22px;left:4186.2px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4302.7px;left:648px;white-space:nowrap">Microchip </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4302.7px;left:1374.17px;letter-spacing:-2.47px;white-space:nowrap">Technology,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4302.7px;left:2260.66px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4302.7px;left:2518.55px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4302.7px;left:2607.45px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4302.7px;left:3114.41px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4302.7px;left:3452.38px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4302.7px;left:3541.28px;white-space:nowrap">0.75</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4302.7px;left:3852.69px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4302.7px;left:3994.95px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4302.7px;left:4083.86px;white-space:nowrap">6/01/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4302.7px;left:4664.76px;letter-spacing:57.93px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4346.38px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4346.38px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4346.38px;left:7574.63px;white-space:nowrap">48,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4346.38px;left:9590.63px;white-space:nowrap">46,656</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4542.87px;left:648px;white-space:nowrap">MKS, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4542.87px;left:1083.63px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4542.87px;left:1341.52px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4542.87px;left:1430.42px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4542.87px;left:1937.38px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4542.87px;left:2275.34px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4542.87px;left:2364.25px;white-space:nowrap">1.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4542.87px;left:2675.66px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4542.87px;left:2817.92px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4542.87px;left:2906.83px;white-space:nowrap">6/01/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4542.87px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4586.55px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4586.55px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4586.55px;left:7574.63px;white-space:nowrap">65,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4586.55px;left:9590.63px;white-space:nowrap">71,338</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4786.25px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4783.04px;left:648px;white-space:nowrap">Nova </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4783.04px;left:1065.97px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4783.04px;left:1332.84px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4783.04px;left:1421.75px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4783.04px;left:1928.7px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4783.04px;left:2266.67px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4783.04px;left:2355.58px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4783.04px;left:2818.16px;white-space:nowrap">Zero </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4783.04px;left:3191.59px;white-space:nowrap">Cpn., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4783.04px;left:3618.47px;white-space:nowrap">9/15/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4783.04px;left:4197.7px;letter-spacing:53.85px;white-space:nowrap">...........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4783.04px;left:6232.75px;white-space:nowrap">Israel</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4783.04px;left:7574.63px;white-space:nowrap">34,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4783.04px;left:9590.63px;white-space:nowrap">40,958</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4979.52px;left:648px;white-space:nowrap">ON </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4979.52px;left:932.45px;white-space:nowrap">Semiconductor
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4979.52px;left:2044.09px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4979.52px;left:2435.34px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4979.52px;left:2524.25px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4979.52px;left:3031.2px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4979.52px;left:3369.17px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4979.52px;left:3458.08px;white-space:nowrap">0.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4979.52px;left:3680.5px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4979.52px;left:3822.77px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4979.52px;left:3911.67px;white-space:nowrap">3/01/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4979.52px;left:4477.94px;letter-spacing:55.68px;white-space:nowrap">........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5023.2px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5023.2px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5023.2px;left:7574.63px;white-space:nowrap">55,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5023.2px;left:9590.63px;white-space:nowrap">50,884</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5306.97px;left:9501.64px;white-space:nowrap">209,836</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5634.41px;left:648px;white-space:nowrap">Software
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5634.41px;left:1368.16px;white-space:nowrap">0.3%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5830.9px;left:648px;white-space:nowrap">Bentley </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5830.9px;left:1226.13px;white-space:nowrap">Systems, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5830.9px;left:1928.47px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5830.9px;left:2186.36px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5830.9px;left:2275.27px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5830.9px;left:2782.22px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5830.9px;left:3120.19px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5830.9px;left:3209.09px;white-space:nowrap">0.375</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5830.9px;left:3609.48px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5830.9px;left:3751.75px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5830.9px;left:3840.66px;white-space:nowrap">7/01/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5830.9px;left:4384.52px;letter-spacing:54.94px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5874.58px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5874.58px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5874.58px;left:7574.63px;white-space:nowrap">72,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5874.58px;left:9590.63px;white-space:nowrap">67,968</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6071.06px;left:648px;white-space:nowrap">Box, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6071.06px;left:1012.61px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6071.06px;left:1270.5px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6071.06px;left:1359.41px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6071.06px;left:1866.36px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6071.06px;left:2204.33px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6071.06px;left:2293.23px;white-space:nowrap">1.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6071.06px;left:2515.66px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6071.06px;left:2657.92px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6071.06px;left:2746.83px;white-space:nowrap">9/15/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6071.06px;left:3356.98px;letter-spacing:51.65px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6114.74px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6114.74px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6114.74px;left:7574.63px;white-space:nowrap">62,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6114.74px;left:9590.63px;white-space:nowrap">62,465</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6314.44px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6311.23px;left:648px;white-space:nowrap">Commvault </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6311.23px;left:1501.52px;white-space:nowrap">Systems,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6311.23px;left:2203.86px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6311.23px;left:2461.75px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6311.23px;left:2550.66px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6311.23px;left:3057.61px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6311.23px;left:3395.58px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6311.23px;left:3484.48px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6311.23px;left:3947.06px;white-space:nowrap">Zero </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6311.23px;left:4320.5px;white-space:nowrap">Cpn., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6311.23px;left:4747.38px;white-space:nowrap">9/15/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6311.23px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6311.23px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6311.23px;left:7574.63px;white-space:nowrap">34,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6311.23px;left:9590.63px;white-space:nowrap">35,173</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6510.92px;left:523.57px;white-space:nowrap">b,c</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6507.71px;left:648px;white-space:nowrap">Datadog, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6507.71px;left:1341.83px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6507.71px;left:1599.72px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6507.71px;left:1688.63px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6507.71px;left:2195.58px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6507.71px;left:2533.55px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6507.71px;left:2622.45px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6507.71px;left:3085.03px;white-space:nowrap">0.18%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6507.71px;left:3538.7px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6507.71px;left:3627.61px;white-space:nowrap">12/01/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6507.71px;left:4291.11px;letter-spacing:54.34px;white-space:nowrap">..........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6507.71px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6507.71px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6507.71px;left:7574.63px;white-space:nowrap">82,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6507.71px;left:9590.63px;white-space:nowrap">81,385</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6707.41px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6704.2px;left:648px;white-space:nowrap">Guidewire </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6704.2px;left:1412.77px;white-space:nowrap">Software,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6704.2px;left:2133.08px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6704.2px;left:2390.97px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6704.2px;left:2479.88px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6704.2px;left:2986.83px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6704.2px;left:3324.8px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6704.2px;left:3413.7px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6704.2px;left:3876.28px;white-space:nowrap">1.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6704.2px;left:4187.69px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6704.2px;left:4329.95px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6704.2px;left:4418.86px;letter-spacing:-1.48px;white-space:nowrap">11/01/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6704.2px;left:5038.42px;letter-spacing:75.86px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6704.2px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6704.2px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6704.2px;left:7574.63px;white-space:nowrap">93,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6704.2px;left:9501.64px;white-space:nowrap">108,394</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6903.89px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6900.68px;left:648px;white-space:nowrap">Nutanix, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6900.68px;left:1279.41px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6900.68px;left:1537.3px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6900.68px;left:1626.2px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6900.68px;left:2133.16px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6900.68px;left:2471.13px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6900.68px;left:2560.03px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6900.68px;left:3022.61px;white-space:nowrap">0.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6900.68px;left:3245.03px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6900.68px;left:3387.3px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6900.68px;left:3476.2px;white-space:nowrap">12/15/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6900.68px;left:4104.29px;letter-spacing:53.44px;white-space:nowrap">............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6900.68px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6900.68px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6900.68px;left:7574.63px;white-space:nowrap">66,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6900.68px;left:9590.63px;white-space:nowrap">74,461</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7097.17px;left:648px;white-space:nowrap">Progress </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7097.17px;left:1332.69px;white-space:nowrap">Software
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7097.17px;left:2008.55px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7097.17px;left:2399.8px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7097.17px;left:2488.7px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7097.17px;left:2995.66px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7097.17px;left:3333.63px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7097.17px;left:3422.53px;white-space:nowrap">3.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7097.17px;left:3644.95px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7097.17px;left:3787.22px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7097.17px;left:3876.13px;white-space:nowrap">3/01/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7097.17px;left:4477.94px;letter-spacing:55.68px;white-space:nowrap">........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7140.85px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7140.85px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7140.85px;left:7574.63px;white-space:nowrap">56,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7140.85px;left:9590.63px;white-space:nowrap">56,462</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7340.54px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7337.33px;left:648px;white-space:nowrap">Rubrik, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7337.33px;left:1199.25px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7337.33px;left:1457.14px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7337.33px;left:1546.05px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7337.33px;left:2053px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7337.33px;left:2390.97px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7337.33px;left:2479.88px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7337.33px;left:2942.45px;white-space:nowrap">Zero </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7337.33px;left:3315.89px;white-space:nowrap">Cpn., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7337.33px;left:3742.77px;white-space:nowrap">6/15/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7337.33px;left:4291.11px;letter-spacing:54.34px;white-space:nowrap">..........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7337.33px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7337.33px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7337.33px;left:7574.63px;white-space:nowrap">60,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7337.33px;left:9590.63px;white-space:nowrap">60,840</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7537.03px;left:523.57px;white-space:nowrap">b,c</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7533.82px;left:648px;letter-spacing:-1.19px;white-space:nowrap">Strategy,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7533.82px;left:1320.89px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7533.82px;left:1578.78px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7533.82px;left:1667.69px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7533.82px;left:2174.64px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7533.82px;left:2512.61px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7533.82px;left:2601.52px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7533.82px;left:3064.09px;white-space:nowrap">0.407%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7533.82px;left:3606.75px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7533.82px;left:3695.66px;white-space:nowrap">3/01/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7533.82px;left:4291.11px;letter-spacing:54.34px;white-space:nowrap">..........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7533.82px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7533.82px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7533.82px;left:7574.63px;white-space:nowrap">64,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7533.82px;left:9590.63px;white-space:nowrap">67,520</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7730.3px;left:648px;letter-spacing:-1.47px;white-space:nowrap">Tyler
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7730.3px;left:1036.28px;letter-spacing:-1.27px;white-space:nowrap">Technologies,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7730.3px;left:2059.17px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7730.3px;left:2317.06px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7730.3px;left:2405.97px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7730.3px;left:2912.92px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7730.3px;left:3250.89px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7730.3px;left:3339.8px;white-space:nowrap">0.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7730.3px;left:3651.2px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7730.3px;left:3793.47px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7730.3px;left:3882.38px;white-space:nowrap">3/15/26</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7730.3px;left:4477.94px;letter-spacing:55.68px;white-space:nowrap">........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7773.98px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7773.98px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7773.98px;left:7574.63px;white-space:nowrap">60,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7773.98px;left:9590.63px;white-space:nowrap">66,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7970.47px;left:648px;letter-spacing:-1.1px;white-space:nowrap">Vertex,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7970.47px;left:1190.5px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7970.47px;left:1448.39px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7970.47px;left:1537.3px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7970.47px;left:2044.25px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7970.47px;left:2382.22px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7970.47px;left:2471.13px;white-space:nowrap">0.75</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7970.47px;left:2782.53px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7970.47px;left:2924.8px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7970.47px;left:3013.7px;white-space:nowrap">5/01/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7970.47px;left:3637.22px;letter-spacing:52.12px;white-space:nowrap">.................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8014.15px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8014.15px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8014.15px;left:7574.63px;white-space:nowrap">41,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8014.15px;left:9590.63px;white-space:nowrap">41,820</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8210.63px;left:648px;letter-spacing:-0.32px;white-space:nowrap">Workiva,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8210.63px;left:1311.83px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8210.63px;left:1569.72px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8210.63px;left:1658.63px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8210.63px;left:2165.58px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8210.63px;left:2503.55px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8210.63px;left:2592.45px;white-space:nowrap">1.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8210.63px;left:2903.86px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8210.63px;left:3046.13px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8210.63px;left:3135.03px;white-space:nowrap">8/15/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8210.63px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8254.31px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8254.31px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8254.31px;left:7574.63px;white-space:nowrap">39,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8254.31px;left:9590.63px;white-space:nowrap">38,561</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8538.08px;left:9501.64px;white-space:nowrap">761,049</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8865.53px;left:648px;white-space:nowrap">Specialty
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8865.53px;left:1395.03px;white-space:nowrap">Retail
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8865.53px;left:1875.19px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9062.01px;left:648px;white-space:nowrap">Burlington </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9062.01px;left:1412.92px;white-space:nowrap">Stores, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9062.01px;left:1964.25px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9062.01px;left:2222.14px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9062.01px;left:2311.05px;white-space:nowrap">1.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9062.01px;left:2622.45px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9062.01px;left:2764.72px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9062.01px;left:2853.63px;white-space:nowrap">12/15/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9062.01px;left:3543.81px;letter-spacing:51.95px;white-space:nowrap">..................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9105.69px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9105.69px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9105.69px;left:7574.63px;white-space:nowrap">34,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9105.69px;left:9590.63px;white-space:nowrap">45,951</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9302.18px;left:648px;letter-spacing:-1.64px;white-space:nowrap">Wayfair,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9302.18px;left:1264.41px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9302.18px;left:1522.3px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9302.18px;left:1611.2px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9302.18px;left:2118.16px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9302.18px;left:2456.13px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9302.18px;left:2545.03px;white-space:nowrap">3.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9302.18px;left:2856.44px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9302.18px;left:2998.7px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9302.18px;left:3087.61px;white-space:nowrap">9/15/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9302.18px;left:3637.22px;letter-spacing:52.12px;white-space:nowrap">.................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9345.86px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9345.86px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9345.86px;left:7574.63px;white-space:nowrap">79,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9345.86px;left:9501.64px;white-space:nowrap">120,576</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9629.62px;left:9501.64px;white-space:nowrap">166,527</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9957.07px;left:648px;letter-spacing:-1.08px;white-space:nowrap">Technology
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9957.07px;left:1578.39px;white-space:nowrap">Hardware,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9957.07px;left:2396.52px;white-space:nowrap">Storage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9957.07px;left:3036.67px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9957.07px;left:3196.67px;white-space:nowrap">Peripherals
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9957.07px;left:4112.69px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10153.55px;left:648px;white-space:nowrap">Seagate </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10153.55px;left:1288.55px;white-space:nowrap">HDD </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10153.55px;left:1679.64px;white-space:nowrap">Cayman</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10153.55px;left:2275.42px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10153.55px;left:2364.33px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10153.55px;left:2871.28px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10153.55px;left:3209.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10153.55px;left:3298.16px;white-space:nowrap">3.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10153.55px;left:3520.58px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10153.55px;left:3662.84px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10153.55px;left:3751.75px;white-space:nowrap">6/01/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10153.55px;left:4291.11px;letter-spacing:54.34px;white-space:nowrap">..........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10197.23px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10197.23px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10197.23px;left:7574.63px;white-space:nowrap">50,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10197.23px;left:9501.64px;white-space:nowrap">144,094</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10476.25px;left:648px;letter-spacing:-2.47px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10476.25px;left:1166.46px;white-space:nowrap">Convertible
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10476.25px;left:2322.22px;white-space:nowrap">Bonds</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10476.25px;left:2999.95px;white-space:nowrap">(Cost
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10476.25px;left:3566.55px;white-space:nowrap">$4,544,046)</div>

<div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:10476.25px;left:4726.09px;letter-spacing:50.75px;white-space:nowrap">...................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10510.12px;left:9368.2px;white-space:nowrap">4,975,551</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10803.7px;left:648px;white-space:nowrap">Corporate
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10803.7px;left:1659.23px;white-space:nowrap">Bonds
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10803.7px;left:2336.96px;white-space:nowrap">28.6%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11077.73px;left:648px;white-space:nowrap">Aerospace
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11077.73px;left:1510.66px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11077.73px;left:1670.66px;white-space:nowrap">Defense
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11077.73px;left:2337.61px;white-space:nowrap">1.3%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11274.22px;left:648px;letter-spacing:-2.37px;white-space:nowrap">ATI,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11274.22px;left:973.94px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11274.22px;left:1231.83px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11274.22px;left:1320.73px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11274.22px;left:1827.69px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11274.22px;left:2165.66px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11274.22px;left:2254.56px;white-space:nowrap">4.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11274.22px;left:2654.95px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11274.22px;left:2797.22px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11274.22px;left:2886.13px;white-space:nowrap">10/01/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11274.22px;left:3543.81px;letter-spacing:51.95px;white-space:nowrap">..................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11317.9px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11317.9px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11317.9px;left:7485.64px;white-space:nowrap">490,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11317.9px;left:9501.64px;white-space:nowrap">482,163</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11558.06px;left:648px;white-space:nowrap">Boeing </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11558.06px;left:1190.66px;white-space:nowrap">Co. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11558.06px;left:1484.09px;white-space:nowrap">(The)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11558.06px;left:1866.36px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11754.55px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11754.55px;left:1298.95px;white-space:nowrap">Bond, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11754.55px;left:1761.53px;white-space:nowrap">2.95%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11754.55px;left:2304.11px;white-space:nowrap">2/01/30
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11754.55px;left:2889.91px;letter-spacing:51.11px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11754.55px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11754.55px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11754.55px;left:7574.63px;white-space:nowrap">14,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11754.55px;left:9590.63px;white-space:nowrap">13,187</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11951.03px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11951.03px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11951.03px;left:1725.83px;white-space:nowrap">2.7%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11951.03px;left:2179.42px;white-space:nowrap">2/01/27
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11951.03px;left:2796.5px;letter-spacing:51.03px;white-space:nowrap">..........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11951.03px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11951.03px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11951.03px;left:7485.64px;white-space:nowrap">137,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11951.03px;left:9501.64px;white-space:nowrap">134,258</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:1161.0px;width:891.0px;transform-origin:top left;transform:scale(1.5,1.5)">

<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:10.29px;white-space:nowrap">Master
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1341.44px;letter-spacing:10.34px;white-space:nowrap">Intermediate
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2500.95px;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:3143.94px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:0px;letter-spacing:10.67px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:858.7px;letter-spacing:8px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:1113.45px;letter-spacing:10.91px;white-space:nowrap">Investments</div></div>
</div>

<div style="height:41.15px;left:0px;position:absolute;top:0px;transform:translate(36.000px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:702px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">
</div> </div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(36.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

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

<div style="height:17.16px;left:0px;position:absolute;top:0px;transform:translate(405.000px,743.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:254.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
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<div style="height:30.71px;left:0px;position:absolute;top:0px;transform:translate(80.389px,738.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:458.22px">

<div style="width:9164.39px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(911.718px,64.999px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:994.69px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:1257.27px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2139.84px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2497.34px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2723.44px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2905.86px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3372.66px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3635.23px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3781.17px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4138.67px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4656.56px;white-space:nowrap">statements.</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(36.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:36.48px;white-space:nowrap">12</div></div>
</div>

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

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

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

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

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

<div style="width:10080px;height:12258px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.62px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:648px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:6010.72px;white-space:nowrap">Country</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:21.02px;left:7388.22px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:7423.4px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:216.23px;left:8027.7px;white-space:nowrap">*</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:8451.51px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:6612.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:8052.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:8484.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:648px;white-space:nowrap">Corporate
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:1659.23px;white-space:nowrap">Bonds
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:547.74px;left:2336.96px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:648px;white-space:nowrap">Aerospace
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:1510.66px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:1670.66px;white-space:nowrap">Defense
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:787.91px;left:2337.61px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:648px;white-space:nowrap">Boeing </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:1190.66px;white-space:nowrap">Co. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:1484.09px;white-space:nowrap">(The), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:1955.27px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:1725.83px;white-space:nowrap">6.298%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:2357.39px;white-space:nowrap">5/01/29 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:2983.33px;letter-spacing:51.2px;white-space:nowrap">........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:7485.64px;white-space:nowrap">446,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:9412.66px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:9501.64px;white-space:nowrap">473,443</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1424.25px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:648px;letter-spacing:-0.74px;white-space:nowrap">Bombardier,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:1555.11px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:1813px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:1901.91px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:2408.86px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:2746.83px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:2835.73px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:3298.31px;white-space:nowrap">7</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:3387.3px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:3529.56px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:3618.47px;white-space:nowrap">6/01/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:4197.7px;letter-spacing:53.85px;white-space:nowrap">...........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:6063.53px;white-space:nowrap">Canada</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:7485.64px;white-space:nowrap">420,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:9501.64px;white-space:nowrap">439,502</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1620.74px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:648px;white-space:nowrap">Spirit </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:1048.16px;white-space:nowrap">AeroSystems,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:2088.47px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:2346.36px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1814.01px;left:792px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1814.01px;left:1432.39px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1814.01px;left:1859.27px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1814.01px;left:2321.84px;white-space:nowrap">9.75%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1814.01px;left:2864.42px;letter-spacing:-1.32px;white-space:nowrap">11/15/30
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1814.01px;left:3543.81px;letter-spacing:51.95px;white-space:nowrap">..................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1814.01px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1814.01px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1814.01px;left:7485.64px;white-space:nowrap">126,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1814.01px;left:9501.64px;white-space:nowrap">138,731</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2010.5px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2010.5px;left:1298.95px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2010.5px;left:1939.34px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2010.5px;left:2366.22px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2010.5px;left:2828.8px;white-space:nowrap">9.375%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2010.5px;left:3460.36px;letter-spacing:-1.32px;white-space:nowrap">11/30/29
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2010.5px;left:4197.7px;letter-spacing:53.85px;white-space:nowrap">...........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2010.5px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2010.5px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2010.5px;left:7574.63px;white-space:nowrap">93,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2010.5px;left:9590.63px;white-space:nowrap">98,066</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2210.19px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2206.98px;left:648px;letter-spacing:-0.54px;white-space:nowrap">TransDigm,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2206.98px;left:1513.31px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2206.98px;left:1771.2px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2403.46px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2403.46px;left:1298.95px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2403.46px;left:1939.34px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2403.46px;left:2366.22px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2403.46px;left:2828.8px;white-space:nowrap">6.875%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2403.46px;left:3460.36px;white-space:nowrap">12/15/30
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2403.46px;left:4197.7px;letter-spacing:53.85px;white-space:nowrap">...........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2403.46px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2403.46px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2403.46px;left:7485.64px;white-space:nowrap">190,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2403.46px;left:9501.64px;white-space:nowrap">197,036</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2599.95px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2599.95px;left:1298.95px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2599.95px;left:1939.34px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2599.95px;left:2366.22px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2599.95px;left:2828.8px;white-space:nowrap">6.625%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2599.95px;left:3460.36px;white-space:nowrap">3/01/32 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2599.95px;left:4104.29px;letter-spacing:53.44px;white-space:nowrap">............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2599.95px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2599.95px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2599.95px;left:7574.63px;white-space:nowrap">65,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2599.95px;left:9590.63px;white-space:nowrap">67,001</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2796.43px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2796.43px;left:1298.95px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2796.43px;left:1939.34px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2796.43px;left:2366.22px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2796.43px;left:2828.8px;white-space:nowrap">6.25%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2796.43px;left:3371.37px;white-space:nowrap">1/31/34 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2796.43px;left:4010.87px;letter-spacing:53.1px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2796.43px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2796.43px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2796.43px;left:7574.63px;white-space:nowrap">25,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2796.43px;left:9590.63px;white-space:nowrap">25,729</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2992.92px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2992.92px;left:1298.95px;white-space:nowrap">Sub. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2992.92px;left:1672.55px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2992.92px;left:2099.42px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2992.92px;left:2562px;white-space:nowrap">6.75%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2992.92px;left:3104.58px;white-space:nowrap">1/31/34 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2992.92px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2992.92px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2992.92px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2992.92px;left:7574.63px;white-space:nowrap">65,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2992.92px;left:9590.63px;white-space:nowrap">67,254</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3276.68px;left:9368.2px;white-space:nowrap">2,136,370</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3604.13px;left:648px;white-space:nowrap">Automobile
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3604.13px;left:1572.37px;white-space:nowrap">Components
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3604.13px;left:2594.56px;white-space:nowrap">0.0%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:3607.34px;left:2959.25px;white-space:nowrap">&#8224;</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3803.82px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3800.61px;left:648px;white-space:nowrap">Adient </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3800.61px;left:1146.12px;white-space:nowrap">Global </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3800.61px;left:1653.08px;white-space:nowrap">Holdings
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3800.61px;left:2320.11px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3800.61px;left:2586.98px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3800.61px;left:2675.89px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3800.61px;left:3182.84px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3800.61px;left:3520.81px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3800.61px;left:3609.72px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3800.61px;left:4072.3px;white-space:nowrap">7.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3800.61px;left:4294.72px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3800.61px;left:4436.98px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3800.61px;left:4525.89px;white-space:nowrap">2/15/33</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3800.61px;left:5131.83px;letter-spacing:102.76px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3800.61px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3800.61px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3800.61px;left:7574.63px;white-space:nowrap">35,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3800.61px;left:9590.63px;white-space:nowrap">36,268</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4128.06px;left:648px;white-space:nowrap">Automobiles
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4128.06px;left:1661.36px;white-space:nowrap">0.4%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4327.75px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4324.54px;left:648px;white-space:nowrap">Hyundai </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4324.54px;left:1279.48px;white-space:nowrap">Capital </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4324.54px;left:1813.16px;white-space:nowrap">America</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4324.54px;left:2399.95px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4324.54px;left:2488.86px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4324.54px;left:2995.81px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4324.54px;left:3333.78px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4324.54px;left:3422.69px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4324.54px;left:3885.27px;white-space:nowrap">4.55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4324.54px;left:4196.67px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4324.54px;left:4338.94px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4324.54px;left:4427.84px;white-space:nowrap">9/26/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4324.54px;left:5038.42px;letter-spacing:75.86px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4324.54px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4324.54px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4324.54px;left:7485.64px;white-space:nowrap">425,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4324.54px;left:9501.64px;white-space:nowrap">426,031</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4524.24px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4521.03px;left:648px;letter-spacing:-0.8px;white-space:nowrap">Volkswagen
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4521.03px;left:1546.36px;white-space:nowrap">Group </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4521.03px;left:2035.5px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4521.03px;left:2204.56px;white-space:nowrap">America </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4521.03px;left:2835.81px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4521.03px;left:3449.48px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4521.03px;left:3743px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4521.03px;left:3831.91px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4521.03px;left:4338.86px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4521.03px;left:4676.83px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4521.03px;left:4765.73px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4713.03px;left:792px;white-space:nowrap">1.625</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4713.03px;left:1192.39px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4713.03px;left:1334.66px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4713.03px;left:1423.56px;letter-spacing:-1.48px;white-space:nowrap">11/24/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4713.03px;left:2049.2px;letter-spacing:50.54px;white-space:nowrap">..................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4713.03px;left:5966.03px;white-space:nowrap">Germany</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4713.03px;left:7485.64px;white-space:nowrap">230,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4713.03px;left:9501.64px;white-space:nowrap">217,445</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4996.79px;left:9501.64px;white-space:nowrap">643,476</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5324.24px;left:648px;white-space:nowrap">Banks
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5324.24px;left:1172.69px;white-space:nowrap">1.9%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5523.93px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5520.72px;left:648px;white-space:nowrap">AIB </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5520.72px;left:950.34px;white-space:nowrap">Group </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5520.72px;left:1439.48px;white-space:nowrap">plc</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5520.72px;left:1644.02px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5520.72px;left:1732.92px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5520.72px;left:2239.87px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5520.72px;left:2577.84px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5520.72px;left:2666.75px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5520.72px;left:3129.33px;white-space:nowrap">6.608% </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5520.72px;left:3716.44px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5520.72px;left:3894.33px;white-space:nowrap">9/12/28,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5520.72px;left:4517.06px;white-space:nowrap">FRN </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5712.72px;left:792px;letter-spacing:-0.88px;white-space:nowrap">thereafter</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5712.72px;left:1468.02px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5712.72px;left:1556.92px;white-space:nowrap">9/13/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5712.72px;left:2142.61px;letter-spacing:50.59px;white-space:nowrap">.................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5712.72px;left:6134.78px;white-space:nowrap">Ireland</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5712.72px;left:7485.64px;white-space:nowrap">200,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5712.72px;left:9501.64px;white-space:nowrap">212,372</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5952.89px;left:648px;white-space:nowrap">Bank </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5952.89px;left:1057.14px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5952.89px;left:1226.2px;white-space:nowrap">America </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5952.89px;left:1857.45px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5952.89px;left:2248.7px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6149.37px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6149.37px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6149.37px;left:1725.83px;white-space:nowrap">6.204% </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6149.37px;left:2312.94px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6149.37px;left:2490.83px;letter-spacing:-1.19px;white-space:nowrap">11/09/27,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6149.37px;left:3190.67px;white-space:nowrap">FRN </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6149.37px;left:3563.95px;letter-spacing:-0.74px;white-space:nowrap">thereafter,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6149.37px;left:4328.87px;letter-spacing:-1.32px;white-space:nowrap">11/10/28
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6149.37px;left:5038.42px;letter-spacing:75.86px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6149.37px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6149.37px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6149.37px;left:7485.64px;white-space:nowrap">430,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6149.37px;left:9501.64px;white-space:nowrap">448,207</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6345.86px;left:792px;white-space:nowrap">L, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6345.86px;left:969.89px;white-space:nowrap">Sub. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6345.86px;left:1343.48px;white-space:nowrap">Bond, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6345.86px;left:1806.06px;white-space:nowrap">4.183%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6345.86px;left:2437.62px;letter-spacing:-1.32px;white-space:nowrap">11/25/27
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6345.86px;left:3170.15px;letter-spacing:51.41px;white-space:nowrap">......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6345.86px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6345.86px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6345.86px;left:7485.64px;white-space:nowrap">215,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6345.86px;left:9501.64px;white-space:nowrap">215,130</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6545.55px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6542.34px;left:648px;white-space:nowrap">CaixaBank </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6542.34px;left:1466.2px;white-space:nowrap">SA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6542.34px;left:1679.64px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6542.34px;left:1768.55px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6542.34px;left:2275.5px;white-space:nowrap">Non-Preferred
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6542.34px;left:3333.7px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6542.34px;left:3671.67px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6542.34px;left:3760.58px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6542.34px;left:4223.16px;white-space:nowrap">6.208% </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6542.34px;left:4810.27px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6734.34px;left:792px;white-space:nowrap">1/17/28, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6734.34px;left:1414.73px;white-space:nowrap">FRN </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6734.34px;left:1788.02px;letter-spacing:-0.88px;white-space:nowrap">thereafter</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6734.34px;left:2464.03px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6734.34px;left:2552.94px;white-space:nowrap">1/18/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6734.34px;left:3170.15px;letter-spacing:51.41px;white-space:nowrap">......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6734.34px;left:6214.78px;white-space:nowrap">Spain</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6734.34px;left:7485.64px;white-space:nowrap">200,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6734.34px;left:9501.64px;white-space:nowrap">208,050</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6930.83px;left:648px;white-space:nowrap">Citigroup, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6930.83px;left:1377.22px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6930.83px;left:1635.11px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6930.83px;left:1724.02px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6930.83px;left:2230.97px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6930.83px;left:2568.94px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6930.83px;left:2657.84px;white-space:nowrap">4.503% </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6930.83px;left:3244.95px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6930.83px;left:3422.84px;white-space:nowrap">9/10/30,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6930.83px;left:4045.58px;white-space:nowrap">FRN </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6930.83px;left:4418.86px;letter-spacing:-0.88px;white-space:nowrap">thereafter</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6930.83px;left:5094.88px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7122.83px;left:792px;letter-spacing:-1.7px;white-space:nowrap">9/11/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7122.83px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7122.83px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7122.83px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7122.83px;left:7485.64px;white-space:nowrap">450,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7122.83px;left:9501.64px;white-space:nowrap">450,347</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7322.52px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7319.31px;left:648px;white-space:nowrap">Federation </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7319.31px;left:1457.37px;white-space:nowrap">des </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7319.31px;left:1759.8px;white-space:nowrap">Caisses </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7319.31px;left:2373.31px;white-space:nowrap">Desjardins
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7319.31px;left:3173.62px;white-space:nowrap">du </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7319.31px;left:3396.05px;white-space:nowrap">Quebec</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7319.31px;left:3956.44px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7319.31px;left:4045.34px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7319.31px;left:4552.3px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7319.31px;left:4890.27px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7511.31px;left:792px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7511.31px;left:1254.58px;white-space:nowrap">4.565</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7511.31px;left:1654.97px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7511.31px;left:1797.23px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7511.31px;left:1886.14px;white-space:nowrap">8/26/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7511.31px;left:2422.85px;letter-spacing:50.75px;white-space:nowrap">..............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7511.31px;left:6063.53px;white-space:nowrap">Canada</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7511.31px;left:7485.64px;white-space:nowrap">200,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7511.31px;left:9501.64px;white-space:nowrap">201,183</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7707.8px;left:648px;white-space:nowrap">JPMorgan </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7707.8px;left:1421.67px;white-space:nowrap">Chase </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7707.8px;left:1928.62px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7707.8px;left:2079.8px;white-space:nowrap">Co.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7707.8px;left:2328.78px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7707.8px;left:2417.69px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7707.8px;left:2924.64px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7707.8px;left:3262.61px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7707.8px;left:3351.52px;white-space:nowrap">6.07% </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7707.8px;left:3849.64px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7707.8px;left:4027.53px;white-space:nowrap">10/21/26,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7707.8px;left:4739.25px;white-space:nowrap">FRN </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7899.8px;left:792px;letter-spacing:-0.88px;white-space:nowrap">thereafter</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7899.8px;left:1468.02px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7899.8px;left:1556.92px;white-space:nowrap">10/22/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7899.8px;left:2236.02px;letter-spacing:50.64px;white-space:nowrap">................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7899.8px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7899.8px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7899.8px;left:7485.64px;white-space:nowrap">820,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7899.8px;left:9501.64px;white-space:nowrap">836,452</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8096.28px;left:648px;letter-spacing:-1.04px;white-space:nowrap">Toronto-Dominion
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8096.28px;left:1955.27px;white-space:nowrap">Bank </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8096.28px;left:2364.41px;white-space:nowrap">(The)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8096.28px;left:2746.67px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8096.28px;left:2835.58px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8096.28px;left:3342.53px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8096.28px;left:3680.5px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8096.28px;left:3769.41px;white-space:nowrap">5.264</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8096.28px;left:4169.8px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8096.28px;left:4312.06px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8096.28px;left:4400.97px;letter-spacing:-1.48px;white-space:nowrap">12/11/26</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8096.28px;left:5038.42px;letter-spacing:75.86px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8139.96px;left:6063.53px;white-space:nowrap">Canada</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8139.96px;left:7485.64px;white-space:nowrap">145,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8139.96px;left:9501.64px;white-space:nowrap">147,050</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8336.45px;left:648px;letter-spacing:-0.48px;white-space:nowrap">Wells
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8336.45px;left:1080.66px;white-space:nowrap">Fargo </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8336.45px;left:1543.08px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8336.45px;left:1694.25px;white-space:nowrap">Co.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8336.45px;left:1943.23px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8336.45px;left:2032.14px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8336.45px;left:2539.09px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8336.45px;left:2877.06px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8336.45px;left:2965.97px;white-space:nowrap">5.574% </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8336.45px;left:3553.08px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8336.45px;left:3730.97px;white-space:nowrap">7/24/28,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8336.45px;left:4353.7px;white-space:nowrap">FRN </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8528.45px;left:792px;letter-spacing:-0.88px;white-space:nowrap">thereafter</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8528.45px;left:1468.02px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8528.45px;left:1556.92px;white-space:nowrap">7/25/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8528.45px;left:2142.61px;letter-spacing:50.59px;white-space:nowrap">.................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8528.45px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8528.45px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8528.45px;left:7485.64px;white-space:nowrap">410,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8528.45px;left:9501.64px;white-space:nowrap">424,995</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8812.21px;left:9368.2px;white-space:nowrap">3,143,786</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9139.66px;left:648px;white-space:nowrap">Building
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9139.66px;left:1332.3px;white-space:nowrap">Products
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9139.66px;left:2070.19px;white-space:nowrap">0.8%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9339.35px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9336.14px;left:648px;white-space:nowrap">Builders </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9336.14px;left:1270.5px;white-space:nowrap">FirstSource,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9336.14px;left:2177.37px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9336.14px;left:2435.27px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9336.14px;left:2524.17px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9336.14px;left:3031.12px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9336.14px;left:3404.8px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9336.14px;left:3493.7px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9336.14px;left:3956.28px;white-space:nowrap">6.75</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9336.14px;left:4267.69px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9336.14px;left:4409.95px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9336.14px;left:4498.86px;white-space:nowrap">5/15/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9336.14px;left:5038.42px;letter-spacing:75.86px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9336.14px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9336.14px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9336.14px;left:7574.63px;white-space:nowrap">60,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9336.14px;left:9590.63px;white-space:nowrap">62,723</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9535.84px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9532.63px;left:648px;white-space:nowrap">JH </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9532.63px;left:888px;white-space:nowrap">North </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9532.63px;left:1314.87px;white-space:nowrap">America </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9532.63px;left:1946.12px;white-space:nowrap">Holdings,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9532.63px;left:2657.61px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9532.63px;left:2915.5px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9729.11px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9729.11px;left:1298.95px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9729.11px;left:1939.34px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9729.11px;left:2366.22px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9729.11px;left:2828.8px;white-space:nowrap">5.875%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9729.11px;left:3460.36px;white-space:nowrap">1/31/31 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9729.11px;left:4104.29px;letter-spacing:53.44px;white-space:nowrap">............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9729.11px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9729.11px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9729.11px;left:7574.63px;white-space:nowrap">15,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9729.11px;left:9590.63px;white-space:nowrap">15,243</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9925.59px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9925.59px;left:1298.95px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9925.59px;left:1939.34px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9925.59px;left:2366.22px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9925.59px;left:2828.8px;white-space:nowrap">6.125%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9925.59px;left:3460.36px;white-space:nowrap">7/31/32 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9925.59px;left:4104.29px;letter-spacing:53.44px;white-space:nowrap">............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9925.59px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9925.59px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9925.59px;left:7574.63px;white-space:nowrap">60,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9925.59px;left:9590.63px;white-space:nowrap">61,509</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10125.29px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10122.08px;left:648px;white-space:nowrap">Miter </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10122.08px;left:1048px;white-space:nowrap">Brands </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10122.08px;left:1590.58px;white-space:nowrap">Acquisition
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10122.08px;left:2408.78px;white-space:nowrap">Holdco,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10122.08px;left:2995.73px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10122.08px;left:3298.08px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10122.08px;left:3386.98px;white-space:nowrap">MIWD </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10122.08px;left:3875.73px;white-space:nowrap">Borrower
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10122.08px;left:4569.25px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10122.08px;left:4862.77px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10314.08px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10314.08px;left:1298.95px;white-space:nowrap">Secured
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10314.08px;left:1939.34px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10314.08px;left:2277.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10314.08px;left:2366.22px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10314.08px;left:2828.8px;white-space:nowrap">6.75</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10314.08px;left:3140.2px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10314.08px;left:3282.47px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10314.08px;left:3371.37px;white-space:nowrap">4/01/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10314.08px;left:3917.46px;letter-spacing:52.8px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10314.08px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10314.08px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10314.08px;left:7485.64px;white-space:nowrap">205,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10314.08px;left:9501.64px;white-space:nowrap">210,715</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10513.77px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10510.56px;left:648px;white-space:nowrap">Quikrete </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10510.56px;left:1297.14px;white-space:nowrap">Holdings,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10510.56px;left:2008.62px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10510.56px;left:2266.52px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10707.05px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10707.05px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10707.05px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10707.05px;left:2188.41px;white-space:nowrap">6.75%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10707.05px;left:2730.98px;white-space:nowrap">3/01/33
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10707.05px;left:3356.98px;letter-spacing:51.65px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10707.05px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10707.05px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10707.05px;left:7485.64px;white-space:nowrap">170,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10707.05px;left:9501.64px;white-space:nowrap">176,876</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10903.53px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10903.53px;left:1298.95px;white-space:nowrap">Secured
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10903.53px;left:1939.34px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10903.53px;left:2366.22px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10903.53px;left:2828.8px;white-space:nowrap">6.375%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10903.53px;left:3460.36px;white-space:nowrap">3/01/32
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10903.53px;left:4104.29px;letter-spacing:53.44px;white-space:nowrap">............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10903.53px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10903.53px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10903.53px;left:7574.63px;white-space:nowrap">75,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10903.53px;left:9590.63px;white-space:nowrap">77,747</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11103.23px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11100.02px;left:648px;white-space:nowrap">Smyrna </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11100.02px;left:1243.7px;white-space:nowrap">Ready </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11100.02px;left:1750.66px;white-space:nowrap">Mix </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11100.02px;left:2043.94px;white-space:nowrap">Concrete
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11100.02px;left:2737.61px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11100.02px;left:3031.12px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11100.02px;left:3120.03px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11100.02px;left:3626.98px;white-space:nowrap">Secured
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11100.02px;left:4267.38px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11100.02px;left:4605.34px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11100.02px;left:4694.25px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11292.02px;left:792px;white-space:nowrap">8.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11292.02px;left:1192.39px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11292.02px;left:1334.66px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11292.02px;left:1423.56px;letter-spacing:-1.48px;white-space:nowrap">11/15/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11292.02px;left:2049.2px;letter-spacing:50.54px;white-space:nowrap">..................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11292.02px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11292.02px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11292.02px;left:7485.64px;white-space:nowrap">440,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11292.02px;left:9501.64px;white-space:nowrap">465,050</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11491.71px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11488.5px;left:648px;white-space:nowrap">Standard </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11488.5px;left:1341.83px;white-space:nowrap">Building
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11488.5px;left:1955.58px;white-space:nowrap">Solutions,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11488.5px;left:2702.69px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11488.5px;left:2960.58px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11684.99px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11684.99px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11684.99px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11684.99px;left:2188.41px;white-space:nowrap">6.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11684.99px;left:2642px;white-space:nowrap">8/15/32 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11684.99px;left:3263.57px;letter-spacing:51.52px;white-space:nowrap">.....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11684.99px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11684.99px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11684.99px;left:7485.64px;white-space:nowrap">130,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11684.99px;left:9501.64px;white-space:nowrap">133,516</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:1161.0px;width:891.0px;transform-origin:top left;transform:scale(1.5,1.5)">

<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:6453.14px;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:7127.45px;letter-spacing:10.29px;white-space:nowrap">Master
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7794.58px;letter-spacing:10.34px;white-space:nowrap">Intermediate
</div>

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:7913.58px;letter-spacing:10.67px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8772.28px;letter-spacing:8px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:9027.03px;letter-spacing:10.91px;white-space:nowrap">Investments</div></div>
</div>

<div style="height:40.61px;left:0px;position:absolute;top:0px;transform:translate(53.999px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:691.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">
</div> </div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(54.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

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

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(53.999px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

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

<div style="height:30.71px;left:0px;position:absolute;top:0px;transform:translate(54.000px,738.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:459.61px">

<div style="width:9192.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(8270.481px,65.000px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3857.28px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4119.86px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5002.43px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5359.93px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5586.03px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5768.45px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6235.25px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6497.83px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6643.76px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7001.26px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7519.15px;white-space:nowrap">statements.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8353.45px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8798.45px;white-space:nowrap">Report</div></div>
</div>

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">13</div></div>
</div>

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

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

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(513.610px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

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

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

<div style="width:10080px;height:12268.8px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.62px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:648px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:6010.72px;white-space:nowrap">Country</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:21.02px;left:7388.22px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:7423.4px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:216.23px;left:8027.7px;white-space:nowrap">*</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:8451.51px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:6612.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:8052.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:8484.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:648px;white-space:nowrap">Corporate
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:1659.23px;white-space:nowrap">Bonds
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:547.74px;left:2336.96px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:648px;white-space:nowrap">Building
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:1332.3px;white-space:nowrap">Products
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:787.91px;left:2070.19px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:987.6px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:648px;white-space:nowrap">Standard </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1341.83px;white-space:nowrap">Building </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1955.58px;white-space:nowrap">Solutions,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2702.69px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3049.48px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:2188.41px;white-space:nowrap">6.25%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:2730.98px;white-space:nowrap">8/01/33 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:3356.98px;letter-spacing:51.65px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:7485.64px;white-space:nowrap">130,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:9412.66px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:9501.64px;white-space:nowrap">131,860</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1464.64px;left:9368.2px;white-space:nowrap">1,335,239</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1792.09px;left:648px;white-space:nowrap">Capital
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1792.09px;left:1225.89px;white-space:nowrap">Markets
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1792.09px;left:1875.11px;white-space:nowrap">1.2%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1988.57px;left:648px;white-space:nowrap">Ares </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1988.57px;left:1021.44px;white-space:nowrap">Capital </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1988.57px;left:1563.94px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1988.57px;left:1955.19px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1988.57px;left:2044.09px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1988.57px;left:2551.05px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1988.57px;left:2889.02px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1988.57px;left:2977.92px;white-space:nowrap">7</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1988.57px;left:3066.91px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1988.57px;left:3209.17px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1988.57px;left:3298.08px;white-space:nowrap">1/15/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1988.57px;left:3917.46px;letter-spacing:52.8px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2032.25px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2032.25px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2032.25px;left:7485.64px;white-space:nowrap">410,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2032.25px;left:9501.64px;white-space:nowrap">422,157</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2231.95px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2228.74px;left:648px;white-space:nowrap">Jane </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2228.74px;left:1039.41px;white-space:nowrap">Street </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2228.74px;left:1510.73px;white-space:nowrap">Group </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2228.74px;left:1999.88px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2228.74px;left:2088.78px;white-space:nowrap">JSG </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2228.74px;left:2444.41px;white-space:nowrap">Finance,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2228.74px;left:3102.53px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2228.74px;left:3360.42px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2228.74px;left:3449.33px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2228.74px;left:3956.28px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2228.74px;left:4596.67px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2228.74px;left:4934.64px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2420.74px;left:792px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2420.74px;left:1254.58px;white-space:nowrap">6.75</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2420.74px;left:1565.98px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2420.74px;left:1708.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2420.74px;left:1797.16px;white-space:nowrap">5/01/33</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2420.74px;left:2330.98px;letter-spacing:50.7px;white-space:nowrap">...............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2420.74px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2420.74px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2420.74px;left:7485.64px;white-space:nowrap">435,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2420.74px;left:9501.64px;white-space:nowrap">452,145</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2617.22px;left:648px;white-space:nowrap">Morgan </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2617.22px;left:1234.95px;letter-spacing:-1.7px;white-space:nowrap">Stanley</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2617.22px;left:1756.75px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2617.22px;left:1845.66px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2617.22px;left:2352.61px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2617.22px;left:2690.58px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2617.22px;left:2779.48px;white-space:nowrap">5.123% </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2617.22px;left:3366.59px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2617.22px;left:3544.48px;white-space:nowrap">1/31/28,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2617.22px;left:4167.22px;white-space:nowrap">FRN </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2617.22px;left:4540.5px;letter-spacing:-0.88px;white-space:nowrap">thereafter</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2617.22px;left:5216.52px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2809.22px;left:792px;white-space:nowrap">2/01/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2809.22px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2809.22px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2809.22px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2809.22px;left:7485.64px;white-space:nowrap">610,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2809.22px;left:9501.64px;white-space:nowrap">623,212</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3008.92px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3005.71px;left:648px;white-space:nowrap">Stonex </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3005.71px;left:1190.58px;white-space:nowrap">Escrow </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3005.71px;left:1759.56px;white-space:nowrap">Issuer </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3005.71px;left:2239.72px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3005.71px;left:2533.23px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3005.71px;left:2622.14px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3005.71px;left:3262.53px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3005.71px;left:3600.5px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3005.71px;left:3689.41px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3005.71px;left:4151.98px;white-space:nowrap">6.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3005.71px;left:4552.38px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3005.71px;left:4694.64px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3005.71px;left:4783.55px;white-space:nowrap">7/15/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3005.71px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3005.71px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3005.71px;left:7485.64px;white-space:nowrap">120,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3005.71px;left:9501.64px;white-space:nowrap">123,614</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3205.4px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3202.19px;left:648px;white-space:nowrap">UBS </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3202.19px;left:1021.44px;white-space:nowrap">Group </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3202.19px;left:1501.75px;white-space:nowrap">AG</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3202.19px;left:1732.92px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3202.19px;left:1821.83px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3202.19px;left:2328.78px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3202.19px;left:2666.75px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3202.19px;left:2755.66px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3202.19px;left:3218.23px;white-space:nowrap">5.428% </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3202.19px;left:3805.34px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3202.19px;left:3983.23px;white-space:nowrap">2/07/29,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3202.19px;left:4605.97px;white-space:nowrap">FRN </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3394.19px;left:792px;letter-spacing:-0.88px;white-space:nowrap">thereafter</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3394.19px;left:1468.02px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3394.19px;left:1556.92px;white-space:nowrap">2/08/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3394.19px;left:2142.61px;letter-spacing:50.59px;white-space:nowrap">.................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3394.19px;left:5796.97px;white-space:nowrap">Switzerland</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3394.19px;left:7485.64px;white-space:nowrap">200,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3394.19px;left:9501.64px;white-space:nowrap">206,675</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3677.96px;left:9368.2px;white-space:nowrap">1,827,803</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4005.4px;left:648px;white-space:nowrap">Chemicals
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4005.4px;left:1492.84px;white-space:nowrap">0.5%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4205.1px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4201.89px;left:648px;letter-spacing:-0.41px;white-space:nowrap">Avient
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4201.89px;left:1134.25px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4201.89px;left:1525.5px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4201.89px;left:1614.41px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4201.89px;left:2121.36px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4201.89px;left:2459.33px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4201.89px;left:2548.23px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4201.89px;left:3010.81px;white-space:nowrap">6.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4201.89px;left:3322.22px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4201.89px;left:3464.48px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4201.89px;left:3553.39px;letter-spacing:-1.48px;white-space:nowrap">11/01/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4201.89px;left:4197.7px;letter-spacing:53.85px;white-space:nowrap">...........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4201.89px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4201.89px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4201.89px;left:7574.63px;white-space:nowrap">45,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4201.89px;left:9590.63px;white-space:nowrap">45,732</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4401.58px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4398.37px;left:648px;white-space:nowrap">Braskem </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4398.37px;left:1323.7px;white-space:nowrap">Idesa </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4398.37px;left:1759.56px;white-space:nowrap">SAPI</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4398.37px;left:2124.17px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4398.37px;left:2213.08px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4398.37px;left:2720.03px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4398.37px;left:3360.42px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4398.37px;left:3698.39px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4398.37px;left:3787.3px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4398.37px;left:4125.27px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4398.37px;left:4320.89px;white-space:nowrap">7.45</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4398.37px;left:4632.3px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4398.37px;left:4774.56px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4590.37px;left:792px;letter-spacing:-1.48px;white-space:nowrap">11/15/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4590.37px;left:1488.72px;letter-spacing:50.3px;white-space:nowrap">........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4590.37px;left:6117.2px;white-space:nowrap">Mexico</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4590.37px;left:7485.64px;white-space:nowrap">230,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4590.37px;left:9501.64px;white-space:nowrap">140,714</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4786.86px;left:648px;white-space:nowrap">Celanese </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4786.86px;left:1368.47px;white-space:nowrap">US </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4786.86px;left:1635.19px;white-space:nowrap">Holdings
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4786.86px;left:2302.22px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4786.86px;left:2595.73px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4786.86px;left:2684.64px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4786.86px;left:3191.59px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4786.86px;left:3565.27px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4786.86px;left:3654.17px;white-space:nowrap">6.879</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4786.86px;left:4054.56px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4786.86px;left:4196.83px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4786.86px;left:4285.73px;white-space:nowrap">7/15/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4786.86px;left:4851.59px;letter-spacing:62.41px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4830.54px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4830.54px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4830.54px;left:7663.61px;white-space:nowrap">7,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4830.54px;left:9679.61px;white-space:nowrap">7,158</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5027.02px;left:648px;white-space:nowrap">Huntsman </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5027.02px;left:1421.67px;white-space:nowrap">International
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5027.02px;left:2346.75px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5027.02px;left:2640.27px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5027.02px;left:2729.17px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5027.02px;left:3236.13px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5027.02px;left:3609.8px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5027.02px;left:3698.7px;white-space:nowrap">4.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5027.02px;left:3921.13px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5027.02px;left:4063.39px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5027.02px;left:4152.3px;white-space:nowrap">5/01/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5027.02px;left:4758.18px;letter-spacing:59.72px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5070.7px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5070.7px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5070.7px;left:7485.64px;white-space:nowrap">220,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5070.7px;left:9501.64px;white-space:nowrap">210,631</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5270.4px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5267.19px;left:648px;white-space:nowrap">Qnity </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5267.19px;left:1065.89px;white-space:nowrap">Electronics,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5267.19px;left:1937.3px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5267.19px;left:2195.19px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5463.67px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5463.67px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5463.67px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5463.67px;left:2188.41px;white-space:nowrap">6.25%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5463.67px;left:2730.98px;white-space:nowrap">8/15/33 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5463.67px;left:3356.98px;letter-spacing:51.65px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5463.67px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5463.67px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5463.67px;left:7574.63px;white-space:nowrap">35,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5463.67px;left:9590.63px;white-space:nowrap">35,785</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5660.16px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5660.16px;left:1298.95px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5660.16px;left:1939.34px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5660.16px;left:2366.22px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5660.16px;left:2828.8px;white-space:nowrap">5.75%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5660.16px;left:3371.38px;white-space:nowrap">8/15/32 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5660.16px;left:4010.87px;letter-spacing:53.1px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5660.16px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5660.16px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5660.16px;left:7574.63px;white-space:nowrap">60,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5660.16px;left:9590.63px;white-space:nowrap">60,533</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5859.85px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5856.64px;left:648px;white-space:nowrap">Solstice </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5856.64px;left:1243.86px;white-space:nowrap">Advanced
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5856.64px;left:1999.95px;white-space:nowrap">Materials,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5856.64px;left:2737.92px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5856.64px;left:2995.81px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5856.64px;left:3084.72px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5856.64px;left:3591.67px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5856.64px;left:3929.64px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5856.64px;left:4018.55px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5856.64px;left:4481.13px;white-space:nowrap">5.625</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5856.64px;left:4881.52px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5856.64px;left:5023.78px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6048.64px;left:792px;white-space:nowrap">9/30/33</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6048.64px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6048.64px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6048.64px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6048.64px;left:7485.64px;white-space:nowrap">270,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6048.64px;left:9501.64px;white-space:nowrap">271,061</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6332.41px;left:9501.64px;white-space:nowrap">771,614</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6659.85px;left:648px;white-space:nowrap">Commercial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6659.85px;left:1608.39px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6659.85px;left:2311.2px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6659.85px;left:2471.2px;white-space:nowrap">Supplies
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6659.85px;left:3182.45px;white-space:nowrap">1.1%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6859.55px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6856.34px;left:648px;white-space:nowrap">Allied </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6856.34px;left:1083.78px;white-space:nowrap">Universal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6856.34px;left:1795.11px;white-space:nowrap">Holdco </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6856.34px;left:2337.61px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6856.34px;left:2631.13px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6856.34px;left:2720.03px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6856.34px;left:3226.98px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6856.34px;left:3867.38px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6856.34px;left:4205.34px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6856.34px;left:4294.25px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7048.34px;left:792px;white-space:nowrap">7.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7048.34px;left:1192.39px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7048.34px;left:1334.66px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7048.34px;left:1423.56px;white-space:nowrap">2/15/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7048.34px;left:1957.39px;letter-spacing:50.5px;white-space:nowrap">...................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7048.34px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7048.34px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7048.34px;left:7485.64px;white-space:nowrap">205,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7048.34px;left:9501.64px;white-space:nowrap">215,121</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7248.03px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7244.82px;left:648px;white-space:nowrap">Ambipar </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7244.82px;left:1288.23px;white-space:nowrap">Lux </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7244.82px;left:1590.66px;white-space:nowrap">SARL</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7244.82px;left:2008.63px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7244.82px;left:2097.53px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7244.82px;left:2604.48px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7244.82px;left:2942.45px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7244.82px;left:3031.36px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7244.82px;left:3493.94px;white-space:nowrap">10.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7244.82px;left:3983.31px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7244.82px;left:4125.58px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7244.82px;left:4214.48px;white-space:nowrap">2/05/33</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7244.82px;left:4758.18px;letter-spacing:59.72px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7244.82px;left:6223.92px;white-space:nowrap">Brazil</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7244.82px;left:7485.64px;white-space:nowrap">200,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7244.82px;left:9590.63px;white-space:nowrap">33,622</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7444.52px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7441.3px;left:648px;white-space:nowrap">Aramark </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7441.3px;left:1296.98px;white-space:nowrap">Services,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7441.3px;left:1999.41px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7441.3px;left:2257.3px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7441.3px;left:2346.2px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7441.3px;left:2853.16px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7441.3px;left:3226.83px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7441.3px;left:3315.73px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7441.3px;left:3778.31px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7441.3px;left:3867.3px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7441.3px;left:4009.56px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7441.3px;left:4098.47px;white-space:nowrap">2/01/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7441.3px;left:4664.76px;letter-spacing:57.93px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7441.3px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7441.3px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7441.3px;left:7485.64px;white-space:nowrap">208,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7441.3px;left:9501.64px;white-space:nowrap">207,267</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7641px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7637.79px;left:648px;white-space:nowrap">Prime </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7637.79px;left:1110.27px;white-space:nowrap">Security
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7637.79px;left:1732.69px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7637.79px;left:2390.66px;white-space:nowrap">Borrower
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7637.79px;left:3084.17px;white-space:nowrap">LLC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7637.79px;left:3422.14px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7637.79px;left:3511.05px;white-space:nowrap">Prime </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7637.79px;left:3973.31px;white-space:nowrap">Finance,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7637.79px;left:4631.44px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7637.79px;left:4889.33px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7829.79px;left:792px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7829.79px;left:1432.39px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7829.79px;left:1770.36px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7829.79px;left:1859.27px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7829.79px;left:2321.84px;white-space:nowrap">6.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7829.79px;left:2633.25px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7829.79px;left:2775.52px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7829.79px;left:2864.42px;white-space:nowrap">1/15/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7829.79px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7829.79px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7829.79px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7829.79px;left:7485.64px;white-space:nowrap">205,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7829.79px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">205,115</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8029.48px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8026.27px;left:648px;white-space:nowrap">RR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8026.27px;left:923.55px;white-space:nowrap">Donnelley
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8026.27px;left:1679.56px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8026.27px;left:1830.73px;white-space:nowrap">Sons </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8026.27px;left:2239.88px;white-space:nowrap">Co.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8026.27px;left:2488.86px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8026.27px;left:2577.77px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8026.27px;left:3084.72px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8026.27px;left:3725.11px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8026.27px;left:4063.08px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8026.27px;left:4151.98px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8026.27px;left:4614.56px;white-space:nowrap">9.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8026.27px;left:4836.98px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8026.27px;left:4979.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8218.27px;left:792px;white-space:nowrap">8/01/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8218.27px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8218.27px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8218.27px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8218.27px;left:7485.64px;white-space:nowrap">285,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8218.27px;left:9501.64px;white-space:nowrap">292,350</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8417.97px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8414.76px;left:648px;letter-spacing:-0.98px;white-space:nowrap">Verisure
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8414.76px;left:1279.41px;white-space:nowrap">Midholding
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8414.76px;left:2088.86px;white-space:nowrap">AB</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8414.76px;left:2302.3px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8414.76px;left:2391.2px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8414.76px;left:2898.16px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8414.76px;left:3236.13px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8414.76px;left:3325.03px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8414.76px;left:3663px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8414.76px;left:3858.63px;white-space:nowrap">5.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8414.76px;left:4170.03px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8414.76px;left:4312.3px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8414.76px;left:4401.2px;white-space:nowrap">2/15/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8414.76px;left:4945px;letter-spacing:66.89px;white-space:nowrap">...</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8414.76px;left:6045.8px;white-space:nowrap">Sweden</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8414.76px;left:7485.64px;white-space:nowrap">595,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8414.76px;left:8158.19px;white-space:nowrap">EUR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8414.76px;left:9501.64px;white-space:nowrap">704,665</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8614.45px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8611.24px;left:648px;letter-spacing:-1.1px;white-space:nowrap">Veritiv
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8611.24px;left:1128.16px;white-space:nowrap">Operating
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8611.24px;left:1875.27px;white-space:nowrap">Co.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8611.24px;left:2124.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8611.24px;left:2213.16px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8611.24px;left:2720.11px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8611.24px;left:3360.5px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8611.24px;left:3698.47px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8611.24px;left:3787.38px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8611.24px;left:4249.95px;white-space:nowrap">10.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8611.24px;left:4561.36px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8611.24px;left:4703.63px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8803.24px;left:792px;letter-spacing:-1.48px;white-space:nowrap">11/30/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8803.24px;left:1488.72px;letter-spacing:50.3px;white-space:nowrap">........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8803.24px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8803.24px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8803.24px;left:7574.63px;white-space:nowrap">45,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8803.24px;left:9590.63px;white-space:nowrap">48,351</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9002.94px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8999.73px;left:648px;letter-spacing:-0.99px;white-space:nowrap">Waste
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8999.73px;left:1139.95px;white-space:nowrap">Pro </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8999.73px;left:1433.39px;white-space:nowrap">USA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8999.73px;left:1851.28px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8999.73px;left:2109.17px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8999.73px;left:2198.08px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8999.73px;left:2705.03px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8999.73px;left:3043px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8999.73px;left:3131.91px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8999.73px;left:3594.48px;white-space:nowrap">7</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8999.73px;left:3683.47px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8999.73px;left:3825.73px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8999.73px;left:3914.64px;white-space:nowrap">2/01/33</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8999.73px;left:4477.94px;letter-spacing:55.68px;white-space:nowrap">........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8999.73px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8999.73px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8999.73px;left:7485.64px;white-space:nowrap">395,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8999.73px;left:9501.64px;white-space:nowrap">410,127</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9283.49px;left:9380.08px;letter-spacing:-1.32px;white-space:nowrap">2,116,618</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9610.94px;left:648px;white-space:nowrap">Communications
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9610.94px;left:1990.34px;white-space:nowrap">Equipment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9610.94px;left:2861.44px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9807.42px;left:648px;white-space:nowrap">Motorola </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9807.42px;left:1314.95px;white-space:nowrap">Solutions,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9807.42px;left:2062.06px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9807.42px;left:2319.95px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9807.42px;left:2408.86px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9807.42px;left:2915.81px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9807.42px;left:3253.78px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9807.42px;left:3342.69px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9807.42px;left:3431.67px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9807.42px;left:3573.94px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9807.42px;left:3662.84px;white-space:nowrap">4/15/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9807.42px;left:4197.7px;letter-spacing:53.85px;white-space:nowrap">...........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9851.1px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9851.1px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9851.1px;left:7485.64px;white-space:nowrap">210,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9851.1px;left:9501.64px;white-space:nowrap">215,099</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10178.55px;left:648px;white-space:nowrap">Construction
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10178.55px;left:1687.92px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10178.55px;left:1847.92px;white-space:nowrap">Engineering
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10178.55px;left:2816.91px;white-space:nowrap">0.0%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:10181.76px;left:3181.59px;white-space:nowrap">&#8224;</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10378.24px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10375.03px;left:648px;white-space:nowrap">Arcosa, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10375.03px;left:1234.88px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10375.03px;left:1492.77px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10375.03px;left:1581.67px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10375.03px;left:2088.63px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10375.03px;left:2426.59px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10375.03px;left:2515.5px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10375.03px;left:2978.08px;white-space:nowrap">6.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10375.03px;left:3378.47px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10375.03px;left:3520.73px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10375.03px;left:3609.64px;white-space:nowrap">8/15/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10375.03px;left:4197.7px;letter-spacing:53.85px;white-space:nowrap">...........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10375.03px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10375.03px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10375.03px;left:7574.63px;white-space:nowrap">50,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10375.03px;left:9590.63px;white-space:nowrap">52,266</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10702.48px;left:648px;white-space:nowrap">Consumer
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10702.48px;left:1483.7px;white-space:nowrap">Finance
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10702.48px;left:2132.77px;white-space:nowrap">0.8%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10898.96px;left:648px;white-space:nowrap">AerCap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10898.96px;left:1234.95px;white-space:nowrap">Ireland
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10898.96px;left:1768.63px;white-space:nowrap">Capital
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10898.96px;left:2311.13px;white-space:nowrap">DAC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10898.96px;left:2693.39px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10898.96px;left:2773.47px;white-space:nowrap">AerCap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10898.96px;left:3360.42px;white-space:nowrap">Global </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10898.96px;left:3858.55px;letter-spacing:-0.32px;white-space:nowrap">Aviation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10898.96px;left:4466.44px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10898.96px;left:4824.95px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11090.96px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11090.96px;left:1298.95px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11090.96px;left:1636.92px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11090.96px;left:1725.83px;white-space:nowrap">4.625</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11090.96px;left:2126.22px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11090.96px;left:2268.48px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11090.96px;left:2357.39px;white-space:nowrap">9/10/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11090.96px;left:2891.22px;letter-spacing:51.11px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11090.96px;left:6134.78px;white-space:nowrap">Ireland</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11090.96px;left:7485.64px;white-space:nowrap">305,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11090.96px;left:9501.64px;white-space:nowrap">307,866</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11287.45px;left:648px;white-space:nowrap">Capital </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11287.45px;left:1190.5px;white-space:nowrap">One </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11287.45px;left:1537.38px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11287.45px;left:2222.14px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11287.45px;left:2613.39px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11287.45px;left:2702.3px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11287.45px;left:3209.25px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11287.45px;left:3547.22px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11287.45px;left:3636.13px;white-space:nowrap">4.493% </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11287.45px;left:4223.23px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11287.45px;left:4401.13px;white-space:nowrap">9/10/30,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11479.45px;left:792px;white-space:nowrap">FRN </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11479.45px;left:1165.28px;letter-spacing:-0.88px;white-space:nowrap">thereafter</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11479.45px;left:1841.3px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11479.45px;left:1930.2px;letter-spacing:-1.7px;white-space:nowrap">9/11/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11479.45px;left:2516.26px;letter-spacing:50.82px;white-space:nowrap">.............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11479.45px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11479.45px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11479.45px;left:7485.64px;white-space:nowrap">135,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11479.45px;left:9501.64px;white-space:nowrap">133,953</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11679.14px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11675.93px;left:648px;white-space:nowrap">Encore </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11675.93px;left:1199.41px;white-space:nowrap">Capital
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11675.93px;left:1741.91px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11675.93px;left:2275.5px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11675.93px;left:2533.39px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11675.93px;left:2622.3px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11675.93px;left:3129.25px;white-space:nowrap">Secured
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11675.93px;left:3769.64px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11675.93px;left:4107.61px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11675.93px;left:4196.52px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11675.93px;left:4659.09px;white-space:nowrap">9.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11675.93px;left:4970.5px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11675.93px;left:5112.77px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11867.93px;left:792px;white-space:nowrap">4/01/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11867.93px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11867.93px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11867.93px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11867.93px;left:7485.64px;white-space:nowrap">280,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11867.93px;left:9501.64px;white-space:nowrap">295,795</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:12067.63px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12064.42px;left:648px;white-space:nowrap">FirstCash, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12064.42px;left:1421.44px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12064.42px;left:1679.33px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12064.42px;left:1768.23px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12064.42px;left:2275.19px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12064.42px;left:2613.16px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12064.42px;left:2702.06px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12064.42px;left:3164.64px;white-space:nowrap">6.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12064.42px;left:3565.03px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12064.42px;left:3707.3px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12064.42px;left:3796.2px;white-space:nowrap">3/01/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12064.42px;left:4384.52px;letter-spacing:54.94px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12064.42px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12064.42px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12064.42px;left:7485.64px;white-space:nowrap">397,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12064.42px;left:9501.64px;white-space:nowrap">410,839</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:1161.0px;width:891.0px;transform-origin:top left;transform:scale(1.5,1.5)">

<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:10.29px;white-space:nowrap">Master
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1341.44px;letter-spacing:10.34px;white-space:nowrap">Intermediate
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2500.95px;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:3143.94px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:0px;letter-spacing:10.67px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:858.7px;letter-spacing:8px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:1113.45px;letter-spacing:10.91px;white-space:nowrap">Investments</div></div>
</div>

<div style="height:41.15px;left:0px;position:absolute;top:0px;transform:translate(36.000px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:702px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">
</div> </div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(36.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

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

<div style="height:17.16px;left:0px;position:absolute;top:0px;transform:translate(405.000px,743.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:254.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
</div>

<div style="height:30.71px;left:0px;position:absolute;top:0px;transform:translate(80.389px,738.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:458.22px">

<div style="width:9164.39px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(911.718px,64.999px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:994.69px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:1257.27px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2139.84px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2497.34px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2723.44px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2905.86px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3372.66px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3635.23px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3781.17px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4138.67px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4656.56px;white-space:nowrap">statements.</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(36.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:36.48px;white-space:nowrap">14</div></div>
</div>

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

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

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

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

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

<div style="width:10080px;height:12258px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.62px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:648px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:6010.72px;white-space:nowrap">Country</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:21.02px;left:7388.22px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:7423.4px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:216.23px;left:8027.7px;white-space:nowrap">*</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:8451.51px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:6612.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:8052.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:8484.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:648px;white-space:nowrap">Corporate
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:1659.23px;white-space:nowrap">Bonds
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:547.74px;left:2336.96px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:648px;white-space:nowrap">Consumer
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:1483.7px;white-space:nowrap">Finance
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:787.91px;left:2132.77px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:648px;white-space:nowrap">Ford </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1021.44px;white-space:nowrap">Motor </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1474.87px;white-space:nowrap">Credit </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1946.12px;white-space:nowrap">Co. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2239.56px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2533.08px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2621.98px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3128.94px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3466.91px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3555.81px;white-space:nowrap">5.8</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3778.23px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3920.5px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4009.41px;white-space:nowrap">3/05/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4571.35px;letter-spacing:56.65px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:7485.64px;white-space:nowrap">210,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:9412.66px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:9501.64px;white-space:nowrap">212,187</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1311.84px;left:9368.2px;white-space:nowrap">1,360,640</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1639.29px;left:648px;white-space:nowrap">Containers
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1639.29px;left:1528.16px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1639.29px;left:1688.16px;white-space:nowrap">Packaging
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1639.29px;left:2532.92px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1838.98px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1835.77px;left:648px;white-space:nowrap">Clydesdale </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1835.77px;left:1475.19px;white-space:nowrap">Acquisition
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1835.77px;left:2293.39px;white-space:nowrap">Holdings,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1835.77px;left:3004.87px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1835.77px;left:3262.77px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1835.77px;left:3351.67px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1835.77px;left:3858.62px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1835.77px;left:4499.02px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1835.77px;left:4836.98px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2027.77px;left:792px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2027.77px;left:1254.58px;white-space:nowrap">6.75</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2027.77px;left:1565.98px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2027.77px;left:1708.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2027.77px;left:1797.16px;white-space:nowrap">4/15/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2027.77px;left:2330.98px;letter-spacing:50.7px;white-space:nowrap">...............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2027.77px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2027.77px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2027.77px;left:7485.64px;white-space:nowrap">200,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2027.77px;left:9501.64px;white-space:nowrap">205,319</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2355.22px;left:648px;white-space:nowrap">Distributors
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2355.22px;left:1599.17px;white-space:nowrap">0.2%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2554.91px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2551.7px;left:648px;white-space:nowrap">RB </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2551.7px;left:914.72px;white-space:nowrap">Global </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2551.7px;left:1421.67px;white-space:nowrap">Holdings,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2551.7px;left:2133.16px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2551.7px;left:2391.05px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2551.7px;left:2479.95px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2551.7px;left:2986.91px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2551.7px;left:3324.87px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2551.7px;left:3413.78px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2551.7px;left:3876.36px;white-space:nowrap">7.75</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2551.7px;left:4187.77px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2551.7px;left:4330.03px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2551.7px;left:4418.94px;white-space:nowrap">3/15/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2551.7px;left:5038.42px;letter-spacing:75.86px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2551.7px;left:6063.53px;white-space:nowrap">Canada</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2551.7px;left:7485.64px;white-space:nowrap">276,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2551.7px;left:9501.64px;white-space:nowrap">289,014</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2879.15px;left:648px;text-rendering:optimizeLegibility;white-space:nowrap">Diversified
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2879.15px;left:1510.58px;letter-spacing:-1.19px;white-space:nowrap">REITs
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2879.15px;left:1996.59px;white-space:nowrap">0.3%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3075.63px;left:648px;white-space:nowrap">VICI </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3075.63px;left:1003.62px;white-space:nowrap">Properties
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3075.63px;left:1777.3px;letter-spacing:-10.31px;white-space:nowrap">LP</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3075.63px;left:1952.37px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3075.63px;left:2041.28px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3075.63px;left:2548.23px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3075.63px;left:2886.2px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3075.63px;left:2975.11px;white-space:nowrap">4.95</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3075.63px;left:3286.52px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3075.63px;left:3428.78px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3075.63px;left:3517.69px;white-space:nowrap">2/15/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3075.63px;left:4104.29px;letter-spacing:53.44px;white-space:nowrap">............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3119.31px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3119.31px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3119.31px;left:7485.64px;white-space:nowrap">425,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3119.31px;left:9501.64px;white-space:nowrap">430,044</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3446.76px;left:648px;text-rendering:optimizeLegibility;white-space:nowrap">Diversified
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3446.76px;left:1510.58px;letter-spacing:-0.66px;white-space:nowrap">Telecommunication
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3446.76px;left:3045.66px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3446.76px;left:3748.47px;white-space:nowrap">0.6%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3643.24px;left:648px;letter-spacing:-4.93px;white-space:nowrap">AT&amp;T,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3643.24px;left:1116.2px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3643.24px;left:1374.09px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3643.24px;left:1463px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3643.24px;left:1969.95px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3643.24px;left:2307.92px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3643.24px;left:2396.83px;white-space:nowrap">4.1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3643.24px;left:2619.25px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3643.24px;left:2761.52px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3643.24px;left:2850.42px;white-space:nowrap">2/15/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3643.24px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3686.92px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3686.92px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3686.92px;left:7485.64px;white-space:nowrap">410,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3686.92px;left:9501.64px;white-space:nowrap">409,751</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3886.62px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3883.41px;left:648px;white-space:nowrap">CCO </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3883.41px;left:1048px;white-space:nowrap">Holdings </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3883.41px;left:1715.03px;white-space:nowrap">LLC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3883.41px;left:2053px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3883.41px;left:2141.91px;white-space:nowrap">CCO </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3883.41px;left:2541.91px;white-space:nowrap">Holdings
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3883.41px;left:3208.94px;white-space:nowrap">Capital </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3883.41px;left:3751.44px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3883.41px;left:4142.69px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3883.41px;left:4231.59px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3883.41px;left:4738.55px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3883.41px;left:5112.22px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4075.41px;left:792px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4075.41px;left:1254.58px;white-space:nowrap">4.75</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4075.41px;left:1565.98px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4075.41px;left:1708.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4075.41px;left:1797.16px;white-space:nowrap">2/01/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4075.41px;left:2330.98px;letter-spacing:50.7px;white-space:nowrap">...............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4075.41px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4075.41px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4075.41px;left:7485.64px;white-space:nowrap">469,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4075.41px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">434,114</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4275.1px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4271.89px;left:648px;white-space:nowrap">IHS </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4271.89px;left:959.17px;white-space:nowrap">Holding </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4271.89px;left:1546.2px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4271.89px;left:1813.08px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4271.89px;left:1901.98px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4271.89px;left:2408.94px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4271.89px;left:2746.91px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4271.89px;left:2835.81px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4271.89px;left:3173.78px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4271.89px;left:3369.41px;white-space:nowrap">8.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4271.89px;left:3680.81px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4271.89px;left:3823.08px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4271.89px;left:3911.98px;letter-spacing:-1.48px;white-space:nowrap">11/29/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4271.89px;left:4571.35px;letter-spacing:56.65px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4271.89px;left:6117.13px;white-space:nowrap">Nigeria</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4271.89px;left:7485.64px;white-space:nowrap">200,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4271.89px;left:9501.64px;white-space:nowrap">210,846</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4555.66px;left:9380.08px;letter-spacing:-1.32px;white-space:nowrap">1,054,711</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4883.1px;left:648px;white-space:nowrap">Electric
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4883.1px;left:1270.58px;white-space:nowrap">Utilities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4883.1px;left:1892.92px;white-space:nowrap">2.1%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5079.59px;left:648px;white-space:nowrap">Duke </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5079.59px;left:1065.97px;white-space:nowrap">Energy </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5079.59px;left:1617.37px;white-space:nowrap">Carolinas
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5079.59px;left:2337.69px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5079.59px;left:2631.2px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5079.59px;left:2711.28px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5079.59px;left:2818px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5079.59px;left:2906.91px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5079.59px;left:3413.86px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5079.59px;left:3787.53px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5079.59px;left:3876.44px;white-space:nowrap">6</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5079.59px;left:3965.42px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5079.59px;left:4107.69px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5079.59px;left:4196.59px;white-space:nowrap">12/01/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5079.59px;left:4851.59px;letter-spacing:62.41px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5123.27px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5123.27px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5123.27px;left:7485.64px;white-space:nowrap">200,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5123.27px;left:9501.64px;white-space:nowrap">210,783</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5322.97px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5319.75px;left:648px;white-space:nowrap">Enel </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5319.75px;left:1012.69px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5319.75px;left:1626.36px;white-space:nowrap">International
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5319.75px;left:2551.44px;letter-spacing:-7.34px;white-space:nowrap">NV</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5319.75px;left:2759.02px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5319.75px;left:2847.92px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5319.75px;left:3354.87px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5319.75px;left:3692.84px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5319.75px;left:3781.75px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5319.75px;left:4244.33px;white-space:nowrap">4.375</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5319.75px;left:4644.72px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5319.75px;left:4786.98px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5511.75px;left:792px;white-space:nowrap">9/30/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5511.75px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5511.75px;left:6330.56px;white-space:nowrap">Italy</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5511.75px;left:7485.64px;white-space:nowrap">200,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5511.75px;left:9501.64px;white-space:nowrap">198,707</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5711.45px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5708.24px;left:648px;white-space:nowrap">Energo </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5708.24px;left:1208.39px;white-space:nowrap">- </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5708.24px;left:1306.12px;white-space:nowrap">Pro </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5708.24px;left:1590.73px;white-space:nowrap">A/S</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5708.24px;left:1848.62px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5708.24px;left:1937.53px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5708.24px;left:2444.48px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5708.24px;left:2782.45px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5708.24px;left:2871.36px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5708.24px;left:3333.94px;letter-spacing:-5.94px;white-space:nowrap">11</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5708.24px;left:3500.03px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5708.24px;left:3642.3px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5708.24px;left:3731.2px;letter-spacing:-1.48px;white-space:nowrap">11/02/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5708.24px;left:4384.52px;letter-spacing:54.94px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5708.24px;left:5503.45px;white-space:nowrap">Czech </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5708.24px;left:6001.42px;white-space:nowrap">Republic</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5708.24px;left:7485.64px;white-space:nowrap">300,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5708.24px;left:9501.64px;white-space:nowrap">316,937</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5904.72px;left:648px;white-space:nowrap">Eversource </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5904.72px;left:1501.67px;letter-spacing:-1.98px;white-space:nowrap">Energy</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5904.72px;left:1996.75px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5904.72px;left:2085.66px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5904.72px;left:2592.61px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5904.72px;left:2930.58px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5904.72px;left:3019.48px;white-space:nowrap">5.45</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5904.72px;left:3330.89px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5904.72px;left:3473.16px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5904.72px;left:3562.06px;white-space:nowrap">3/01/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5904.72px;left:4104.29px;letter-spacing:53.44px;white-space:nowrap">............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5948.41px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5948.41px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5948.41px;left:7485.64px;white-space:nowrap">205,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5948.41px;left:9501.64px;white-space:nowrap">210,619</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6148.1px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6144.89px;left:648px;white-space:nowrap">NRG </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6144.89px;left:1048px;letter-spacing:-1.48px;white-space:nowrap">Energy,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6144.89px;left:1631.98px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6144.89px;left:1889.87px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6341.37px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6341.37px;left:1298.95px;white-space:nowrap">Bond, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6341.37px;left:1761.53px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6341.37px;left:2224.11px;white-space:nowrap">6.25%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6341.37px;left:2766.69px;letter-spacing:-1.32px;white-space:nowrap">11/01/34
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6341.37px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6341.37px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6341.37px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6341.37px;left:7485.64px;white-space:nowrap">400,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6341.37px;left:9501.64px;white-space:nowrap">410,287</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6541.07px;left:596.12px;white-space:nowrap">d</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6537.86px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6537.86px;left:1298.95px;white-space:nowrap">Bond, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6537.86px;left:1761.53px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6537.86px;left:2224.11px;white-space:nowrap">6%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6537.86px;left:2544.27px;white-space:nowrap">1/15/36 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6537.86px;left:3170.15px;letter-spacing:51.41px;white-space:nowrap">......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6537.86px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6537.86px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6537.86px;left:7485.64px;white-space:nowrap">180,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6537.86px;left:9501.64px;white-space:nowrap">180,138</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6734.34px;left:648px;text-rendering:optimizeLegibility;white-space:nowrap">Pacific
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6734.34px;left:1163.7px;white-space:nowrap">Gas </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6734.34px;left:1501.59px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6734.34px;left:1813px;white-space:nowrap">Electric </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6734.34px;left:2381.98px;white-space:nowrap">Co.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6734.34px;left:2630.97px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6734.34px;left:2719.87px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6734.34px;left:3226.83px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6734.34px;left:3564.8px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6734.34px;left:3653.7px;white-space:nowrap">6.1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6734.34px;left:3876.12px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6734.34px;left:4018.39px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6734.34px;left:4107.3px;white-space:nowrap">1/15/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6734.34px;left:4664.76px;letter-spacing:57.93px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6778.02px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6778.02px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6778.02px;left:7485.64px;white-space:nowrap">200,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6778.02px;left:9501.64px;white-space:nowrap">209,291</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6974.51px;left:648px;white-space:nowrap">PG&amp;E </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6974.51px;left:1137.06px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6974.51px;left:1528.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6974.51px;left:1617.22px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6974.51px;left:2124.17px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6974.51px;left:2764.56px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6974.51px;left:3138.23px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6974.51px;left:3227.14px;white-space:nowrap">5.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6974.51px;left:3538.55px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6974.51px;left:3680.81px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6974.51px;left:3769.72px;white-space:nowrap">7/01/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6974.51px;left:4384.52px;letter-spacing:54.94px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7018.19px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7018.19px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7018.19px;left:7485.64px;white-space:nowrap">475,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7018.19px;left:9501.64px;white-space:nowrap">468,716</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7214.67px;left:648px;white-space:nowrap">Southern </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7214.67px;left:1341.83px;white-space:nowrap">Co. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7214.67px;left:1635.27px;white-space:nowrap">(The)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7214.67px;left:2017.53px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7214.67px;left:2106.44px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7214.67px;left:2613.39px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7214.67px;left:2951.36px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7214.67px;left:3040.27px;white-space:nowrap">5.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7214.67px;left:3262.69px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7214.67px;left:3404.95px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7214.67px;left:3493.86px;white-space:nowrap">3/15/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7214.67px;left:4104.29px;letter-spacing:53.44px;white-space:nowrap">............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7258.36px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7258.36px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7258.36px;left:7485.64px;white-space:nowrap">260,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7258.36px;left:9501.64px;white-space:nowrap">270,462</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7454.84px;left:648px;letter-spacing:-0.32px;white-space:nowrap">Virginia
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7454.84px;left:1223.16px;white-space:nowrap">Electric
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7454.84px;left:1792.14px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7454.84px;left:2103.55px;white-space:nowrap">Power </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7454.84px;left:2601.52px;white-space:nowrap">Co.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7454.84px;left:2850.5px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7454.84px;left:2930.58px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7454.84px;left:3037.3px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7454.84px;left:3126.2px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7454.84px;left:3633.16px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7454.84px;left:4006.83px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7454.84px;left:4095.73px;white-space:nowrap">2.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7454.84px;left:4496.13px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7454.84px;left:4638.39px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7454.84px;left:4727.3px;white-space:nowrap">7/15/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7498.52px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7498.52px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7498.52px;left:7485.64px;white-space:nowrap">455,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7498.52px;left:9501.64px;white-space:nowrap">434,499</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7698.22px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7695.01px;left:648px;letter-spacing:-0.41px;white-space:nowrap">Vistra
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7695.01px;left:1098.55px;white-space:nowrap">Operations
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7695.01px;left:1925.66px;white-space:nowrap">Co. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7695.01px;left:2219.09px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7695.01px;left:2512.61px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7891.49px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7891.49px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7891.49px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7891.49px;left:2188.41px;white-space:nowrap">4.375%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7891.49px;left:2819.97px;white-space:nowrap">5/01/29 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7891.49px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7891.49px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7891.49px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7891.49px;left:7485.64px;white-space:nowrap">270,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7891.49px;left:9501.64px;white-space:nowrap">264,545</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8087.98px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8087.98px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8087.98px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8087.98px;left:2188.41px;white-space:nowrap">6.875%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8087.98px;left:2819.97px;white-space:nowrap">4/15/32 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8087.98px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8087.98px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8087.98px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8087.98px;left:7485.64px;white-space:nowrap">210,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8087.98px;left:9501.64px;white-space:nowrap">219,787</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8371.74px;left:9368.2px;white-space:nowrap">3,394,771</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8699.19px;left:648px;white-space:nowrap">Energy
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8699.19px;left:1234.87px;white-space:nowrap">Equipment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8699.19px;left:2105.97px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8699.19px;left:2265.97px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8699.19px;left:2968.78px;white-space:nowrap">0.3%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8898.88px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8895.67px;left:648px;white-space:nowrap">Kodiak </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8895.67px;left:1181.67px;white-space:nowrap">Gas </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8895.67px;left:1519.56px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8895.67px;left:2177.53px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8895.67px;left:2471.05px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9092.16px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9092.16px;left:1298.95px;white-space:nowrap">Bond, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9092.16px;left:1761.53px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9092.16px;left:2224.11px;white-space:nowrap">6.75%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9092.16px;left:2766.69px;white-space:nowrap">10/01/35
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9092.16px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9092.16px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9092.16px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9092.16px;left:7574.63px;white-space:nowrap">85,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9092.16px;left:9590.63px;white-space:nowrap">87,327</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9288.64px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9288.64px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9288.64px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9288.64px;left:2188.41px;white-space:nowrap">6.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9288.64px;left:2642px;white-space:nowrap">10/01/33 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9288.64px;left:3356.98px;letter-spacing:51.65px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9288.64px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9288.64px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9288.64px;left:7497.52px;letter-spacing:-1.7px;white-space:nowrap">115,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9288.64px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">117,162</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9488.33px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9485.12px;left:648px;letter-spacing:-0.54px;white-space:nowrap">Transocean
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9485.12px;left:1531.44px;white-space:nowrap">Poseidon
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9485.12px;left:2243.08px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9485.12px;left:2509.95px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9485.12px;left:2598.86px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9485.12px;left:3105.81px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9485.12px;left:3746.2px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9485.12px;left:4084.17px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9485.12px;left:4173.08px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9485.12px;left:4635.66px;white-space:nowrap">6.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9485.12px;left:5036.05px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9485.12px;left:5178.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9677.12px;left:792px;white-space:nowrap">2/01/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9677.12px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9677.12px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9677.12px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9677.12px;left:7574.63px;white-space:nowrap">92,250</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9677.12px;left:9590.63px;white-space:nowrap">92,435</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9876.82px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9873.61px;left:648px;letter-spacing:-0.54px;white-space:nowrap">Transocean
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9873.61px;left:1528.55px;letter-spacing:-0.99px;white-space:nowrap">Titan
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9873.61px;left:1922.77px;white-space:nowrap">Financing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9873.61px;left:2660.97px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9873.61px;left:2927.84px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9873.61px;left:3016.75px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9873.61px;left:3523.7px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9873.61px;left:4164.09px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9873.61px;left:4502.06px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9873.61px;left:4590.97px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10065.61px;left:792px;white-space:nowrap">8.375</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10065.61px;left:1192.39px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10065.61px;left:1334.66px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10065.61px;left:1423.56px;white-space:nowrap">2/01/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10065.61px;left:1957.39px;letter-spacing:50.5px;white-space:nowrap">...................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10065.61px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10065.61px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10065.61px;left:7574.63px;white-space:nowrap">80,952</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10065.61px;left:9590.63px;white-space:nowrap">83,163</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10349.37px;left:9501.64px;white-space:nowrap">380,087</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10676.82px;left:648px;white-space:nowrap">Entertainment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10676.82px;left:1768.16px;white-space:nowrap">0.2%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10876.51px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10873.3px;left:648px;white-space:nowrap">Banijay </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10873.3px;left:1217.22px;white-space:nowrap">Entertainment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10873.3px;left:2257.77px;white-space:nowrap">SAS</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10873.3px;left:2577.92px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10873.3px;left:2666.83px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10873.3px;left:3173.78px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10873.3px;left:3814.17px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10873.3px;left:4152.14px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10873.3px;left:4241.05px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10873.3px;left:4703.63px;white-space:nowrap">8.125</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10873.3px;left:5104.02px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10873.3px;left:5246.28px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11065.3px;left:792px;white-space:nowrap">5/01/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11065.3px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11065.3px;left:6126.03px;white-space:nowrap">France</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11065.3px;left:7485.64px;white-space:nowrap">360,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11065.3px;left:9501.64px;white-space:nowrap">374,202</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11392.75px;left:648px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11392.75px;left:1385.97px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11392.75px;left:2088.78px;white-space:nowrap">1.0%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11592.44px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11589.23px;left:648px;white-space:nowrap">CrossCountry
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11589.23px;left:1670.5px;white-space:nowrap">Intermediate
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11589.23px;left:2604.33px;white-space:nowrap">HoldCo </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11589.23px;left:3182.37px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11589.23px;left:3475.89px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11589.23px;left:3564.8px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11589.23px;left:4071.75px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11589.23px;left:4409.72px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11589.23px;left:4498.63px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11781.23px;left:792px;white-space:nowrap">6.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11781.23px;left:1014.42px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11781.23px;left:1156.69px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11781.23px;left:1245.59px;white-space:nowrap">10/01/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11781.23px;left:1955.78px;letter-spacing:50.5px;white-space:nowrap">...................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11781.23px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11781.23px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11781.23px;left:7574.63px;white-space:nowrap">60,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11781.23px;left:9590.63px;white-space:nowrap">60,296</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11980.93px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11977.72px;left:648px;white-space:nowrap">Freedom </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11977.72px;left:1332.69px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11977.72px;left:2053.08px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11977.72px;left:2444.33px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11977.72px;left:2533.23px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11977.72px;left:3040.19px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11977.72px;left:3378.16px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11977.72px;left:3467.06px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11977.72px;left:3929.64px;white-space:nowrap">12.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11977.72px;left:4330.03px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11977.72px;left:4472.3px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11977.72px;left:4561.2px;white-space:nowrap">10/01/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11977.72px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11977.72px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11977.72px;left:7485.64px;white-space:nowrap">355,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11977.72px;left:9501.64px;white-space:nowrap">396,317</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:1161.0px;width:891.0px;transform-origin:top left;transform:scale(1.5,1.5)">

<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:6453.14px;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:7127.45px;letter-spacing:10.29px;white-space:nowrap">Master
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7794.58px;letter-spacing:10.34px;white-space:nowrap">Intermediate
</div>

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:7913.58px;letter-spacing:10.67px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8772.28px;letter-spacing:8px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:9027.03px;letter-spacing:10.91px;white-space:nowrap">Investments</div></div>
</div>

<div style="height:40.61px;left:0px;position:absolute;top:0px;transform:translate(53.999px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:691.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">
</div> </div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(54.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

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

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(53.999px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

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

<div style="height:30.71px;left:0px;position:absolute;top:0px;transform:translate(54.000px,738.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:459.61px">

<div style="width:9192.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(8270.481px,65.000px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3857.28px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4119.86px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5002.43px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5359.93px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5586.03px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5768.45px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6235.25px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6497.83px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6643.76px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7001.26px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7519.15px;white-space:nowrap">statements.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8353.45px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8798.45px;white-space:nowrap">Report</div></div>
</div>

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">15</div></div>
</div>

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

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

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(513.610px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

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

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

<div style="width:10080px;height:12268.8px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.62px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:648px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:6010.72px;white-space:nowrap">Country</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:21.02px;left:7388.22px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:7423.4px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:216.23px;left:8027.7px;white-space:nowrap">*</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:8451.51px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:6612.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:8052.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:8484.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:648px;white-space:nowrap">Corporate
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:1659.23px;white-space:nowrap">Bonds
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:547.74px;left:2336.96px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:648px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:1385.97px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:787.91px;left:2088.78px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:987.6px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:648px;text-rendering:optimizeLegibility;white-space:nowrap">Jefferson
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1347.14px;white-space:nowrap">Capital </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1889.64px;white-space:nowrap">Holdings </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2556.67px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2850.19px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2939.09px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3446.05px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3784.02px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3872.92px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4335.5px;white-space:nowrap">9.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4557.92px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4700.19px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4789.09px;white-space:nowrap">2/15/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:7485.64px;white-space:nowrap">450,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:9412.66px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:9501.64px;white-space:nowrap">475,573</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1184.09px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:648px;white-space:nowrap">Nationstar </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:1421.67px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:2142.06px;white-space:nowrap">Holdings,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:2853.55px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:3111.44px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:3200.34px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:3707.3px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:4080.97px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:4169.88px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:4632.45px;white-space:nowrap">5.75</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:4943.86px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:5086.13px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:792px;letter-spacing:-1.48px;white-space:nowrap">11/15/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:1488.72px;letter-spacing:50.3px;white-space:nowrap">........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:7485.64px;white-space:nowrap">290,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:9501.64px;white-space:nowrap">293,996</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1572.57px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:648px;white-space:nowrap">Osaic </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:1101.44px;white-space:nowrap">Holdings,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:1812.92px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:2070.81px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:2159.72px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:2666.67px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:3307.06px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:3645.03px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:3733.94px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:4196.52px;white-space:nowrap">6.75</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:4507.92px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:4650.19px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:4739.09px;white-space:nowrap">8/01/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:7574.63px;white-space:nowrap">65,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:9590.63px;white-space:nowrap">67,188</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1769.06px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1765.85px;left:648px;white-space:nowrap">Petronas </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1765.85px;left:1332.84px;white-space:nowrap">Capital </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1765.85px;left:1875.34px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1765.85px;left:2142.22px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1765.85px;left:2231.13px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1765.85px;left:2738.08px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1765.85px;left:3076.05px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1765.85px;left:3164.95px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1765.85px;left:3627.53px;white-space:nowrap">4.95</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1765.85px;left:3938.94px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1765.85px;left:4081.2px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1765.85px;left:4170.11px;white-space:nowrap">1/03/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1765.85px;left:4758.18px;letter-spacing:59.72px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1765.85px;left:5992.67px;white-space:nowrap">Malaysia</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1765.85px;left:7485.64px;white-space:nowrap">380,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1765.85px;left:9501.64px;white-space:nowrap">392,449</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1965.54px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1962.33px;left:648px;white-space:nowrap">Rocket </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1962.33px;left:1190.42px;white-space:nowrap">Cos., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1962.33px;left:1608.31px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1962.33px;left:1866.2px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1962.33px;left:1955.11px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1962.33px;left:2462.06px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1962.33px;left:2800.03px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1962.33px;left:2888.94px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1962.33px;left:3351.52px;white-space:nowrap">6.375</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1962.33px;left:3751.91px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1962.33px;left:3894.17px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1962.33px;left:3983.08px;white-space:nowrap">8/01/33</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1962.33px;left:4571.35px;letter-spacing:56.65px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1962.33px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1962.33px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1962.33px;left:7485.64px;white-space:nowrap">205,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1962.33px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">211,840</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2246.09px;left:9368.2px;white-space:nowrap">1,897,659</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2573.54px;left:648px;white-space:nowrap">Food
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2573.54px;left:1083.39px;white-space:nowrap">Products
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2573.54px;left:1821.28px;white-space:nowrap">0.2%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2773.24px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2770.03px;left:648px;white-space:nowrap">Chobani </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2770.03px;left:1288.47px;white-space:nowrap">LLC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2770.03px;left:1626.44px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2770.03px;left:1715.34px;white-space:nowrap">Chobani </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2770.03px;left:2355.81px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2770.03px;left:2969.48px;white-space:nowrap">Corp., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2770.03px;left:3449.64px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2770.03px;left:3707.53px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2770.03px;left:3796.44px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2770.03px;left:4303.39px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2770.03px;left:4641.36px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2770.03px;left:4730.27px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2962.03px;left:792px;white-space:nowrap">7.625</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2962.03px;left:1192.39px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2962.03px;left:1334.66px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2962.03px;left:1423.56px;white-space:nowrap">7/01/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2962.03px;left:1957.39px;letter-spacing:50.5px;white-space:nowrap">...................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2962.03px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2962.03px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2962.03px;left:7485.64px;white-space:nowrap">195,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2962.03px;left:9501.64px;white-space:nowrap">203,579</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3158.51px;left:648px;white-space:nowrap">JBS </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3158.51px;left:985.89px;letter-spacing:-2.21px;white-space:nowrap">USA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3158.51px;left:1350.5px;white-space:nowrap">Holding </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3158.51px;left:1937.53px;white-space:nowrap">Lux </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3158.51px;left:2239.95px;letter-spacing:-1.19px;white-space:nowrap">SARL
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3158.51px;left:2696.44px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3158.51px;left:2785.34px;white-space:nowrap">JBS </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3158.51px;left:3123.23px;letter-spacing:-2.21px;white-space:nowrap">USA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3158.51px;left:3487.84px;white-space:nowrap">Food </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3158.51px;left:3896.98px;white-space:nowrap">Co. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3158.51px;left:4190.42px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3158.51px;left:4279.33px;white-space:nowrap">JBS </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3158.51px;left:4617.22px;white-space:nowrap">Lux </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3158.51px;left:4919.64px;white-space:nowrap">Co. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3350.51px;left:792px;white-space:nowrap">SARL</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3350.51px;left:1209.97px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3350.51px;left:1298.88px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3350.51px;left:1805.83px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3350.51px;left:2143.8px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3350.51px;left:2232.7px;white-space:nowrap">3</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3350.51px;left:2321.69px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3350.51px;left:2463.95px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3350.51px;left:2552.86px;white-space:nowrap">2/02/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3350.51px;left:3170.15px;letter-spacing:51.41px;white-space:nowrap">......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3350.51px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3350.51px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3350.51px;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:3350.51px;left:9501.64px;white-space:nowrap">105,510</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3634.27px;left:9501.64px;white-space:nowrap">309,089</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3961.72px;left:648px;white-space:nowrap">Ground
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3961.72px;left:1270.11px;letter-spacing:-0.46px;white-space:nowrap">Transportation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3961.72px;left:2434.64px;white-space:nowrap">0.4%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4161.42px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4158.21px;left:648px;white-space:nowrap">Ashtead </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4158.21px;left:1279.56px;white-space:nowrap">Capital,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4158.21px;left:1866.52px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4158.21px;left:2124.41px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4158.21px;left:2213.31px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4158.21px;left:2720.27px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4158.21px;left:3058.23px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4158.21px;left:3147.14px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4158.21px;left:3609.72px;white-space:nowrap">4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4158.21px;left:3698.7px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4158.21px;left:3840.97px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4158.21px;left:3929.88px;white-space:nowrap">5/01/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4158.21px;left:4477.94px;letter-spacing:55.68px;white-space:nowrap">........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4158.21px;left:5485.56px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4158.21px;left:5992.52px;white-space:nowrap">Kingdom</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4158.21px;left:7485.64px;white-space:nowrap">220,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4158.21px;left:9501.64px;white-space:nowrap">218,298</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4357.9px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4354.69px;left:648px;letter-spacing:-0.66px;white-space:nowrap">Transnet
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4354.69px;left:1317.92px;white-space:nowrap">SOC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4354.69px;left:1709.09px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4354.69px;left:1975.97px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4354.69px;left:2064.88px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4354.69px;left:2571.83px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4354.69px;left:2909.8px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4354.69px;left:2998.7px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4354.69px;left:3336.67px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4354.69px;left:3532.3px;white-space:nowrap">8.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4354.69px;left:3843.7px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4354.69px;left:3985.97px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4354.69px;left:4074.88px;white-space:nowrap">2/06/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4354.69px;left:4664.76px;letter-spacing:57.93px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4354.69px;left:5761.27px;white-space:nowrap">South </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4354.69px;left:6215.02px;white-space:nowrap">Africa</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4354.69px;left:7485.64px;white-space:nowrap">300,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4354.69px;left:9501.64px;white-space:nowrap">316,988</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4638.45px;left:9501.64px;white-space:nowrap">535,286</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4965.9px;left:648px;white-space:nowrap">Health
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4965.9px;left:1181.44px;white-space:nowrap">Care
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4965.9px;left:1581.67px;white-space:nowrap">Equipment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4965.9px;left:2452.77px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4965.9px;left:2612.77px;white-space:nowrap">Supplies
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4965.9px;left:3324.02px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5162.38px;left:648px;white-space:nowrap">GE </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5162.38px;left:923.63px;white-space:nowrap">HealthCare
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5162.38px;left:1774.48px;letter-spacing:-1.27px;white-space:nowrap">Technologies,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5162.38px;left:2797.38px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5162.38px;left:3055.27px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5162.38px;left:3144.17px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5162.38px;left:3651.13px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5162.38px;left:3989.09px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5162.38px;left:4078px;white-space:nowrap">4.8</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5162.38px;left:4300.42px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5162.38px;left:4442.69px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5162.38px;left:4531.59px;white-space:nowrap">8/14/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5162.38px;left:5131.83px;letter-spacing:102.76px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5206.07px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5206.07px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5206.07px;left:7485.64px;white-space:nowrap">210,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5206.07px;left:9501.64px;white-space:nowrap">214,275</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5533.51px;left:648px;white-space:nowrap">Health
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5533.51px;left:1181.44px;white-space:nowrap">Care
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5533.51px;left:1581.67px;white-space:nowrap">Providers
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5533.51px;left:2364.25px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5533.51px;left:2524.25px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5533.51px;left:3227.06px;white-space:nowrap">0.7%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5733.21px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5730px;left:648px;letter-spacing:-0.36px;white-space:nowrap">DaVita,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5730px;left:1214.25px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5730px;left:1472.14px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5926.48px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5926.48px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5926.48px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5926.48px;left:2188.41px;white-space:nowrap">6.875%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5926.48px;left:2819.97px;white-space:nowrap">9/01/32 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5926.48px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5926.48px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5926.48px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5926.48px;left:7485.64px;white-space:nowrap">180,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5926.48px;left:9501.64px;white-space:nowrap">186,089</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6122.97px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6122.97px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6122.97px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6122.97px;left:2188.41px;white-space:nowrap">6.75%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6122.97px;left:2730.98px;white-space:nowrap">7/15/33 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6122.97px;left:3356.98px;letter-spacing:51.65px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6122.97px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6122.97px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6122.97px;left:7574.63px;white-space:nowrap">25,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6122.97px;left:9590.63px;white-space:nowrap">25,801</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6322.66px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6319.45px;left:648px;white-space:nowrap">Kedrion </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6319.45px;left:1243.94px;white-space:nowrap">SpA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6319.45px;left:1546.36px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6319.45px;left:1635.27px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6319.45px;left:2142.22px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6319.45px;left:2782.61px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6319.45px;left:3120.58px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6319.45px;left:3209.48px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6319.45px;left:3672.06px;white-space:nowrap">6.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6319.45px;left:3894.48px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6319.45px;left:4036.75px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6319.45px;left:4125.66px;white-space:nowrap">9/01/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6319.45px;left:4664.76px;letter-spacing:57.93px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6319.45px;left:6330.56px;white-space:nowrap">Italy</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6319.45px;left:7485.64px;white-space:nowrap">510,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6319.45px;left:9501.64px;white-space:nowrap">503,977</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6515.93px;left:648px;letter-spacing:-2.96px;white-space:nowrap">Tenet
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6515.93px;left:1083.86px;white-space:nowrap">Healthcare
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6515.93px;left:1902.06px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6515.93px;left:2293.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6515.93px;left:2382.22px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6515.93px;left:2889.17px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6515.93px;left:3529.56px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6515.93px;left:3867.53px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6515.93px;left:3956.44px;white-space:nowrap">6.75</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6515.93px;left:4267.84px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6515.93px;left:4410.11px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6515.93px;left:4499.02px;white-space:nowrap">5/15/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6515.93px;left:5038.42px;letter-spacing:75.86px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6559.62px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6559.62px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6559.62px;left:7485.64px;white-space:nowrap">455,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6559.62px;left:9501.64px;white-space:nowrap">471,414</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6843.38px;left:9368.2px;white-space:nowrap">1,187,281</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7170.83px;left:648px;white-space:nowrap">Health
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7170.83px;left:1181.44px;white-space:nowrap">Care
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7170.83px;left:1581.67px;letter-spacing:-1.19px;white-space:nowrap">REITs
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7170.83px;left:2067.69px;white-space:nowrap">0.2%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7370.52px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7367.31px;left:648px;letter-spacing:-0.72px;white-space:nowrap">MPT
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7367.31px;left:1027.3px;white-space:nowrap">Operating
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7367.31px;left:1774.41px;white-space:nowrap">Partnership
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7367.31px;left:2637.06px;letter-spacing:-0.96px;white-space:nowrap">LP
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7367.31px;left:2874.33px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7367.31px;left:2963.23px;letter-spacing:-0.72px;white-space:nowrap">MPT
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7367.31px;left:3342.53px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7367.31px;left:3956.2px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7367.31px;left:4347.45px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7367.31px;left:4436.36px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7559.31px;left:792px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7559.31px;left:1432.39px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7559.31px;left:1770.36px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7559.31px;left:1859.27px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7559.31px;left:2321.84px;white-space:nowrap">8.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7559.31px;left:2544.27px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7559.31px;left:2686.53px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7559.31px;left:2775.44px;white-space:nowrap">2/15/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7559.31px;left:3356.98px;letter-spacing:51.65px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7559.31px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7559.31px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7559.31px;left:7485.64px;white-space:nowrap">245,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7559.31px;left:9501.64px;white-space:nowrap">260,515</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7886.76px;left:648px;white-space:nowrap">Hotel
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7886.76px;left:1092.45px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7886.76px;left:1252.45px;white-space:nowrap">Resort
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7886.76px;left:1803.7px;letter-spacing:-1.19px;white-space:nowrap">REITs
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7886.76px;left:2289.72px;white-space:nowrap">0.3%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8086.45px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8083.24px;left:648px;letter-spacing:-0.72px;white-space:nowrap">RHP
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8083.24px;left:1027.38px;white-space:nowrap">Hotel </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8083.24px;left:1445.34px;white-space:nowrap">Properties
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8083.24px;left:2219.02px;letter-spacing:-0.96px;white-space:nowrap">LP
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8083.24px;left:2456.28px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8083.24px;left:2545.19px;letter-spacing:-0.72px;white-space:nowrap">RHP
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8083.24px;left:2924.56px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8083.24px;left:3538.23px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8083.24px;left:3929.48px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8279.73px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8279.73px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8279.73px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8279.73px;left:2188.41px;white-space:nowrap">6.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8279.73px;left:2642px;white-space:nowrap">4/01/32 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8279.73px;left:3263.57px;letter-spacing:51.52px;white-space:nowrap">.....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8279.73px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8279.73px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8279.73px;left:7485.64px;white-space:nowrap">205,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8279.73px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">210,911</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8476.21px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8476.21px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8476.21px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8476.21px;left:2188.41px;white-space:nowrap">6.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8476.21px;left:2642px;white-space:nowrap">6/15/33 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8476.21px;left:3263.57px;letter-spacing:51.52px;white-space:nowrap">.....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8476.21px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8476.21px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8476.21px;left:7574.63px;white-space:nowrap">75,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8476.21px;left:9590.63px;white-space:nowrap">77,293</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8675.91px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8672.7px;left:648px;white-space:nowrap">XHR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8672.7px;left:1030.27px;letter-spacing:-10.31px;white-space:nowrap">LP</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8672.7px;left:1205.34px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8672.7px;left:1294.25px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8672.7px;left:1801.2px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8672.7px;left:2139.17px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8672.7px;left:2228.08px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8672.7px;left:2690.66px;white-space:nowrap">6.625</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8672.7px;left:3091.05px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8672.7px;left:3233.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8672.7px;left:3322.22px;white-space:nowrap">5/15/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8672.7px;left:3917.46px;letter-spacing:52.8px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8672.7px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8672.7px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8672.7px;left:7485.64px;white-space:nowrap">180,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8672.7px;left:9501.64px;white-space:nowrap">185,170</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8956.46px;left:9501.64px;white-space:nowrap">473,374</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9283.91px;left:648px;white-space:nowrap">Hotels,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9283.91px;left:1225.89px;white-space:nowrap">Restaurants
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9283.91px;left:2195.11px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9283.91px;left:2355.11px;white-space:nowrap">Leisure
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9283.91px;left:2968.7px;white-space:nowrap">1.6%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9483.6px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9480.39px;left:648px;white-space:nowrap">Boyd </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9480.39px;left:1057.14px;white-space:nowrap">Gaming </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9480.39px;left:1661.83px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9480.39px;left:2053.08px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9480.39px;left:2141.98px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9480.39px;left:2648.94px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9480.39px;left:3022.61px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9480.39px;left:3111.52px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9480.39px;left:3574.09px;white-space:nowrap">4.75</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9480.39px;left:3885.5px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9480.39px;left:4027.77px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9480.39px;left:4116.67px;white-space:nowrap">6/15/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9480.39px;left:4664.76px;letter-spacing:57.93px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9480.39px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9480.39px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9480.39px;left:7485.64px;white-space:nowrap">225,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9480.39px;left:9501.64px;white-space:nowrap">217,088</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9680.09px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9676.88px;left:648px;white-space:nowrap">Caesars </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9676.88px;left:1288.23px;white-space:nowrap">Entertainment,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9676.88px;left:2373.23px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9676.88px;left:2631.13px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9676.88px;left:2720.03px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9676.88px;left:3226.98px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9676.88px;left:3867.38px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9676.88px;left:4205.34px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9676.88px;left:4294.25px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9676.88px;left:4756.83px;white-space:nowrap">7</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9676.88px;left:4845.81px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9676.88px;left:4988.08px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9868.88px;left:792px;white-space:nowrap">2/15/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9868.88px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9868.88px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9868.88px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9868.88px;left:7485.64px;white-space:nowrap">232,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9868.88px;left:9501.64px;white-space:nowrap">238,784</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10068.57px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10065.36px;left:648px;white-space:nowrap">Carnival </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10065.36px;left:1279.33px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10065.36px;left:1670.58px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10261.84px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10261.84px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10261.84px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10261.84px;left:2188.41px;white-space:nowrap">5.125%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10261.84px;left:2819.97px;white-space:nowrap">5/01/29
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10261.84px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10261.84px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10261.84px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10261.84px;left:7485.64px;white-space:nowrap">205,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10261.84px;left:9501.64px;white-space:nowrap">205,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10458.33px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10458.33px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10458.33px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10458.33px;left:2188.41px;white-space:nowrap">5.75%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10458.33px;left:2730.98px;white-space:nowrap">3/15/30
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10458.33px;left:3356.98px;letter-spacing:51.65px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10458.33px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10458.33px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10458.33px;left:7574.63px;white-space:nowrap">70,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10458.33px;left:9590.63px;white-space:nowrap">71,516</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10658.02px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10654.81px;left:648px;white-space:nowrap">Carnival </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10654.81px;left:1279.33px;white-space:nowrap">plc</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10654.81px;left:1483.86px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10654.81px;left:1572.77px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10654.81px;left:2079.72px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10654.81px;left:2417.69px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10654.81px;left:2506.59px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10654.81px;left:2969.17px;white-space:nowrap">4.125</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10654.81px;left:3369.56px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10654.81px;left:3511.83px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10654.81px;left:3600.73px;white-space:nowrap">7/15/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10654.81px;left:4197.7px;letter-spacing:53.85px;white-space:nowrap">...........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10654.81px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10654.81px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10654.81px;left:7485.64px;white-space:nowrap">135,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10654.81px;left:8158.19px;white-space:nowrap">EUR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10654.81px;left:9501.64px;white-space:nowrap">160,686</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10854.51px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10851.3px;left:648px;white-space:nowrap">Hilton </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10851.3px;left:1101.52px;white-space:nowrap">Domestic
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10851.3px;left:1812.77px;white-space:nowrap">Operating
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10851.3px;left:2559.88px;white-space:nowrap">Co., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10851.3px;left:2897.77px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10851.3px;left:3155.66px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10851.3px;left:3244.56px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10851.3px;left:3751.52px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10851.3px;left:4089.48px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10851.3px;left:4178.39px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10851.3px;left:4640.97px;white-space:nowrap">5.75</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10851.3px;left:4952.38px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10851.3px;left:5094.64px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11043.3px;left:792px;white-space:nowrap">9/15/33</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11043.3px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11043.3px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11043.3px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11043.3px;left:7485.64px;white-space:nowrap">185,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11043.3px;left:9501.64px;white-space:nowrap">187,604</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11242.99px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11239.78px;left:648px;letter-spacing:-1.48px;white-space:nowrap">NCL
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11239.78px;left:1006.59px;white-space:nowrap">Corp. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11239.78px;left:1442.3px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11239.78px;left:1709.17px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11239.78px;left:1798.08px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11239.78px;left:2305.03px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11239.78px;left:2643px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11239.78px;left:2731.91px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11239.78px;left:3194.48px;white-space:nowrap">6.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11239.78px;left:3505.89px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11239.78px;left:3648.16px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11239.78px;left:3737.06px;white-space:nowrap">9/15/33</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11239.78px;left:4291.11px;letter-spacing:54.34px;white-space:nowrap">..........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11239.78px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11239.78px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11239.78px;left:7485.64px;white-space:nowrap">190,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11239.78px;left:9501.64px;white-space:nowrap">191,102</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11439.48px;left:518.33px;white-space:nowrap">b,d</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11436.27px;left:648px;white-space:nowrap">Rivers </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11436.27px;left:1145.81px;white-space:nowrap">Enterprise
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11436.27px;left:1919.48px;white-space:nowrap">Lender </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11436.27px;left:2462.14px;white-space:nowrap">LLC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11436.27px;left:2800.11px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11436.27px;left:2889.02px;white-space:nowrap">Rivers </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11436.27px;left:3386.83px;white-space:nowrap">Enterprise
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11436.27px;left:4160.5px;white-space:nowrap">Lender </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11436.27px;left:4703.16px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11436.27px;left:5094.41px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11628.27px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11628.27px;left:1298.95px;white-space:nowrap">Secured
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11628.27px;left:1939.34px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11628.27px;left:2277.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11628.27px;left:2366.22px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11628.27px;left:2828.8px;white-space:nowrap">6.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11628.27px;left:3140.2px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11628.27px;left:3282.47px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11628.27px;left:3371.38px;white-space:nowrap">10/15/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11628.27px;left:4010.87px;letter-spacing:53.1px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11628.27px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11628.27px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11628.27px;left:7574.63px;white-space:nowrap">70,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11628.27px;left:9590.63px;white-space:nowrap">70,668</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11827.96px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11824.75px;left:648px;white-space:nowrap">Royal </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11824.75px;left:1101.52px;white-space:nowrap">Caribbean
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11824.75px;left:1884.25px;white-space:nowrap">Cruises
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11824.75px;left:2471.05px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11824.75px;left:2737.92px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12021.23px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12021.23px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12021.23px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12021.23px;left:2188.41px;white-space:nowrap">5.625%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12021.23px;left:2819.97px;white-space:nowrap">9/30/31
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12021.23px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12021.23px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12021.23px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12021.23px;left:7574.63px;white-space:nowrap">80,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12021.23px;left:9590.63px;white-space:nowrap">81,632</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:1161.0px;width:891.0px;transform-origin:top left;transform:scale(1.5,1.5)">

<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:10.29px;white-space:nowrap">Master
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1341.44px;letter-spacing:10.34px;white-space:nowrap">Intermediate
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2500.95px;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:3143.94px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:0px;letter-spacing:10.67px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:858.7px;letter-spacing:8px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:1113.45px;letter-spacing:10.91px;white-space:nowrap">Investments</div></div>
</div>

<div style="height:41.15px;left:0px;position:absolute;top:0px;transform:translate(36.000px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:702px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">
</div> </div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(36.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

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

<div style="height:17.16px;left:0px;position:absolute;top:0px;transform:translate(405.000px,743.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:254.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
</div>

<div style="height:30.71px;left:0px;position:absolute;top:0px;transform:translate(80.389px,738.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:458.22px">

<div style="width:9164.39px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(911.718px,64.999px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:994.69px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:1257.27px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2139.84px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2497.34px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2723.44px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2905.86px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3372.66px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3635.23px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3781.17px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4138.67px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4656.56px;white-space:nowrap">statements.</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(36.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:36.48px;white-space:nowrap">16</div></div>
</div>

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

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

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

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</div>

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

<div style="width:10080px;height:12258px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.62px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:648px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:6010.72px;white-space:nowrap">Country</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:21.02px;left:7388.22px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:7423.4px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:216.23px;left:8027.7px;white-space:nowrap">*</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:8451.51px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:6612.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:8052.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:8484.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:648px;white-space:nowrap">Corporate
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:1659.23px;white-space:nowrap">Bonds
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:547.74px;left:2336.96px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:648px;white-space:nowrap">Hotels,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:1225.89px;white-space:nowrap">Restaurants
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:2195.11px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:2355.11px;white-space:nowrap">Leisure
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:787.91px;left:2968.7px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:987.6px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:648px;white-space:nowrap">Royal </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1101.52px;white-space:nowrap">Caribbean
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1884.25px;white-space:nowrap">Cruises </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2471.05px;white-space:nowrap">Ltd., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2826.83px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:2188.41px;white-space:nowrap">6.25%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:2730.98px;white-space:nowrap">3/15/32 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:3356.98px;letter-spacing:51.65px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:7485.64px;white-space:nowrap">127,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:9412.66px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:9501.64px;white-space:nowrap">131,152</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:2188.41px;white-space:nowrap">6%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:2508.56px;white-space:nowrap">2/01/33 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:3170.15px;letter-spacing:51.41px;white-space:nowrap">......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:7485.64px;white-space:nowrap">248,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:9501.64px;white-space:nowrap">254,418</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1577.06px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:648px;white-space:nowrap">Station </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:1190.58px;white-space:nowrap">Casinos </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:1813.08px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:2106.59px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:2195.5px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:2702.45px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:3076.12px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:3165.03px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:3627.61px;white-space:nowrap">4.625</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:4028px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:4170.27px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:4259.17px;white-space:nowrap">12/01/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:4945px;letter-spacing:66.89px;white-space:nowrap">...</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:7485.64px;white-space:nowrap">285,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:9501.64px;white-space:nowrap">269,096</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1814.01px;left:648px;letter-spacing:-0.41px;white-space:nowrap">Viking
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1814.01px;left:1125.34px;white-space:nowrap">Cruises </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1814.01px;left:1712.14px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1814.01px;left:1979.02px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2013.71px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2010.5px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2010.5px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2010.5px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2010.5px;left:2188.41px;white-space:nowrap">9.125%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2010.5px;left:2819.97px;white-space:nowrap">7/15/31 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2010.5px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2010.5px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2010.5px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2010.5px;left:7485.64px;white-space:nowrap">380,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2010.5px;left:9501.64px;white-space:nowrap">408,141</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2210.19px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2206.98px;left:648px;letter-spacing:-0.28px;white-space:nowrap">Wynn
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2206.98px;left:1100.03px;white-space:nowrap">Resorts </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2206.98px;left:1695.73px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2206.98px;left:2309.41px;white-space:nowrap">LLC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2206.98px;left:2647.37px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2206.98px;left:2736.28px;letter-spacing:-0.28px;white-space:nowrap">Wynn
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2206.98px;left:3188.31px;white-space:nowrap">Resorts </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2206.98px;left:3784.02px;white-space:nowrap">Capital </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2206.98px;left:4326.52px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2206.98px;left:4717.77px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2206.98px;left:4806.67px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2398.98px;left:792px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2398.98px;left:1129.97px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2398.98px;left:1218.87px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2398.98px;left:1681.45px;white-space:nowrap">7.125</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2398.98px;left:2081.84px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2398.98px;left:2224.11px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2398.98px;left:2313.02px;white-space:nowrap">2/15/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2398.98px;left:2889.91px;letter-spacing:51.11px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2398.98px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2398.98px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2398.98px;left:7485.64px;white-space:nowrap">380,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2398.98px;left:9501.64px;white-space:nowrap">409,325</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2682.75px;left:9368.2px;white-space:nowrap">2,896,212</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3010.19px;left:648px;white-space:nowrap">Household
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3010.19px;left:1519.09px;white-space:nowrap">Durables
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3010.19px;left:2248.23px;white-space:nowrap">0.5%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3250.36px;left:648px;white-space:nowrap">Newell </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3250.36px;left:1172.61px;white-space:nowrap">Brands, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3250.36px;left:1768.47px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3250.36px;left:2026.36px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3446.84px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3446.84px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3446.84px;left:1725.83px;white-space:nowrap">6.375%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3446.84px;left:2357.39px;white-space:nowrap">5/15/30 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3446.84px;left:2983.33px;letter-spacing:51.2px;white-space:nowrap">........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3446.84px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3446.84px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3446.84px;left:7574.63px;white-space:nowrap">54,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3446.84px;left:9590.63px;white-space:nowrap">53,638</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3643.33px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3643.33px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3643.33px;left:1725.83px;white-space:nowrap">6.625%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3643.33px;left:2357.39px;white-space:nowrap">5/15/32 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3643.33px;left:2983.33px;letter-spacing:51.2px;white-space:nowrap">........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3643.33px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3643.33px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3643.33px;left:7574.63px;white-space:nowrap">16,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3643.33px;left:9590.63px;white-space:nowrap">15,830</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3843.02px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3839.81px;left:648px;letter-spacing:-2.53px;white-space:nowrap">Taylor
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3839.81px;left:1119.25px;white-space:nowrap">Morrison
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3839.81px;left:1786.05px;white-space:nowrap">Communities,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3839.81px;left:2808.55px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3839.81px;left:3066.44px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3839.81px;left:3155.34px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3839.81px;left:3662.3px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3839.81px;left:4035.97px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3839.81px;left:4124.88px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3839.81px;left:4587.45px;white-space:nowrap">5.125</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3839.81px;left:4987.84px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3839.81px;left:5130.11px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4031.81px;left:792px;white-space:nowrap">8/01/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4031.81px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4031.81px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4031.81px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4031.81px;left:7485.64px;white-space:nowrap">477,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4031.81px;left:9501.64px;white-space:nowrap">475,901</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.29px;left:648px;letter-spacing:-3.55px;white-space:nowrap">Toll
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.29px;left:932.53px;white-space:nowrap">Brothers </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.29px;left:1581.67px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.29px;left:2195.34px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.29px;left:2586.59px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.29px;left:2675.5px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.29px;left:3182.45px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.29px;left:3556.12px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.29px;left:3645.03px;white-space:nowrap">3.8</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.29px;left:3867.45px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.29px;left:4009.72px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.29px;left:4098.63px;letter-spacing:-1.48px;white-space:nowrap">11/01/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.29px;left:4758.18px;letter-spacing:59.72px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4271.98px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4271.98px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4271.98px;left:7485.64px;white-space:nowrap">220,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4271.98px;left:9501.64px;white-space:nowrap">215,467</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4471.67px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4468.46px;left:648px;letter-spacing:-0.36px;white-space:nowrap">Weekley
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4468.46px;left:1303.08px;white-space:nowrap">Homes </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4468.46px;left:1854.33px;white-space:nowrap">LLC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4468.46px;left:2192.3px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4468.46px;left:2281.2px;letter-spacing:-0.36px;white-space:nowrap">Weekley
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4468.46px;left:2936.28px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4468.46px;left:3549.95px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4468.46px;left:3941.2px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4468.46px;left:4030.11px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4468.46px;left:4537.06px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4468.46px;left:4875.03px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4660.46px;left:792px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4660.46px;left:1254.58px;white-space:nowrap">4.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4660.46px;left:1654.97px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4660.46px;left:1797.23px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4660.46px;left:1886.14px;white-space:nowrap">9/15/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4660.46px;left:2422.85px;letter-spacing:50.75px;white-space:nowrap">..............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4660.46px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4660.46px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4660.46px;left:7485.64px;white-space:nowrap">205,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4660.46px;left:9501.64px;white-space:nowrap">200,907</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4944.23px;left:9501.64px;white-space:nowrap">961,743</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5271.67px;left:648px;white-space:nowrap">Independent
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5271.67px;left:1643.55px;white-space:nowrap">Power
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5271.67px;left:2168.16px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5271.67px;left:2497.06px;white-space:nowrap">Renewable
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5271.67px;left:3377.37px;white-space:nowrap">Electricity
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5271.67px;left:4186.67px;white-space:nowrap">Producers
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5271.67px;left:5022.53px;white-space:nowrap">0.4%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5471.37px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5468.16px;left:648px;white-space:nowrap">AES </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5468.16px;left:1003.78px;white-space:nowrap">Andes </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5468.16px;left:1501.91px;white-space:nowrap">SA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5468.16px;left:1715.34px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5468.16px;left:1804.25px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5468.16px;left:2311.2px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5468.16px;left:2649.17px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5468.16px;left:2738.08px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5468.16px;left:3200.66px;white-space:nowrap">6.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5468.16px;left:3512.06px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5468.16px;left:3654.33px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5468.16px;left:3743.23px;white-space:nowrap">3/14/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5468.16px;left:4291.11px;letter-spacing:54.34px;white-space:nowrap">..........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5468.16px;left:6259.39px;white-space:nowrap">Chile</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5468.16px;left:7485.64px;white-space:nowrap">430,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5468.16px;left:9501.64px;white-space:nowrap">450,715</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5664.64px;left:648px;white-space:nowrap">Constellation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5664.64px;left:1617.45px;white-space:nowrap">Energy </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5664.64px;left:2168.86px;white-space:nowrap">Generation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5664.64px;left:3004.95px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5664.64px;left:3298.47px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5664.64px;left:3387.37px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5664.64px;left:3894.33px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5664.64px;left:4232.3px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5664.64px;left:4321.2px;white-space:nowrap">5.6</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5664.64px;left:4543.63px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5664.64px;left:4685.89px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5664.64px;left:4774.8px;white-space:nowrap">3/01/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5708.32px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5708.32px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5708.32px;left:7485.64px;white-space:nowrap">205,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5708.32px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">211,932</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5904.81px;left:648px;white-space:nowrap">Southern </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5904.81px;left:1341.83px;white-space:nowrap">Power </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5904.81px;left:1839.8px;white-space:nowrap">Co.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5904.81px;left:2088.78px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5904.81px;left:2168.86px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5904.81px;left:2275.58px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5904.81px;left:2364.48px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5904.81px;left:2871.44px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5904.81px;left:3209.41px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5904.81px;left:3298.31px;white-space:nowrap">4.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5904.81px;left:3609.72px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5904.81px;left:3751.98px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5904.81px;left:3840.89px;white-space:nowrap">10/01/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5904.81px;left:4477.94px;letter-spacing:55.68px;white-space:nowrap">........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5948.49px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5948.49px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5948.49px;left:7574.63px;white-space:nowrap">80,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5948.49px;left:9590.63px;white-space:nowrap">79,557</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6232.25px;left:9501.64px;white-space:nowrap">742,204</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6559.7px;left:648px;white-space:nowrap">Insurance
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6559.7px;left:1448.31px;white-space:nowrap">0.8%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6759.39px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6756.18px;left:648px;white-space:nowrap">Acrisure </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6756.18px;left:1279.25px;white-space:nowrap">LLC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6756.18px;left:1617.22px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6756.18px;left:1697.3px;white-space:nowrap">Acrisure </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6756.18px;left:2328.55px;white-space:nowrap">Finance,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6756.18px;left:2986.67px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6756.18px;left:3244.56px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6756.18px;left:3333.47px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6756.18px;left:3840.42px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6756.18px;left:4480.81px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6756.18px;left:4818.78px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6756.18px;left:4907.69px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6948.18px;left:792px;white-space:nowrap">7.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6948.18px;left:1014.42px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6948.18px;left:1156.69px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6948.18px;left:1245.59px;letter-spacing:-1.48px;white-space:nowrap">11/06/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6948.18px;left:1862.37px;letter-spacing:50.45px;white-space:nowrap">....................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6948.18px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6948.18px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6948.18px;left:7485.64px;white-space:nowrap">200,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6948.18px;left:9501.64px;white-space:nowrap">208,506</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7147.88px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7144.67px;left:648px;white-space:nowrap">Athene </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7144.67px;left:1199.56px;white-space:nowrap">Global </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7144.67px;left:1706.52px;white-space:nowrap">Funding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7144.67px;left:2284.72px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7144.67px;left:2373.62px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7144.67px;left:3014.02px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7144.67px;left:3351.98px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7144.67px;left:3440.89px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7144.67px;left:3903.47px;white-space:nowrap">5.583</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7144.67px;left:4303.86px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7144.67px;left:4446.13px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7144.67px;left:4535.03px;white-space:nowrap">1/09/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7144.67px;left:5131.83px;letter-spacing:102.76px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7144.67px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7144.67px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7144.67px;left:7485.64px;white-space:nowrap">205,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7144.67px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">211,968</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7341.15px;left:648px;white-space:nowrap">F&amp;G </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7341.15px;left:1012.53px;white-space:nowrap">Annuities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7341.15px;left:1715.19px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7341.15px;left:1866.36px;white-space:nowrap">Life, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7341.15px;left:2213.23px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7341.15px;left:2471.12px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7341.15px;left:2560.03px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7341.15px;left:3066.98px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7341.15px;left:3404.95px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7341.15px;left:3493.86px;white-space:nowrap">7.4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7341.15px;left:3716.28px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7341.15px;left:3858.55px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7341.15px;left:3947.45px;white-space:nowrap">1/13/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7341.15px;left:4571.35px;letter-spacing:56.65px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7384.83px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7384.83px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7384.83px;left:7485.64px;white-space:nowrap">200,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7384.83px;left:9501.64px;white-space:nowrap">210,020</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7584.53px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7581.32px;left:648px;letter-spacing:-2.94px;white-space:nowrap">GA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7581.32px;left:914.8px;white-space:nowrap">Global </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7581.32px;left:1421.75px;white-space:nowrap">Funding </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7581.32px;left:2041.52px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7581.32px;left:2400.03px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7581.32px;left:2488.94px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7581.32px;left:3129.33px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7581.32px;left:3467.3px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7581.32px;left:3556.2px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7581.32px;left:4018.78px;white-space:nowrap">4.4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7581.32px;left:4241.2px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7581.32px;left:4383.47px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7581.32px;left:4472.38px;white-space:nowrap">9/23/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7581.32px;left:5038.42px;letter-spacing:75.86px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7581.32px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7581.32px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7581.32px;left:7485.64px;white-space:nowrap">225,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7581.32px;left:9501.64px;white-space:nowrap">225,548</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7781.01px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7777.8px;left:648px;white-space:nowrap">Jones </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7777.8px;left:1119.41px;white-space:nowrap">Deslauriers
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7777.8px;left:1973px;white-space:nowrap">Insurance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7777.8px;left:2720.11px;white-space:nowrap">Management,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7777.8px;left:3742.92px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7777.8px;left:4000.81px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7777.8px;left:4089.72px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7777.8px;left:4596.67px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7969.8px;left:792px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7969.8px;left:1129.97px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7969.8px;left:1218.87px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7969.8px;left:1681.45px;white-space:nowrap">8.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7969.8px;left:1903.87px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7969.8px;left:2046.14px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7969.8px;left:2135.05px;white-space:nowrap">3/15/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7969.8px;left:2703.09px;letter-spacing:50.95px;white-space:nowrap">...........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7969.8px;left:6063.53px;white-space:nowrap">Canada</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7969.8px;left:7485.64px;white-space:nowrap">190,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7969.8px;left:9501.64px;white-space:nowrap">199,771</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8169.5px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8166.29px;left:648px;white-space:nowrap">New </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8166.29px;left:1009.64px;letter-spacing:-2.94px;white-space:nowrap">York
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8166.29px;left:1368.39px;white-space:nowrap">Life </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8166.29px;left:1670.81px;white-space:nowrap">Global </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8166.29px;left:2177.77px;white-space:nowrap">Funding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8166.29px;left:2755.97px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8166.29px;left:2844.87px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8166.29px;left:3351.83px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8166.29px;left:3992.22px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8166.29px;left:4330.19px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8166.29px;left:4419.09px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8166.29px;left:4881.67px;white-space:nowrap">4.9</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8166.29px;left:5104.09px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8166.29px;left:5246.36px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8358.29px;left:792px;white-space:nowrap">6/13/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8358.29px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8358.29px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8358.29px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8358.29px;left:7485.64px;white-space:nowrap">205,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8358.29px;left:9501.64px;white-space:nowrap">209,809</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8557.98px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8554.77px;left:648px;white-space:nowrap">Protective </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8554.77px;left:1403.86px;white-space:nowrap">Life </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8554.77px;left:1706.28px;white-space:nowrap">Global </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8554.77px;left:2213.23px;white-space:nowrap">Funding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8554.77px;left:2791.44px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8554.77px;left:2880.34px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8554.77px;left:3520.73px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8554.77px;left:3858.7px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8554.77px;left:3947.61px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8554.77px;left:4410.19px;white-space:nowrap">5.467</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8554.77px;left:4810.58px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8554.77px;left:4952.84px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8746.77px;left:792px;white-space:nowrap">12/08/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8746.77px;left:1488.72px;letter-spacing:50.3px;white-space:nowrap">........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8746.77px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8746.77px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8746.77px;left:7485.64px;white-space:nowrap">265,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8746.77px;left:9501.64px;white-space:nowrap">275,122</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9030.54px;left:9368.2px;white-space:nowrap">1,540,744</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9357.98px;left:648px;white-space:nowrap">IT
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9357.98px;left:834.64px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9357.98px;left:1537.45px;white-space:nowrap">0.4%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9557.68px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9554.47px;left:648px;white-space:nowrap">Cogent </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9554.47px;left:1208.39px;white-space:nowrap">Communications
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9554.47px;left:2444.41px;white-space:nowrap">Group </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9554.47px;left:2933.55px;white-space:nowrap">LLC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9554.47px;left:3271.52px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9554.47px;left:3360.42px;white-space:nowrap">Cogent </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9554.47px;left:3920.81px;white-space:nowrap">Finance,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9554.47px;left:4578.94px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9554.47px;left:4836.83px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9746.47px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9746.47px;left:1298.95px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9746.47px;left:1939.34px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9746.47px;left:2277.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9746.47px;left:2366.22px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9746.47px;left:2828.8px;white-space:nowrap">6.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9746.47px;left:3051.22px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9746.47px;left:3193.48px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9746.47px;left:3282.39px;white-space:nowrap">7/01/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9746.47px;left:3824.05px;letter-spacing:52.55px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9746.47px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9746.47px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9746.47px;left:7485.64px;white-space:nowrap">240,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9746.47px;left:9501.64px;white-space:nowrap">233,457</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9946.16px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9942.95px;left:648px;letter-spacing:-0.98px;white-space:nowrap">Gartner,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9942.95px;left:1270.5px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9942.95px;left:1528.39px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9942.95px;left:1617.3px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9942.95px;left:2124.25px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9942.95px;left:2462.22px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9942.95px;left:2551.12px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9942.95px;left:3013.7px;white-space:nowrap">3.625</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9942.95px;left:3414.09px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9942.95px;left:3556.36px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9942.95px;left:3645.27px;white-space:nowrap">6/15/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9942.95px;left:4197.7px;letter-spacing:53.85px;white-space:nowrap">...........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9942.95px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9942.95px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9942.95px;left:7485.64px;white-space:nowrap">450,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9942.95px;left:9501.64px;white-space:nowrap">431,268</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10226.72px;left:9501.64px;white-space:nowrap">664,725</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10554.16px;left:648px;white-space:nowrap">Leisure
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10554.16px;left:1261.59px;white-space:nowrap">Products
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10554.16px;left:1999.48px;white-space:nowrap">0.2%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10753.86px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10750.65px;left:648px;white-space:nowrap">Mattel, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10750.65px;left:1172.61px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10750.65px;left:1430.5px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10750.65px;left:1519.41px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10750.65px;left:2026.36px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10750.65px;left:2364.33px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10750.65px;left:2453.23px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10750.65px;left:2915.81px;white-space:nowrap">3.75</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10750.65px;left:3227.22px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10750.65px;left:3369.48px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10750.65px;left:3458.39px;white-space:nowrap">4/01/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10750.65px;left:4010.87px;letter-spacing:53.1px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10750.65px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10750.65px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10750.65px;left:7485.64px;white-space:nowrap">265,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10750.65px;left:9501.64px;white-space:nowrap">257,318</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11078.09px;left:648px;white-space:nowrap">Life
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11078.09px;left:976.91px;white-space:nowrap">Sciences
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11078.09px;left:1715.19px;letter-spacing:-1.98px;white-space:nowrap">Tools
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11078.09px;left:2174.41px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11078.09px;left:2334.41px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11078.09px;left:3037.22px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11274.58px;left:648px;white-space:nowrap">Illumina, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11274.58px;left:1288.23px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11274.58px;left:1546.12px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11274.58px;left:1635.03px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11274.58px;left:2141.98px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11274.58px;left:2479.95px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11274.58px;left:2568.86px;white-space:nowrap">4.65</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11274.58px;left:2880.27px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11274.58px;left:3022.53px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11274.58px;left:3111.44px;white-space:nowrap">9/09/26</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11274.58px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11318.26px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11318.26px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11318.26px;left:7497.52px;letter-spacing:-1.7px;white-space:nowrap">117,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11318.26px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">117,576</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11645.71px;left:648px;white-space:nowrap">Machinery
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11645.71px;left:1483.86px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11845.4px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11842.19px;left:648px;letter-spacing:-2.96px;white-space:nowrap">Terex
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11842.19px;left:1083.7px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11842.19px;left:1474.95px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11842.19px;left:1563.86px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11842.19px;left:2070.81px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11842.19px;left:2408.78px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11842.19px;left:2497.69px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11842.19px;left:2960.27px;white-space:nowrap">6.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11842.19px;left:3271.67px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11842.19px;left:3413.94px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11842.19px;left:3502.84px;white-space:nowrap">10/15/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11842.19px;left:4197.7px;letter-spacing:53.85px;white-space:nowrap">...........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11842.19px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11842.19px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11842.19px;left:7485.64px;white-space:nowrap">215,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11842.19px;left:9501.64px;white-space:nowrap">219,196</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:1161.0px;width:891.0px;transform-origin:top left;transform:scale(1.5,1.5)">

<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:6453.14px;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:7127.45px;letter-spacing:10.29px;white-space:nowrap">Master
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7794.58px;letter-spacing:10.34px;white-space:nowrap">Intermediate
</div>

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:7913.58px;letter-spacing:10.67px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8772.28px;letter-spacing:8px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:9027.03px;letter-spacing:10.91px;white-space:nowrap">Investments</div></div>
</div>

<div style="height:40.61px;left:0px;position:absolute;top:0px;transform:translate(53.999px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:691.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">
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<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(53.999px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">franklintempleton.com</div></div>
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<div style="height:30.71px;left:0px;position:absolute;top:0px;transform:translate(54.000px,738.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:459.61px">

<div style="width:9192.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(8270.481px,65.000px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3857.28px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4119.86px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5002.43px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5359.93px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5586.03px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5768.45px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6235.25px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6497.83px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6643.76px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7001.26px;text-rendering:optimizeLegibility;white-space:nowrap">financial
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7519.15px;white-space:nowrap">statements.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8353.45px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8798.45px;white-space:nowrap">Report</div></div>
</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:648px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:6010.72px;white-space:nowrap">Country</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:21.02px;left:7388.22px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:7423.4px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:216.23px;left:8027.7px;white-space:nowrap">*</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:8451.51px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:6612.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:8052.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:8484.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:648px;white-space:nowrap">Corporate
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:1659.23px;white-space:nowrap">Bonds
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:547.74px;left:2336.96px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:648px;white-space:nowrap">Media
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:1145.89px;white-space:nowrap">0.7%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:987.6px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:648px;white-space:nowrap">Clear </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1074.8px;white-space:nowrap">Channel </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1715.27px;white-space:nowrap">Outdoor </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2337.84px;white-space:nowrap">Holdings,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3049.33px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3307.22px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3396.13px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3903.08px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4543.47px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4881.44px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:792px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:1254.58px;white-space:nowrap">7.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:1654.97px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:1797.23px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:1886.14px;white-space:nowrap">4/01/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:2422.85px;letter-spacing:50.75px;white-space:nowrap">..............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:7485.64px;white-space:nowrap">285,000</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">299,464</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1376.09px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:648px;white-space:nowrap">McGraw-Hill </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:1563.47px;white-space:nowrap">Education,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:2364.02px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:2621.91px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:1298.95px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:1939.34px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:2366.22px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:2828.8px;white-space:nowrap">5.75%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:3371.38px;white-space:nowrap">8/01/28 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:4010.87px;letter-spacing:53.1px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:7497.52px;letter-spacing:-1.7px;white-space:nowrap">117,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">117,031</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1765.85px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1765.85px;left:1298.95px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1765.85px;left:1939.34px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1765.85px;left:2366.22px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1765.85px;left:2828.8px;white-space:nowrap">7.375%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1765.85px;left:3460.36px;white-space:nowrap">9/01/31 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1765.85px;left:4104.29px;letter-spacing:53.44px;white-space:nowrap">............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1765.85px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1765.85px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1765.85px;left:7485.64px;white-space:nowrap">153,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1765.85px;left:9501.64px;white-space:nowrap">159,091</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1965.54px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1962.33px;left:648px;white-space:nowrap">Outfront </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1962.33px;left:1270.5px;white-space:nowrap">Media </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1962.33px;left:1750.73px;white-space:nowrap">Capital </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1962.33px;left:2293.23px;white-space:nowrap">LLC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1962.33px;left:2631.2px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1962.33px;left:2720.11px;white-space:nowrap">Outfront
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1962.33px;left:3342.61px;white-space:nowrap">Media </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1962.33px;left:3822.84px;white-space:nowrap">Capital </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1962.33px;left:4365.34px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1962.33px;left:4756.59px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2158.81px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2158.81px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2158.81px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2158.81px;left:2188.41px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2158.81px;left:2508.56px;white-space:nowrap">8/15/27 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2158.81px;left:3170.15px;letter-spacing:51.41px;white-space:nowrap">......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2158.81px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2158.81px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2158.81px;left:7485.64px;white-space:nowrap">150,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2158.81px;left:9501.64px;white-space:nowrap">149,366</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2355.3px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2355.3px;left:1298.95px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2355.3px;left:1939.34px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2355.3px;left:2366.22px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2355.3px;left:2828.8px;white-space:nowrap">7.375%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2355.3px;left:3460.36px;white-space:nowrap">2/15/31 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2355.3px;left:4104.29px;letter-spacing:53.44px;white-space:nowrap">............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2355.3px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2355.3px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2355.3px;left:7574.63px;white-space:nowrap">76,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2355.3px;left:9590.63px;white-space:nowrap">80,233</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2554.99px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2551.78px;left:648px;white-space:nowrap">Sinclair </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2551.78px;left:1214.17px;letter-spacing:-1.61px;white-space:nowrap">Television
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2551.78px;left:1961.2px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2551.78px;left:2494.8px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2551.78px;left:2752.69px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2551.78px;left:2841.59px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2551.78px;left:3348.55px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2551.78px;left:3988.94px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2551.78px;left:4326.91px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2551.78px;left:4415.81px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2743.78px;left:792px;white-space:nowrap">8.125</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2743.78px;left:1192.39px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2743.78px;left:1334.66px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2743.78px;left:1423.56px;white-space:nowrap">2/15/33</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2743.78px;left:1957.39px;letter-spacing:50.5px;white-space:nowrap">...................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2743.78px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2743.78px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2743.78px;left:7485.64px;white-space:nowrap">250,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2743.78px;left:9501.64px;white-space:nowrap">256,769</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3027.55px;left:9368.2px;white-space:nowrap">1,061,954</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3354.99px;left:648px;white-space:nowrap">Metals
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3354.99px;left:1190.42px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3354.99px;left:1350.42px;white-space:nowrap">Mining
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3354.99px;left:1910.27px;white-space:nowrap">0.8%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3554.69px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3551.48px;left:648px;text-rendering:optimizeLegibility;white-space:nowrap">Cleveland-Cliffs,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3551.48px;left:1853.86px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3551.48px;left:2111.75px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3747.96px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3747.96px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3747.96px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3747.96px;left:2188.41px;white-space:nowrap">7%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3747.96px;left:2508.56px;white-space:nowrap">3/15/32 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3747.96px;left:3170.15px;letter-spacing:51.41px;white-space:nowrap">......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3747.96px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3747.96px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3747.96px;left:7574.63px;white-space:nowrap">92,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3747.96px;left:9590.63px;white-space:nowrap">93,032</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3944.45px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3944.45px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3944.45px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3944.45px;left:2188.41px;white-space:nowrap">7.625%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3944.45px;left:2819.97px;white-space:nowrap">1/15/34 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3944.45px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3944.45px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3944.45px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3944.45px;left:7574.63px;white-space:nowrap">50,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3944.45px;left:9590.63px;white-space:nowrap">51,553</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4140.93px;left:648px;white-space:nowrap">Commercial </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4140.93px;left:1545.89px;white-space:nowrap">Metals </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4140.93px;left:2061.59px;white-space:nowrap">Co.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4140.93px;left:2310.58px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4140.93px;left:2399.48px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4140.93px;left:2906.44px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4140.93px;left:3280.11px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4140.93px;left:3369.02px;white-space:nowrap">4.375</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4140.93px;left:3769.41px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4140.93px;left:3911.67px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4140.93px;left:4000.58px;white-space:nowrap">3/15/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4140.93px;left:4571.35px;letter-spacing:56.65px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4184.61px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4184.61px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4184.61px;left:7485.64px;white-space:nowrap">267,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4184.61px;left:9501.64px;white-space:nowrap">252,193</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4384.31px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4381.1px;left:648px;white-space:nowrap">Constellium </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4381.1px;left:1528.31px;white-space:nowrap">SE</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4381.1px;left:1741.75px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4577.58px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4577.58px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4577.58px;left:1725.83px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4577.58px;left:2063.8px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4577.58px;left:2259.42px;white-space:nowrap">3.125%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4577.58px;left:2890.98px;white-space:nowrap">7/15/29 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4577.58px;left:3543.81px;letter-spacing:51.95px;white-space:nowrap">..................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4577.58px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4577.58px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4577.58px;left:7485.64px;white-space:nowrap">300,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4577.58px;left:8158.19px;white-space:nowrap">EUR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4577.58px;left:9501.64px;white-space:nowrap">343,716</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4774.07px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4774.07px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4774.07px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4774.07px;left:2188.41px;white-space:nowrap">6.375%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4774.07px;left:2819.97px;white-space:nowrap">8/15/32 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4774.07px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4774.07px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4774.07px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4774.07px;left:7485.64px;white-space:nowrap">250,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4774.07px;left:9501.64px;white-space:nowrap">255,748</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4973.76px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4970.55px;left:648px;white-space:nowrap">Novelis </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4970.55px;left:1217.06px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4970.55px;left:1608.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4970.55px;left:1697.22px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4970.55px;left:2204.17px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4970.55px;left:2542.14px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4970.55px;left:2631.05px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4970.55px;left:3093.63px;white-space:nowrap">6.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4970.55px;left:3494.02px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4970.55px;left:3636.28px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4970.55px;left:3725.19px;white-space:nowrap">1/30/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4970.55px;left:4291.11px;letter-spacing:54.34px;white-space:nowrap">..........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4970.55px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4970.55px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4970.55px;left:7485.64px;white-space:nowrap">198,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4970.55px;left:9501.64px;white-space:nowrap">205,485</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5254.32px;left:9368.2px;white-space:nowrap">1,201,727</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5581.76px;left:648px;white-space:nowrap">Multi-Utilities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5581.76px;left:1696.83px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5778.25px;left:648px;white-space:nowrap">Ameren </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5778.25px;left:1252.69px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5778.25px;left:1643.94px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5778.25px;left:1732.84px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5778.25px;left:2239.8px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5778.25px;left:2577.77px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5778.25px;left:2666.67px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5778.25px;left:2755.66px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5778.25px;left:2897.92px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5778.25px;left:2986.83px;white-space:nowrap">1/15/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5778.25px;left:3543.81px;letter-spacing:51.95px;white-space:nowrap">..................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5821.93px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5821.93px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5821.93px;left:7485.64px;white-space:nowrap">170,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5821.93px;left:9501.64px;white-space:nowrap">173,882</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6149.37px;left:648px;white-space:nowrap">Oil,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6149.37px;left:950.27px;white-space:nowrap">Gas
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6149.37px;left:1297.14px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6149.37px;left:1457.14px;white-space:nowrap">Consumable
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6149.37px;left:2461.75px;white-space:nowrap">Fuels
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6149.37px;left:2924.09px;white-space:nowrap">3.1%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6349.07px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6345.86px;left:648px;white-space:nowrap">Aker </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6345.86px;left:1021.44px;letter-spacing:-0.96px;white-space:nowrap">BP
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6345.86px;left:1267.61px;white-space:nowrap">ASA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6345.86px;left:1587.77px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6345.86px;left:1676.67px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6345.86px;left:2183.63px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6345.86px;left:2521.59px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6345.86px;left:2610.5px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6345.86px;left:3073.08px;white-space:nowrap">5.6</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6345.86px;left:3295.5px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6345.86px;left:3437.77px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6345.86px;left:3526.67px;white-space:nowrap">6/13/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6345.86px;left:4104.29px;letter-spacing:53.44px;white-space:nowrap">............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6345.86px;left:6081.66px;white-space:nowrap">Norway</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6345.86px;left:7485.64px;white-space:nowrap">205,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6345.86px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">211,513</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6545.55px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6542.34px;left:648px;white-space:nowrap">Antero </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6542.34px;left:1163.86px;white-space:nowrap">Resources
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6542.34px;left:1973.08px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6542.34px;left:2364.33px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6542.34px;left:2453.23px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6542.34px;left:2960.19px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6542.34px;left:3298.16px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6542.34px;left:3387.06px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6542.34px;left:3849.64px;white-space:nowrap">5.375</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6542.34px;left:4250.03px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6542.34px;left:4392.3px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6542.34px;left:4481.2px;white-space:nowrap">3/01/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6542.34px;left:5038.42px;letter-spacing:75.86px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6542.34px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6542.34px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6542.34px;left:7485.64px;white-space:nowrap">250,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6542.34px;left:9501.64px;white-space:nowrap">251,638</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6742.04px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6738.83px;left:648px;white-space:nowrap">Crescent </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6738.83px;left:1332.69px;white-space:nowrap">Energy </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6738.83px;left:1884.09px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6738.83px;left:2497.77px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6738.83px;left:2791.28px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6738.83px;left:2880.19px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6738.83px;left:3387.14px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6738.83px;left:3725.11px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6738.83px;left:3814.02px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6738.83px;left:4276.59px;white-space:nowrap">8.375</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6738.83px;left:4676.98px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6738.83px;left:4819.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6930.83px;left:792px;white-space:nowrap">1/15/34</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6930.83px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6930.83px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6930.83px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6930.83px;left:7485.64px;white-space:nowrap">195,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6930.83px;left:9501.64px;white-space:nowrap">197,743</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7127.31px;left:648px;white-space:nowrap">Energy </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7127.31px;left:1196.52px;letter-spacing:-0.66px;white-space:nowrap">Transfer
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7127.31px;left:1830.73px;letter-spacing:-10.31px;white-space:nowrap">LP</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7127.31px;left:2005.81px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7127.31px;left:2094.72px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7127.31px;left:2601.67px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7127.31px;left:2975.34px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7127.31px;left:3064.25px;white-space:nowrap">5.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7127.31px;left:3375.66px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7127.31px;left:3517.92px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7127.31px;left:3606.83px;white-space:nowrap">4/15/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7127.31px;left:4197.7px;letter-spacing:53.85px;white-space:nowrap">...........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7170.99px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7170.99px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7170.99px;left:7485.64px;white-space:nowrap">410,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7170.99px;left:9501.64px;white-space:nowrap">421,940</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7370.69px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7367.48px;left:648px;white-space:nowrap">Hess </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7367.48px;left:1056.98px;white-space:nowrap">Midstream
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7367.48px;left:1848.23px;white-space:nowrap">Operations
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7367.48px;left:2675.34px;letter-spacing:-10.31px;white-space:nowrap">LP</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7367.48px;left:2850.42px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7563.96px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7563.96px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7563.96px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7563.96px;left:2188.41px;white-space:nowrap">5.875%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7563.96px;left:2819.97px;white-space:nowrap">3/01/28 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7563.96px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7563.96px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7563.96px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7563.96px;left:7574.63px;white-space:nowrap">65,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7563.96px;left:9590.63px;white-space:nowrap">66,300</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7760.45px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7760.45px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7760.45px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7760.45px;left:2188.41px;white-space:nowrap">4.25%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7760.45px;left:2730.98px;white-space:nowrap">2/15/30 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7760.45px;left:3356.98px;letter-spacing:51.65px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7760.45px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7760.45px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7760.45px;left:7485.64px;white-space:nowrap">270,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7760.45px;left:9501.64px;white-space:nowrap">261,920</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7956.93px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7956.93px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7956.93px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7956.93px;left:2188.41px;white-space:nowrap">5.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7956.93px;left:2642px;white-space:nowrap">10/15/30 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7956.93px;left:3356.98px;letter-spacing:51.65px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7956.93px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7956.93px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7956.93px;left:7574.63px;white-space:nowrap">85,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7956.93px;left:9590.63px;white-space:nowrap">85,678</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8156.63px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8153.42px;left:648px;white-space:nowrap">KazMunayGas </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8153.42px;left:1741.83px;white-space:nowrap">National
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8153.42px;left:2373.31px;white-space:nowrap">Co. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8153.42px;left:2666.75px;white-space:nowrap">JSC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8153.42px;left:2969.02px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8153.42px;left:3057.92px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8153.42px;left:3564.88px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8153.42px;left:3938.55px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8153.42px;left:4027.45px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8153.42px;left:4365.42px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8153.42px;left:4561.05px;white-space:nowrap">5.375</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8153.42px;left:4961.44px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8153.42px;left:5103.7px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8345.42px;left:792px;white-space:nowrap">4/24/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8345.42px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8345.42px;left:5787.91px;white-space:nowrap">Kazakhstan</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8345.42px;left:7485.64px;white-space:nowrap">450,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8345.42px;left:9501.64px;white-space:nowrap">463,404</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8541.9px;left:648px;white-space:nowrap">Kinder </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8541.9px;left:1154.95px;white-space:nowrap">Morgan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8541.9px;left:1786.36px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8541.9px;left:2044.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8541.9px;left:2133.16px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8541.9px;left:2640.11px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8541.9px;left:2978.08px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8541.9px;left:3066.98px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8541.9px;left:3155.97px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8541.9px;left:3298.23px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8541.9px;left:3387.14px;white-space:nowrap">2/01/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8541.9px;left:4010.87px;letter-spacing:53.1px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8585.58px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8585.58px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8585.58px;left:7485.64px;white-space:nowrap">250,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8585.58px;left:9501.64px;white-space:nowrap">255,714</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8785.28px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8782.07px;left:648px;white-space:nowrap">Kinetik </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8782.07px;left:1172.69px;white-space:nowrap">Holdings
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8782.07px;left:1839.72px;letter-spacing:-10.31px;white-space:nowrap">LP</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8782.07px;left:2014.8px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8782.07px;left:2103.7px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8782.07px;left:2610.66px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8782.07px;left:2948.63px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8782.07px;left:3037.53px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8782.07px;left:3500.11px;white-space:nowrap">5.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8782.07px;left:3900.5px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8782.07px;left:4042.77px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8782.07px;left:4131.67px;white-space:nowrap">6/15/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8782.07px;left:4665.5px;letter-spacing:57.93px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8782.07px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8782.07px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8782.07px;left:7485.64px;white-space:nowrap">455,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8782.07px;left:9501.64px;white-space:nowrap">457,988</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8981.76px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8978.55px;left:648px;white-space:nowrap">Matador </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8978.55px;left:1279.41px;white-space:nowrap">Resources
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8978.55px;left:2088.63px;white-space:nowrap">Co.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8978.55px;left:2337.61px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8978.55px;left:2426.52px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8978.55px;left:2933.47px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8978.55px;left:3271.44px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8978.55px;left:3360.34px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8978.55px;left:3822.92px;white-space:nowrap">6.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8978.55px;left:4223.31px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8978.55px;left:4365.58px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8978.55px;left:4454.48px;white-space:nowrap">4/15/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8978.55px;left:5038.42px;letter-spacing:75.86px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8978.55px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8978.55px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8978.55px;left:7485.64px;white-space:nowrap">333,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8978.55px;left:9501.64px;white-space:nowrap">340,076</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9178.24px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9175.03px;left:648px;white-space:nowrap">Pertamina </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9175.03px;left:1421.67px;white-space:nowrap">Hulu </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9175.03px;left:1795.19px;white-space:nowrap">Energi </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9175.03px;left:2302.14px;letter-spacing:-8.87px;white-space:nowrap">PT</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9175.03px;left:2488.86px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9175.03px;left:2577.77px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9175.03px;left:3084.72px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9175.03px;left:3422.69px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9175.03px;left:3511.59px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9175.03px;left:3974.17px;white-space:nowrap">5.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9175.03px;left:4285.58px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9175.03px;left:4427.84px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9175.03px;left:4516.75px;white-space:nowrap">5/21/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9175.03px;left:5131.83px;letter-spacing:102.76px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9175.03px;left:5930.09px;white-space:nowrap">Indonesia</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9175.03px;left:7485.64px;white-space:nowrap">200,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9175.03px;left:9501.64px;white-space:nowrap">204,484</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9374.73px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9371.52px;left:648px;white-space:nowrap">Raizen </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9371.52px;left:1190.5px;white-space:nowrap">Fuels </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9371.52px;left:1626.2px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9371.52px;left:2239.88px;white-space:nowrap">SA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9371.52px;left:2453.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9371.52px;left:2542.22px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9371.52px;left:3049.17px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9371.52px;left:3387.14px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9371.52px;left:3476.05px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9371.52px;left:3938.63px;white-space:nowrap">6.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9371.52px;left:4250.03px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9371.52px;left:4392.3px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9371.52px;left:4481.2px;white-space:nowrap">7/08/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9371.52px;left:5038.42px;letter-spacing:75.86px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9371.52px;left:6223.92px;white-space:nowrap">Brazil</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9371.52px;left:7485.64px;white-space:nowrap">320,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9371.52px;left:9501.64px;white-space:nowrap">312,720</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9568px;left:648px;white-space:nowrap">South </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9568px;left:1110.58px;white-space:nowrap">Bow </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9568px;left:1466.28px;letter-spacing:-2.21px;white-space:nowrap">USA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9568px;left:1830.89px;white-space:nowrap">Infrastructure
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9568px;left:2817.92px;white-space:nowrap">Holdings </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9568px;left:3484.95px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9568px;left:3778.47px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9568px;left:3867.38px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9568px;left:4374.33px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9568px;left:4712.3px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9760px;left:792px;white-space:nowrap">5.026</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9760px;left:1192.39px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9760px;left:1334.66px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9760px;left:1423.56px;white-space:nowrap">10/01/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9760px;left:2049.2px;letter-spacing:50.54px;white-space:nowrap">..................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9760px;left:6063.53px;white-space:nowrap">Canada</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9760px;left:7485.64px;white-space:nowrap">210,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9760px;left:9501.64px;white-space:nowrap">212,472</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9959.7px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9956.49px;left:648px;white-space:nowrap">Sunoco </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9956.49px;left:1235.11px;letter-spacing:-10.31px;white-space:nowrap">LP</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9956.49px;left:1410.19px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9956.49px;left:1499.09px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9956.49px;left:2006.05px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9956.49px;left:2344.02px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9956.49px;left:2432.92px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9956.49px;left:2895.5px;white-space:nowrap">6.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9956.49px;left:3206.91px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9956.49px;left:3349.17px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9956.49px;left:3438.08px;white-space:nowrap">7/01/33</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9956.49px;left:4010.87px;letter-spacing:53.1px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9956.49px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9956.49px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9956.49px;left:7485.64px;white-space:nowrap">184,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9956.49px;left:9501.64px;white-space:nowrap">187,416</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10152.97px;left:648px;letter-spacing:-2.96px;white-space:nowrap">Targa
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10152.97px;left:1092.69px;white-space:nowrap">Resources
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10152.97px;left:1901.91px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10152.97px;left:2293.16px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10152.97px;left:2382.06px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10152.97px;left:2889.02px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10152.97px;left:3226.98px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10152.97px;left:3315.89px;white-space:nowrap">6.15</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10152.97px;left:3627.3px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10152.97px;left:3769.56px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10152.97px;left:3858.47px;white-space:nowrap">3/01/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10152.97px;left:4477.94px;letter-spacing:55.68px;white-space:nowrap">........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10196.65px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10196.65px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10196.65px;left:7485.64px;white-space:nowrap">200,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10196.65px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">210,811</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10396.35px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10393.14px;left:648px;white-space:nowrap">TGNR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10393.14px;left:1145.73px;white-space:nowrap">Intermediate
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10393.14px;left:2079.56px;white-space:nowrap">Holdings
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10393.14px;left:2746.59px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10393.14px;left:3040.11px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10393.14px;left:3129.02px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10393.14px;left:3635.97px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10393.14px;left:3973.94px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10393.14px;left:4062.84px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10393.14px;left:4525.42px;white-space:nowrap">5.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10393.14px;left:4747.84px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10393.14px;left:4890.11px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10585.14px;left:792px;white-space:nowrap">10/15/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10585.14px;left:1488.72px;letter-spacing:50.3px;white-space:nowrap">........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10585.14px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10585.14px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10585.14px;left:7485.64px;white-space:nowrap">217,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10585.14px;left:9501.64px;white-space:nowrap">212,512</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10784.83px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10781.62px;left:648px;letter-spacing:-1.1px;white-space:nowrap">Venture
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10781.62px;left:1244.02px;white-space:nowrap">Global </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10781.62px;left:1750.97px;white-space:nowrap">LNG, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10781.62px;left:2168.86px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10781.62px;left:2426.75px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10781.62px;left:2515.66px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10781.62px;left:3022.61px;white-space:nowrap">Secured
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10781.62px;left:3663px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10781.62px;left:4000.97px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10781.62px;left:4089.88px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10781.62px;left:4552.45px;white-space:nowrap">8.375</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10781.62px;left:4952.84px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10781.62px;left:5095.11px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10973.62px;left:792px;white-space:nowrap">6/01/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10973.62px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10973.62px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10973.62px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10973.62px;left:7485.64px;white-space:nowrap">450,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10973.62px;left:9501.64px;white-space:nowrap">472,804</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11173.32px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11170.11px;left:648px;letter-spacing:-1.1px;white-space:nowrap">Venture
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11170.11px;left:1244.02px;white-space:nowrap">Global </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11170.11px;left:1750.97px;white-space:nowrap">Plaquemines
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11170.11px;left:2720.42px;white-space:nowrap">LNG </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11170.11px;left:3093.86px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11170.11px;left:3387.38px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11366.59px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11366.59px;left:1298.95px;white-space:nowrap">Secured
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11366.59px;left:1939.34px;white-space:nowrap">Bond, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11366.59px;left:2401.92px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11366.59px;left:2864.5px;white-space:nowrap">7.75%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11366.59px;left:3407.08px;white-space:nowrap">5/01/35
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11366.59px;left:4010.87px;letter-spacing:53.1px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11366.59px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11366.59px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11366.59px;left:7574.63px;white-space:nowrap">30,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11366.59px;left:9590.63px;white-space:nowrap">33,880</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11563.08px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11563.08px;left:1298.95px;white-space:nowrap">Secured
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11563.08px;left:1939.34px;white-space:nowrap">Bond, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11563.08px;left:2401.92px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11563.08px;left:2864.5px;white-space:nowrap">6.75%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11563.08px;left:3407.08px;white-space:nowrap">1/15/36
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11563.08px;left:4010.87px;letter-spacing:53.1px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11563.08px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11563.08px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11563.08px;left:7574.63px;white-space:nowrap">70,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11563.08px;left:9590.63px;white-space:nowrap">74,396</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11759.56px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11759.56px;left:1298.95px;white-space:nowrap">Secured
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11759.56px;left:1939.34px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11759.56px;left:2366.22px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11759.56px;left:2828.8px;white-space:nowrap">7.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11759.56px;left:3282.39px;white-space:nowrap">5/01/33
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11759.56px;left:3917.46px;letter-spacing:52.8px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11759.56px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11759.56px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11759.56px;left:7574.63px;white-space:nowrap">30,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11759.56px;left:9590.63px;white-space:nowrap">33,169</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11956.04px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11956.04px;left:1298.95px;white-space:nowrap">Secured
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11956.04px;left:1939.34px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11956.04px;left:2366.22px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11956.04px;left:2828.8px;white-space:nowrap">6.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11956.04px;left:3282.39px;white-space:nowrap">1/15/34
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11956.04px;left:3917.46px;letter-spacing:52.8px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11956.04px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11956.04px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11956.04px;left:7574.63px;white-space:nowrap">45,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11956.04px;left:9590.63px;white-space:nowrap">47,398</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:1161.0px;width:891.0px;transform-origin:top left;transform:scale(1.5,1.5)">

<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:10.29px;white-space:nowrap">Master
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1341.44px;letter-spacing:10.34px;white-space:nowrap">Intermediate
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2500.95px;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:3143.94px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:0px;letter-spacing:10.67px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:858.7px;letter-spacing:8px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:1113.45px;letter-spacing:10.91px;white-space:nowrap">Investments</div></div>
</div>

<div style="height:41.15px;left:0px;position:absolute;top:0px;transform:translate(36.000px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:702px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">
</div> </div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
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<div style="width:9164.39px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(911.718px,64.999px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Annual
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:994.69px;white-space:nowrap">The
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:1257.27px;white-space:nowrap">accompanying
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2139.84px;white-space:nowrap">notes
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2497.34px;white-space:nowrap">are
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2723.44px;white-space:nowrap">an
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2905.86px;white-space:nowrap">integral
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3372.66px;white-space:nowrap">part
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3635.23px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3781.17px;white-space:nowrap">these
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4138.67px;text-rendering:optimizeLegibility;white-space:nowrap">financial
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4656.56px;white-space:nowrap">statements.</div></div>
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<div style="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>
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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12258px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.62px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:648px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:6010.72px;white-space:nowrap">Country</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:21.02px;left:7388.22px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:7423.4px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:216.23px;left:8027.7px;white-space:nowrap">*</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:8451.51px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:6612.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:8052.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:8484.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:648px;white-space:nowrap">Corporate
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:1659.23px;white-space:nowrap">Bonds
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:547.74px;left:2336.96px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:648px;white-space:nowrap">Oil,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:950.27px;white-space:nowrap">Gas
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:1297.14px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:1457.14px;white-space:nowrap">Consumable
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:2461.75px;white-space:nowrap">Fuels
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:787.91px;left:2924.09px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:648px;letter-spacing:-0.48px;white-space:nowrap">Viper
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1063.08px;white-space:nowrap">Energy </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1614.48px;white-space:nowrap">Partners </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2263.62px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2557.14px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2646.05px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3153px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3526.67px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3615.58px;white-space:nowrap">5.7</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3838px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3980.27px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4069.17px;white-space:nowrap">8/01/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4664.76px;letter-spacing:57.93px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:7574.63px;white-space:nowrap">24,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:9501.64px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:9590.63px;white-space:nowrap">24,416</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1311.84px;left:9368.2px;white-space:nowrap">5,040,392</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1639.29px;left:648px;white-space:nowrap">Paper
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1639.29px;left:1137.14px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1639.29px;left:1297.14px;white-space:nowrap">Forest
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1639.29px;left:1830.58px;white-space:nowrap">Products
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1639.29px;left:2568.47px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1838.98px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1835.77px;left:648px;white-space:nowrap">Magnera </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1835.77px;left:1323.94px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1835.77px;left:1715.19px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1835.77px;left:1804.09px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1835.77px;left:2311.05px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1835.77px;left:2649.02px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1835.77px;left:2737.92px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1835.77px;left:3200.5px;white-space:nowrap">4.75</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1835.77px;left:3511.91px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1835.77px;left:3654.17px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1835.77px;left:3743.08px;letter-spacing:-1.48px;white-space:nowrap">11/15/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1835.77px;left:4384.52px;letter-spacing:54.94px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1835.77px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1835.77px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1835.77px;left:7485.64px;white-space:nowrap">240,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1835.77px;left:9501.64px;white-space:nowrap">212,686</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2163.22px;left:648px;white-space:nowrap">Passenger
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2163.22px;left:1495.89px;white-space:nowrap">Airlines
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2163.22px;left:2127.22px;white-space:nowrap">0.4%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2362.91px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2359.7px;left:648px;white-space:nowrap">Air </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2359.7px;left:888px;white-space:nowrap">France-KLM</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2359.7px;left:1768.23px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2359.7px;left:1857.14px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2359.7px;left:2364.09px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2359.7px;left:2702.06px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2359.7px;left:2790.97px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2359.7px;left:3128.94px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2359.7px;left:3324.56px;white-space:nowrap">8.125</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2359.7px;left:3724.95px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2359.7px;left:3867.22px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2359.7px;left:3956.12px;white-space:nowrap">5/31/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2359.7px;left:4571.35px;letter-spacing:56.65px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2359.7px;left:6126.03px;white-space:nowrap">France</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2359.7px;left:7485.64px;white-space:nowrap">200,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2359.7px;left:8158.19px;white-space:nowrap">EUR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2359.7px;left:9501.64px;white-space:nowrap">262,777</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2559.4px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.18px;left:648px;white-space:nowrap">OneSky </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.18px;left:1261.59px;white-space:nowrap">Flight </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.18px;left:1697.3px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.18px;left:1990.81px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.18px;left:2079.72px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.18px;left:2586.67px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.18px;left:2924.64px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.18px;left:3013.55px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.18px;left:3476.12px;white-space:nowrap">8.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.18px;left:3876.52px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.18px;left:4018.78px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.18px;left:4107.69px;white-space:nowrap">12/15/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.18px;left:4758.18px;letter-spacing:59.72px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.18px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.18px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.18px;left:7485.64px;white-space:nowrap">200,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.18px;left:9501.64px;white-space:nowrap">210,503</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2755.88px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2752.67px;left:648px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2752.67px;left:1146.12px;white-space:nowrap">Airlines,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2752.67px;left:1759.64px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2752.67px;left:2017.53px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2752.67px;left:2106.44px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2752.67px;left:2613.39px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2752.67px;left:3253.78px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2752.67px;left:3591.75px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2752.67px;left:3680.66px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2752.67px;left:4143.23px;white-space:nowrap">4.625</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2752.67px;left:4543.63px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2752.67px;left:4685.89px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2752.67px;left:4774.8px;white-space:nowrap">4/15/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2752.67px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2752.67px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2752.67px;left:7485.64px;white-space:nowrap">140,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2752.67px;left:9501.64px;white-space:nowrap">137,962</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3036.43px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">611,242</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3363.88px;left:648px;white-space:nowrap">Personal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3363.88px;left:1368.31px;white-space:nowrap">Care
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3363.88px;left:1768.55px;white-space:nowrap">Products
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3363.88px;left:2506.44px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3560.36px;left:648px;white-space:nowrap">Haleon </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3560.36px;left:1199.48px;white-space:nowrap">US </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3560.36px;left:1466.2px;white-space:nowrap">Capital </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3560.36px;left:2008.7px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3560.36px;left:2302.22px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3560.36px;left:2391.12px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3560.36px;left:2898.08px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3560.36px;left:3236.05px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3560.36px;left:3324.95px;white-space:nowrap">3.375</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3560.36px;left:3725.34px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3560.36px;left:3867.61px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3560.36px;left:3956.52px;white-space:nowrap">3/24/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3560.36px;left:4571.35px;letter-spacing:56.65px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3604.05px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3604.05px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3604.05px;left:7485.64px;white-space:nowrap">250,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3604.05px;left:9501.64px;white-space:nowrap">243,455</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3931.49px;left:648px;white-space:nowrap">Pharmaceuticals
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3931.49px;left:1964.25px;white-space:nowrap">0.8%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4127.98px;left:648px;white-space:nowrap">Pharmacia </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4127.98px;left:1457.22px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4127.98px;left:1750.73px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4127.98px;left:1839.64px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4127.98px;left:2346.59px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4127.98px;left:2720.27px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4127.98px;left:2809.17px;white-space:nowrap">6.6</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4127.98px;left:3031.59px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4127.98px;left:3173.86px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4127.98px;left:3262.77px;white-space:nowrap">12/01/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4127.98px;left:3917.46px;letter-spacing:52.8px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4171.66px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4171.66px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4171.66px;left:7485.64px;white-space:nowrap">430,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4171.66px;left:9501.64px;white-space:nowrap">462,013</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4368.14px;left:648px;white-space:nowrap">Royalty </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4368.14px;left:1225.97px;white-space:nowrap">Pharma </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4368.14px;left:1830.66px;white-space:nowrap">plc</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4368.14px;left:2035.19px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4368.14px;left:2124.09px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4368.14px;left:2631.05px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4368.14px;left:2969.02px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4368.14px;left:3057.92px;white-space:nowrap">4.45</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4368.14px;left:3369.33px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4368.14px;left:3511.59px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4368.14px;left:3600.5px;white-space:nowrap">3/25/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4368.14px;left:4197.7px;letter-spacing:53.85px;white-space:nowrap">...........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4411.82px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4411.82px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4411.82px;left:7485.64px;white-space:nowrap">260,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4411.82px;left:9501.64px;white-space:nowrap">257,909</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4608.31px;left:648px;letter-spacing:-3.55px;white-space:nowrap">Teva
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4608.31px;left:1030.42px;white-space:nowrap">Pharmaceutical
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4608.31px;left:2177.61px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4608.31px;left:2791.28px;white-space:nowrap">Netherlands
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4608.31px;left:3698.47px;white-space:nowrap">III </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4608.31px;left:3876.28px;letter-spacing:-7.34px;white-space:nowrap">BV</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4608.31px;left:4075.03px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4608.31px;left:4163.94px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4608.31px;left:4670.89px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4608.31px;left:5008.86px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4800.31px;left:792px;white-space:nowrap">8.125</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4800.31px;left:1192.39px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4800.31px;left:1334.66px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4800.31px;left:1423.56px;white-space:nowrap">9/15/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4800.31px;left:1957.39px;letter-spacing:50.5px;white-space:nowrap">...................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4800.31px;left:6232.75px;white-space:nowrap">Israel</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4800.31px;left:7485.64px;white-space:nowrap">449,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4800.31px;left:9501.64px;white-space:nowrap">513,934</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5084.07px;left:9368.2px;white-space:nowrap">1,233,856</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5411.52px;left:648px;white-space:nowrap">Professional
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5411.52px;left:1652.77px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5411.52px;left:2355.58px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5611.21px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5608px;left:648px;white-space:nowrap">CACI </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5608px;left:1074.72px;white-space:nowrap">International,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5608px;left:2044.25px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5608px;left:2302.14px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5608px;left:2391.05px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5608px;left:2898px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5608px;left:3235.97px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5608px;left:3324.87px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5608px;left:3787.45px;white-space:nowrap">6.375</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5608px;left:4187.84px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5608px;left:4330.11px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5608px;left:4419.02px;white-space:nowrap">6/15/33</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5608px;left:5038.42px;letter-spacing:75.86px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5608px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5608px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5608px;left:7485.64px;white-space:nowrap">185,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5608px;left:9501.64px;white-space:nowrap">191,068</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5935.45px;left:648px;white-space:nowrap">Semiconductors
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5935.45px;left:1946.05px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5935.45px;left:2106.05px;white-space:nowrap">Semiconductor
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5935.45px;left:3315.11px;white-space:nowrap">Equipment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5935.45px;left:4186.2px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6131.93px;left:648px;white-space:nowrap">Broadcom </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6131.93px;left:1421.67px;white-space:nowrap">Corp. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6131.93px;left:1857.37px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6131.93px;left:1946.28px;white-space:nowrap">Broadcom
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6131.93px;left:2719.95px;white-space:nowrap">Cayman </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6131.93px;left:3360.19px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6131.93px;left:3973.86px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6131.93px;left:4240.73px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6131.93px;left:4329.64px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6131.93px;left:4836.59px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6131.93px;left:5174.56px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6323.93px;left:792px;white-space:nowrap">3.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6323.93px;left:1192.39px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6323.93px;left:1334.66px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6323.93px;left:1423.56px;white-space:nowrap">1/15/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6323.93px;left:1957.39px;letter-spacing:50.5px;white-space:nowrap">...................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6323.93px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6323.93px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6323.93px;left:7485.64px;white-space:nowrap">205,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6323.93px;left:9501.64px;white-space:nowrap">204,930</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6651.38px;left:648px;white-space:nowrap">Software
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6651.38px;left:1368.16px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6847.87px;left:648px;white-space:nowrap">Oracle </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6847.87px;left:1163.7px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6847.87px;left:1554.95px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6847.87px;left:1643.86px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6847.87px;left:2150.81px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6847.87px;left:2488.78px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6847.87px;left:2577.69px;white-space:nowrap">4.45</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6847.87px;left:2889.09px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6847.87px;left:3031.36px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6847.87px;left:3120.27px;white-space:nowrap">9/26/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6847.87px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6891.55px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6891.55px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6891.55px;left:7485.64px;white-space:nowrap">100,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6891.55px;left:9590.63px;white-space:nowrap">99,974</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7218.99px;left:648px;white-space:nowrap">Specialized
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7218.99px;left:1563.94px;letter-spacing:-1.19px;white-space:nowrap">REITs
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7218.99px;left:2049.95px;white-space:nowrap">0.2%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7415.48px;left:648px;white-space:nowrap">American </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7415.48px;left:1365.34px;letter-spacing:-2.96px;white-space:nowrap">Tower
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7415.48px;left:1836.59px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7415.48px;left:2227.84px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7415.48px;left:2316.75px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7415.48px;left:2823.7px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7415.48px;left:3161.67px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7415.48px;left:3250.58px;white-space:nowrap">2.75</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7415.48px;left:3561.98px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7415.48px;left:3704.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7415.48px;left:3793.16px;white-space:nowrap">1/15/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7415.48px;left:4384.52px;letter-spacing:54.94px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7459.16px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7459.16px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7459.16px;left:7485.64px;white-space:nowrap">410,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7459.16px;left:9501.64px;white-space:nowrap">402,903</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7786.61px;left:648px;white-space:nowrap">Specialty
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7786.61px;left:1395.03px;white-space:nowrap">Retail
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7786.61px;left:1875.19px;white-space:nowrap">0.3%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7983.09px;left:648px;white-space:nowrap">Bath </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7983.09px;left:1021.59px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7983.09px;left:1172.77px;white-space:nowrap">Body </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7983.09px;left:1581.91px;letter-spacing:-0.41px;white-space:nowrap">Works,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7983.09px;left:2121.2px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7983.09px;left:2379.09px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7983.09px;left:2468px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7983.09px;left:2974.95px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7983.09px;left:3348.62px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7983.09px;left:3437.53px;white-space:nowrap">6.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7983.09px;left:3837.92px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7983.09px;left:3980.19px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7983.09px;left:4069.09px;letter-spacing:-1.48px;white-space:nowrap">11/01/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7983.09px;left:4758.18px;letter-spacing:59.72px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8026.77px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8026.77px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8026.77px;left:7485.64px;white-space:nowrap">480,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8026.77px;left:9501.64px;white-space:nowrap">500,017</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8354.22px;left:648px;letter-spacing:-1.08px;white-space:nowrap">Technology
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8354.22px;left:1578.39px;white-space:nowrap">Hardware,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8354.22px;left:2396.52px;white-space:nowrap">Storage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8354.22px;left:3036.67px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8354.22px;left:3196.67px;white-space:nowrap">Peripherals
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8354.22px;left:4112.69px;white-space:nowrap">0.2%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8553.91px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8550.7px;left:648px;white-space:nowrap">Seagate </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8550.7px;left:1288.55px;white-space:nowrap">Data </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8550.7px;left:1670.97px;white-space:nowrap">Storage </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8550.7px;left:2272.92px;letter-spacing:-1.61px;white-space:nowrap">Technology
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8550.7px;left:3126.83px;white-space:nowrap">Pte. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8550.7px;left:3455.89px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8550.7px;left:3722.77px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8747.19px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8747.19px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8747.19px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8747.19px;left:2188.41px;white-space:nowrap">5.875%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8747.19px;left:2819.97px;white-space:nowrap">7/15/30 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8747.19px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8747.19px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8747.19px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8747.19px;left:7485.64px;white-space:nowrap">150,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8747.19px;left:9501.64px;white-space:nowrap">152,988</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8943.67px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8943.67px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8943.67px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8943.67px;left:2188.41px;white-space:nowrap">9.625%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8943.67px;left:2819.97px;white-space:nowrap">12/01/32
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8943.67px;left:3543.81px;letter-spacing:51.95px;white-space:nowrap">..................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8943.67px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8943.67px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8943.67px;left:7485.64px;white-space:nowrap">186,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8943.67px;left:9501.64px;white-space:nowrap">210,841</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9227.44px;left:9501.64px;white-space:nowrap">363,829</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9554.88px;left:648px;letter-spacing:-1.19px;white-space:nowrap">Textiles,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9554.88px;left:1314.95px;white-space:nowrap">Apparel
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9554.88px;left:1955.11px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9554.88px;left:2115.11px;white-space:nowrap">Luxury
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9554.88px;left:2693px;white-space:nowrap">Goods
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9554.88px;left:3244.09px;white-space:nowrap">0.5%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9754.58px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9751.37px;left:648px;white-space:nowrap">Beach </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9751.37px;left:1137.3px;white-space:nowrap">Acquisition
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9751.37px;left:1955.5px;white-space:nowrap">Bidco </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9751.37px;left:2400.19px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9751.37px;left:2693.7px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9951.06px;left:596.12px;white-space:nowrap">e</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9947.85px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9947.85px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9947.85px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9947.85px;left:2188.41px;white-space:nowrap">PIK, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9947.85px;left:2535.2px;white-space:nowrap">10%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9947.85px;left:2944.34px;white-space:nowrap">7/15/33 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9947.85px;left:3543.81px;letter-spacing:51.95px;white-space:nowrap">..................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9947.85px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9947.85px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9947.85px;left:7485.64px;white-space:nowrap">200,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9947.85px;left:9501.64px;white-space:nowrap">216,233</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10144.33px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10144.33px;left:1298.95px;white-space:nowrap">Secured
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10144.33px;left:1939.34px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10144.33px;left:2366.22px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10144.33px;left:2828.8px;white-space:nowrap">5.25%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10144.33px;left:3371.37px;white-space:nowrap">7/15/32
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10144.33px;left:4010.87px;letter-spacing:53.1px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10144.33px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10144.33px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10144.33px;left:7485.64px;white-space:nowrap">105,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10144.33px;left:8158.19px;white-space:nowrap">EUR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10144.33px;left:9501.64px;white-space:nowrap">126,668</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10344.03px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10340.82px;left:648px;white-space:nowrap">Crocs, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10340.82px;left:1154.72px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10340.82px;left:1412.61px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10340.82px;left:1501.52px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10340.82px;left:2008.47px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10340.82px;left:2382.14px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10340.82px;left:2471.05px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10340.82px;left:2933.62px;white-space:nowrap">4.125</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10340.82px;left:3334.02px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10340.82px;left:3476.28px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10340.82px;left:3565.19px;white-space:nowrap">8/15/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10340.82px;left:4104.29px;letter-spacing:53.44px;white-space:nowrap">............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10340.82px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10340.82px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10340.82px;left:7485.64px;white-space:nowrap">290,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10340.82px;left:9501.64px;white-space:nowrap">266,090</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10540.51px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10537.3px;left:648px;white-space:nowrap">Under </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10537.3px;left:1119.41px;letter-spacing:-1.1px;white-space:nowrap">Armour,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10537.3px;left:1724.02px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10537.3px;left:1981.91px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10537.3px;left:2070.81px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10537.3px;left:2577.77px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10537.3px;left:2915.73px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10537.3px;left:3004.64px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10537.3px;left:3467.22px;white-space:nowrap">7.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10537.3px;left:3778.62px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10537.3px;left:3920.89px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10537.3px;left:4009.8px;white-space:nowrap">7/15/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10537.3px;left:4571.35px;letter-spacing:56.65px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10537.3px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10537.3px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10537.3px;left:7485.64px;white-space:nowrap">105,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10537.3px;left:9501.64px;white-space:nowrap">105,133</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10821.07px;left:9501.64px;white-space:nowrap">714,124</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11148.51px;left:648px;letter-spacing:-0.99px;white-space:nowrap">Tobacco
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11148.51px;left:1338.47px;white-space:nowrap">0.3%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11345px;left:648px;white-space:nowrap">Philip </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11345px;left:1083.78px;white-space:nowrap">Morris </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11345px;left:1572.61px;white-space:nowrap">International,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11345px;left:2542.14px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11345px;left:2800.03px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11345px;left:2888.94px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11345px;left:3395.89px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11345px;left:3733.86px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11345px;left:3822.77px;white-space:nowrap">5.125</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11345px;left:4223.16px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11345px;left:4365.42px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11345px;left:4454.33px;white-space:nowrap">2/15/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11345px;left:5038.42px;letter-spacing:75.86px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11388.68px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11388.68px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11388.68px;left:7485.64px;white-space:nowrap">410,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11388.68px;left:9501.64px;white-space:nowrap">423,889</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11716.13px;left:648px;letter-spacing:-1.1px;white-space:nowrap">Trading
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11716.13px;left:1270.27px;white-space:nowrap">Companies
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11716.13px;left:2177.14px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11716.13px;left:2337.14px;white-space:nowrap">Distributors
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11716.13px;left:3288.31px;white-space:nowrap">0.9%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11912.61px;left:648px;white-space:nowrap">Air </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11912.61px;left:888px;white-space:nowrap">Lease </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11912.61px;left:1368.39px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11912.61px;left:1759.64px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11912.61px;left:1848.55px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11912.61px;left:2355.5px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11912.61px;left:2693.47px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11912.61px;left:2782.37px;white-space:nowrap">5.85</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11912.61px;left:3093.78px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11912.61px;left:3236.05px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11912.61px;left:3324.95px;white-space:nowrap">12/15/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11912.61px;left:4010.87px;letter-spacing:53.1px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11956.29px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11956.29px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11956.29px;left:7485.64px;white-space:nowrap">450,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11956.29px;left:9501.64px;white-space:nowrap">463,621</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:1161.0px;width:891.0px;transform-origin:top left;transform:scale(1.5,1.5)">

<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:6453.14px;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:7127.45px;letter-spacing:10.29px;white-space:nowrap">Master
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7794.58px;letter-spacing:10.34px;white-space:nowrap">Intermediate
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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:7913.58px;letter-spacing:10.67px;white-space:nowrap">Schedule
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8772.28px;letter-spacing:8px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:9027.03px;letter-spacing:10.91px;white-space:nowrap">Investments</div></div>
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<div style="height:40.61px;left:0px;position:absolute;top:0px;transform:translate(53.999px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:691.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">
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<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(53.999px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">franklintempleton.com</div></div>
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<div style="width:9192.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(8270.481px,65.000px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3857.28px;white-space:nowrap">The
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4119.86px;white-space:nowrap">accompanying
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5002.43px;white-space:nowrap">notes
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5359.93px;white-space:nowrap">are
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5586.03px;white-space:nowrap">an
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5768.45px;white-space:nowrap">integral
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6235.25px;white-space:nowrap">part
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6497.83px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6643.76px;white-space:nowrap">these
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7001.26px;text-rendering:optimizeLegibility;white-space:nowrap">financial
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7519.15px;white-space:nowrap">statements.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8353.45px;white-space:nowrap">Annual
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8798.45px;white-space:nowrap">Report</div></div>
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<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(522.144px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">19</div></div>
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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>
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<div style="background-image:url(data:image/png;base64,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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12268.8px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.62px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:648px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:6010.72px;white-space:nowrap">Country</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:21.02px;left:7388.22px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:7423.4px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:216.23px;left:8027.7px;white-space:nowrap">*</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:8451.51px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:6612.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:8052.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:8484.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:648px;white-space:nowrap">Corporate
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:1659.23px;white-space:nowrap">Bonds
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:547.74px;left:2336.96px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:648px;letter-spacing:-1.1px;white-space:nowrap">Trading
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:1270.27px;white-space:nowrap">Companies
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:2177.14px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:2337.14px;white-space:nowrap">Distributors
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:787.91px;left:3288.31px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:987.6px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:648px;letter-spacing:-0.32px;white-space:nowrap">Aviation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1258.78px;white-space:nowrap">Capital </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1801.28px;white-space:nowrap">Group </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2290.42px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2583.94px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2672.84px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3179.8px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3517.77px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3606.67px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4069.25px;white-space:nowrap">5.375</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4469.64px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4611.91px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4700.81px;white-space:nowrap">7/15/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:7485.64px;white-space:nowrap">210,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:9412.66px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:9501.64px;white-space:nowrap">215,201</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1184.09px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:648px;white-space:nowrap">Boise </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:1092.69px;white-space:nowrap">Cascade </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:1768.63px;white-space:nowrap">Co.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:2017.61px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:2106.52px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:2613.47px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:2951.44px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:3040.34px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:3502.92px;white-space:nowrap">4.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:3903.31px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:4045.58px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:4134.48px;white-space:nowrap">7/01/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:4758.18px;letter-spacing:59.72px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:7485.64px;white-space:nowrap">215,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:9501.64px;white-space:nowrap">210,769</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1380.57px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:648px;white-space:nowrap">EquipmentShare.com,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:2275.5px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:2533.39px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:2622.3px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:3262.69px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:3600.66px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:3689.56px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:4152.14px;white-space:nowrap">9</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:4241.13px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:4383.39px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:4472.3px;white-space:nowrap">5/15/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:5038.42px;letter-spacing:75.86px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:7485.64px;white-space:nowrap">200,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">211,895</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1577.06px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:648px;white-space:nowrap">Herc </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:1030.27px;white-space:nowrap">Holdings,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:1741.75px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:1999.64px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:2088.55px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:2595.5px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:2933.47px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:3022.38px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:3484.95px;white-space:nowrap">6.625</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:3885.34px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:4027.61px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:4116.52px;white-space:nowrap">6/15/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:4664.76px;letter-spacing:57.93px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:7574.63px;white-space:nowrap">65,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:9590.63px;white-space:nowrap">66,836</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1773.54px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1770.33px;left:648px;white-space:nowrap">QXO </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1770.33px;left:1048.08px;white-space:nowrap">Building
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1770.33px;left:1661.83px;white-space:nowrap">Products,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1770.33px;left:2382.14px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1770.33px;left:2640.03px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1770.33px;left:2728.94px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1770.33px;left:3235.89px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1770.33px;left:3876.28px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1770.33px;left:4214.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1770.33px;left:4303.16px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1770.33px;left:4765.73px;white-space:nowrap">6.75</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1770.33px;left:5077.14px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1770.33px;left:5219.41px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1962.33px;left:792px;white-space:nowrap">4/30/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1962.33px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1962.33px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1962.33px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1962.33px;left:7485.64px;white-space:nowrap">240,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1962.33px;left:9501.64px;white-space:nowrap">249,095</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2158.81px;left:648px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2158.81px;left:1154.95px;white-space:nowrap">Rentals </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2158.81px;left:1741.91px;white-space:nowrap">North </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2158.81px;left:2168.78px;white-space:nowrap">America,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2158.81px;left:2844.48px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2158.81px;left:3102.38px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2158.81px;left:3191.28px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2158.81px;left:3698.23px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2158.81px;left:4071.91px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2158.81px;left:4160.81px;white-space:nowrap">4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2158.81px;left:4249.8px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2158.81px;left:4392.06px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2158.81px;left:4480.97px;white-space:nowrap">7/15/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2158.81px;left:5038.42px;letter-spacing:75.86px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2202.5px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2202.5px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2202.5px;left:7574.63px;white-space:nowrap">88,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2202.5px;left:9590.63px;white-space:nowrap">84,255</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2402.19px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2398.98px;left:648px;white-space:nowrap">WESCO </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2398.98px;left:1296.91px;white-space:nowrap">Distribution,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2398.98px;left:2186.13px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2398.98px;left:2444.02px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2398.98px;left:2532.92px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2398.98px;left:3039.88px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2398.98px;left:3377.84px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2398.98px;left:3466.75px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2398.98px;left:3929.33px;white-space:nowrap">6.375</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2398.98px;left:4329.72px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2398.98px;left:4471.98px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2398.98px;left:4560.89px;white-space:nowrap">3/15/33</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2398.98px;left:5131.83px;letter-spacing:102.76px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2398.98px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2398.98px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2398.98px;left:7574.63px;white-space:nowrap">45,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2398.98px;left:9590.63px;white-space:nowrap">46,680</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2682.75px;left:9368.2px;white-space:nowrap">1,548,352</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3010.19px;left:648px;letter-spacing:-0.16px;white-space:nowrap">Wireless
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3010.19px;left:1349.17px;letter-spacing:-0.66px;white-space:nowrap">Telecommunication
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3010.19px;left:2884.25px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3010.19px;left:3587.06px;white-space:nowrap">0.9%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3250.36px;left:648px;letter-spacing:-0.98px;white-space:nowrap">T-Mobile
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3250.36px;left:1305.97px;white-space:nowrap">USA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3250.36px;left:1723.86px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3250.36px;left:1981.75px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3446.84px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3446.84px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3446.84px;left:1725.83px;white-space:nowrap">2.05%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3446.84px;left:2268.41px;white-space:nowrap">2/15/28 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3446.84px;left:2889.91px;letter-spacing:51.11px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3446.84px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3446.84px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3446.84px;left:7485.64px;white-space:nowrap">230,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3446.84px;left:9501.64px;white-space:nowrap">219,317</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3643.33px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3643.33px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3643.33px;left:1725.83px;white-space:nowrap">3.375%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3643.33px;left:2357.39px;white-space:nowrap">4/15/29 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3643.33px;left:2983.33px;letter-spacing:51.2px;white-space:nowrap">........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3643.33px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3643.33px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3643.33px;left:7485.64px;white-space:nowrap">825,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3643.33px;left:9501.64px;white-space:nowrap">801,187</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3843.02px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3839.81px;left:648px;white-space:nowrap">Vmed </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3839.81px;left:1110.42px;white-space:nowrap">O2 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3839.81px;left:1368.31px;white-space:nowrap">UK </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3839.81px;left:1635.03px;white-space:nowrap">Financing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3839.81px;left:2373.23px;white-space:nowrap">I </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3839.81px;left:2462.14px;white-space:nowrap">plc</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3839.81px;left:2666.67px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3839.81px;left:2755.58px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3839.81px;left:3262.53px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3839.81px;left:3902.92px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3839.81px;left:4276.59px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3839.81px;left:4365.5px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3839.81px;left:4703.47px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4031.81px;left:792px;white-space:nowrap">3.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4031.81px;left:1103.41px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4031.81px;left:1245.67px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4031.81px;left:1334.58px;white-space:nowrap">1/31/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4031.81px;left:1955.78px;letter-spacing:50.5px;white-space:nowrap">...................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4031.81px;left:5485.56px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4031.81px;left:5992.52px;white-space:nowrap">Kingdom</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4031.81px;left:7485.64px;white-space:nowrap">275,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4031.81px;left:8158.19px;white-space:nowrap">EUR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4031.81px;left:9501.64px;white-space:nowrap">310,827</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4231.51px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.29px;left:648px;white-space:nowrap">Zegona </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.29px;left:1235.11px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.29px;left:1848.78px;white-space:nowrap">plc</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.29px;left:2053.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.29px;left:2142.22px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.29px;left:2649.17px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.29px;left:3289.56px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.29px;left:3627.53px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.29px;left:3716.44px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.29px;left:4179.02px;white-space:nowrap">8.625</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.29px;left:4579.41px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4228.29px;left:4721.67px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4420.29px;left:792px;white-space:nowrap">7/15/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4420.29px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4420.29px;left:5485.56px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4420.29px;left:5992.52px;white-space:nowrap">Kingdom</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4420.29px;left:7485.64px;white-space:nowrap">200,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4420.29px;left:9501.64px;white-space:nowrap">213,266</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4704.06px;left:9368.2px;white-space:nowrap">1,544,597</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4983.08px;left:648px;letter-spacing:-2.47px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4983.08px;left:1166.46px;white-space:nowrap">Corporate
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4983.08px;left:2177.69px;white-space:nowrap">Bonds</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4983.08px;left:2855.42px;white-space:nowrap">(Cost
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4983.08px;left:3422.02px;white-space:nowrap">$46,598,577)</div>

<div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:4983.08px;left:4621.52px;letter-spacing:50.7px;white-space:nowrap">....................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5016.95px;left:9279.22px;white-space:nowrap">47,817,401</div>

<div style="font-family:Arial, sans-serif;font-size:116.6px;position:absolute;top:5420.07px;left:615.6px;white-space:nowrap">f</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5430.62px;left:648px;white-space:nowrap">Senior
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5430.62px;left:1325.93px;white-space:nowrap">Floating
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5430.62px;left:2159.13px;white-space:nowrap">Rate
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5430.62px;left:2648.2px;white-space:nowrap">Interests
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5430.62px;left:3537.45px;white-space:nowrap">6.5%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5704.65px;left:648px;white-space:nowrap">Aerospace
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5704.65px;left:1510.66px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5704.65px;left:1670.66px;white-space:nowrap">Defense
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5704.65px;left:2337.61px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5904.35px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5901.14px;left:648px;letter-spacing:-0.54px;white-space:nowrap">TransDigm,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5901.14px;left:1513.31px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5901.14px;left:1860.11px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5901.14px;left:2215.58px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5901.14px;left:2606.98px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5901.14px;left:3004.09px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5901.14px;left:3404.09px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5901.14px;left:3848.94px;white-space:nowrap">J, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5901.14px;left:4017.84px;white-space:nowrap">6.502%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5901.14px;left:4649.41px;white-space:nowrap">(3-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6093.14px;left:792px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6093.14px;left:1280.91px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6093.14px;left:1418.8px;white-space:nowrap">2.5%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6093.14px;left:1925.67px;white-space:nowrap">2/28/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6093.14px;left:2516.26px;letter-spacing:50.82px;white-space:nowrap">.............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6093.14px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6093.14px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6093.14px;left:7497.52px;letter-spacing:-1.7px;white-space:nowrap">118,204</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6093.14px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">118,279</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6420.58px;left:648px;white-space:nowrap">Air
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6420.58px;left:914.72px;white-space:nowrap">Freight
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6420.58px;left:1501.36px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6420.58px;left:1661.36px;white-space:nowrap">Logistics
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6420.58px;left:2408.16px;white-space:nowrap">0.2%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6620.28px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6617.07px;left:648px;white-space:nowrap">Rand </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6617.07px;left:1074.95px;white-space:nowrap">Parent </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6617.07px;left:1590.81px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6617.07px;left:1973.23px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6617.07px;left:2328.7px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6617.07px;left:2720.11px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6617.07px;left:3117.22px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6617.07px;left:3517.22px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6617.07px;left:3962.06px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6617.07px;left:4157.69px;white-space:nowrap">7.296%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6809.07px;left:792px;white-space:nowrap">(3-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6809.07px;left:1476.69px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6809.07px;left:1965.59px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6809.07px;left:2103.48px;white-space:nowrap">3%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6809.07px;left:2476.92px;white-space:nowrap">3/18/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6809.07px;left:3076.74px;letter-spacing:51.3px;white-space:nowrap">.......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6809.07px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6809.07px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6809.07px;left:7485.64px;white-space:nowrap">242,279</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6809.07px;left:9501.64px;white-space:nowrap">241,586</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7136.51px;left:648px;white-space:nowrap">Automobile
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7136.51px;left:1572.38px;white-space:nowrap">Components
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7136.51px;left:2594.56px;white-space:nowrap">0.0%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:7139.73px;left:2959.25px;white-space:nowrap">&#8224;</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7336.21px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7333px;left:648px;white-space:nowrap">Clarios </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7333px;left:1190.34px;white-space:nowrap">Global </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7333px;left:1697.3px;letter-spacing:-5.16px;white-space:nowrap">LP,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7333px;left:1961.28px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7333px;left:2316.75px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7333px;left:2699.33px;white-space:nowrap">Amendment </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7333px;left:3606.44px;white-space:nowrap">No. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7333px;left:3899.88px;white-space:nowrap">6 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7333px;left:4033.31px;white-space:nowrap">Dollar </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7333px;left:4495.66px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7333px;left:4892.77px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7525px;left:792px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7525px;left:1236.84px;white-space:nowrap">6.913%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7525px;left:1868.41px;white-space:nowrap">(1-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7525px;left:2553.09px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7525px;left:3042px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7525px;left:3179.89px;white-space:nowrap">2.75%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7525px;left:3775.75px;white-space:nowrap">1/28/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7525px;left:4384.52px;letter-spacing:54.94px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7525px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7525px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7525px;left:7574.63px;white-space:nowrap">59,983</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7525px;left:9590.63px;white-space:nowrap">60,095</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7852.45px;left:648px;white-space:nowrap">Broadline
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7852.45px;left:1430.34px;white-space:nowrap">Retail
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7852.45px;left:1910.5px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8052.14px;left:518.33px;white-space:nowrap">d,g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8048.93px;left:648px;white-space:nowrap">Peer </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8048.93px;left:1030.42px;white-space:nowrap">Holding </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8048.93px;left:1617.45px;white-space:nowrap">III </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8048.93px;left:1795.27px;letter-spacing:-3.67px;white-space:nowrap">BV,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8048.93px;left:2082.92px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8048.93px;left:2438.39px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8048.93px;left:2829.8px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8048.93px;left:3226.91px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8048.93px;left:3626.91px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8048.93px;left:4071.75px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8048.93px;left:4267.38px;white-space:nowrap">6.017%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8240.93px;left:792px;white-space:nowrap">(12-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8240.93px;left:1565.67px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8240.93px;left:2054.58px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8240.93px;left:2192.47px;white-space:nowrap">2.25%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8240.93px;left:2788.33px;white-space:nowrap">9/27/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8240.93px;left:3356.98px;letter-spacing:51.65px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8240.93px;left:5761.27px;white-space:nowrap">Netherlands</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8240.93px;left:7485.64px;white-space:nowrap">123,449</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8240.93px;left:9501.64px;white-space:nowrap">123,719</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8527.91px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8568.38px;left:648px;white-space:nowrap">Building
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8568.38px;left:1332.3px;white-space:nowrap">Products
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8568.38px;left:2070.19px;white-space:nowrap">0.2%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8764.86px;left:648px;white-space:nowrap">EMRLD </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8764.86px;left:1252.53px;white-space:nowrap">Borrower
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8764.86px;left:1946.05px;letter-spacing:-5.16px;white-space:nowrap">LP,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8764.86px;left:2210.03px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8764.86px;left:2565.5px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8764.86px;left:2956.91px;white-space:nowrap">Second </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8764.86px;left:3535.19px;white-space:nowrap">Amendment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8764.86px;left:4442.3px;white-space:nowrap">Incremental
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8956.86px;left:792px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8956.86px;left:1189.11px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8956.86px;left:1589.11px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8956.86px;left:2033.95px;white-space:nowrap">6.122%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8956.86px;left:2665.52px;white-space:nowrap">(6-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8956.86px;left:3350.2px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8956.86px;left:3839.11px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8956.86px;left:3977px;white-space:nowrap">2.25%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8956.86px;left:4572.86px;white-space:nowrap">8/04/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8956.86px;left:5131.83px;letter-spacing:102.76px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8956.86px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8956.86px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8956.86px;left:7485.64px;white-space:nowrap">193,488</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8956.86px;left:9501.64px;white-space:nowrap">192,859</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9153.35px;left:648px;white-space:nowrap">Quikrete </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9153.35px;left:1297.14px;white-space:nowrap">Holdings,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9153.35px;left:2008.63px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9153.35px;left:2355.42px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9153.35px;left:2710.89px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9153.35px;left:3102.3px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9153.35px;left:3499.41px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9153.35px;left:3899.41px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9153.35px;left:4344.25px;white-space:nowrap">B2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9153.35px;left:4628.86px;white-space:nowrap">6.413%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9345.35px;left:792px;white-space:nowrap">(1-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9345.35px;left:1476.69px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9345.35px;left:1965.59px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9345.35px;left:2103.48px;white-space:nowrap">2.25%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9345.35px;left:2699.34px;white-space:nowrap">3/19/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9345.35px;left:3263.57px;letter-spacing:51.52px;white-space:nowrap">.....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9345.35px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9345.35px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9345.35px;left:7497.52px;letter-spacing:-1.7px;white-space:nowrap">201,411</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9345.35px;left:9501.64px;white-space:nowrap">201,763</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9541.83px;left:648px;white-space:nowrap">Smyrna </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9541.83px;left:1243.7px;white-space:nowrap">Ready </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9541.83px;left:1750.66px;white-space:nowrap">Mix </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9541.83px;left:2043.94px;white-space:nowrap">Concrete
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9541.83px;left:2737.61px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9541.83px;left:3120.03px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9541.83px;left:3475.5px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9541.83px;left:3866.91px;white-space:nowrap">2025 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9541.83px;left:4267.3px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9541.83px;left:4664.41px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9733.83px;left:792px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9733.83px;left:1236.84px;white-space:nowrap">7.166%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9733.83px;left:1868.41px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9733.83px;left:2553.09px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9733.83px;left:3042px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9733.83px;left:3179.89px;white-space:nowrap">3%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9733.83px;left:3553.33px;white-space:nowrap">3/30/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9733.83px;left:4104.29px;letter-spacing:53.44px;white-space:nowrap">............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9733.83px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9733.83px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9733.83px;left:7574.63px;white-space:nowrap">30,275</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9733.83px;left:9590.63px;white-space:nowrap">30,350</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10061.28px;left:9501.64px;white-space:nowrap">424,972</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:10275.56px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:10275.56px;left:648px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:10275.56px;left:6618.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:10275.56px;left:8058.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:10275.56px;left:8490.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:10275.56px;left:10074.44px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10348.25px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10388.72px;left:648px;white-space:nowrap">Chemicals
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10388.72px;left:1492.84px;white-space:nowrap">0.3%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10585.21px;left:648px;white-space:nowrap">Albaugh </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10585.21px;left:1279.64px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10585.21px;left:1662.06px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10585.21px;left:2017.53px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10585.21px;left:2408.94px;white-space:nowrap">Initial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10585.21px;left:2826.91px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10585.21px;left:3224.02px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10585.21px;left:3624.02px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10585.21px;left:4068.86px;white-space:nowrap">7.913%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10777.21px;left:792px;white-space:nowrap">(1-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10777.21px;left:1476.69px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10777.21px;left:1965.59px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10777.21px;left:2103.48px;white-space:nowrap">3.75%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10777.21px;left:2699.34px;white-space:nowrap">4/06/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10777.21px;left:3263.57px;letter-spacing:51.52px;white-space:nowrap">.....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10777.21px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10777.21px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10777.21px;left:7485.64px;white-space:nowrap">269,302</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10777.21px;left:9501.64px;white-space:nowrap">269,836</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10973.69px;left:648px;white-space:nowrap">Nouryon </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10973.69px;left:1297.22px;white-space:nowrap">Finance
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10973.69px;left:1910.89px;letter-spacing:-3.67px;white-space:nowrap">BV,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10973.69px;left:2198.55px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10973.69px;left:2554.02px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10973.69px;left:2942.53px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10973.69px;left:3342.53px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10973.69px;left:3787.38px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10973.69px;left:3983px;white-space:nowrap">5.43%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10973.69px;left:4525.58px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11165.69px;left:792px;white-space:nowrap">EURIBOR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11165.69px;left:1565.44px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11165.69px;left:1703.33px;white-space:nowrap">3.5%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11165.69px;left:2210.2px;white-space:nowrap">4/03/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11165.69px;left:2796.5px;letter-spacing:51.03px;white-space:nowrap">..........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11165.69px;left:5761.27px;white-space:nowrap">Netherlands</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11165.69px;left:7485.64px;white-space:nowrap">200,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11165.69px;left:8158.19px;white-space:nowrap">EUR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11165.69px;left:9501.64px;white-space:nowrap">235,759</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11493.14px;left:9501.64px;white-space:nowrap">505,595</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:11707.42px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:11707.42px;left:648px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:11707.42px;left:6618.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:11707.42px;left:8058.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:11707.42px;left:8490.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:11707.42px;left:10074.44px;white-space:nowrap">a</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:1161.0px;width:891.0px;transform-origin:top left;transform:scale(1.5,1.5)">

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

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<div style="width:10080px;height:936px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<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:10.29px;white-space:nowrap">Master
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1341.44px;letter-spacing:10.34px;white-space:nowrap">Intermediate
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2500.95px;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:3143.94px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:0px;letter-spacing:10.67px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:858.7px;letter-spacing:8px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:1113.45px;letter-spacing:10.91px;white-space:nowrap">Investments</div></div>
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<div style="height:41.15px;left:0px;position:absolute;top:0px;transform:translate(36.000px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:702px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">
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<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(36.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

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

<div style="height:17.16px;left:0px;position:absolute;top:0px;transform:translate(405.000px,743.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
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<div style="width:9164.39px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(911.718px,64.999px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:994.69px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:1257.27px;white-space:nowrap">accompanying
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2139.84px;white-space:nowrap">notes
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2497.34px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2723.44px;white-space:nowrap">an
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2905.86px;white-space:nowrap">integral
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3372.66px;white-space:nowrap">part
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3635.23px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3781.17px;white-space:nowrap">these
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4138.67px;text-rendering:optimizeLegibility;white-space:nowrap">financial
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4656.56px;white-space:nowrap">statements.</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(36.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

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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">20</div></div>
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<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

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<div style="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/AAAgAElEQVR4XuzcsY1kRRhG0b/REwZaYzKAEDqDEZlMSOuWt6FMKuSAMHAKBxNRLXE1omfPcdr57Gfcrqrb3nsAAAAACj+cBgAAAACPEhoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQudZa76fRd+TPmfnxNAIAPsyXv39//9cVQOfLPNc3x3eS/51rZl5Po+/IbzPz82kEAAAA/LNrZn49jb4jP83MH6cRAPBh/FMHfDQnGuA/uu29TxsAAACAh3gMEgAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZK7TAAAAgOe01vo6M/fTDkpCAwAAwOf1bWZeTiMo3fbepw0AAADAQ7zRAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkLlOAwAAAJ7TWuvrzNxPOygJDQAAAJ/Xt5l5OY2gdNt7nzYAAAAAD/FGAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADLXaQAAAMBzWmu9z8zraQel2977tAEAAAB4iKsTAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyFynAQAAAM9prfU2M78cZpByogEAAADI3Pbepw0AAADAQ5xoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAAD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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12258px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.62px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:648px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:6010.72px;white-space:nowrap">Country</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:21.02px;left:7388.22px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:7423.4px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:216.23px;left:8027.7px;white-space:nowrap">*</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:8451.51px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:6612.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:8052.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:8484.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:116.6px;position:absolute;top:503.33px;left:615.6px;white-space:nowrap">f</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:648px;white-space:nowrap">Senior
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:1325.93px;white-space:nowrap">Floating
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:2159.13px;white-space:nowrap">Rate
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:2648.2px;white-space:nowrap">Interests
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:547.74px;left:3537.45px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:747.44px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:648px;white-space:nowrap">Commercial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:1608.39px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:2311.2px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:2471.2px;white-space:nowrap">Supplies
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:3182.45px;white-space:nowrap">0.4%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:987.6px;left:596.12px;white-space:nowrap">d</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:648px;white-space:nowrap">Clean </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1110.5px;white-space:nowrap">Harbors, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1768.47px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2115.27px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2470.73px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2862.14px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3259.25px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3659.25px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4104.09px;white-space:nowrap">5.259%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:792px;white-space:nowrap">(12-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:1565.67px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:2054.58px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:2192.47px;white-space:nowrap">1.5%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:2699.34px;white-space:nowrap">9/24/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:3263.57px;letter-spacing:51.52px;white-space:nowrap">.....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:7485.64px;white-space:nowrap">269,620</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">270,968</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:648px;white-space:nowrap">Madison </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:1297.22px;white-space:nowrap">IAQ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:1617.3px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:1999.72px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:2355.19px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:2746.59px;white-space:nowrap">Initial </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:3164.56px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:3561.67px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:3961.67px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:4406.52px;white-space:nowrap">6.702%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:792px;white-space:nowrap">(6-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:1476.69px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:1965.59px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:2103.48px;white-space:nowrap">2.5%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:2610.36px;white-space:nowrap">6/21/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:3170.15px;letter-spacing:51.41px;white-space:nowrap">......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:7485.64px;white-space:nowrap">196,923</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1564.88px;left:9501.64px;white-space:nowrap">197,315</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:648px;white-space:nowrap">PG </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:923.62px;white-space:nowrap">Polaris </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:1457.14px;white-space:nowrap">BidCo </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:1937.37px;white-space:nowrap">SARL, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:2444.25px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:2799.72px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:3191.12px;white-space:nowrap">Initial </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:3609.09px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:4006.2px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:4406.2px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1953.36px;left:792px;white-space:nowrap">7.046%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1953.36px;left:1423.56px;white-space:nowrap">(3-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1953.36px;left:2108.25px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1953.36px;left:2597.16px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1953.36px;left:2735.05px;white-space:nowrap">2.75%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1953.36px;left:3330.91px;white-space:nowrap">3/26/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1953.36px;left:3917.46px;letter-spacing:52.8px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1953.36px;left:5734.55px;white-space:nowrap">Luxembourg</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1953.36px;left:7574.63px;white-space:nowrap">89,102</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1953.36px;left:9590.63px;white-space:nowrap">89,514</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2280.81px;left:9501.64px;white-space:nowrap">557,797</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:2495.09px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:2495.09px;left:648px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:2495.09px;left:6618.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:2495.09px;left:8058.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:2495.09px;left:8490.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:2495.09px;left:10074.44px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2608.25px;left:648px;white-space:nowrap">Communications
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2608.25px;left:1990.34px;white-space:nowrap">Equipment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2608.25px;left:2861.44px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2807.95px;left:518.33px;white-space:nowrap">d,g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2804.74px;left:648px;white-space:nowrap">CommScope, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2804.74px;left:1661.67px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2804.74px;left:2008.47px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2804.74px;left:2363.94px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2804.74px;left:2755.34px;white-space:nowrap">Initial </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2804.74px;left:3173.31px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2804.74px;left:3570.42px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2804.74px;left:3970.42px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2804.74px;left:4415.27px;white-space:nowrap">8.913%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2996.74px;left:792px;white-space:nowrap">(1-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2996.74px;left:1476.69px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2996.74px;left:1965.59px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2996.74px;left:2103.48px;white-space:nowrap">4.75%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2996.74px;left:2699.34px;white-space:nowrap">12/18/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2996.74px;left:3356.98px;letter-spacing:51.65px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2996.74px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2996.74px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2996.74px;left:7485.64px;white-space:nowrap">185,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2996.74px;left:9501.64px;white-space:nowrap">187,502</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3324.18px;left:648px;white-space:nowrap">Consumer
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3324.18px;left:1483.7px;white-space:nowrap">Staples
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3324.18px;left:2097.3px;white-space:nowrap">Distribution
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3324.18px;left:3039.41px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3324.18px;left:3199.41px;white-space:nowrap">Retail
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3324.18px;left:3679.56px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3523.88px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3520.67px;left:648px;white-space:nowrap">Boots </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3520.67px;left:1101.59px;white-space:nowrap">Group </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3520.67px;left:1590.73px;white-space:nowrap">Bidco </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3520.67px;left:2035.42px;white-space:nowrap">Ltd. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3520.67px;left:2346.75px;white-space:nowrap">(The), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3520.67px;left:2817.92px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3520.67px;left:3173.39px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3520.67px;left:3564.8px;white-space:nowrap">Closing </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3520.67px;left:4142.84px;white-space:nowrap">Date </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3520.67px;left:4525.27px;white-space:nowrap">Dollar </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3712.67px;left:792px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3712.67px;left:1189.11px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3712.67px;left:1589.11px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3712.67px;left:2033.95px;white-space:nowrap">7.705%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3712.67px;left:2665.52px;white-space:nowrap">(3-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3712.67px;left:3350.2px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3712.67px;left:3839.11px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3712.67px;left:3977px;white-space:nowrap">3.5%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3712.67px;left:4483.87px;white-space:nowrap">8/30/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3712.67px;left:5038.42px;letter-spacing:75.86px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3712.67px;left:5485.56px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3712.67px;left:5992.52px;white-space:nowrap">Kingdom</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3712.67px;left:7574.63px;white-space:nowrap">93,836</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3712.67px;left:9590.63px;white-space:nowrap">94,207</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3999.64px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4040.12px;left:648px;white-space:nowrap">Containers
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4040.12px;left:1528.16px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4040.12px;left:1688.16px;white-space:nowrap">Packaging
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4040.12px;left:2532.92px;white-space:nowrap">0.2%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4239.81px;left:596.12px;white-space:nowrap">d</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4236.6px;left:648px;white-space:nowrap">Clydesdale </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4236.6px;left:1474.21px;letter-spacing:0px;white-space:nowrap">Acquisition
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4236.6px;left:2291.43px;white-space:nowrap">Holdings,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4236.6px;left:3001.93px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4236.6px;left:3347.74px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4236.6px;left:3702.23px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4236.6px;left:4092.65px;white-space:nowrap">2025 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4236.6px;left:4492.06px;white-space:nowrap">Incremental
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4428.6px;left:792px;white-space:nowrap">Closing </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4428.6px;left:1370.05px;white-space:nowrap">Date </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4428.6px;left:1752.47px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4428.6px;left:2149.58px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4428.6px;left:2549.58px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4428.6px;left:2994.42px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4428.6px;left:3190.05px;white-space:nowrap">7.413%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4428.6px;left:3821.61px;white-space:nowrap">(1-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4428.6px;left:4506.3px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4428.6px;left:4995.2px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4620.6px;left:792px;white-space:nowrap">3.25%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4620.6px;left:1387.86px;white-space:nowrap">4/01/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4620.6px;left:1955.78px;letter-spacing:50.5px;white-space:nowrap">...................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4620.6px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4620.6px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4620.6px;left:7485.64px;white-space:nowrap">196,564</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4620.6px;left:9501.64px;white-space:nowrap">196,483</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4820.29px;left:518.33px;white-space:nowrap">d,h</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4817.08px;left:648px;white-space:nowrap">Clydesdale </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4817.08px;left:1474.21px;letter-spacing:0px;white-space:nowrap">Acquisition
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4817.08px;left:2291.43px;white-space:nowrap">Holdings,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4817.08px;left:3001.93px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4817.08px;left:3347.74px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4817.08px;left:3702.23px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4817.08px;left:4092.65px;white-space:nowrap">2025 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4817.08px;left:4492.06px;white-space:nowrap">Incremental
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5009.08px;left:792px;white-space:nowrap">Delayed </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5009.08px;left:1423.48px;white-space:nowrap">Draw </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5009.08px;left:1841.3px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5009.08px;left:2238.41px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5009.08px;left:2638.41px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5009.08px;left:3083.25px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5009.08px;left:3278.87px;white-space:nowrap">7.413%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5009.08px;left:3910.44px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5009.08px;left:4595.12px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5009.08px;left:5084.03px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5201.08px;left:792px;white-space:nowrap">3.25%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5201.08px;left:1387.86px;white-space:nowrap">4/01/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5201.08px;left:1955.78px;letter-spacing:50.5px;white-space:nowrap">...................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5201.08px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5201.08px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5201.08px;left:7797.05px;white-space:nowrap">103</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5201.08px;left:9813.05px;white-space:nowrap">103</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5397.57px;left:648px;white-space:nowrap">Owens-Brockway
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5397.57px;left:1937.22px;white-space:nowrap">Glass </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5397.57px;left:2390.66px;letter-spacing:-0.8px;white-space:nowrap">Container,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5397.57px;left:3164.48px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5397.57px;left:3511.28px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5397.57px;left:3866.75px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5397.57px;left:4258.16px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5397.57px;left:4655.27px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5589.57px;left:792px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5589.57px;left:1236.84px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5589.57px;left:1432.47px;white-space:nowrap">6.509%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5589.57px;left:2064.03px;white-space:nowrap">(12-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5589.57px;left:2837.7px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5589.57px;left:3326.61px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5589.57px;left:3464.5px;white-space:nowrap">2.75%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5589.57px;left:4060.36px;white-space:nowrap">9/27/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5589.57px;left:4664.76px;letter-spacing:57.93px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5589.57px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5589.57px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5589.57px;left:7485.64px;white-space:nowrap">133,531</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5589.57px;left:9501.64px;white-space:nowrap">133,448</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5917.01px;left:9501.64px;white-space:nowrap">330,034</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:6131.3px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:6131.3px;left:648px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:6131.3px;left:6618.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:6131.3px;left:8058.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:6131.3px;left:8490.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:6131.3px;left:10074.44px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6244.46px;left:648px;white-space:nowrap">Distributors
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6244.46px;left:1599.17px;white-space:nowrap">0.0%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:6247.67px;left:1963.86px;white-space:nowrap">&#8224;</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6444.16px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6440.95px;left:648px;letter-spacing:-1.47px;white-space:nowrap">Verde
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6440.95px;left:1110.58px;white-space:nowrap">Purchaser
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6440.95px;left:1884.25px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6440.95px;left:2266.67px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6440.95px;left:2622.14px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6440.95px;left:3013.55px;white-space:nowrap">Second </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6440.95px;left:3600.66px;text-rendering:optimizeLegibility;white-space:nowrap">Refinancing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6440.95px;left:4490.11px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6440.95px;left:4887.22px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6632.95px;left:792px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6632.95px;left:1236.84px;white-space:nowrap">8.002%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6632.95px;left:1868.41px;white-space:nowrap">(3-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6632.95px;left:2553.09px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6632.95px;left:3042px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6632.95px;left:3179.89px;white-space:nowrap">4%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6632.95px;left:3553.33px;letter-spacing:-1.48px;white-space:nowrap">11/30/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6632.95px;left:4197.7px;letter-spacing:53.85px;white-space:nowrap">...........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6632.95px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6632.95px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6632.95px;left:7574.63px;white-space:nowrap">33,008</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6632.95px;left:9590.63px;white-space:nowrap">32,721</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6919.92px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6960.39px;left:648px;white-space:nowrap">Electrical
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6960.39px;left:1404.02px;white-space:nowrap">Equipment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6960.39px;left:2275.11px;white-space:nowrap">0.2%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7160.09px;left:596.12px;white-space:nowrap">d</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7156.88px;left:648px;white-space:nowrap">Pinnacle </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7156.88px;left:1306.2px;white-space:nowrap">Buyer </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7156.88px;left:1768.62px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7156.88px;left:2151.05px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7156.88px;left:2506.52px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7156.88px;left:2897.92px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7156.88px;left:3295.03px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7156.88px;left:3695.03px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7156.88px;left:4139.88px;white-space:nowrap">6.483%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7348.88px;left:792px;white-space:nowrap">(12-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7348.88px;left:1565.67px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7348.88px;left:2054.58px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7348.88px;left:2192.47px;white-space:nowrap">2.5%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7348.88px;left:2699.34px;white-space:nowrap">9/13/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7348.88px;left:3263.57px;letter-spacing:51.52px;white-space:nowrap">.....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7348.88px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7348.88px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7348.88px;left:7574.63px;white-space:nowrap">78,903</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7348.88px;left:9590.63px;white-space:nowrap">79,100</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7545.36px;left:648px;white-space:nowrap">WEC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7545.36px;left:1065.73px;white-space:nowrap">US </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7545.36px;left:1332.45px;white-space:nowrap">Holdings,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7545.36px;left:2043.94px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7545.36px;left:2390.73px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7545.36px;left:2746.2px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7545.36px;left:3137.61px;white-space:nowrap">Initial </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7545.36px;left:3555.58px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7545.36px;left:3952.69px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7545.36px;left:4352.69px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7545.36px;left:4797.53px;white-space:nowrap">6.53%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7737.36px;left:792px;white-space:nowrap">(1-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7737.36px;left:1476.69px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7737.36px;left:1965.59px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7737.36px;left:2103.48px;white-space:nowrap">2.25%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7737.36px;left:2699.34px;white-space:nowrap">1/27/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7737.36px;left:3263.57px;letter-spacing:51.52px;white-space:nowrap">.....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7737.36px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7737.36px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7737.36px;left:7485.64px;white-space:nowrap">198,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7737.36px;left:9501.64px;white-space:nowrap">198,288</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8064.81px;left:9501.64px;white-space:nowrap">277,388</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:8279.09px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:8279.09px;left:648px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:8279.09px;left:6618.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:8279.09px;left:8058.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:8279.09px;left:8490.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:8279.09px;left:10074.44px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8351.78px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8392.25px;left:648px;white-space:nowrap">Entertainment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8392.25px;left:1768.16px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8588.74px;left:648px;white-space:nowrap">Banijay </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8588.74px;left:1217.22px;white-space:nowrap">Entertainment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8588.74px;left:2257.77px;white-space:nowrap">SAS, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8588.74px;left:2666.83px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8588.74px;left:3022.3px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8588.74px;left:3413.7px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8588.74px;left:3810.81px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8588.74px;left:4210.81px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8588.74px;left:4655.66px;white-space:nowrap">B3, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8780.74px;left:792px;white-space:nowrap">7.023%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8780.74px;left:1423.56px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8780.74px;left:2108.25px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8780.74px;left:2597.16px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8780.74px;left:2735.05px;white-space:nowrap">2.75%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8780.74px;left:3330.91px;white-space:nowrap">3/01/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8780.74px;left:3917.46px;letter-spacing:52.8px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8780.74px;left:6126.03px;white-space:nowrap">France</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8780.74px;left:7574.63px;white-space:nowrap">80,357</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8780.74px;left:9590.63px;white-space:nowrap">80,784</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8977.22px;left:648px;white-space:nowrap">Playtika </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8977.22px;left:1252.69px;white-space:nowrap">Holding </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8977.22px;left:1839.72px;white-space:nowrap">Corp., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8977.22px;left:2319.87px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8977.22px;left:2675.34px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8977.22px;left:3066.75px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8977.22px;left:3463.86px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8977.22px;left:3863.86px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8977.22px;left:4308.7px;white-space:nowrap">B1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8977.22px;left:4593.31px;white-space:nowrap">7.028%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9169.22px;left:792px;white-space:nowrap">(1-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9169.22px;left:1476.69px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9169.22px;left:1965.59px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9169.22px;left:2103.48px;white-space:nowrap">2.75%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9169.22px;left:2699.34px;white-space:nowrap">3/13/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9169.22px;left:3263.57px;letter-spacing:51.52px;white-space:nowrap">.....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9169.22px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9169.22px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9169.22px;left:7485.64px;white-space:nowrap">198,958</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9169.22px;left:9501.64px;white-space:nowrap">196,185</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9496.67px;left:9501.64px;white-space:nowrap">276,969</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:9710.95px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:9710.95px;left:648px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:9710.95px;left:6618.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:9710.95px;left:8058.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:9710.95px;left:8490.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:9710.95px;left:10074.44px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9824.11px;left:648px;white-space:nowrap">Food
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9824.11px;left:1083.39px;white-space:nowrap">Products
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9824.11px;left:1821.28px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10023.81px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10020.6px;left:648px;white-space:nowrap">Chobani </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10020.6px;left:1288.47px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10020.6px;left:1670.89px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10020.6px;left:2026.36px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10020.6px;left:2417.77px;white-space:nowrap">2025 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10020.6px;left:2818.16px;white-space:nowrap">New </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10020.6px;left:3182.69px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10020.6px;left:3579.8px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10020.6px;left:3979.8px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10020.6px;left:4424.64px;white-space:nowrap">6.763%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10212.6px;left:792px;white-space:nowrap">(1-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10212.6px;left:1476.69px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10212.6px;left:1965.59px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10212.6px;left:2103.48px;white-space:nowrap">2.5%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10212.6px;left:2610.36px;white-space:nowrap">10/25/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10212.6px;left:3263.57px;letter-spacing:51.52px;white-space:nowrap">.....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10212.6px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10212.6px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10212.6px;left:7485.64px;white-space:nowrap">228,847</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10212.6px;left:9501.64px;white-space:nowrap">229,729</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10540.04px;left:648px;white-space:nowrap">Ground
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10540.04px;left:1270.11px;letter-spacing:-0.46px;white-space:nowrap">Transportation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10540.04px;left:2434.64px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10739.74px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10736.53px;left:648px;white-space:nowrap">Genesee </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10736.53px;left:1341.83px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10736.53px;left:1493px;letter-spacing:-0.16px;white-space:nowrap">Wyoming,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10736.53px;left:2247.3px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10736.53px;left:2594.09px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10736.53px;left:2949.56px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10736.53px;left:3340.97px;white-space:nowrap">Initial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10736.53px;left:3758.94px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10736.53px;left:4156.05px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10736.53px;left:4556.05px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10928.53px;left:792px;white-space:nowrap">5.752%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10928.53px;left:1423.56px;white-space:nowrap">(3-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10928.53px;left:2108.25px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10928.53px;left:2597.16px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10928.53px;left:2735.05px;white-space:nowrap">1.75%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10928.53px;left:3330.91px;white-space:nowrap">4/10/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10928.53px;left:3917.46px;letter-spacing:52.8px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10928.53px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10928.53px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10928.53px;left:7485.64px;white-space:nowrap">133,650</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10928.53px;left:9501.64px;white-space:nowrap">133,278</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11215.5px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11255.98px;left:648px;white-space:nowrap">Health
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11255.98px;left:1181.44px;white-space:nowrap">Care
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11255.98px;left:1581.67px;white-space:nowrap">Equipment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11255.98px;left:2452.77px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11255.98px;left:2612.77px;white-space:nowrap">Supplies
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11255.98px;left:3324.02px;white-space:nowrap">0.4%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11452.46px;left:648px;white-space:nowrap">Bausch </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11452.46px;left:1226.12px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11452.46px;left:1364.02px;white-space:nowrap">Lomb </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11452.46px;left:1808.7px;white-space:nowrap">Corp., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11452.46px;left:2288.86px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11452.46px;left:2644.33px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11452.46px;left:3035.73px;white-space:nowrap">New </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11452.46px;left:3400.27px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11452.46px;left:3797.37px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11452.46px;left:4197.38px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11452.46px;left:4642.22px;white-space:nowrap">8.163%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11644.46px;left:792px;white-space:nowrap">(1-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11644.46px;left:1476.69px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11644.46px;left:1965.59px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11644.46px;left:2103.48px;white-space:nowrap">4%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11644.46px;left:2476.92px;white-space:nowrap">9/29/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11644.46px;left:3076.74px;letter-spacing:51.3px;white-space:nowrap">.......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11644.46px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11644.46px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11644.46px;left:7485.64px;white-space:nowrap">123,789</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11644.46px;left:9501.64px;white-space:nowrap">123,944</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11840.94px;left:648px;white-space:nowrap">Bausch </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11840.94px;left:1226.12px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11840.94px;left:1364.02px;white-space:nowrap">Lomb </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11840.94px;left:1808.7px;white-space:nowrap">Corp., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11840.94px;left:2288.86px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11840.94px;left:2644.33px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11840.94px;left:3032.84px;white-space:nowrap">Third </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11840.94px;left:3433px;white-space:nowrap">Amendment </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11840.94px;left:4340.11px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11840.94px;left:4737.22px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12032.94px;left:792px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12032.94px;left:1236.84px;white-space:nowrap">8.413%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12032.94px;left:1868.41px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12032.94px;left:2553.09px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12032.94px;left:3042px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12032.94px;left:3179.89px;white-space:nowrap">4.25%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12032.94px;left:3775.75px;white-space:nowrap">1/15/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12032.94px;left:4384.52px;letter-spacing:54.94px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12032.94px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12032.94px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12032.94px;left:7485.64px;white-space:nowrap">320,836</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12032.94px;left:9501.64px;white-space:nowrap">321,437</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:1161.0px;width:891.0px;transform-origin:top left;transform:scale(1.5,1.5)">

<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:6453.14px;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:7127.45px;letter-spacing:10.29px;white-space:nowrap">Master
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7794.58px;letter-spacing:10.34px;white-space:nowrap">Intermediate
</div>

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:7913.58px;letter-spacing:10.67px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8772.28px;letter-spacing:8px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:9027.03px;letter-spacing:10.91px;white-space:nowrap">Investments</div></div>
</div>

<div style="height:40.61px;left:0px;position:absolute;top:0px;transform:translate(53.999px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:691.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">
</div> </div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(54.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

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

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(53.999px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">franklintempleton.com</div></div>
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<div style="height:30.71px;left:0px;position:absolute;top:0px;transform:translate(54.000px,738.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:459.61px">

<div style="width:9192.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(8270.481px,65.000px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3857.28px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4119.86px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5002.43px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5359.93px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5586.03px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5768.45px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6235.25px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6497.83px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6643.76px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7001.26px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7519.15px;white-space:nowrap">statements.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8353.45px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8798.45px;white-space:nowrap">Report</div></div>
</div>

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">21</div></div>
</div>

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

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

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(513.610px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

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

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

<div style="width:10080px;height:12268.8px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.62px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:648px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:6010.72px;white-space:nowrap">Country</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:21.02px;left:7388.22px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:7423.4px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:216.23px;left:8027.7px;white-space:nowrap">*</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:8451.51px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:6612.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:8052.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:8484.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:116.6px;position:absolute;top:503.33px;left:615.6px;white-space:nowrap">f</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:648px;white-space:nowrap">Senior
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:1325.93px;white-space:nowrap">Floating
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:2159.13px;white-space:nowrap">Rate
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:2648.2px;white-space:nowrap">Interests
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:547.74px;left:3537.45px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:747.44px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:648px;white-space:nowrap">Health
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:1181.44px;white-space:nowrap">Care
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:1581.67px;white-space:nowrap">Equipment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:2452.77px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:2612.77px;white-space:nowrap">Supplies
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:787.91px;left:3324.02px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:648px;white-space:nowrap">Medline </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1252.77px;white-space:nowrap">Borrower </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1946.28px;letter-spacing:-5.16px;white-space:nowrap">LP,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2210.27px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2565.73px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2957.14px;white-space:nowrap">2028 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3357.53px;text-rendering:optimizeLegibility;white-space:nowrap">Refinancing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4246.98px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4644.09px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:792px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:1236.84px;white-space:nowrap">6.163%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:1868.41px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:2553.09px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:3042px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:3179.89px;white-space:nowrap">2%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:3553.33px;white-space:nowrap">10/23/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:4197.7px;letter-spacing:53.85px;white-space:nowrap">...........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:7485.64px;white-space:nowrap">174,415</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">174,589</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1503.84px;left:9501.64px;white-space:nowrap">619,970</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:1718.12px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:1718.12px;left:648px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:1718.12px;left:6618.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:1718.12px;left:8058.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:1718.12px;left:8490.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:1718.12px;left:10074.44px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1790.81px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1831.29px;left:648px;white-space:nowrap">Health
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1831.29px;left:1181.44px;white-space:nowrap">Care
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1831.29px;left:1581.67px;white-space:nowrap">Providers
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1831.29px;left:2364.25px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1831.29px;left:2524.25px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1831.29px;left:3227.06px;white-space:nowrap">0.4%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2027.77px;left:648px;white-space:nowrap">Phoenix </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2027.77px;left:1270.66px;letter-spacing:-0.8px;white-space:nowrap">Guarantor,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2027.77px;left:2071.13px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2027.77px;left:2417.92px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2027.77px;left:2773.39px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2027.77px;left:3164.8px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2027.77px;left:3561.91px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2027.77px;left:3961.91px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2027.77px;left:4406.75px;white-space:nowrap">B5, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2027.77px;left:4691.36px;white-space:nowrap">6.663%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.77px;left:792px;white-space:nowrap">(1-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.77px;left:1476.69px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.77px;left:1965.59px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.77px;left:2103.48px;white-space:nowrap">2.5%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.77px;left:2610.36px;white-space:nowrap">2/21/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.77px;left:3170.15px;letter-spacing:51.41px;white-space:nowrap">......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.77px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.77px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.77px;left:7485.64px;white-space:nowrap">201,935</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.77px;left:9501.64px;white-space:nowrap">202,287</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2416.25px;left:648px;white-space:nowrap">Phoenix </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2416.25px;left:1270.66px;white-space:nowrap">Newco, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2416.25px;left:1848.63px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2416.25px;left:2195.42px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2416.25px;left:2550.89px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2416.25px;left:2942.3px;white-space:nowrap">Sixth </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2416.25px;left:3333.63px;white-space:nowrap">Amendment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2416.25px;left:4240.73px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2416.25px;left:4637.84px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2608.25px;left:792px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2608.25px;left:1236.84px;white-space:nowrap">6.663%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2608.25px;left:1868.41px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2608.25px;left:2553.09px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2608.25px;left:3042px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2608.25px;left:3179.89px;white-space:nowrap">2.5%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2608.25px;left:3686.77px;letter-spacing:-1.48px;white-space:nowrap">11/15/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2608.25px;left:4384.52px;letter-spacing:54.94px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2608.25px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2608.25px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2608.25px;left:7485.64px;white-space:nowrap">239,595</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2608.25px;left:9501.64px;white-space:nowrap">240,070</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2804.74px;left:648px;letter-spacing:-0.74px;white-space:nowrap">Waystar
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2804.74px;left:1270.34px;letter-spacing:-1.27px;white-space:nowrap">Technologies,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2804.74px;left:2293.23px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2804.74px;left:2640.03px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2804.74px;left:2995.5px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2804.74px;left:3386.91px;white-space:nowrap">Initial </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2804.74px;left:3804.88px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2804.74px;left:4201.98px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2804.74px;left:4601.98px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2996.74px;left:792px;white-space:nowrap">6.316%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2996.74px;left:1423.56px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2996.74px;left:2108.25px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2996.74px;left:2597.16px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2996.74px;left:2735.05px;white-space:nowrap">2%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2996.74px;left:3108.48px;white-space:nowrap">10/22/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2996.74px;left:3731.3px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2996.74px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2996.74px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2996.74px;left:7574.63px;white-space:nowrap">91,859</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2996.74px;left:9590.63px;white-space:nowrap">92,031</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3324.18px;left:9501.64px;white-space:nowrap">534,388</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:3538.47px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:3538.47px;left:648px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:3538.47px;left:6618.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:3538.47px;left:8058.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:3538.47px;left:8490.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:3538.47px;left:10074.44px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3611.16px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3651.63px;left:648px;white-space:nowrap">Hotels,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3651.63px;left:1225.89px;white-space:nowrap">Restaurants
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3651.63px;left:2195.11px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3651.63px;left:2355.11px;white-space:nowrap">Leisure
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3651.63px;left:2968.7px;white-space:nowrap">0.7%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3848.12px;left:648px;white-space:nowrap">Caesars </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3848.12px;left:1288.23px;white-space:nowrap">Entertainment,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3848.12px;left:2373.23px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3848.12px;left:2720.03px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3848.12px;left:3075.5px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3848.12px;left:3466.91px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3848.12px;left:3864.02px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3848.12px;left:4264.02px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3848.12px;left:4708.86px;white-space:nowrap">B1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4040.12px;left:792px;white-space:nowrap">6.413%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4040.12px;left:1423.56px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4040.12px;left:2108.25px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4040.12px;left:2597.16px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4040.12px;left:2735.05px;white-space:nowrap">2.25%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4040.12px;left:3330.91px;white-space:nowrap">2/06/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4040.12px;left:3917.46px;letter-spacing:52.8px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4040.12px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4040.12px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4040.12px;left:7485.64px;white-space:nowrap">216,700</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4040.12px;left:9501.64px;white-space:nowrap">216,475</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4236.6px;left:648px;white-space:nowrap">Fertitta </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4236.6px;left:1190.34px;white-space:nowrap">Entertainment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4236.6px;left:2230.89px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4236.6px;left:2613.31px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4236.6px;left:2968.78px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4236.6px;left:3360.19px;white-space:nowrap">Initial </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4236.6px;left:3778.16px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4236.6px;left:4175.27px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4236.6px;left:4575.27px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4236.6px;left:5020.11px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4428.6px;left:792px;white-space:nowrap">7.413%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4428.6px;left:1423.56px;white-space:nowrap">(1-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4428.6px;left:2108.25px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4428.6px;left:2597.16px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4428.6px;left:2735.05px;white-space:nowrap">3.25%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4428.6px;left:3330.91px;white-space:nowrap">1/29/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4428.6px;left:3917.46px;letter-spacing:52.8px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4428.6px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4428.6px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4428.6px;left:7485.64px;white-space:nowrap">213,380</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4428.6px;left:9501.64px;white-space:nowrap">213,314</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4625.08px;left:648px;white-space:nowrap">Flutter </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4625.08px;left:1145.89px;white-space:nowrap">Financing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4625.08px;left:1884.09px;letter-spacing:-3.67px;white-space:nowrap">BV,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4625.08px;left:2171.75px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4625.08px;left:2527.22px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4625.08px;left:2918.63px;white-space:nowrap">2024 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4625.08px;left:3319.02px;text-rendering:optimizeLegibility;white-space:nowrap">Refinancing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4625.08px;left:4208.47px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4625.08px;left:4605.58px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4817.08px;left:792px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4817.08px;left:1236.84px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4817.08px;left:1432.47px;white-space:nowrap">5.752%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4817.08px;left:2064.03px;white-space:nowrap">(3-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4817.08px;left:2748.72px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4817.08px;left:3237.63px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4817.08px;left:3375.52px;white-space:nowrap">1.75%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4817.08px;left:3971.38px;white-space:nowrap">12/02/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4817.08px;left:4664.76px;letter-spacing:57.93px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4817.08px;left:6134.78px;white-space:nowrap">Ireland</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4817.08px;left:7485.64px;white-space:nowrap">108,075</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4817.08px;left:9501.64px;white-space:nowrap">107,913</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5013.57px;left:648px;white-space:nowrap">Great </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5013.57px;left:1092.61px;white-space:nowrap">Canadian
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5013.57px;left:1822.06px;white-space:nowrap">Gaming </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5013.57px;left:2426.75px;white-space:nowrap">Corp., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5013.57px;left:2906.91px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5013.57px;left:3262.38px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5013.57px;left:3653.78px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5013.57px;left:4050.89px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5013.57px;left:4450.89px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5013.57px;left:4895.73px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5205.57px;left:792px;white-space:nowrap">8.753%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5205.57px;left:1423.56px;white-space:nowrap">(3-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5205.57px;left:2108.25px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5205.57px;left:2597.16px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5205.57px;left:2735.05px;white-space:nowrap">4.75%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5205.57px;left:3330.91px;letter-spacing:-1.48px;white-space:nowrap">11/01/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5205.57px;left:4010.87px;letter-spacing:53.1px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5205.57px;left:6063.53px;white-space:nowrap">Canada</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5205.57px;left:7485.64px;white-space:nowrap">200,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5205.57px;left:9501.64px;white-space:nowrap">193,376</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5402.05px;left:648px;white-space:nowrap">IRB </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5402.05px;left:959.17px;white-space:nowrap">Holding </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5402.05px;left:1546.2px;white-space:nowrap">Corp., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5402.05px;left:2026.36px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5402.05px;left:2381.83px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5402.05px;left:2773.23px;white-space:nowrap">2024 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5402.05px;left:3173.63px;white-space:nowrap">Second </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5402.05px;left:3760.73px;white-space:nowrap">Replacement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5402.05px;left:4747.92px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5594.05px;left:792px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5594.05px;left:1192px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5594.05px;left:1636.84px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5594.05px;left:1832.47px;white-space:nowrap">6.663%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5594.05px;left:2464.03px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5594.05px;left:3148.72px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5594.05px;left:3637.63px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5594.05px;left:3775.52px;white-space:nowrap">2.5%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5594.05px;left:4282.39px;white-space:nowrap">12/15/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5594.05px;left:4945px;letter-spacing:66.89px;white-space:nowrap">...</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5594.05px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5594.05px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5594.05px;left:7485.64px;white-space:nowrap">264,529</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5594.05px;left:9501.64px;white-space:nowrap">264,880</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5790.54px;left:648px;text-rendering:optimizeLegibility;white-space:nowrap">Scientific
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5790.54px;left:1332.69px;white-space:nowrap">Games </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5790.54px;left:1892.84px;white-space:nowrap">Holdings
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5790.54px;left:2559.88px;letter-spacing:-5.16px;white-space:nowrap">LP,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5790.54px;left:2823.86px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5790.54px;left:3179.33px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5790.54px;left:3570.73px;white-space:nowrap">2024 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5790.54px;left:3971.13px;text-rendering:optimizeLegibility;white-space:nowrap">Refinancing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5790.54px;left:4860.58px;white-space:nowrap">Dollar </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5982.54px;left:792px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5982.54px;left:1189.11px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5982.54px;left:1589.11px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5982.54px;left:2033.95px;white-space:nowrap">7.036%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5982.54px;left:2665.52px;white-space:nowrap">(3-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5982.54px;left:3350.2px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5982.54px;left:3839.11px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5982.54px;left:3977px;white-space:nowrap">2.75%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5982.54px;left:4572.86px;white-space:nowrap">4/04/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5982.54px;left:5131.83px;letter-spacing:102.76px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5982.54px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5982.54px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5982.54px;left:7485.64px;white-space:nowrap">202,947</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5982.54px;left:9501.64px;white-space:nowrap">201,509</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6309.98px;left:9368.2px;white-space:nowrap">1,197,467</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:6524.27px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:6524.27px;left:648px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:6524.27px;left:6618.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:6524.27px;left:8058.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:6524.27px;left:8490.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:6524.27px;left:10074.44px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6637.43px;left:648px;white-space:nowrap">Household
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6637.43px;left:1519.09px;white-space:nowrap">Durables
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6637.43px;left:2248.23px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6837.12px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6833.91px;left:648px;white-space:nowrap">Hunter </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6833.91px;left:1172.69px;white-space:nowrap">Douglas,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6833.91px;left:1848.63px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6833.91px;left:2195.42px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6833.91px;left:2550.89px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6833.91px;left:2942.3px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6833.91px;left:3339.41px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6833.91px;left:3739.41px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6833.91px;left:4184.25px;white-space:nowrap">B1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6833.91px;left:4468.86px;white-space:nowrap">7.252%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7025.91px;left:792px;white-space:nowrap">(3-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7025.91px;left:1476.69px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7025.91px;left:1965.59px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7025.91px;left:2103.48px;white-space:nowrap">3.25%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7025.91px;left:2699.34px;white-space:nowrap">1/16/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7025.91px;left:3263.57px;letter-spacing:51.52px;white-space:nowrap">.....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7025.91px;left:5761.27px;white-space:nowrap">Netherlands</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7025.91px;left:7485.64px;white-space:nowrap">179,067</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7025.91px;left:9501.64px;white-space:nowrap">179,531</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7353.36px;left:648px;white-space:nowrap">Insurance
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7353.36px;left:1448.31px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7553.06px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7549.84px;left:648px;white-space:nowrap">Alliant </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7549.84px;left:1128.23px;white-space:nowrap">Holdings
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7549.84px;left:1795.27px;white-space:nowrap">Intermediate
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7549.84px;left:2729.09px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7549.84px;left:3111.52px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7549.84px;left:3466.98px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7549.84px;left:3858.39px;white-space:nowrap">Initial </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7549.84px;left:4276.36px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7549.84px;left:4673.47px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7741.84px;left:792px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7741.84px;left:1236.84px;white-space:nowrap">6.666%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7741.84px;left:1868.41px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7741.84px;left:2553.09px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7741.84px;left:3042px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7741.84px;left:3179.89px;white-space:nowrap">2.5%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7741.84px;left:3686.77px;white-space:nowrap">9/19/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7741.84px;left:4291.11px;letter-spacing:54.34px;white-space:nowrap">..........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7741.84px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7741.84px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7741.84px;left:7497.52px;letter-spacing:-1.7px;white-space:nowrap">197,011</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7741.84px;left:9501.64px;white-space:nowrap">196,681</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8069.29px;left:648px;white-space:nowrap">IT
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8069.29px;left:834.64px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8069.29px;left:1537.45px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8268.99px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8265.78px;left:648px;white-space:nowrap">Ahead </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8265.78px;left:1154.73px;letter-spacing:0px;white-space:nowrap">DB
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8265.78px;left:1421.06px;letter-spacing:0px;white-space:nowrap">Holdings
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8265.78px;left:2087.71px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8265.78px;left:2469.75px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8265.78px;left:2824.84px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8265.78px;left:3215.86px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8265.78px;left:3612.59px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8265.78px;left:4012.2px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8265.78px;left:4456.66px;white-space:nowrap">B3, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8265.78px;left:4740.89px;white-space:nowrap">6.752%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8457.78px;left:792px;white-space:nowrap">(3-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8457.78px;left:1476.69px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8457.78px;left:1965.59px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8457.78px;left:2103.48px;white-space:nowrap">2.75%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8457.78px;left:2699.34px;white-space:nowrap">2/03/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8457.78px;left:3263.57px;letter-spacing:51.52px;white-space:nowrap">.....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8457.78px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8457.78px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8457.78px;left:7574.63px;white-space:nowrap">93,228</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8457.78px;left:9590.63px;white-space:nowrap">93,456</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8744.75px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8785.22px;left:648px;white-space:nowrap">Machinery
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8785.22px;left:1483.86px;white-space:nowrap">0.5%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8981.71px;left:648px;white-space:nowrap">Chart </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8981.71px;left:1083.7px;white-space:nowrap">Industries,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8981.71px;left:1866.28px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8981.71px;left:2213.08px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8981.71px;left:2568.55px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8981.71px;left:2951.13px;white-space:nowrap">Amendment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8981.71px;left:3858.23px;white-space:nowrap">No. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8981.71px;left:4151.67px;white-space:nowrap">7 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8981.71px;left:4285.11px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8981.71px;left:4682.22px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9173.71px;left:792px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9173.71px;left:1236.84px;white-space:nowrap">6.792%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9173.71px;left:1868.41px;white-space:nowrap">(3-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9173.71px;left:2553.09px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9173.71px;left:3042px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9173.71px;left:3179.89px;white-space:nowrap">2.5%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9173.71px;left:3686.77px;white-space:nowrap">3/15/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9173.71px;left:4291.11px;letter-spacing:54.34px;white-space:nowrap">..........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9173.71px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9173.71px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9173.71px;left:7485.64px;white-space:nowrap">397,124</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9173.71px;left:9501.64px;white-space:nowrap">399,855</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9370.19px;left:648px;white-space:nowrap">CPM </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9370.19px;left:1048px;white-space:nowrap">Holdings, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9370.19px;left:1759.48px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9370.19px;left:2106.28px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9370.19px;left:2461.75px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9370.19px;left:2853.16px;white-space:nowrap">Initial </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9370.19px;left:3271.13px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9370.19px;left:3668.23px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9370.19px;left:4068.23px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9370.19px;left:4513.08px;white-space:nowrap">8.78%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9562.19px;left:792px;white-space:nowrap">(1-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9562.19px;left:1476.69px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9562.19px;left:1965.59px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9562.19px;left:2103.48px;white-space:nowrap">4.5%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9562.19px;left:2610.36px;white-space:nowrap">9/28/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9562.19px;left:3170.15px;letter-spacing:51.41px;white-space:nowrap">......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9562.19px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9562.19px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9562.19px;left:7485.64px;white-space:nowrap">166,153</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9562.19px;left:9501.64px;white-space:nowrap">165,971</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9758.67px;left:648px;white-space:nowrap">Filtration </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9758.67px;left:1305.97px;white-space:nowrap">Group </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9758.67px;left:1795.11px;white-space:nowrap">Corp., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9758.67px;left:2275.27px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9758.67px;left:2630.73px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9758.67px;left:3022.14px;white-space:nowrap">2025 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9758.67px;left:3422.53px;white-space:nowrap">Incremental
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9758.67px;left:4302.92px;white-space:nowrap">Dollar </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9758.67px;left:4765.27px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9950.67px;left:792px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9950.67px;left:1192px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9950.67px;left:1636.84px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9950.67px;left:1832.47px;white-space:nowrap">6.913%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9950.67px;left:2464.03px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9950.67px;left:3148.72px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9950.67px;left:3637.63px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9950.67px;left:3775.52px;white-space:nowrap">2.75%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9950.67px;left:4371.38px;white-space:nowrap">10/23/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9950.67px;left:5038.42px;letter-spacing:75.86px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9950.67px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9950.67px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9950.67px;left:7485.64px;white-space:nowrap">204,470</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9950.67px;left:9501.64px;white-space:nowrap">205,642</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10147.16px;left:648px;white-space:nowrap">TK </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10147.16px;left:896.91px;white-space:nowrap">Elevator
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10147.16px;left:1528.31px;white-space:nowrap">Midco </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10147.16px;left:1999.56px;white-space:nowrap">GmbH, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10147.16px;left:2550.73px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10147.16px;left:2906.2px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10147.16px;left:3297.61px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10147.16px;left:3694.72px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10147.16px;left:4094.72px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10147.16px;left:4539.56px;white-space:nowrap">B1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10339.16px;left:792px;white-space:nowrap">7.197%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10339.16px;left:1423.56px;white-space:nowrap">(6-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10339.16px;left:2108.25px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10339.16px;left:2597.16px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10339.16px;left:2735.05px;white-space:nowrap">3%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10339.16px;left:3108.48px;white-space:nowrap">4/30/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10339.16px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10339.16px;left:5966.03px;white-space:nowrap">Germany</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10339.16px;left:7485.64px;white-space:nowrap">131,212</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10339.16px;left:9501.64px;white-space:nowrap">131,686</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10666.61px;left:9501.64px;white-space:nowrap">903,154</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:10880.89px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:10880.89px;left:648px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:10880.89px;left:6618.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:10880.89px;left:8058.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:10880.89px;left:8490.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:10880.89px;left:10074.44px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10953.58px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10994.05px;left:648px;white-space:nowrap">Media
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10994.05px;left:1145.89px;white-space:nowrap">0.4%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11190.54px;left:648px;white-space:nowrap">Clear </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11190.54px;left:1074.8px;white-space:nowrap">Channel </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11190.54px;left:1715.27px;white-space:nowrap">Outdoor
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11190.54px;left:2337.84px;white-space:nowrap">Holdings,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11190.54px;left:3049.33px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11190.54px;left:3396.13px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11190.54px;left:3751.59px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11190.54px;left:4143px;white-space:nowrap">2024 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11382.54px;left:792px;text-rendering:optimizeLegibility;white-space:nowrap">Refinancing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11382.54px;left:1681.45px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11382.54px;left:2078.56px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11382.54px;left:2478.56px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11382.54px;left:2923.41px;white-space:nowrap">8.278%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11382.54px;left:3554.97px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11382.54px;left:4239.66px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11382.54px;left:4728.56px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11382.54px;left:4866.45px;white-space:nowrap">4%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11574.54px;left:792px;white-space:nowrap">8/23/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11574.54px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11574.54px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11574.54px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11574.54px;left:7485.64px;white-space:nowrap">170,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11574.54px;left:9501.64px;white-space:nowrap">170,510</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11771.02px;left:648px;white-space:nowrap">CSC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11771.02px;left:1030.27px;white-space:nowrap">Holdings
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11771.02px;left:1697.3px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11771.02px;left:2079.72px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11771.02px;left:2435.19px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11771.02px;left:2823.7px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11771.02px;left:3223.7px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11771.02px;left:3668.55px;white-space:nowrap">B5, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11771.02px;left:3953.16px;white-space:nowrap">8.75%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11771.02px;left:4495.73px;white-space:nowrap">(PRIME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11771.02px;left:5100.19px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11963.02px;left:792px;white-space:nowrap">1.5%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11963.02px;left:1298.88px;white-space:nowrap">4/15/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11963.02px;left:1862.37px;letter-spacing:50.45px;white-space:nowrap">....................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11963.02px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11963.02px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11963.02px;left:7485.64px;white-space:nowrap">206,719</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11963.02px;left:9501.64px;white-space:nowrap">200,517</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:1161.0px;width:891.0px;transform-origin:top left;transform:scale(1.5,1.5)">

<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:10.29px;white-space:nowrap">Master
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1341.44px;letter-spacing:10.34px;white-space:nowrap">Intermediate
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2500.95px;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:3143.94px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:0px;letter-spacing:10.67px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:858.7px;letter-spacing:8px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:1113.45px;letter-spacing:10.91px;white-space:nowrap">Investments</div></div>
</div>

<div style="height:41.15px;left:0px;position:absolute;top:0px;transform:translate(36.000px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:702px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">
</div> </div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(36.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

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

<div style="height:17.16px;left:0px;position:absolute;top:0px;transform:translate(405.000px,743.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:254.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
</div>

<div style="height:30.71px;left:0px;position:absolute;top:0px;transform:translate(80.389px,738.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:458.22px">

<div style="width:9164.39px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(911.718px,64.999px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:994.69px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:1257.27px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2139.84px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2497.34px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2723.44px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2905.86px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3372.66px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3635.23px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3781.17px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4138.67px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4656.56px;white-space:nowrap">statements.</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(36.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:36.48px;white-space:nowrap">22</div></div>
</div>

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

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

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

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

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

<div style="width:10080px;height:12258px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.62px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:648px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:6010.72px;white-space:nowrap">Country</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:21.02px;left:7388.22px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:7423.4px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:216.23px;left:8027.7px;white-space:nowrap">*</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:8451.51px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:6612.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:8052.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:8484.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:116.6px;position:absolute;top:503.33px;left:615.6px;white-space:nowrap">f</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:648px;white-space:nowrap">Senior
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:1325.93px;white-space:nowrap">Floating
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:2159.13px;white-space:nowrap">Rate
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:2648.2px;white-space:nowrap">Interests
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:547.74px;left:3537.45px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:747.44px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:648px;white-space:nowrap">Media
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:787.91px;left:1145.89px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:648px;white-space:nowrap">DIRECTV </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1394.72px;white-space:nowrap">Financing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2132.92px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2515.34px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2870.81px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3262.22px;white-space:nowrap">2024 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3662.61px;text-rendering:optimizeLegibility;white-space:nowrap">Refinancing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4552.06px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4949.17px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:792px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:1236.84px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:1432.47px;white-space:nowrap">9.82%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:1975.05px;white-space:nowrap">(3-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:2659.73px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:3148.64px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:3286.53px;white-space:nowrap">5.25%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:3882.39px;white-space:nowrap">8/02/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:4477.94px;letter-spacing:55.68px;white-space:nowrap">........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:7485.64px;white-space:nowrap">400,687</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">401,877</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1503.84px;left:9501.64px;white-space:nowrap">772,904</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:1718.12px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:1718.12px;left:648px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:1718.12px;left:6618.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:1718.12px;left:8058.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:1718.12px;left:8490.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:1718.12px;left:10074.44px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1831.29px;left:648px;white-space:nowrap">Oil,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1831.29px;left:950.27px;white-space:nowrap">Gas
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1831.29px;left:1297.14px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1831.29px;left:1457.14px;white-space:nowrap">Consumable
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1831.29px;left:2461.75px;white-space:nowrap">Fuels
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1831.29px;left:2924.09px;white-space:nowrap">0.4%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2030.98px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2027.77px;left:648px;letter-spacing:-0.72px;white-space:nowrap">CQP
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2027.77px;left:1036.28px;white-space:nowrap">Holdco </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2027.77px;left:1578.78px;letter-spacing:-5.16px;white-space:nowrap">LP,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2027.77px;left:1842.77px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2027.77px;left:2198.23px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2027.77px;left:2589.64px;white-space:nowrap">Initial </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2027.77px;left:3007.61px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2027.77px;left:3404.72px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2027.77px;left:3804.72px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2027.77px;left:4249.56px;white-space:nowrap">6.296%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.77px;left:792px;white-space:nowrap">(3-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.77px;left:1476.69px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.77px;left:1965.59px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.77px;left:2103.48px;white-space:nowrap">2%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.77px;left:2476.92px;white-space:nowrap">12/31/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.77px;left:3170.15px;letter-spacing:51.41px;white-space:nowrap">......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.77px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.77px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.77px;left:7485.64px;white-space:nowrap">687,859</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.77px;left:9501.64px;white-space:nowrap">688,653</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2506.74px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2547.22px;left:648px;white-space:nowrap">Passenger
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2547.22px;left:1495.89px;white-space:nowrap">Airlines
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2547.22px;left:2127.22px;white-space:nowrap">0.3%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2743.7px;left:648px;white-space:nowrap">AAdvantage </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2743.7px;left:1564.25px;white-space:nowrap">Loyalty </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2743.7px;left:2115.66px;letter-spacing:-0.96px;white-space:nowrap">IP
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2743.7px;left:2308.39px;white-space:nowrap">Ltd., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2743.7px;left:2664.17px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2743.7px;left:3019.64px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2743.7px;left:3411.05px;white-space:nowrap">2025 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2743.7px;left:3811.44px;white-space:nowrap">Incremental
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2743.7px;left:4691.83px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2935.7px;left:792px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2935.7px;left:1192px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2935.7px;left:1636.84px;white-space:nowrap">7.575%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2935.7px;left:2268.41px;white-space:nowrap">(3-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2935.7px;left:2953.09px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2935.7px;left:3442px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2935.7px;left:3579.89px;white-space:nowrap">3.25%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2935.7px;left:4175.75px;white-space:nowrap">5/28/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2935.7px;left:4758.18px;letter-spacing:59.72px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2935.7px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2935.7px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2935.7px;left:7574.63px;white-space:nowrap">19,950</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2935.7px;left:9590.63px;white-space:nowrap">20,062</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3132.18px;left:648px;white-space:nowrap">AAdvantage </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3132.18px;left:1564.25px;white-space:nowrap">Loyalty </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3132.18px;left:2115.66px;letter-spacing:-0.96px;white-space:nowrap">IP
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3132.18px;left:2308.39px;white-space:nowrap">Ltd., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3132.18px;left:2664.17px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3132.18px;left:3019.64px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3132.18px;left:3411.05px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3132.18px;left:3808.16px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3132.18px;left:4208.16px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3132.18px;left:4653px;white-space:nowrap">6.575%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3324.18px;left:792px;white-space:nowrap">(3-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3324.18px;left:1476.69px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3324.18px;left:1965.59px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3324.18px;left:2103.48px;white-space:nowrap">2.25%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3324.18px;left:2699.34px;white-space:nowrap">4/20/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3324.18px;left:3263.57px;letter-spacing:51.52px;white-space:nowrap">.....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3324.18px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3324.18px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3324.18px;left:7485.64px;white-space:nowrap">346,224</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3324.18px;left:9501.64px;white-space:nowrap">346,104</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3520.67px;left:648px;letter-spacing:-0.36px;white-space:nowrap">WestJet
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3520.67px;left:1267.45px;white-space:nowrap">Loyalty </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3520.67px;left:1818.86px;letter-spacing:-5.16px;white-space:nowrap">LP,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3520.67px;left:2082.84px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3520.67px;left:2438.31px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3520.67px;left:2829.72px;white-space:nowrap">Initial </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3520.67px;left:3247.69px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3520.67px;left:3644.8px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3520.67px;left:4044.8px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3520.67px;left:4489.64px;white-space:nowrap">7.252%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3712.67px;left:792px;white-space:nowrap">(3-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3712.67px;left:1476.69px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3712.67px;left:1965.59px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3712.67px;left:2103.48px;white-space:nowrap">3.25%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3712.67px;left:2699.34px;white-space:nowrap">2/14/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3712.67px;left:3263.57px;letter-spacing:51.52px;white-space:nowrap">.....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3712.67px;left:6063.53px;white-space:nowrap">Canada</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3712.67px;left:7485.64px;white-space:nowrap">167,450</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3712.67px;left:9501.64px;white-space:nowrap">167,855</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4040.12px;left:9501.64px;white-space:nowrap">534,021</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:4254.4px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:4254.4px;left:648px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:4254.4px;left:6618.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:4254.4px;left:8058.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:4254.4px;left:8490.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:4254.4px;left:10074.44px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4367.56px;left:648px;white-space:nowrap">Pharmaceuticals
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4367.56px;left:1964.25px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4567.26px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4564.05px;left:648px;white-space:nowrap">Endo </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4564.05px;left:1066.12px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4564.05px;left:1679.8px;white-space:nowrap">Holdings,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4564.05px;left:2391.28px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4564.05px;left:2738.08px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4564.05px;left:3093.55px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4564.05px;left:3484.95px;white-space:nowrap">2024 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4564.05px;left:3885.34px;text-rendering:optimizeLegibility;white-space:nowrap">Refinancing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4564.05px;left:4774.8px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4756.05px;left:792px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4756.05px;left:1192px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4756.05px;left:1636.84px;white-space:nowrap">8.163%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4756.05px;left:2268.41px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4756.05px;left:2953.09px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4756.05px;left:3442px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4756.05px;left:3579.89px;white-space:nowrap">4%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4756.05px;left:3953.33px;white-space:nowrap">4/23/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4756.05px;left:4571.35px;letter-spacing:56.65px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4756.05px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4756.05px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4756.05px;left:7485.64px;white-space:nowrap">174,121</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4756.05px;left:9501.64px;white-space:nowrap">174,683</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5043.02px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5083.49px;left:648px;white-space:nowrap">Software
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5083.49px;left:1368.16px;white-space:nowrap">0.4%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5279.98px;left:648px;white-space:nowrap">McAfee </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5279.98px;left:1234.87px;white-space:nowrap">Corp., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5279.98px;left:1715.03px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5279.98px;left:2070.5px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5279.98px;left:2461.91px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5279.98px;left:2859.02px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5279.98px;left:3259.02px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5279.98px;left:3703.86px;white-space:nowrap">B1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5279.98px;left:3988.47px;white-space:nowrap">7.223%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5279.98px;left:4620.03px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5471.98px;left:792px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5471.98px;left:1280.91px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5471.98px;left:1418.8px;white-space:nowrap">3%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5471.98px;left:1792.23px;white-space:nowrap">3/01/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5471.98px;left:2329.44px;letter-spacing:50.7px;white-space:nowrap">...............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5471.98px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5471.98px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5471.98px;left:7485.64px;white-space:nowrap">217,804</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5471.98px;left:9501.64px;white-space:nowrap">208,684</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5668.46px;left:648px;white-space:nowrap">Proofpoint, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5668.46px;left:1466.28px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5668.46px;left:1813.08px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5668.46px;left:2168.55px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5668.46px;left:2559.95px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5668.46px;left:2957.06px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5668.46px;left:3357.06px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5668.46px;left:3801.91px;white-space:nowrap">7.163%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5668.46px;left:4433.47px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5860.46px;left:792px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5860.46px;left:1280.91px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5860.46px;left:1418.8px;white-space:nowrap">3%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5860.46px;left:1792.23px;white-space:nowrap">8/31/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5860.46px;left:2329.44px;letter-spacing:50.7px;white-space:nowrap">...............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5860.46px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5860.46px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5860.46px;left:7485.64px;white-space:nowrap">234,600</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5860.46px;left:9501.64px;white-space:nowrap">235,813</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6056.95px;left:648px;white-space:nowrap">UKG, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6056.95px;left:1083.62px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6056.95px;left:1430.42px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6056.95px;left:1785.89px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6056.95px;left:2177.3px;white-space:nowrap">Initial </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6056.95px;left:2595.27px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6056.95px;left:2992.37px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6056.95px;left:3392.37px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6056.95px;left:3837.22px;white-space:nowrap">6.81%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6056.95px;left:4379.8px;white-space:nowrap">(3-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6248.95px;left:792px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6248.95px;left:1280.91px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6248.95px;left:1418.8px;white-space:nowrap">2.5%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6248.95px;left:1925.67px;white-space:nowrap">2/10/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6248.95px;left:2516.26px;letter-spacing:50.82px;white-space:nowrap">.............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6248.95px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6248.95px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6248.95px;left:7485.64px;white-space:nowrap">207,900</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6248.95px;left:9501.64px;white-space:nowrap">207,928</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6576.39px;left:9501.64px;white-space:nowrap">652,425</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:6790.67px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:6790.67px;left:648px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:6790.67px;left:6618.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:6790.67px;left:8058.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:6790.67px;left:8490.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:6790.67px;left:10074.44px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6903.84px;left:648px;white-space:nowrap">Specialty
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6903.84px;left:1395.03px;white-space:nowrap">Retail
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6903.84px;left:1875.19px;white-space:nowrap">0.3%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7103.53px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7100.32px;left:648px;white-space:nowrap">White </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7100.32px;left:1101.44px;white-space:nowrap">Cap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7100.32px;left:1439.41px;white-space:nowrap">Supply </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7100.32px;left:1973.08px;white-space:nowrap">Holdings
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7100.32px;left:2640.11px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7100.32px;left:3022.53px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7100.32px;left:3378px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7100.32px;left:3769.41px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7100.32px;left:4166.52px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7100.32px;left:4566.52px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7100.32px;left:5011.36px;white-space:nowrap">C, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7292.32px;left:792px;white-space:nowrap">7.416%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7292.32px;left:1423.56px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7292.32px;left:2108.25px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7292.32px;left:2597.16px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7292.32px;left:2735.05px;white-space:nowrap">3.25%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7292.32px;left:3330.91px;white-space:nowrap">10/19/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7292.32px;left:4010.87px;letter-spacing:53.1px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7292.32px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7292.32px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7292.32px;left:7485.64px;white-space:nowrap">465,285</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7292.32px;left:9501.64px;white-space:nowrap">465,906</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7619.77px;left:648px;letter-spacing:-1.19px;white-space:nowrap">Textiles,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7619.77px;left:1314.95px;white-space:nowrap">Apparel
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7619.77px;left:1955.11px;white-space:nowrap">&amp;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7619.77px;left:2115.11px;white-space:nowrap">Luxury
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7619.77px;left:2693px;white-space:nowrap">Goods
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7619.77px;left:3244.09px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7819.46px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7816.25px;left:648px;white-space:nowrap">Flash </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7816.25px;left:1083.7px;white-space:nowrap">Charm, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7816.25px;left:1652.69px;white-space:nowrap">Inc., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7816.25px;left:1999.48px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7816.25px;left:2354.95px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7816.25px;left:2746.36px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7816.25px;left:3143.47px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7816.25px;left:3543.47px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7816.25px;left:3988.31px;white-space:nowrap">B2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7816.25px;left:4272.92px;white-space:nowrap">7.796%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8008.25px;left:792px;white-space:nowrap">(3-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8008.25px;left:1476.69px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8008.25px;left:1965.59px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8008.25px;left:2103.48px;white-space:nowrap">3.5%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8008.25px;left:2610.36px;white-space:nowrap">3/02/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8008.25px;left:3170.15px;letter-spacing:51.41px;white-space:nowrap">......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8008.25px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8008.25px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8008.25px;left:7485.64px;white-space:nowrap">197,494</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8008.25px;left:9501.64px;white-space:nowrap">173,795</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8335.7px;left:648px;letter-spacing:-0.99px;white-space:nowrap">Water
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8335.7px;left:1131.05px;white-space:nowrap">Utilities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8335.7px;left:1753.39px;white-space:nowrap">0.0%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:8338.91px;left:2118.08px;white-space:nowrap">&#8224;</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8535.39px;left:518.33px;white-space:nowrap">d,g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8532.18px;left:648px;white-space:nowrap">Deep </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8532.18px;left:1074.95px;white-space:nowrap">Blue </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8532.18px;left:1439.64px;white-space:nowrap">Operating
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8532.18px;left:2186.75px;white-space:nowrap">I </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8532.18px;left:2275.66px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8532.18px;left:2658.08px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8532.18px;left:3013.55px;white-space:nowrap">Lien, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8532.18px;left:3404.95px;white-space:nowrap">CME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8532.18px;left:3802.06px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8532.18px;left:4202.06px;white-space:nowrap">Loan, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8532.18px;left:4646.91px;white-space:nowrap">7.009%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8724.18px;left:792px;white-space:nowrap">(12-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8724.18px;left:1565.67px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8724.18px;left:2054.58px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8724.18px;left:2192.47px;white-space:nowrap">3.25%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8724.18px;left:2788.33px;white-space:nowrap">9/17/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8724.18px;left:3356.98px;letter-spacing:51.65px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8724.18px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8724.18px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8724.18px;left:7574.63px;white-space:nowrap">53,699</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8724.18px;left:9590.63px;white-space:nowrap">53,834</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9003.2px;left:648px;letter-spacing:-2.47px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9003.2px;left:1166.46px;white-space:nowrap">Senior
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9003.2px;left:1844.39px;white-space:nowrap">Floating
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9003.2px;left:2677.59px;white-space:nowrap">Rate
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9003.2px;left:3166.65px;white-space:nowrap">Interests</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9003.2px;left:4055.91px;white-space:nowrap">(Cost
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9003.2px;left:4622.51px;white-space:nowrap">$10,813,891)</div>

<div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:9003.2px;left:5876.32px;letter-spacing:51.55px;white-space:nowrap">........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9037.07px;left:9279.22px;white-space:nowrap">10,834,739</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9417.93px;left:648px;white-space:nowrap">Foreign
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9417.93px;left:1436.87px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9417.93px;left:2670.46px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9417.93px;left:3074.17px;white-space:nowrap">Agency
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9417.93px;left:3852.2px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9417.93px;left:4863.82px;letter-spacing:-2.21px;white-space:nowrap">11.2%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9651.49px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9648.28px;left:648px;white-space:nowrap">Armenia </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9648.28px;left:1288.23px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9648.28px;left:2213.08px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9648.28px;left:2586.75px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9648.28px;left:2675.66px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9648.28px;left:3182.61px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9648.28px;left:3556.28px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9648.28px;left:3645.19px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9648.28px;left:3983.16px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9648.28px;left:4178.78px;white-space:nowrap">3.6</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9648.28px;left:4401.2px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9648.28px;left:4543.47px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9648.28px;left:4632.38px;white-space:nowrap">2/02/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9648.28px;left:6028.22px;white-space:nowrap">Armenia</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9648.28px;left:7485.64px;white-space:nowrap">430,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9648.28px;left:9501.64px;white-space:nowrap">388,437</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9847.98px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9844.76px;left:648px;white-space:nowrap">Benin </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9844.76px;left:1101.67px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9844.76px;left:2026.52px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9844.76px;left:2400.19px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10041.25px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10041.25px;left:1298.95px;white-space:nowrap">Bond, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10041.25px;left:1761.53px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10041.25px;left:2099.5px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10041.25px;left:2295.12px;white-space:nowrap">4.875%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10041.25px;left:2926.69px;white-space:nowrap">1/19/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10041.25px;left:3543.81px;letter-spacing:51.95px;white-space:nowrap">..................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10041.25px;left:6214.78px;white-space:nowrap">Benin</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10041.25px;left:7485.64px;white-space:nowrap">157,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10041.25px;left:8158.19px;white-space:nowrap">EUR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10041.25px;left:9501.64px;white-space:nowrap">175,517</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10237.73px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10237.73px;left:1298.95px;white-space:nowrap">Bond, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10237.73px;left:1761.53px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10237.73px;left:2099.5px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10237.73px;left:2295.12px;white-space:nowrap">4.95%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10237.73px;left:2837.7px;white-space:nowrap">1/22/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10237.73px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10237.73px;left:6214.78px;white-space:nowrap">Benin</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10237.73px;left:7485.64px;white-space:nowrap">460,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10237.73px;left:8158.19px;white-space:nowrap">EUR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10237.73px;left:9501.64px;white-space:nowrap">497,955</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10477.9px;left:648px;white-space:nowrap">Brazil </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10477.9px;left:1092.53px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10477.9px;left:2017.37px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10477.9px;left:2391.05px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10674.38px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10674.38px;left:1298.95px;white-space:nowrap">Bond, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10674.38px;left:1761.53px;white-space:nowrap">3.875%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10674.38px;left:2393.09px;white-space:nowrap">6/12/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10674.38px;left:2983.33px;letter-spacing:51.2px;white-space:nowrap">........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10674.38px;left:6223.92px;white-space:nowrap">Brazil</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10674.38px;left:7352.2px;white-space:nowrap">1,060,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10674.38px;left:9368.2px;white-space:nowrap">1,018,395</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10870.87px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10870.87px;left:1298.95px;white-space:nowrap">Bond, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10870.87px;left:1761.53px;white-space:nowrap">6%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10870.87px;left:2081.69px;white-space:nowrap">10/20/33</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10870.87px;left:2704.5px;letter-spacing:50.95px;white-space:nowrap">...........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10870.87px;left:6223.92px;white-space:nowrap">Brazil</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10870.87px;left:7485.64px;white-space:nowrap">200,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10870.87px;left:9501.64px;white-space:nowrap">205,300</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11070.56px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11067.35px;left:648px;white-space:nowrap">Bulgaria </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11067.35px;left:1279.48px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11067.35px;left:2204.33px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11067.35px;left:2578px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11067.35px;left:2666.91px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11067.35px;left:3173.86px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11067.35px;left:3511.83px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11067.35px;left:3600.73px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11067.35px;left:3938.7px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11067.35px;left:4134.33px;white-space:nowrap">3.625</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11067.35px;left:4534.72px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11067.35px;left:4676.98px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11067.35px;left:4765.89px;white-space:nowrap">9/05/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11067.35px;left:6036.97px;white-space:nowrap">Bulgaria</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11067.35px;left:7485.64px;white-space:nowrap">280,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11067.35px;left:8158.19px;white-space:nowrap">EUR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11067.35px;left:9501.64px;white-space:nowrap">339,071</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11267.05px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11263.84px;left:648px;white-space:nowrap">Cameroon </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11263.84px;left:1439.48px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11263.84px;left:2364.33px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11263.84px;left:2738px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11263.84px;left:2826.91px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11263.84px;left:3333.86px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11263.84px;left:3707.53px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11263.84px;left:3796.44px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11263.84px;left:4134.41px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11263.84px;left:4330.03px;white-space:nowrap">5.95</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11263.84px;left:4641.44px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11263.84px;left:4783.7px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11455.84px;left:792px;white-space:nowrap">7/07/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11455.84px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11455.84px;left:5876.97px;white-space:nowrap">Cameroon</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11455.84px;left:7485.64px;white-space:nowrap">320,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11455.84px;left:8158.19px;white-space:nowrap">EUR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11455.84px;left:9501.64px;white-space:nowrap">309,844</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11652.32px;left:648px;white-space:nowrap">Chile </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11652.32px;left:1057.06px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11652.32px;left:1981.91px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11652.32px;left:2355.58px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11652.32px;left:2444.48px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11652.32px;left:2951.44px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11652.32px;left:3325.11px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11652.32px;left:3414.02px;white-space:nowrap">4.95</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11652.32px;left:3725.42px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11652.32px;left:3867.69px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11652.32px;left:3956.59px;white-space:nowrap">1/05/36</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11652.32px;left:4571.35px;letter-spacing:56.65px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11696px;left:6259.39px;white-space:nowrap">Chile</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11696px;left:7485.64px;white-space:nowrap">600,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11696px;left:9501.64px;white-space:nowrap">603,630</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:1161.0px;width:891.0px;transform-origin:top left;transform:scale(1.5,1.5)">

<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:6453.14px;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:7127.45px;letter-spacing:10.29px;white-space:nowrap">Master
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7794.58px;letter-spacing:10.34px;white-space:nowrap">Intermediate
</div>

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:7913.58px;letter-spacing:10.67px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8772.28px;letter-spacing:8px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:9027.03px;letter-spacing:10.91px;white-space:nowrap">Investments</div></div>
</div>

<div style="height:40.61px;left:0px;position:absolute;top:0px;transform:translate(53.999px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:691.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">
</div> </div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(54.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

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

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(53.999px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

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

<div style="height:30.71px;left:0px;position:absolute;top:0px;transform:translate(54.000px,738.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:459.61px">

<div style="width:9192.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(8270.481px,65.000px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3857.28px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4119.86px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5002.43px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5359.93px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5586.03px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5768.45px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6235.25px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6497.83px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6643.76px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7001.26px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7519.15px;white-space:nowrap">statements.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8353.45px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8798.45px;white-space:nowrap">Report</div></div>
</div>

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">23</div></div>
</div>

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

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

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(513.610px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

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

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

<div style="width:10080px;height:12268.8px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.62px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:648px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:6010.72px;white-space:nowrap">Country</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:21.02px;left:7388.22px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:7423.4px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:216.23px;left:8027.7px;white-space:nowrap">*</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:8451.51px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:6612.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:8052.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:8484.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:648px;white-space:nowrap">Foreign
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:1436.87px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:2670.46px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:3074.17px;white-space:nowrap">Agency
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:3852.2px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:547.74px;left:4863.82px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:787.91px;left:648px;white-space:nowrap">Colombia </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:787.91px;left:1368.31px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:787.91px;left:2293.16px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:787.91px;left:2666.83px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1298.95px;white-space:nowrap">Bond, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1761.53px;white-space:nowrap">8%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2081.69px;letter-spacing:-1.48px;white-space:nowrap">11/14/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2703.09px;letter-spacing:50.95px;white-space:nowrap">...........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:5948.14px;white-space:nowrap">Colombia</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:7485.64px;white-space:nowrap">560,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:9412.66px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:9501.64px;white-space:nowrap">602,280</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:1725.83px;white-space:nowrap">7.375%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:2357.39px;white-space:nowrap">4/25/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:2891.22px;letter-spacing:51.11px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:5948.14px;white-space:nowrap">Colombia</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:7485.64px;white-space:nowrap">210,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:9501.64px;white-space:nowrap">223,818</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1380.57px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:648px;white-space:nowrap">Costa </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:1110.42px;white-space:nowrap">Rica </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:1474.95px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:2399.8px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:2773.47px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:2862.38px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:3369.33px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:3743px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:3831.91px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:4169.88px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:4365.5px;white-space:nowrap">6.125</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:4765.89px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:4908.16px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:792px;white-space:nowrap">2/19/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:5841.5px;white-space:nowrap">Costa </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:6303.92px;white-space:nowrap">Rica</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:7485.64px;white-space:nowrap">620,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:9501.64px;white-space:nowrap">647,745</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1769.06px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1765.85px;left:648px;white-space:nowrap">Dominican </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1765.85px;left:1448.31px;white-space:nowrap">Republic
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1765.85px;left:2115.34px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1765.85px;left:3040.19px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1765.85px;left:3413.86px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1962.33px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1962.33px;left:1298.95px;white-space:nowrap">Bond, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1962.33px;left:1761.53px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1962.33px;left:2099.5px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1962.33px;left:2295.13px;white-space:nowrap">5.95%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1962.33px;left:2837.7px;white-space:nowrap">1/25/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1962.33px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1962.33px;left:5868.14px;white-space:nowrap">Dominican
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2154.33px;left:6001.42px;white-space:nowrap">Republic</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2154.33px;left:7485.64px;white-space:nowrap">284,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2154.33px;left:9501.64px;white-space:nowrap">289,467</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2350.81px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2350.81px;left:1298.95px;white-space:nowrap">Bond, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2350.81px;left:1761.53px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2350.81px;left:2099.5px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2350.81px;left:2295.13px;white-space:nowrap">6%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2350.81px;left:2615.28px;white-space:nowrap">7/19/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2350.81px;left:3170.15px;letter-spacing:51.41px;white-space:nowrap">......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2350.81px;left:5868.14px;white-space:nowrap">Dominican
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2542.81px;left:6001.42px;white-space:nowrap">Republic</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2542.81px;left:7485.64px;white-space:nowrap">480,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2542.81px;left:9501.64px;white-space:nowrap">496,368</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2742.51px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2739.3px;left:648px;white-space:nowrap">Eagle </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2739.3px;left:1101.67px;white-space:nowrap">Funding </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2739.3px;left:1724.33px;white-space:nowrap">Luxco </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2739.3px;left:2195.73px;white-space:nowrap">SARL</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2739.3px;left:2613.7px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2739.3px;left:2702.61px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2739.3px;left:3209.56px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2739.3px;left:3547.53px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2739.3px;left:3636.44px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2739.3px;left:4099.02px;white-space:nowrap">5.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2739.3px;left:4321.44px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2739.3px;left:4463.7px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2739.3px;left:4552.61px;white-space:nowrap">8/17/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2739.3px;left:5131.83px;letter-spacing:102.76px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2739.3px;left:6117.2px;white-space:nowrap">Mexico</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2739.3px;left:7485.64px;white-space:nowrap">250,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2739.3px;left:9501.64px;white-space:nowrap">253,953</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2935.78px;left:648px;white-space:nowrap">Ecopetrol </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2935.78px;left:1368.39px;white-space:nowrap">SA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2935.78px;left:1581.83px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2935.78px;left:1670.73px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2935.78px;left:2177.69px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2935.78px;left:2551.36px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2935.78px;left:2640.27px;white-space:nowrap">4.625</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2935.78px;left:3040.66px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2935.78px;left:3182.92px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2935.78px;left:3271.83px;letter-spacing:-1.48px;white-space:nowrap">11/02/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2935.78px;left:3917.46px;letter-spacing:52.8px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2979.46px;left:5948.14px;white-space:nowrap">Colombia</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2979.46px;left:7485.64px;white-space:nowrap">240,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2979.46px;left:9501.64px;white-space:nowrap">215,412</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3179.16px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3175.95px;left:648px;white-space:nowrap">Egypt </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3175.95px;left:1101.59px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3175.95px;left:2026.44px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3175.95px;left:2400.11px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3372.43px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3372.43px;left:1298.95px;white-space:nowrap">Bond, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3372.43px;left:1761.53px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3372.43px;left:2099.5px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3372.43px;left:2295.13px;white-space:nowrap">7.6%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3372.43px;left:2748.72px;white-space:nowrap">3/01/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3372.43px;left:3356.98px;letter-spacing:51.65px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3372.43px;left:6214.86px;white-space:nowrap">Egypt</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3372.43px;left:7485.64px;white-space:nowrap">420,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3372.43px;left:9501.64px;white-space:nowrap">436,258</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3568.92px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3568.92px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3568.92px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3568.92px;left:2188.41px;white-space:nowrap">8.625%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3568.92px;left:2819.97px;white-space:nowrap">2/04/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3568.92px;left:3356.98px;letter-spacing:51.65px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3568.92px;left:6214.86px;white-space:nowrap">Egypt</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3568.92px;left:7485.64px;white-space:nowrap">310,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3568.92px;left:9501.64px;white-space:nowrap">329,635</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3768.61px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3765.4px;left:648px;white-space:nowrap">Gabonese </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3765.4px;left:1430.81px;white-space:nowrap">Republic</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3765.4px;left:2053.39px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3765.4px;left:2142.3px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3765.4px;left:2649.25px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3765.4px;left:3022.92px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3765.4px;left:3111.83px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3765.4px;left:3449.8px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3765.4px;left:3645.42px;white-space:nowrap">6.625</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3765.4px;left:4045.81px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3765.4px;left:4188.08px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3765.4px;left:4276.98px;white-space:nowrap">2/06/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3765.4px;left:4851.59px;letter-spacing:62.41px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3765.4px;left:6143.61px;white-space:nowrap">Gabon</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3765.4px;left:7485.64px;white-space:nowrap">370,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3765.4px;left:9501.64px;white-space:nowrap">298,940</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3965.1px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3961.89px;left:648px;white-space:nowrap">Ghana </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3961.89px;left:1172.84px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3961.89px;left:2097.69px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3961.89px;left:2471.36px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3961.89px;left:2560.27px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3961.89px;left:3067.22px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3961.89px;left:3440.89px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3961.89px;left:3529.8px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3961.89px;left:3992.38px;white-space:nowrap">5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3961.89px;left:4081.36px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3961.89px;left:4223.63px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3961.89px;left:4312.53px;white-space:nowrap">7/03/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3961.89px;left:4851.59px;letter-spacing:62.41px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3961.89px;left:6143.61px;white-space:nowrap">Ghana</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3961.89px;left:7485.64px;white-space:nowrap">260,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3961.89px;left:9501.64px;white-space:nowrap">219,787</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4161.58px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4158.37px;left:648px;white-space:nowrap">Guatemala </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4158.37px;left:1475.11px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4158.37px;left:2399.95px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4158.37px;left:2773.63px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4354.86px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4354.86px;left:1298.95px;white-space:nowrap">Bond, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4354.86px;left:1761.53px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4354.86px;left:2099.5px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4354.86px;left:2295.13px;white-space:nowrap">6.6%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4354.86px;left:2748.72px;white-space:nowrap">6/13/36</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4354.86px;left:3356.98px;letter-spacing:51.65px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4354.86px;left:5841.34px;white-space:nowrap">Guatemala</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4354.86px;left:7485.64px;white-space:nowrap">700,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4354.86px;left:9501.64px;white-space:nowrap">741,789</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4551.34px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4551.34px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4551.34px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4551.34px;left:2188.41px;white-space:nowrap">7.05%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4551.34px;left:2730.98px;white-space:nowrap">10/04/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4551.34px;left:3356.98px;letter-spacing:51.65px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4551.34px;left:5841.34px;white-space:nowrap">Guatemala</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4551.34px;left:7485.64px;white-space:nowrap">200,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4551.34px;left:9501.64px;white-space:nowrap">219,953</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4751.03px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4747.82px;left:648px;white-space:nowrap">Hashemite </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4747.82px;left:1457.22px;white-space:nowrap">Kingdom </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4747.82px;left:2133.16px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4747.82px;left:2311.05px;white-space:nowrap">Jordan</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4747.82px;left:2800.27px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4747.82px;left:2889.17px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4747.82px;left:3396.13px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4747.82px;left:3734.09px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4747.82px;left:3823px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4747.82px;left:4160.97px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4747.82px;left:4356.59px;white-space:nowrap">7.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4747.82px;left:4579.02px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4747.82px;left:4721.28px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4939.82px;left:792px;white-space:nowrap">1/13/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4939.82px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4939.82px;left:6134.78px;white-space:nowrap">Jordan</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4939.82px;left:7485.64px;white-space:nowrap">200,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4939.82px;left:9501.64px;white-space:nowrap">209,057</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5139.52px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5136.31px;left:648px;white-space:nowrap">Hungary </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5136.31px;left:1297.22px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5136.31px;left:2222.06px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5136.31px;left:2595.73px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5136.31px;left:2684.64px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5136.31px;left:3191.59px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5136.31px;left:3529.56px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5136.31px;left:3618.47px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5136.31px;left:3956.44px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5136.31px;left:4152.06px;white-space:nowrap">5.25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5136.31px;left:4463.47px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5136.31px;left:4605.73px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5136.31px;left:4694.64px;white-space:nowrap">6/16/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5136.31px;left:6019.23px;white-space:nowrap">Hungary</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5136.31px;left:7485.64px;white-space:nowrap">530,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5136.31px;left:9501.64px;white-space:nowrap">543,287</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5336px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5332.79px;left:648px;white-space:nowrap">Indonesia </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5332.79px;left:1386.36px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5332.79px;left:2311.2px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5332.79px;left:2684.88px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5332.79px;left:2773.78px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5332.79px;left:3280.73px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5332.79px;left:3654.41px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5332.79px;left:3743.31px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5332.79px;left:4205.89px;white-space:nowrap">4.35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5332.79px;left:4517.3px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5332.79px;left:4659.56px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5332.79px;left:4748.47px;white-space:nowrap">1/08/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5332.79px;left:5930.09px;white-space:nowrap">Indonesia</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5332.79px;left:7485.64px;white-space:nowrap">410,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5332.79px;left:9501.64px;white-space:nowrap">412,231</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5532.49px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5529.28px;left:648px;white-space:nowrap">Iraq </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5529.28px;left:968.16px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5529.28px;left:1893px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5529.28px;left:2266.67px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5529.28px;left:2355.58px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5529.28px;left:2862.53px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5529.28px;left:3236.2px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5529.28px;left:3325.11px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5529.28px;left:3663.08px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5529.28px;left:3858.7px;white-space:nowrap">5.8</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5529.28px;left:4081.13px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5529.28px;left:4223.39px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5529.28px;left:4312.3px;white-space:nowrap">1/15/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5529.28px;left:4851.59px;letter-spacing:62.41px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5529.28px;left:6348.3px;white-space:nowrap">Iraq</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5529.28px;left:7485.64px;white-space:nowrap">434,375</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5529.28px;left:9501.64px;white-space:nowrap">432,486</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5728.97px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5725.76px;left:648px;white-space:nowrap">Istanbul </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5725.76px;left:1252.84px;white-space:nowrap">Metropolitan
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5725.76px;left:2177.77px;letter-spacing:-0.99px;white-space:nowrap">Municipality</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5725.76px;left:3001.75px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5725.76px;left:3090.66px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5725.76px;left:3597.61px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5725.76px;left:3935.58px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5725.76px;left:4024.48px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5725.76px;left:4362.45px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5725.76px;left:4558.08px;white-space:nowrap">10.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5725.76px;left:4869.48px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5725.76px;left:5011.75px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5917.76px;left:792px;white-space:nowrap">12/06/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5917.76px;left:1488.72px;letter-spacing:50.3px;white-space:nowrap">........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5917.76px;left:6105.41px;letter-spacing:-0.85px;white-space:nowrap">Turkiye</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5917.76px;left:7485.64px;white-space:nowrap">300,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5917.76px;left:9501.64px;white-space:nowrap">329,362</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6117.46px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6114.25px;left:648px;white-space:nowrap">Ivory </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6114.25px;left:1039.17px;white-space:nowrap">Coast </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6114.25px;left:1501.59px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6114.25px;left:2426.44px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6114.25px;left:2800.11px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6114.25px;left:2889.02px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6114.25px;left:3395.97px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6114.25px;left:3769.64px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6114.25px;left:3858.55px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6114.25px;left:4196.52px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6114.25px;left:4392.14px;white-space:nowrap">5.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6114.25px;left:4792.53px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6114.25px;left:4934.8px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6306.25px;left:792px;white-space:nowrap">10/17/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6306.25px;left:1488.72px;letter-spacing:50.3px;white-space:nowrap">........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6306.25px;left:5814.86px;white-space:nowrap">Ivory </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6306.25px;left:6206.03px;white-space:nowrap">Coast</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6306.25px;left:7485.64px;white-space:nowrap">500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6306.25px;left:8158.19px;white-space:nowrap">EUR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6306.25px;left:9501.64px;white-space:nowrap">585,712</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6502.73px;left:648px;white-space:nowrap">Mexico </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6502.73px;left:1199.25px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6502.73px;left:2124.09px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6502.73px;left:2497.77px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6502.73px;left:2586.67px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6502.73px;left:3093.63px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6502.73px;left:3467.3px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6502.73px;left:3556.2px;white-space:nowrap">3.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6502.73px;left:3778.63px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6502.73px;left:3920.89px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6502.73px;left:4009.8px;white-space:nowrap">2/12/34</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6502.73px;left:4571.35px;letter-spacing:56.65px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6546.41px;left:6117.2px;white-space:nowrap">Mexico</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6546.41px;left:7485.64px;white-space:nowrap">500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6546.41px;left:9501.64px;white-space:nowrap">435,500</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6746.11px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6742.9px;left:648px;white-space:nowrap">Montenegro </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6742.9px;left:1546.36px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6742.9px;left:2471.2px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6742.9px;left:2844.88px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6742.9px;left:2933.78px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6742.9px;left:3440.73px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6742.9px;left:3778.7px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6742.9px;left:3867.61px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6742.9px;left:4330.19px;white-space:nowrap">4.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6742.9px;left:4730.58px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6742.9px;left:4872.84px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6934.9px;left:792px;white-space:nowrap">4/01/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6934.9px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6934.9px;left:5770.09px;white-space:nowrap">Montenegro</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6934.9px;left:7485.64px;white-space:nowrap">220,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6934.9px;left:8158.19px;white-space:nowrap">EUR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6934.9px;left:9501.64px;white-space:nowrap">259,823</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7131.38px;left:648px;white-space:nowrap">Panama </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7131.38px;left:1288.39px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7131.38px;left:2213.23px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7131.38px;left:2586.91px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7131.38px;left:2675.81px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7131.38px;left:3182.77px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7131.38px;left:3520.73px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7131.38px;left:3609.64px;white-space:nowrap">7.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7131.38px;left:3832.06px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7131.38px;left:3974.33px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7131.38px;left:4063.23px;white-space:nowrap">3/01/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7131.38px;left:4664.76px;letter-spacing:57.93px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7175.06px;left:6028.06px;white-space:nowrap">Panama</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7175.06px;left:7485.64px;white-space:nowrap">730,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7175.06px;left:9501.64px;white-space:nowrap">803,438</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7374.76px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7371.55px;left:648px;white-space:nowrap">Paraguay </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7371.55px;left:1377.38px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7371.55px;left:2302.22px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7371.55px;left:2675.89px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7371.55px;left:2764.8px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7371.55px;left:3271.75px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7371.55px;left:3645.42px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7371.55px;left:3734.33px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7371.55px;left:4072.3px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7371.55px;left:4267.92px;white-space:nowrap">3.849</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7371.55px;left:4668.31px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7371.55px;left:4810.58px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7563.55px;left:792px;white-space:nowrap">6/28/33</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7563.55px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7563.55px;left:5939.08px;white-space:nowrap">Paraguay</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7563.55px;left:7485.64px;white-space:nowrap">740,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7563.55px;left:9501.64px;white-space:nowrap">693,824</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7760.03px;left:648px;white-space:nowrap">Peru </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7760.03px;left:1030.42px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7760.03px;left:1955.27px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7760.03px;left:2328.94px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7760.03px;left:2417.84px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7760.03px;left:2924.8px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7760.03px;left:3298.47px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7760.03px;left:3387.38px;white-space:nowrap">2.783</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7760.03px;left:3787.77px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7760.03px;left:3930.03px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7760.03px;left:4018.94px;white-space:nowrap">1/23/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7760.03px;left:4571.35px;letter-spacing:56.65px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7803.71px;left:6286.03px;white-space:nowrap">Peru</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7803.71px;left:7485.64px;white-space:nowrap">430,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7803.71px;left:9501.64px;white-space:nowrap">397,342</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8003.41px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8000.2px;left:648px;white-space:nowrap">Perusahaan </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8000.2px;left:1555.34px;white-space:nowrap">Perseroan
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8000.2px;left:2338px;white-space:nowrap">Persero </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8000.2px;left:2942.69px;letter-spacing:-0.96px;white-space:nowrap">PT
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8000.2px;left:3188.7px;white-space:nowrap">Perusahaan
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8000.2px;left:4096.05px;white-space:nowrap">Listrik </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8000.2px;left:4558.31px;white-space:nowrap">Negara</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8000.2px;left:5083.08px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8192.2px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8192.2px;left:1298.95px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8192.2px;left:1672.63px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8192.2px;left:1761.53px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8192.2px;left:2099.5px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8192.2px;left:2295.13px;white-space:nowrap">5.45</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8192.2px;left:2606.53px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8192.2px;left:2748.8px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8192.2px;left:2837.7px;white-space:nowrap">5/21/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8192.2px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8192.2px;left:5930.09px;white-space:nowrap">Indonesia</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8192.2px;left:7485.64px;white-space:nowrap">200,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8192.2px;left:9501.64px;white-space:nowrap">205,735</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8432.36px;left:648px;white-space:nowrap">Petroleos </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8432.36px;left:1368.39px;white-space:nowrap">Mexicanos</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8432.36px;left:2133.16px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8628.85px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8628.85px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8628.85px;left:1725.83px;white-space:nowrap">6.49%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8628.85px;left:2268.41px;white-space:nowrap">1/23/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8628.85px;left:2889.91px;letter-spacing:51.11px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8628.85px;left:6117.2px;white-space:nowrap">Mexico</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8628.85px;left:7485.64px;white-space:nowrap">250,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8628.85px;left:9501.64px;white-space:nowrap">252,718</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8825.33px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8825.33px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8825.33px;left:1725.83px;white-space:nowrap">6.7%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8825.33px;left:2179.42px;white-space:nowrap">2/16/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8825.33px;left:2796.5px;letter-spacing:51.03px;white-space:nowrap">..........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8825.33px;left:6117.2px;white-space:nowrap">Mexico</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8825.33px;left:7485.64px;white-space:nowrap">210,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8825.33px;left:9501.64px;white-space:nowrap">208,242</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9021.82px;left:648px;white-space:nowrap">Philippines </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9021.82px;left:1466.28px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9021.82px;left:2391.13px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9021.82px;left:2764.8px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9021.82px;left:2853.7px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9021.82px;left:3360.66px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9021.82px;left:3734.33px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9021.82px;left:3823.23px;white-space:nowrap">5.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9021.82px;left:4045.66px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9021.82px;left:4187.92px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9021.82px;left:4276.83px;white-space:nowrap">2/04/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9021.82px;left:4851.59px;letter-spacing:62.41px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9065.5px;left:5850.17px;white-space:nowrap">Philippines</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9065.5px;left:7485.64px;white-space:nowrap">350,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9065.5px;left:9501.64px;white-space:nowrap">372,854</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9265.19px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9261.98px;left:648px;white-space:nowrap">Power </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9261.98px;left:1145.97px;white-space:nowrap">Finance </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9261.98px;left:1759.64px;white-space:nowrap">Corp. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9261.98px;left:2195.34px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9261.98px;left:2462.22px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9261.98px;left:2551.13px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9261.98px;left:3058.08px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9261.98px;left:3431.75px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9261.98px;left:3520.66px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9261.98px;left:3858.63px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9261.98px;left:4054.25px;white-space:nowrap">3.95</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9261.98px;left:4365.66px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9261.98px;left:4507.92px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9261.98px;left:4596.83px;white-space:nowrap">4/23/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9261.98px;left:5131.83px;letter-spacing:102.76px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9261.98px;left:6277.05px;white-space:nowrap">India</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9261.98px;left:7485.64px;white-space:nowrap">400,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9261.98px;left:9501.64px;white-space:nowrap">390,224</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9461.68px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9458.47px;left:648px;white-space:nowrap">Romania </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9458.47px;left:1332.77px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9458.47px;left:2257.61px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9458.47px;left:2631.28px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9654.95px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9654.95px;left:1298.95px;white-space:nowrap">Bond, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9654.95px;left:1761.53px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9654.95px;left:2099.5px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9654.95px;left:2295.13px;white-space:nowrap">7.125%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9654.95px;left:2926.69px;white-space:nowrap">1/17/33</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9654.95px;left:3543.81px;letter-spacing:51.95px;white-space:nowrap">..................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9654.95px;left:5983.69px;white-space:nowrap">Romania</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9654.95px;left:7485.64px;white-space:nowrap">420,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9654.95px;left:9501.64px;white-space:nowrap">448,766</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9851.44px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9851.44px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9851.44px;left:1725.83px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9851.44px;left:2188.41px;white-space:nowrap">3%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9851.44px;left:2508.56px;white-space:nowrap">2/27/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9851.44px;left:3076.74px;letter-spacing:51.3px;white-space:nowrap">.......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9851.44px;left:5983.69px;white-space:nowrap">Romania</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9851.44px;left:7485.64px;white-space:nowrap">680,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9851.44px;left:9501.64px;white-space:nowrap">664,307</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10051.13px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10047.92px;left:648px;white-space:nowrap">Serbia </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10047.92px;left:1154.95px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10047.92px;left:2079.8px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10047.92px;left:2453.47px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10244.4px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10244.4px;left:1298.95px;white-space:nowrap">Bond, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10244.4px;left:1761.53px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10244.4px;left:2099.5px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10244.4px;left:2295.13px;white-space:nowrap">6.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10244.4px;left:2748.72px;white-space:nowrap">9/26/33</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10244.4px;left:3356.98px;letter-spacing:51.65px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10244.4px;left:6161.5px;white-space:nowrap">Serbia</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10244.4px;left:7485.64px;white-space:nowrap">370,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10244.4px;left:9501.64px;white-space:nowrap">402,468</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10440.89px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10440.89px;left:1298.95px;white-space:nowrap">Note, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10440.89px;left:1725.83px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10440.89px;left:2063.8px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10440.89px;left:2259.42px;white-space:nowrap">6.25%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10440.89px;left:2802px;white-space:nowrap">5/26/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10440.89px;left:3356.98px;letter-spacing:51.65px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10440.89px;left:6161.5px;white-space:nowrap">Serbia</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10440.89px;left:7485.64px;white-space:nowrap">230,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10440.89px;left:9501.64px;white-space:nowrap">240,108</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10681.05px;left:648px;white-space:nowrap">South </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10681.05px;left:1101.75px;white-space:nowrap">Africa </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10681.05px;left:1555.19px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10681.05px;left:2480.03px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10681.05px;left:2853.7px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10877.54px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10877.54px;left:1298.95px;white-space:nowrap">Bond, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10877.54px;left:1761.53px;white-space:nowrap">5.875%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10877.54px;left:2393.09px;white-space:nowrap">6/22/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10877.54px;left:2983.33px;letter-spacing:51.2px;white-space:nowrap">........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10877.54px;left:5761.27px;white-space:nowrap">South </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10877.54px;left:6215.02px;white-space:nowrap">Africa</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10877.54px;left:7485.64px;white-space:nowrap">300,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10877.54px;left:9501.64px;white-space:nowrap">307,312</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11074.02px;left:792px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11074.02px;left:1298.95px;white-space:nowrap">Bond, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11074.02px;left:1761.53px;white-space:nowrap">5.875%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11074.02px;left:2393.09px;white-space:nowrap">4/20/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11074.02px;left:2983.33px;letter-spacing:51.2px;white-space:nowrap">........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11074.02px;left:5761.27px;white-space:nowrap">South </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11074.02px;left:6215.02px;white-space:nowrap">Africa</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11074.02px;left:7485.64px;white-space:nowrap">250,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11074.02px;left:9501.64px;white-space:nowrap">253,270</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11273.72px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11270.51px;left:648px;white-space:nowrap">Southern </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11270.51px;left:1341.83px;white-space:nowrap">Gas </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11270.51px;left:1679.72px;white-space:nowrap">Corridor
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11270.51px;left:2302.06px;white-space:nowrap">CJSC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11270.51px;left:2719.88px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11270.51px;left:2808.78px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11270.51px;left:3315.73px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11270.51px;left:3689.41px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11270.51px;left:3778.31px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11270.51px;left:4116.28px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11270.51px;left:4311.91px;white-space:nowrap">6.875</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11270.51px;left:4712.3px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11270.51px;left:4854.56px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11462.51px;left:792px;white-space:nowrap">3/24/26</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11462.51px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11462.51px;left:5867.98px;white-space:nowrap">Azerbaijan</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11462.51px;left:7485.64px;white-space:nowrap">360,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11462.51px;left:9501.64px;white-space:nowrap">364,498</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11658.99px;left:648px;letter-spacing:-0.74px;white-space:nowrap">Turkiye
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11658.99px;left:1211.05px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11658.99px;left:2135.89px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11658.99px;left:2509.56px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11658.99px;left:2598.47px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11658.99px;left:3105.42px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11658.99px;left:3443.39px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11658.99px;left:3532.3px;white-space:nowrap">9.125</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11658.99px;left:3932.69px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11658.99px;left:4074.95px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11658.99px;left:4163.86px;white-space:nowrap">7/13/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11658.99px;left:4758.18px;letter-spacing:59.72px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11702.67px;left:6105.41px;letter-spacing:-0.85px;white-space:nowrap">Turkiye</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11702.67px;left:7485.64px;white-space:nowrap">570,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11702.67px;left:9501.64px;white-space:nowrap">646,028</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:1161.0px;width:891.0px;transform-origin:top left;transform:scale(1.5,1.5)">

<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:10.29px;white-space:nowrap">Master
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1341.44px;letter-spacing:10.34px;white-space:nowrap">Intermediate
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2500.95px;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:3143.94px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:0px;letter-spacing:10.67px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:858.7px;letter-spacing:8px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:1113.45px;letter-spacing:10.91px;white-space:nowrap">Investments</div></div>
</div>

<div style="height:41.15px;left:0px;position:absolute;top:0px;transform:translate(36.000px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:702px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">
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<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

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<div style="width:2700px;height:254.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
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<div style="width:9164.39px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(911.718px,64.999px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:994.69px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:1257.27px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2139.84px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2497.34px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2723.44px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2905.86px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3372.66px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3635.23px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3781.17px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4138.67px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4656.56px;white-space:nowrap">statements.</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(36.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:36.48px;white-space:nowrap">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,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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12258px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.62px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:648px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:6010.72px;white-space:nowrap">Country</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:21.02px;left:7388.22px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:7423.4px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:216.23px;left:8027.7px;white-space:nowrap">*</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:8451.51px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:6612.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:8052.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:8484.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:648px;white-space:nowrap">Foreign
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:1436.87px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:2670.46px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:3074.17px;white-space:nowrap">Agency
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:3852.2px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:547.74px;left:4863.82px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:747.44px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:744.23px;left:648px;white-space:nowrap">Uzbekistan </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:744.23px;left:1483.94px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:744.23px;left:2408.78px;white-space:nowrap">Bond</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:744.23px;left:2782.45px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:744.23px;left:2871.36px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:744.23px;left:3378.31px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:744.23px;left:3716.28px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:744.23px;left:3805.19px;white-space:nowrap">Reg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:744.23px;left:4143.16px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:744.23px;left:4338.78px;white-space:nowrap">6.9</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:744.23px;left:4561.2px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:744.23px;left:4703.47px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:936.23px;left:792px;white-space:nowrap">2/28/32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:936.23px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:936.23px;left:5832.52px;white-space:nowrap">Uzbekistan</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:936.23px;left:7485.64px;white-space:nowrap">330,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:936.23px;left:9412.66px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:936.23px;left:9501.64px;white-space:nowrap">355,553</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1215.25px;left:648px;letter-spacing:-2.47px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1215.25px;left:1166.46px;white-space:nowrap">Foreign
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1215.25px;left:1955.32px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1215.25px;left:3188.92px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1215.25px;left:3592.63px;white-space:nowrap">Agency
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1215.25px;left:4370.66px;white-space:nowrap">Securities</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1215.25px;left:5382.28px;white-space:nowrap">(Cost
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1215.25px;left:5948.88px;white-space:nowrap">$17,828,336)</div>

<div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:1215.25px;left:7131.12px;letter-spacing:54.09px;white-space:nowrap">............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1249.11px;left:9279.22px;white-space:nowrap">18,727,699</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1629.97px;left:648px;white-space:nowrap">U.S.
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1629.97px;left:1092.53px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1629.97px;left:2326.12px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1629.97px;left:2729.84px;white-space:nowrap">Agency
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1629.97px;left:3507.86px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1629.97px;left:4519.48px;white-space:nowrap">0.1%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1863.53px;left:627.28px;white-space:nowrap">i</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1860.32px;left:648px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1860.32px;left:1154.95px;white-space:nowrap">States </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1860.32px;left:1650.11px;letter-spacing:-0.66px;white-space:nowrap">Treasury
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1860.32px;left:2319.87px;white-space:nowrap">Notes</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1860.32px;left:2737.84px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1860.32px;left:2826.75px;white-space:nowrap">0.625</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1860.32px;left:3227.14px;white-space:nowrap">%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1860.32px;left:3458.31px;letter-spacing:-1.48px;white-space:nowrap">11/30/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1860.32px;left:4104.29px;letter-spacing:53.44px;white-space:nowrap">............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1860.32px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1860.32px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1860.32px;left:7485.64px;white-space:nowrap">151,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1860.32px;left:9501.64px;white-space:nowrap">141,725</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2139.34px;left:648px;letter-spacing:-2.47px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2139.34px;left:1166.46px;white-space:nowrap">U.S.
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2139.34px;left:1610.99px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2139.34px;left:2844.58px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2139.34px;left:3248.29px;white-space:nowrap">Agency
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2139.34px;left:4026.32px;white-space:nowrap">Securities</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2139.34px;left:5037.94px;white-space:nowrap">(Cost
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2139.34px;left:5604.54px;white-space:nowrap">$141,725)</div>

<div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:2139.34px;left:6505.32px;letter-spacing:52.39px;white-space:nowrap">..................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2173.21px;left:9501.64px;white-space:nowrap">141,725</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2554.07px;left:648px;white-space:nowrap">Asset-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2554.07px;left:2026.42px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2554.07px;left:3038.04px;white-space:nowrap">2.2%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2828.1px;left:648px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2828.1px;left:1385.97px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2828.1px;left:2088.78px;white-space:nowrap">2.2%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3027.8px;left:518.33px;white-space:nowrap">b,g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3024.59px;left:648px;white-space:nowrap">BDS </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3024.59px;left:1021.44px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3024.59px;left:1288.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3024.59px;left:1377.22px;white-space:nowrap">2021-FL9</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3024.59px;left:2062.14px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3024.59px;left:2142.22px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3024.59px;left:2248.94px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3024.59px;left:2337.84px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3024.59px;left:2800.42px;white-space:nowrap">FRN</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3024.59px;left:3129.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3024.59px;left:3218.16px;white-space:nowrap">5.32</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3024.59px;left:3529.56px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3024.59px;left:3671.83px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3024.59px;left:3760.73px;white-space:nowrap">(</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3024.59px;left:3814.02px;white-space:nowrap">1-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3024.59px;left:4445.42px;white-space:nowrap">SOFR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3024.59px;left:4934.33px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3216.59px;left:792px;white-space:nowrap">1.184</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3216.59px;left:1192.39px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3216.59px;left:1334.66px;white-space:nowrap">), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3216.59px;left:1476.84px;letter-spacing:-1.48px;white-space:nowrap">11/16/38</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3216.59px;left:2087.78px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3216.59px;left:2142.61px;letter-spacing:50.59px;white-space:nowrap">.................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3216.59px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3216.59px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3216.59px;left:7574.63px;white-space:nowrap">39,749</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3216.59px;left:9590.63px;white-space:nowrap">39,902</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3416.28px;left:518.33px;white-space:nowrap">b,g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3413.07px;left:648px;white-space:nowrap">Black </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3413.07px;left:1083.7px;white-space:nowrap">Diamond </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3413.07px;left:1768.47px;white-space:nowrap">CLO </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3413.07px;left:2141.91px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3413.07px;left:2408.78px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3413.07px;left:2497.69px;white-space:nowrap">2024-1A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3413.07px;left:3102.61px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3413.07px;left:3191.52px;white-space:nowrap">D1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3413.07px;left:3396.05px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3413.07px;left:3484.95px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3413.07px;left:3947.53px;white-space:nowrap">FRN</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3413.07px;left:4276.36px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3413.07px;left:4365.27px;white-space:nowrap">8.768</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3413.07px;left:4765.66px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3413.07px;left:4907.92px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3605.07px;left:792px;white-space:nowrap">(</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3605.07px;left:845.28px;white-space:nowrap">3-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3605.07px;left:1476.69px;white-space:nowrap">SOFR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3605.07px;left:1965.59px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3605.07px;left:2103.48px;white-space:nowrap">4.45</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3605.07px;left:2414.89px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3605.07px;left:2557.16px;white-space:nowrap">), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3605.07px;left:2699.34px;white-space:nowrap">10/25/37</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3605.07px;left:3322.16px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3605.07px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3605.07px;left:6152.75px;white-space:nowrap">Jersey</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3605.07px;left:7485.64px;white-space:nowrap">410,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3605.07px;left:9501.64px;white-space:nowrap">416,056</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3804.77px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3801.55px;left:648px;white-space:nowrap">Citigroup </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3801.55px;left:1332.77px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3801.55px;left:2053.16px;white-space:nowrap">Loan </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3801.55px;left:2450.66px;letter-spacing:-0.85px;white-space:nowrap">Trust,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3801.55px;left:2898.08px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3801.55px;left:3155.97px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3801.55px;left:3244.87px;white-space:nowrap">2007-AMC3</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3801.55px;left:4098.63px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3801.55px;left:4178.7px;white-space:nowrap">A2D</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3801.55px;left:4489.95px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3801.55px;left:4578.86px;white-space:nowrap">FRN</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3801.55px;left:4907.69px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3993.55px;left:792px;white-space:nowrap">4.622</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3993.55px;left:1192.39px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3993.55px;left:1334.66px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3993.55px;left:1423.56px;white-space:nowrap">(</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3993.55px;left:1476.84px;white-space:nowrap">1-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3993.55px;left:2108.25px;white-space:nowrap">SOFR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3993.55px;left:2597.16px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3993.55px;left:2735.05px;white-space:nowrap">0.464</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3993.55px;left:3135.44px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3993.55px;left:3277.7px;white-space:nowrap">), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3993.55px;left:3419.89px;white-space:nowrap">3/25/37</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3993.55px;left:3953.72px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3993.55px;left:4010.87px;letter-spacing:53.1px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3993.55px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3993.55px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3993.55px;left:7485.64px;white-space:nowrap">619,352</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3993.55px;left:9501.64px;white-space:nowrap">543,584</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4193.25px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4190.04px;left:648px;white-space:nowrap">DataBank </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4190.04px;left:1395.11px;white-space:nowrap">Issuer </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4190.04px;left:1875.27px;white-space:nowrap">II </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4190.04px;left:2008.62px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4190.04px;left:2302.14px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4190.04px;left:2391.05px;white-space:nowrap">2025-1A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4190.04px;left:2995.97px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4190.04px;left:3076.05px;white-space:nowrap">A2</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4190.04px;left:3271.75px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4190.04px;left:3360.66px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4190.04px;left:3823.23px;white-space:nowrap">5.18</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4190.04px;left:4134.64px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4190.04px;left:4276.91px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4190.04px;left:4365.81px;white-space:nowrap">9/27/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4190.04px;left:4899.64px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4190.04px;left:4945px;letter-spacing:66.89px;white-space:nowrap">...</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4190.04px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4190.04px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4190.04px;left:7485.64px;white-space:nowrap">456,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4190.04px;left:9501.64px;white-space:nowrap">457,303</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4389.73px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4386.52px;left:648px;white-space:nowrap">FIGRE </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4386.52px;left:1178.47px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4386.52px;left:1536.98px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4386.52px;left:1625.89px;white-space:nowrap">2025-FL1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4386.52px;left:2310.81px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4386.52px;left:2390.89px;white-space:nowrap">A1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4386.52px;left:2586.59px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4386.52px;left:2675.5px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4386.52px;left:3138.08px;white-space:nowrap">5.265</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4386.52px;left:3538.47px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4386.52px;left:3680.73px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4386.52px;left:3769.64px;white-space:nowrap">7/25/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4386.52px;left:4303.47px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4386.52px;left:4384.52px;letter-spacing:54.94px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4386.52px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4386.52px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4386.52px;left:7485.64px;white-space:nowrap">141,248</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4386.52px;left:9501.64px;white-space:nowrap">141,791</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4586.22px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4583.01px;left:648px;letter-spacing:-1.77px;white-space:nowrap">GSAA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4583.01px;left:1128.23px;white-space:nowrap">Home </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4583.01px;left:1599.48px;white-space:nowrap">Equity </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4583.01px;left:2085.73px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4583.01px;left:2444.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4583.01px;left:2533.16px;white-space:nowrap">2006-8</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4583.01px;left:3031.36px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4583.01px;left:3120.27px;white-space:nowrap">2A2</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4583.01px;left:3404.95px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4583.01px;left:3493.86px;white-space:nowrap">FRN</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4583.01px;left:3822.69px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4583.01px;left:3911.59px;white-space:nowrap">4.632</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4583.01px;left:4311.98px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4583.01px;left:4454.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4583.01px;left:4543.16px;white-space:nowrap">(</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4583.01px;left:4596.44px;white-space:nowrap">1-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4775.01px;left:792px;white-space:nowrap">SOFR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4775.01px;left:1280.91px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4775.01px;left:1418.8px;white-space:nowrap">0.474</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4775.01px;left:1819.19px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4775.01px;left:1961.45px;white-space:nowrap">), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4775.01px;left:2103.64px;white-space:nowrap">5/25/36</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4775.01px;left:2637.47px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4775.01px;left:2703.09px;letter-spacing:50.95px;white-space:nowrap">...........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4775.01px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4775.01px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4775.01px;left:7485.64px;white-space:nowrap">475,455</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4775.01px;left:9590.63px;white-space:nowrap">99,221</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4974.7px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4971.49px;left:648px;white-space:nowrap">Lehman </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4971.49px;left:1270.66px;white-space:nowrap">XS </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4971.49px;left:1525.66px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4971.49px;left:1884.17px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4971.49px;left:1973.08px;white-space:nowrap">2006-17</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4971.49px;left:2560.27px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4971.49px;left:2649.17px;white-space:nowrap">1A4A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4971.49px;left:3040.58px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4971.49px;left:3129.48px;white-space:nowrap">FRN</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4971.49px;left:3458.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4971.49px;left:3547.22px;white-space:nowrap">4.612</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4971.49px;left:3947.61px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4971.49px;left:4089.87px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4971.49px;left:4178.78px;white-space:nowrap">(</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4971.49px;left:4232.06px;white-space:nowrap">1-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4971.49px;left:4863.47px;white-space:nowrap">SOFR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5163.49px;left:792px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5163.49px;left:929.89px;white-space:nowrap">0.454</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5163.49px;left:1330.28px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5163.49px;left:1472.55px;white-space:nowrap">), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5163.49px;left:1614.73px;white-space:nowrap">8/25/46</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5163.49px;left:2148.56px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5163.49px;left:2236.02px;letter-spacing:50.64px;white-space:nowrap">................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5163.49px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5163.49px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5163.49px;left:7352.2px;white-space:nowrap">1,149,154</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5163.49px;left:9368.2px;white-space:nowrap">1,073,044</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5363.19px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5359.98px;left:648px;white-space:nowrap">New </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5359.98px;left:1012.53px;white-space:nowrap">Economy </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5359.98px;left:1715.11px;white-space:nowrap">Assets </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5359.98px;left:2239.72px;white-space:nowrap">- </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5359.98px;left:2337.45px;white-space:nowrap">Phase </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5359.98px;left:2835.58px;white-space:nowrap">1 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5359.98px;left:2969.02px;white-space:nowrap">Sponsor </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5359.98px;left:3609.41px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5359.98px;left:3902.92px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5359.98px;left:3991.83px;white-space:nowrap">2021-1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5359.98px;left:4490.03px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5359.98px;left:4570.11px;white-space:nowrap">A1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5359.98px;left:4765.81px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5359.98px;left:4854.72px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5551.98px;left:792px;white-space:nowrap">1.91</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5551.98px;left:1103.41px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5551.98px;left:1245.67px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5551.98px;left:1334.58px;white-space:nowrap">10/20/61</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5551.98px;left:1957.39px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5551.98px;left:2049.2px;letter-spacing:50.54px;white-space:nowrap">..................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5551.98px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5551.98px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5551.98px;left:7485.64px;white-space:nowrap">251,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5551.98px;left:9501.64px;white-space:nowrap">210,199</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5751.67px;left:518.33px;white-space:nowrap">b,g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5748.46px;left:648px;white-space:nowrap">Northwoods </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5748.46px;left:1546.2px;white-space:nowrap">Capital </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5748.46px;left:2088.7px;white-space:nowrap">22 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5748.46px;left:2311.12px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5748.46px;left:2578px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5748.46px;left:2666.91px;white-space:nowrap">2020-22A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5748.46px;left:3360.81px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5748.46px;left:3449.72px;white-space:nowrap">DRR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5748.46px;left:3796.36px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5748.46px;left:3885.27px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5748.46px;left:4347.84px;white-space:nowrap">FRN</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5748.46px;left:4676.67px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5940.46px;left:792px;white-space:nowrap">8.971</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5940.46px;left:1192.39px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5940.46px;left:1334.66px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5940.46px;left:1423.56px;white-space:nowrap">(</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5940.46px;left:1476.84px;white-space:nowrap">3-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5940.46px;left:2108.25px;white-space:nowrap">SOFR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5940.46px;left:2597.16px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5940.46px;left:2735.05px;white-space:nowrap">4.95</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5940.46px;left:3046.45px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5940.46px;left:3188.72px;white-space:nowrap">), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5940.46px;left:3330.91px;white-space:nowrap">9/16/31</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5940.46px;left:3864.73px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5940.46px;left:3917.46px;letter-spacing:52.8px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5940.46px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5940.46px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5940.46px;left:7485.64px;white-space:nowrap">400,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5940.46px;left:9501.64px;white-space:nowrap">406,551</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6140.16px;left:518.33px;white-space:nowrap">b,d</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6136.95px;left:648px;white-space:nowrap">PK </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6136.95px;left:897.06px;white-space:nowrap">Alift </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6136.95px;left:1208.23px;white-space:nowrap">Loan </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6136.95px;left:1608.62px;white-space:nowrap">Funding </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6136.95px;left:2231.28px;white-space:nowrap">7 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6136.95px;left:2364.72px;letter-spacing:-10.31px;white-space:nowrap">LP</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6136.95px;left:2539.8px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6136.95px;left:2628.7px;white-space:nowrap">2025-2</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6136.95px;left:3126.91px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6136.95px;left:3206.98px;white-space:nowrap">A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6136.95px;left:3313.7px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6136.95px;left:3402.61px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6136.95px;left:3865.19px;white-space:nowrap">4.75</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6136.95px;left:4176.59px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6136.95px;left:4318.86px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6136.95px;left:4407.77px;white-space:nowrap">3/15/43</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6136.95px;left:4941.59px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6136.95px;left:5038.42px;letter-spacing:75.86px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6136.95px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6136.95px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6136.95px;left:7485.64px;white-space:nowrap">250,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6136.95px;left:9501.64px;white-space:nowrap">250,659</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6464.39px;left:9368.2px;white-space:nowrap">3,638,310</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:6678.67px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:6678.67px;left:648px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:6678.67px;left:6618.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:6678.67px;left:8058.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:6678.67px;left:8490.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:6678.67px;left:10074.44px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6743.41px;left:648px;letter-spacing:-2.47px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6743.41px;left:1159.04px;white-space:nowrap">Asset-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6743.41px;left:2537.45px;white-space:nowrap">Securities</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6743.41px;left:3549.07px;white-space:nowrap">(Cost
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6743.41px;left:4115.68px;white-space:nowrap">$3,683,991)</div>

<div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:6743.41px;left:5248.92px;letter-spacing:51.04px;white-space:nowrap">..............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6777.28px;left:9368.2px;white-space:nowrap">3,638,310</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7158.14px;left:648px;white-space:nowrap">Commercial
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7158.14px;left:1848.49px;white-space:nowrap">Mortgage-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7158.14px;left:3582.18px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7158.14px;left:4593.8px;white-space:nowrap">10.0%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7432.17px;left:648px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7432.17px;left:1385.97px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7432.17px;left:2088.78px;white-space:nowrap">10.0%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7631.86px;left:554.72px;white-space:nowrap">j,k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7628.65px;left:648px;white-space:nowrap">BANK</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7628.65px;left:1083.7px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7825.14px;left:792px;white-space:nowrap">2020-BN30, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7825.14px;left:1690.36px;white-space:nowrap">XA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7825.14px;left:1992.7px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7825.14px;left:2250.52px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7825.14px;left:2668.25px;white-space:nowrap">1.366%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7825.14px;left:3299.81px;white-space:nowrap">12/15/53</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7825.14px;left:4010.87px;letter-spacing:53.1px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7825.14px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7825.14px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7825.14px;left:7352.2px;white-space:nowrap">2,984,524</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7825.14px;left:9501.64px;white-space:nowrap">146,888</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8021.62px;left:792px;white-space:nowrap">2024-BNK48, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8021.62px;left:1797.08px;white-space:nowrap">XA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8021.62px;left:2099.42px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8021.62px;left:2357.23px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8021.62px;left:2774.97px;white-space:nowrap">1.35%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8021.62px;left:3317.55px;white-space:nowrap">10/15/57</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8021.62px;left:4010.87px;letter-spacing:53.1px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8021.62px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8021.62px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8021.62px;left:7352.2px;white-space:nowrap">4,505,429</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8021.62px;left:9501.64px;white-space:nowrap">366,926</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8221.32px;left:554.72px;white-space:nowrap">j,k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8218.11px;left:648px;white-space:nowrap">BANK5 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8218.11px;left:1214.25px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8218.11px;left:1572.77px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8414.59px;left:792px;white-space:nowrap">2024-5YR10, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8414.59px;left:1779.34px;white-space:nowrap">XA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8414.59px;left:2081.69px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8414.59px;left:2339.5px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8414.59px;left:2757.23px;white-space:nowrap">1.401%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8414.59px;left:3388.8px;white-space:nowrap">10/15/57</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8414.59px;left:4011.61px;letter-spacing:53.1px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8414.59px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8414.59px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8414.59px;left:7352.2px;white-space:nowrap">6,908,248</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8414.59px;left:9501.64px;white-space:nowrap">286,197</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8611.08px;left:792px;white-space:nowrap">2024-5YR12, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8611.08px;left:1779.34px;white-space:nowrap">XA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8611.08px;left:2081.69px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8611.08px;left:2339.5px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8611.08px;left:2757.23px;white-space:nowrap">0.695%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8611.08px;left:3388.8px;white-space:nowrap">12/15/57</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8611.08px;left:4011.61px;letter-spacing:53.1px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8611.08px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8611.08px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8611.08px;left:7352.2px;white-space:nowrap">5,934,516</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8611.08px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">113,285</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8807.56px;left:792px;white-space:nowrap">2024-5YR7, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8807.56px;left:1690.36px;white-space:nowrap">XA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8807.56px;left:1992.7px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8807.56px;left:2250.52px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8807.56px;left:2668.25px;white-space:nowrap">1.57%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8807.56px;left:3210.83px;white-space:nowrap">6/15/57</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8807.56px;left:3824.05px;letter-spacing:52.55px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8807.56px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8807.56px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8807.56px;left:7352.2px;white-space:nowrap">5,186,517</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8807.56px;left:9501.64px;white-space:nowrap">223,509</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9007.26px;left:554.72px;white-space:nowrap">j,k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9004.04px;left:648px;white-space:nowrap">BBCMS </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9004.04px;left:1261.44px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9004.04px;left:1978.94px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9004.04px;left:2337.45px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9200.53px;left:792px;white-space:nowrap">2022-C14, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9200.53px;left:1583.64px;white-space:nowrap">XA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9200.53px;left:1885.98px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9200.53px;left:2143.8px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9200.53px;left:2561.53px;white-space:nowrap">0.808%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9200.53px;left:3193.09px;white-space:nowrap">2/15/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9200.53px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9200.53px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9200.53px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9200.53px;left:7352.2px;white-space:nowrap">4,802,333</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9200.53px;left:9501.64px;white-space:nowrap">156,790</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9397.01px;left:792px;white-space:nowrap">2024-5C29, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9397.01px;left:1672.62px;white-space:nowrap">XA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9397.01px;left:1974.97px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9397.01px;left:2232.78px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9397.01px;left:2650.52px;white-space:nowrap">1.822%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9397.01px;left:3282.08px;white-space:nowrap">9/15/57</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9397.01px;left:3824.05px;letter-spacing:52.55px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9397.01px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9397.01px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9397.01px;left:7352.2px;white-space:nowrap">7,477,506</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9397.01px;left:9501.64px;white-space:nowrap">409,406</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9593.5px;left:792px;white-space:nowrap">2024-C26, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9593.5px;left:1583.64px;white-space:nowrap">XA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9593.5px;left:1885.98px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9593.5px;left:2143.8px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9593.5px;left:2561.53px;white-space:nowrap">1.241%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9593.5px;left:3193.09px;white-space:nowrap">5/15/57</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9593.5px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9593.5px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9593.5px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9593.5px;left:7352.2px;white-space:nowrap">2,632,033</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9593.5px;left:9501.64px;white-space:nowrap">188,821</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9789.98px;left:792px;white-space:nowrap">2025-C32, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9789.98px;left:1583.64px;white-space:nowrap">XA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9789.98px;left:1885.98px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9789.98px;left:2143.8px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9789.98px;left:2561.53px;white-space:nowrap">1.356%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9789.98px;left:3193.09px;white-space:nowrap">2/15/62</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9789.98px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9789.98px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9789.98px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9789.98px;left:7352.2px;white-space:nowrap">2,125,037</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9789.98px;left:9501.64px;white-space:nowrap">178,792</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9989.68px;left:554.72px;white-space:nowrap">j,k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9986.47px;left:648px;white-space:nowrap">Benchmark </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9986.47px;left:1501.67px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9986.47px;left:2219.17px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9986.47px;left:2577.69px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10182.95px;left:792px;white-space:nowrap">2024-V10, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10182.95px;left:1574.81px;white-space:nowrap">XA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10182.95px;left:1877.16px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10182.95px;left:2134.97px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10182.95px;left:2552.7px;white-space:nowrap">1.522%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10182.95px;left:3184.27px;white-space:nowrap">9/15/57</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10182.95px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10182.95px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10182.95px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10182.95px;left:7352.2px;white-space:nowrap">6,543,570</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10182.95px;left:9501.64px;white-space:nowrap">293,980</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10379.44px;left:792px;letter-spacing:-1.19px;white-space:nowrap">2024-V11,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10379.44px;left:1562.94px;white-space:nowrap">XA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10379.44px;left:1865.28px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10379.44px;left:2123.09px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10379.44px;left:2540.83px;white-space:nowrap">0.773%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10379.44px;left:3172.39px;letter-spacing:-1.48px;white-space:nowrap">11/15/57</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10379.44px;left:3824.05px;letter-spacing:52.55px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10379.44px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10379.44px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10379.44px;left:7352.2px;white-space:nowrap">9,895,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10379.44px;left:9501.64px;white-space:nowrap">210,673</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10579.13px;left:554.72px;white-space:nowrap">j,k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10575.92px;left:648px;white-space:nowrap">BMO </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10575.92px;left:1056.91px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10575.92px;left:1774.41px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10575.92px;left:2132.92px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10575.92px;left:2221.83px;white-space:nowrap">2024-5C6</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10575.92px;left:2924.56px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10575.92px;left:3013.47px;white-space:nowrap">XA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10575.92px;left:3226.91px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10575.92px;left:3315.81px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10575.92px;left:3573.62px;white-space:nowrap">FRN</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10575.92px;left:3902.45px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10575.92px;left:3991.36px;white-space:nowrap">1.574</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10575.92px;left:4391.75px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10575.92px;left:4534.02px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10575.92px;left:4622.92px;white-space:nowrap">9/15/57</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10575.92px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10575.92px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10575.92px;left:7352.2px;white-space:nowrap">5,707,103</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10575.92px;left:9501.64px;white-space:nowrap">256,466</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10775.61px;left:601.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10772.4px;left:648px;white-space:nowrap">CD </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10772.4px;left:923.55px;white-space:nowrap">Mortgage </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10772.4px;left:1641.05px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10772.4px;left:1999.56px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10772.4px;left:2088.47px;white-space:nowrap">2017-CD4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10772.4px;left:2817.77px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10772.4px;left:2906.67px;white-space:nowrap">B</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10772.4px;left:3013.39px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10772.4px;left:3102.3px;white-space:nowrap">FRN</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10772.4px;left:3431.12px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10772.4px;left:3520.03px;white-space:nowrap">3.947</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10772.4px;left:3920.42px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10772.4px;left:4062.69px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10772.4px;left:4151.59px;white-space:nowrap">5/10/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10772.4px;left:4758.18px;letter-spacing:59.72px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10772.4px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10772.4px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10772.4px;left:7485.64px;white-space:nowrap">439,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10772.4px;left:9501.64px;white-space:nowrap">416,334</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11012.57px;left:648px;white-space:nowrap">CFCRE </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11012.57px;left:1243.55px;white-space:nowrap">Commercial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11012.57px;left:2141.44px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11012.57px;left:2858.94px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11012.57px;left:3217.45px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11212.27px;left:523.57px;white-space:nowrap">b,k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11209.05px;left:792px;letter-spacing:-1.32px;white-space:nowrap">2011-C2,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11209.05px;left:1482.78px;white-space:nowrap">E, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11209.05px;left:1678.41px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11209.05px;left:2140.98px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11209.05px;left:2558.72px;white-space:nowrap">5.08%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11209.05px;left:3101.3px;white-space:nowrap">12/15/47</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11209.05px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11209.05px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11209.05px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11209.05px;left:7485.64px;white-space:nowrap">193,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11209.05px;left:9501.64px;white-space:nowrap">180,712</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11405.54px;left:792px;white-space:nowrap">2016-C7, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11405.54px;left:1485.83px;white-space:nowrap">A3, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11405.54px;left:1770.44px;white-space:nowrap">3.839%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11405.54px;left:2402px;white-space:nowrap">12/10/54</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11405.54px;left:3076.74px;letter-spacing:51.3px;white-space:nowrap">.......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11405.54px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11405.54px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11405.54px;left:7485.64px;white-space:nowrap">405,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11405.54px;left:9501.64px;white-space:nowrap">400,747</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11645.71px;left:648px;white-space:nowrap">Citigroup </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11645.71px;left:1332.77px;white-space:nowrap">Commercial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11645.71px;left:2230.66px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11645.71px;left:2948.16px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11645.71px;left:3306.67px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11845.4px;left:523.57px;white-space:nowrap">b,k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11842.19px;left:792px;white-space:nowrap">2015-GC27, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11842.19px;left:1708.09px;white-space:nowrap">D, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11842.19px;left:1912.55px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11842.19px;left:2375.12px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11842.19px;left:2792.86px;white-space:nowrap">4.543%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11842.19px;left:3424.42px;white-space:nowrap">2/10/48</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11842.19px;left:4010.87px;letter-spacing:53.1px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11842.19px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11842.19px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11842.19px;left:7485.64px;white-space:nowrap">284,995</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11842.19px;left:9501.64px;white-space:nowrap">275,599</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:12041.88px;left:601.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12038.67px;left:792px;white-space:nowrap">2015-GC33, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12038.67px;left:1708.09px;white-space:nowrap">C, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12038.67px;left:1912.55px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12038.67px;left:2330.28px;white-space:nowrap">4.545%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12038.67px;left:2961.84px;white-space:nowrap">9/10/58</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12038.67px;left:3543.81px;letter-spacing:51.95px;white-space:nowrap">..................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12038.67px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12038.67px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12038.67px;left:7574.63px;white-space:nowrap">49,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12038.67px;left:9590.63px;white-space:nowrap">42,017</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:1161.0px;width:891.0px;transform-origin:top left;transform:scale(1.5,1.5)">

<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:6453.14px;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:7127.45px;letter-spacing:10.29px;white-space:nowrap">Master
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7794.58px;letter-spacing:10.34px;white-space:nowrap">Intermediate
</div>

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:7913.58px;letter-spacing:10.67px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8772.28px;letter-spacing:8px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:9027.03px;letter-spacing:10.91px;white-space:nowrap">Investments</div></div>
</div>

<div style="height:40.61px;left:0px;position:absolute;top:0px;transform:translate(53.999px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:691.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">
</div> </div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(54.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

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

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(53.999px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

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

<div style="height:30.71px;left:0px;position:absolute;top:0px;transform:translate(54.000px,738.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:459.61px">

<div style="width:9192.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(8270.481px,65.000px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3857.28px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4119.86px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5002.43px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5359.93px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5586.03px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5768.45px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6235.25px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6497.83px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6643.76px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7001.26px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7519.15px;white-space:nowrap">statements.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8353.45px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8798.45px;white-space:nowrap">Report</div></div>
</div>

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">25</div></div>
</div>

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

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

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(513.610px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

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

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

<div style="width:10080px;height:12268.8px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.62px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:648px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:6010.72px;white-space:nowrap">Country</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:21.02px;left:7388.22px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:7423.4px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:216.23px;left:8027.7px;white-space:nowrap">*</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:8451.51px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:6612.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:8052.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:8484.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:648px;white-space:nowrap">Commercial
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:1848.49px;white-space:nowrap">Mortgage-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:3582.18px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:547.74px;left:4593.8px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:648px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:1385.97px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:787.91px;left:2088.78px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:648px;white-space:nowrap">Citigroup </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:1332.77px;white-space:nowrap">Commercial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:2230.66px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:2948.16px;letter-spacing:-0.59px;white-space:nowrap">Trust,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:3395.58px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:792px;white-space:nowrap">2015-GC33, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:1708.09px;white-space:nowrap">D, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:1912.55px;white-space:nowrap">3.172%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:2544.11px;white-space:nowrap">9/10/58</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:3077.94px;letter-spacing:51.3px;white-space:nowrap">.......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:7485.64px;white-space:nowrap">102,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:9501.64px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:9590.63px;white-space:nowrap">63,240</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1464.72px;left:648px;white-space:nowrap">COMM </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1464.72px;left:1199.02px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1464.72px;left:1916.52px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1464.72px;left:2275.03px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1664.42px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1661.21px;left:792px;white-space:nowrap">2012-LC4, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1661.21px;left:1583.64px;white-space:nowrap">E, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1661.21px;left:1779.27px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1661.21px;left:2241.84px;white-space:nowrap">4.25%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1661.21px;left:2784.42px;white-space:nowrap">12/10/44</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1661.21px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1661.21px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1661.21px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1661.21px;left:7485.64px;white-space:nowrap">392,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1661.21px;left:9590.63px;white-space:nowrap">50,359</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1857.69px;left:792px;white-space:nowrap">2013-CR12, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1857.69px;left:1690.36px;white-space:nowrap">AM, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1857.69px;left:2019.27px;white-space:nowrap">4.3%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1857.69px;left:2472.86px;white-space:nowrap">10/10/46</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1857.69px;left:3170.15px;letter-spacing:51.41px;white-space:nowrap">......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1857.69px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1857.69px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1857.69px;left:7485.64px;white-space:nowrap">158,080</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1857.69px;left:9501.64px;white-space:nowrap">150,191</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2057.39px;left:523.57px;white-space:nowrap">b,k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2054.18px;left:792px;white-space:nowrap">2013-CR7, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2054.18px;left:1610.2px;white-space:nowrap">D, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2054.18px;left:1814.66px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2054.18px;left:2277.23px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2054.18px;left:2694.97px;white-space:nowrap">4.386%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2054.18px;left:3326.53px;white-space:nowrap">3/10/46</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2054.18px;left:3917.46px;letter-spacing:52.8px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2054.18px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2054.18px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2054.18px;left:7485.64px;white-space:nowrap">109,946</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2054.18px;left:9501.64px;white-space:nowrap">105,129</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2253.87px;left:601.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2250.66px;left:792px;white-space:nowrap">2014-CR16, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2250.66px;left:1699.19px;white-space:nowrap">C, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2250.66px;left:1903.64px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2250.66px;left:2321.38px;white-space:nowrap">4.885%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2250.66px;left:2952.94px;white-space:nowrap">4/10/47</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2250.66px;left:3543.81px;letter-spacing:51.95px;white-space:nowrap">..................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2250.66px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2250.66px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2250.66px;left:7485.64px;white-space:nowrap">441,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2250.66px;left:9501.64px;white-space:nowrap">419,529</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2450.36px;left:523.57px;white-space:nowrap">b,k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2447.15px;left:792px;white-space:nowrap">2014-CR17, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2447.15px;left:1699.19px;white-space:nowrap">D, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2447.15px;left:1903.64px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2447.15px;left:2366.22px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2447.15px;left:2783.95px;white-space:nowrap">5.006%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2447.15px;left:3415.52px;white-space:nowrap">5/10/47</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2447.15px;left:4010.87px;letter-spacing:53.1px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2447.15px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2447.15px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2447.15px;left:7485.64px;white-space:nowrap">290,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2447.15px;left:9501.64px;white-space:nowrap">244,542</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2646.84px;left:523.57px;white-space:nowrap">b,k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2643.63px;left:792px;white-space:nowrap">2014-CR19, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2643.63px;left:1699.19px;white-space:nowrap">D, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2643.63px;left:1903.64px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2643.63px;left:2366.22px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2643.63px;left:2783.95px;white-space:nowrap">4.572%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2643.63px;left:3415.52px;white-space:nowrap">8/10/47</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2643.63px;left:4010.87px;letter-spacing:53.1px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2643.63px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2643.63px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2643.63px;left:7574.63px;white-space:nowrap">34,356</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2643.63px;left:9590.63px;white-space:nowrap">33,605</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2843.33px;left:601.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2840.12px;left:792px;white-space:nowrap">2014-CR20, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2840.12px;left:1699.19px;white-space:nowrap">C, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2840.12px;left:1903.64px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2840.12px;left:2321.38px;white-space:nowrap">4.826%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2840.12px;left:2952.94px;letter-spacing:-1.48px;white-space:nowrap">11/10/47</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2840.12px;left:3637.22px;letter-spacing:52.12px;white-space:nowrap">.................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2840.12px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2840.12px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2840.12px;left:7485.64px;white-space:nowrap">282,906</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2840.12px;left:9501.64px;white-space:nowrap">272,993</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3036.6px;left:792px;white-space:nowrap">2014-UBS3, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3036.6px;left:1699.27px;white-space:nowrap">AM, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3036.6px;left:2028.17px;white-space:nowrap">4.012%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3036.6px;left:2659.73px;white-space:nowrap">6/10/47</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3036.6px;left:3263.57px;letter-spacing:51.52px;white-space:nowrap">.....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3036.6px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3036.6px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3036.6px;left:7574.63px;white-space:nowrap">43,713</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3036.6px;left:9590.63px;white-space:nowrap">42,971</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3236.29px;left:601.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3233.08px;left:792px;white-space:nowrap">2014-UBS5, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3233.08px;left:1699.27px;white-space:nowrap">AM, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3233.08px;left:2028.17px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3233.08px;left:2445.91px;white-space:nowrap">4.193%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3233.08px;left:3077.47px;white-space:nowrap">9/10/47</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3233.08px;left:3637.22px;letter-spacing:52.12px;white-space:nowrap">.................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3233.08px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3233.08px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3233.08px;left:7485.64px;white-space:nowrap">163,065</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3233.08px;left:9501.64px;white-space:nowrap">161,088</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3432.78px;left:601.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3429.57px;left:792px;white-space:nowrap">2015-CR22, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3429.57px;left:1699.19px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3429.57px;left:1894.81px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3429.57px;left:2312.55px;white-space:nowrap">3.926%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3429.57px;left:2944.11px;white-space:nowrap">3/10/48</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3429.57px;left:3543.81px;letter-spacing:51.95px;white-space:nowrap">..................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3429.57px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3429.57px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3429.57px;left:7485.64px;white-space:nowrap">174,260</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3429.57px;left:9501.64px;white-space:nowrap">167,815</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3629.26px;left:601.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3626.05px;left:792px;white-space:nowrap">2015-CR27, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3626.05px;left:1699.19px;white-space:nowrap">C, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3626.05px;left:1903.64px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3626.05px;left:2321.38px;white-space:nowrap">4.448%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3626.05px;left:2952.94px;white-space:nowrap">10/10/48</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3626.05px;left:3637.22px;letter-spacing:52.12px;white-space:nowrap">.................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3626.05px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3626.05px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3626.05px;left:7485.64px;white-space:nowrap">212,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3626.05px;left:9501.64px;white-space:nowrap">198,872</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3822.54px;left:792px;white-space:nowrap">2015-DC1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3822.54px;left:1601.38px;white-space:nowrap">AM, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3822.54px;left:1930.28px;white-space:nowrap">3.724%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3822.54px;left:2561.84px;white-space:nowrap">2/10/48</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3822.54px;left:3170.15px;letter-spacing:51.41px;white-space:nowrap">......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3822.54px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3822.54px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3822.54px;left:7485.64px;white-space:nowrap">179,970</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3822.54px;left:9501.64px;white-space:nowrap">177,121</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4022.23px;left:601.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4019.02px;left:792px;white-space:nowrap">2015-DC1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4019.02px;left:1610.2px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4019.02px;left:1805.83px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4019.02px;left:2223.56px;white-space:nowrap">4.035%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4019.02px;left:2855.13px;white-space:nowrap">2/10/48</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4019.02px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4019.02px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4019.02px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4019.02px;left:7485.64px;white-space:nowrap">447,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4019.02px;left:9501.64px;white-space:nowrap">426,413</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4218.72px;left:601.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4215.51px;left:792px;white-space:nowrap">2015-LC19, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4215.51px;left:1672.63px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4215.51px;left:1868.25px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4215.51px;left:2285.98px;white-space:nowrap">3.829%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4215.51px;left:2917.55px;white-space:nowrap">2/10/48</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4215.51px;left:3451.38px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4215.51px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4215.51px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4215.51px;left:7485.64px;white-space:nowrap">167,484</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4215.51px;left:9501.64px;white-space:nowrap">164,637</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4455.67px;left:648px;letter-spacing:-0.99px;white-space:nowrap">CSAIL
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4455.67px;left:1148.94px;white-space:nowrap">Commercial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4455.67px;left:2046.83px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4455.67px;left:2764.33px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4455.67px;left:3122.84px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4655.37px;left:601.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4652.16px;left:792px;white-space:nowrap">2015-C1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4652.16px;left:1485.83px;white-space:nowrap">AS, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4652.16px;left:1788.17px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4652.16px;left:2205.91px;white-space:nowrap">3.791%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4652.16px;left:2837.47px;white-space:nowrap">4/15/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4652.16px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4652.16px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4652.16px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4652.16px;left:7485.64px;white-space:nowrap">217,531</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4652.16px;left:9501.64px;white-space:nowrap">216,274</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4851.85px;left:601.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4848.64px;left:792px;white-space:nowrap">2015-C2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4848.64px;left:1494.66px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4848.64px;left:1690.28px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4848.64px;left:2108.02px;white-space:nowrap">4.208%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4848.64px;left:2739.58px;white-space:nowrap">6/15/57</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4848.64px;left:3356.98px;letter-spacing:51.65px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4848.64px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4848.64px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4848.64px;left:7485.64px;white-space:nowrap">174,966</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4848.64px;left:9501.64px;white-space:nowrap">169,219</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5045.13px;left:792px;white-space:nowrap">2015-C3, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5045.13px;left:1485.83px;white-space:nowrap">A4, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5045.13px;left:1770.44px;white-space:nowrap">3.718%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5045.13px;left:2402px;white-space:nowrap">8/15/48</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5045.13px;left:2983.33px;letter-spacing:51.2px;white-space:nowrap">........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5045.13px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5045.13px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5045.13px;left:7663.61px;white-space:nowrap">3,291</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5045.13px;left:9679.61px;white-space:nowrap">3,284</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5241.61px;left:792px;white-space:nowrap">2016-C5, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5241.61px;left:1485.83px;white-space:nowrap">A5, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5241.61px;left:1770.44px;white-space:nowrap">3.757%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5241.61px;left:2402px;letter-spacing:-1.48px;white-space:nowrap">11/15/48</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5241.61px;left:3076.74px;letter-spacing:51.3px;white-space:nowrap">.......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5241.61px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5241.61px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5241.61px;left:7574.63px;white-space:nowrap">63,401</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5241.61px;left:9590.63px;white-space:nowrap">63,186</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5441.3px;left:518.33px;white-space:nowrap">b,g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5438.09px;left:648px;white-space:nowrap">FHLMC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5438.09px;left:1243.55px;white-space:nowrap">Multi-family
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5438.09px;left:2096.91px;white-space:nowrap">Structured
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5438.09px;left:2879.48px;white-space:nowrap">Credit </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5438.09px;left:3350.73px;white-space:nowrap">Risk </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5438.09px;left:3703.39px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5438.09px;left:4061.91px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5634.58px;left:792px;white-space:nowrap">2021-MN1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5634.58px;left:1627.94px;white-space:nowrap">M2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5634.58px;left:1939.11px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5634.58px;left:2401.69px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5634.58px;left:2819.42px;white-space:nowrap">8.106%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5634.58px;left:3450.98px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5634.58px;left:4037.94px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5634.58px;left:4518.02px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5634.58px;left:5155.52px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5826.58px;left:792px;white-space:nowrap">3.75%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5826.58px;left:1387.86px;white-space:nowrap">1/25/51</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5826.58px;left:1955.78px;letter-spacing:50.5px;white-space:nowrap">...................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5826.58px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5826.58px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5826.58px;left:7485.64px;white-space:nowrap">235,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5826.58px;left:9501.64px;white-space:nowrap">242,606</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6023.06px;left:792px;white-space:nowrap">2021-MN3, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6023.06px;left:1627.94px;white-space:nowrap">M2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6023.06px;left:1939.11px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6023.06px;left:2401.69px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6023.06px;left:2819.42px;white-space:nowrap">8.356%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6023.06px;left:3450.98px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6023.06px;left:4037.94px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6023.06px;left:4518.02px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6023.06px;left:5155.52px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6215.06px;left:792px;white-space:nowrap">4%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6215.06px;left:1165.44px;letter-spacing:-1.48px;white-space:nowrap">11/25/51</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6215.06px;left:1862.37px;letter-spacing:50.45px;white-space:nowrap">....................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6215.06px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6215.06px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6215.06px;left:7485.64px;white-space:nowrap">797,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6215.06px;left:9501.64px;white-space:nowrap">828,643</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6414.76px;left:518.33px;white-space:nowrap">b,g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6411.55px;left:648px;letter-spacing:-1.77px;white-space:nowrap">FNMA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6411.55px;left:1136.91px;white-space:nowrap">Multi-family
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6411.55px;left:1990.27px;white-space:nowrap">Connecticut
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6411.55px;left:2870.81px;letter-spacing:-0.41px;white-space:nowrap">Avenue
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6411.55px;left:3455.03px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6411.55px;left:4199.09px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6411.55px;left:4557.61px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6608.03px;left:792px;white-space:nowrap">2019-01, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6608.03px;left:1468.09px;white-space:nowrap">M10, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6608.03px;left:1868.25px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6608.03px;left:2330.83px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6608.03px;left:2748.56px;white-space:nowrap">7.721%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6608.03px;left:3380.13px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6608.03px;left:3967.08px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6608.03px;left:4447.16px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6608.03px;left:5084.66px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6800.03px;left:792px;white-space:nowrap">3.364%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6800.03px;left:1476.84px;white-space:nowrap">10/25/49</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6800.03px;left:2142.61px;letter-spacing:50.59px;white-space:nowrap">.................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6800.03px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6800.03px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6800.03px;left:7485.64px;white-space:nowrap">456,942</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6800.03px;left:9501.64px;white-space:nowrap">464,734</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6996.52px;left:792px;white-space:nowrap">2020-01, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6996.52px;left:1468.09px;white-space:nowrap">M10, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6996.52px;left:1868.25px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6996.52px;left:2330.83px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6996.52px;left:2748.56px;white-space:nowrap">8.221%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6996.52px;left:3380.13px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6996.52px;left:3967.08px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6996.52px;left:4447.16px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6996.52px;left:5084.66px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7188.52px;left:792px;white-space:nowrap">3.864%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7188.52px;left:1476.84px;white-space:nowrap">3/25/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7188.52px;left:2049.2px;letter-spacing:50.54px;white-space:nowrap">..................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7188.52px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7188.52px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7188.52px;left:7485.64px;white-space:nowrap">607,426</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7188.52px;left:9501.64px;white-space:nowrap">619,364</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7388.21px;left:601.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7385px;left:648px;white-space:nowrap">GS </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7385px;left:923.63px;white-space:nowrap">Mortgage </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7385px;left:1644.02px;white-space:nowrap">Securities </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7385px;left:2388.08px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7385px;left:2746.59px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7584.69px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7581.48px;left:792px;white-space:nowrap">2013-GC13, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7581.48px;left:1699.27px;white-space:nowrap">AS, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7581.48px;left:2001.61px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7581.48px;left:2464.19px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7581.48px;left:2881.92px;white-space:nowrap">4.004%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7581.48px;left:3513.48px;white-space:nowrap">7/10/46</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7581.48px;left:4104.29px;letter-spacing:53.44px;white-space:nowrap">............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7581.48px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7581.48px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7581.48px;left:7485.64px;white-space:nowrap">228,433</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7581.48px;left:9501.64px;white-space:nowrap">225,670</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7777.97px;left:792px;white-space:nowrap">2014-GC24, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7777.97px;left:1708.09px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7777.97px;left:1903.72px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7777.97px;left:2321.45px;white-space:nowrap">4.527%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7777.97px;left:2953.02px;white-space:nowrap">9/10/47</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7777.97px;left:3543.81px;letter-spacing:51.95px;white-space:nowrap">..................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7777.97px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7777.97px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7777.97px;left:7485.64px;white-space:nowrap">469,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7777.97px;left:9501.64px;white-space:nowrap">453,025</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7977.66px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7974.45px;left:792px;white-space:nowrap">2014-GC24, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7974.45px;left:1708.09px;white-space:nowrap">D, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7974.45px;left:1912.55px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7974.45px;left:2375.13px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7974.45px;left:2792.86px;white-space:nowrap">4.548%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7974.45px;left:3424.42px;white-space:nowrap">9/10/47</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7974.45px;left:4010.87px;letter-spacing:53.1px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7974.45px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7974.45px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7974.45px;left:7485.64px;white-space:nowrap">221,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7974.45px;left:9501.64px;white-space:nowrap">141,716</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8174.15px;left:627.28px;white-space:nowrap">j</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8170.94px;left:792px;white-space:nowrap">2019-GC42, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8170.94px;left:1708.09px;white-space:nowrap">XA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8170.94px;left:2010.44px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8170.94px;left:2268.25px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8170.94px;left:2685.98px;white-space:nowrap">0.929%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8170.94px;left:3317.55px;white-space:nowrap">9/10/52</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8170.94px;left:3917.46px;letter-spacing:52.8px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8170.94px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8170.94px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8170.94px;left:7352.2px;white-space:nowrap">6,073,170</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8170.94px;left:9501.64px;white-space:nowrap">154,981</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8370.63px;left:601.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8367.42px;left:648px;letter-spacing:-4.12px;white-space:nowrap">J.P.
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8367.42px;left:947.45px;white-space:nowrap">Morgan </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8367.42px;left:1534.41px;white-space:nowrap">Chase </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8367.42px;left:2041.36px;white-space:nowrap">Commercial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8367.42px;left:2939.25px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8367.42px;left:3659.64px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8367.42px;left:4403.7px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8367.42px;left:4762.22px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8567.12px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8563.91px;left:792px;white-space:nowrap">2007-CB20, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8563.91px;left:1690.36px;white-space:nowrap">E, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8563.91px;left:1885.98px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8563.91px;left:2348.56px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8563.91px;left:2766.3px;white-space:nowrap">8.454%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8563.91px;left:3397.86px;white-space:nowrap">2/12/51</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8563.91px;left:4010.87px;letter-spacing:53.1px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8563.91px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8563.91px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8563.91px;left:7663.61px;white-space:nowrap">8,874</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8563.91px;left:9590.63px;white-space:nowrap">12,079</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8763.6px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8760.39px;left:792px;white-space:nowrap">2012-C6, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8760.39px;left:1494.66px;white-space:nowrap">E, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8760.39px;left:1690.28px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8760.39px;left:2152.86px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8760.39px;left:2570.59px;white-space:nowrap">5.129%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8760.39px;left:3202.16px;white-space:nowrap">5/15/45</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8760.39px;left:3824.05px;letter-spacing:52.55px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8760.39px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8760.39px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8760.39px;left:7485.64px;white-space:nowrap">163,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8760.39px;left:9501.64px;white-space:nowrap">160,257</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8956.88px;left:792px;letter-spacing:-1.08px;white-space:nowrap">2013-LC11,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8956.88px;left:1660.75px;white-space:nowrap">D, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8956.88px;left:1865.2px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8956.88px;left:2282.94px;white-space:nowrap">4.339%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8956.88px;left:2914.5px;white-space:nowrap">4/15/46</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8956.88px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8956.88px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8956.88px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8956.88px;left:7485.64px;white-space:nowrap">194,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8956.88px;left:9590.63px;white-space:nowrap">14,797</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9156.57px;left:549.48px;white-space:nowrap">b,l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9153.36px;left:792px;letter-spacing:-1.08px;white-space:nowrap">2013-LC11,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9153.36px;left:1660.75px;white-space:nowrap">E, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9153.36px;left:1856.38px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9153.36px;left:2318.95px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9153.36px;left:2736.69px;white-space:nowrap">3.25%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9153.36px;left:3279.27px;white-space:nowrap">4/15/46</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9153.36px;left:3824.05px;letter-spacing:52.55px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9153.36px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9153.36px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9153.36px;left:7485.64px;white-space:nowrap">647,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9153.36px;left:9590.63px;white-space:nowrap">22,174</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9393.53px;left:648px;white-space:nowrap">JPMBB </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9393.53px;left:1225.89px;white-space:nowrap">Commercial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9393.53px;left:2123.78px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9393.53px;left:2844.17px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9393.53px;left:3588.23px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9393.53px;left:3946.75px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9593.22px;left:523.57px;white-space:nowrap">b,k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9590.01px;left:792px;white-space:nowrap">2013-C14, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9590.01px;left:1583.64px;white-space:nowrap">D, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9590.01px;left:1788.09px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9590.01px;left:2250.67px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9590.01px;left:2668.41px;white-space:nowrap">4.172%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9590.01px;left:3299.97px;white-space:nowrap">8/15/46</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9590.01px;left:3917.46px;letter-spacing:52.8px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9590.01px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9590.01px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9590.01px;left:7485.64px;white-space:nowrap">228,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9590.01px;left:9501.64px;white-space:nowrap">178,509</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9789.7px;left:523.57px;white-space:nowrap">b,k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9786.49px;left:792px;white-space:nowrap">2013-C14, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9786.49px;left:1583.64px;letter-spacing:-5.91px;white-space:nowrap">F,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9786.49px;left:1752.55px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9786.49px;left:2215.13px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9786.49px;left:2632.86px;white-space:nowrap">3.598%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9786.49px;left:3264.42px;white-space:nowrap">8/15/46</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9786.49px;left:3824.05px;letter-spacing:52.55px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9786.49px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9786.49px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9786.49px;left:7352.2px;white-space:nowrap">1,500,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9786.49px;left:9501.64px;white-space:nowrap">127,827</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9986.19px;left:523.57px;white-space:nowrap">b,k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9982.98px;left:792px;white-space:nowrap">2014-C18, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9982.98px;left:1583.64px;white-space:nowrap">D, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9982.98px;left:1788.09px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9982.98px;left:2250.67px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9982.98px;left:2668.41px;white-space:nowrap">4.654%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9982.98px;left:3299.97px;white-space:nowrap">2/15/47</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9982.98px;left:3917.46px;letter-spacing:52.8px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9982.98px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9982.98px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9982.98px;left:7485.64px;white-space:nowrap">232,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9982.98px;left:9501.64px;white-space:nowrap">209,960</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10182.67px;left:601.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10179.46px;left:792px;white-space:nowrap">2014-C23, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10179.46px;left:1583.64px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10179.46px;left:1779.27px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10179.46px;left:2197px;white-space:nowrap">4.688%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10179.46px;left:2828.56px;white-space:nowrap">9/15/47</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10179.46px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10179.46px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10179.46px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10179.46px;left:7485.64px;white-space:nowrap">174,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10179.46px;left:9501.64px;white-space:nowrap">168,989</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10379.16px;left:601.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10375.95px;left:792px;white-space:nowrap">2014-C23, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10375.95px;left:1583.64px;white-space:nowrap">C, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10375.95px;left:1788.09px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10375.95px;left:2205.83px;white-space:nowrap">4.688%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10375.95px;left:2837.39px;white-space:nowrap">9/15/47</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10375.95px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10375.95px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10375.95px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10375.95px;left:7485.64px;white-space:nowrap">201,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10375.95px;left:9501.64px;white-space:nowrap">193,167</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10575.64px;left:523.57px;white-space:nowrap">b,k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10572.43px;left:792px;white-space:nowrap">2014-C23, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10572.43px;left:1583.64px;white-space:nowrap">D, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10572.43px;left:1788.09px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10572.43px;left:2250.67px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10572.43px;left:2668.41px;white-space:nowrap">4.188%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10572.43px;left:3299.97px;white-space:nowrap">9/15/47</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10572.43px;left:3917.46px;letter-spacing:52.8px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10572.43px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10572.43px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10572.43px;left:7485.64px;white-space:nowrap">100,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10572.43px;left:9590.63px;white-space:nowrap">90,984</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10768.92px;left:792px;white-space:nowrap">2016-C1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10768.92px;left:1485.83px;white-space:nowrap">A5, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10768.92px;left:1770.44px;white-space:nowrap">3.576%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10768.92px;left:2402px;white-space:nowrap">3/17/49</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10768.92px;left:2983.33px;letter-spacing:51.2px;white-space:nowrap">........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10768.92px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10768.92px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10768.92px;left:7485.64px;white-space:nowrap">132,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10768.92px;left:9501.64px;white-space:nowrap">131,504</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10968.61px;left:601.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10965.4px;left:648px;white-space:nowrap">JPMDB </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10965.4px;left:1234.72px;white-space:nowrap">Commercial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10965.4px;left:2132.61px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10965.4px;left:2853px;white-space:nowrap">Securities </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10965.4px;left:3597.06px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10965.4px;left:3955.58px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10965.4px;left:4044.48px;white-space:nowrap">2018-C8</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10965.4px;left:4658.23px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10965.4px;left:4747.14px;white-space:nowrap">C</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10965.4px;left:4862.69px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10965.4px;left:4951.59px;white-space:nowrap">FRN</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10965.4px;left:5280.42px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11157.4px;left:792px;white-space:nowrap">4.914</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11157.4px;left:1192.39px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11157.4px;left:1334.66px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11157.4px;left:1423.56px;white-space:nowrap">6/15/51</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11157.4px;left:1957.39px;letter-spacing:50.5px;white-space:nowrap">...................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11157.4px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11157.4px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11157.4px;left:7485.64px;white-space:nowrap">190,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11157.4px;left:9501.64px;white-space:nowrap">171,418</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11357.1px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11353.88px;left:648px;letter-spacing:-1.98px;white-space:nowrap">LSTAR
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11353.88px;left:1196.28px;white-space:nowrap">Commercial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11353.88px;left:2094.17px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11353.88px;left:2811.67px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11353.88px;left:3170.19px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11353.88px;left:3259.09px;white-space:nowrap">2017-5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11353.88px;left:3757.3px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11353.88px;left:3837.38px;white-space:nowrap">A5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11353.88px;left:4033.08px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11353.88px;left:4121.98px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11353.88px;left:4584.56px;white-space:nowrap">3.549</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11353.88px;left:4984.95px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11353.88px;left:5127.22px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11545.88px;left:792px;white-space:nowrap">3/10/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11545.88px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11545.88px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11545.88px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11545.88px;left:7485.64px;white-space:nowrap">400,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11545.88px;left:9501.64px;white-space:nowrap">393,073</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11786.05px;left:648px;white-space:nowrap">Morgan </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11786.05px;left:1234.95px;white-space:nowrap">Stanley
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11786.05px;left:1813.08px;white-space:nowrap">Bank </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11786.05px;left:2222.22px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11786.05px;left:2391.28px;white-space:nowrap">America
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11786.05px;left:3022.53px;white-space:nowrap">Merrill
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11786.05px;left:3502.45px;letter-spacing:-0.99px;white-space:nowrap">Lynch
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11786.05px;left:3965.03px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11786.05px;left:4323.55px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11985.75px;left:601.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11982.54px;left:792px;white-space:nowrap">2013-C10, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11982.54px;left:1583.64px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11982.54px;left:1779.27px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11982.54px;left:2197px;white-space:nowrap">4.085%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11982.54px;left:2828.56px;white-space:nowrap">7/15/46</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11982.54px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11982.54px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11982.54px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11982.54px;left:7485.64px;white-space:nowrap">299,766</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11982.54px;left:9501.64px;white-space:nowrap">284,330</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:1161.0px;width:891.0px;transform-origin:top left;transform:scale(1.5,1.5)">

<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:10.29px;white-space:nowrap">Master
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1341.44px;letter-spacing:10.34px;white-space:nowrap">Intermediate
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2500.95px;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:3143.94px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:0px;letter-spacing:10.67px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:858.7px;letter-spacing:8px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:1113.45px;letter-spacing:10.91px;white-space:nowrap">Investments</div></div>
</div>

<div style="height:41.15px;left:0px;position:absolute;top:0px;transform:translate(36.000px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:702px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">
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<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.16px;left:0px;position:absolute;top:0px;transform:translate(405.000px,743.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:254.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
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<div style="height:30.71px;left:0px;position:absolute;top:0px;transform:translate(80.389px,738.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:458.22px">

<div style="width:9164.39px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(911.718px,64.999px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:994.69px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:1257.27px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2139.84px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2497.34px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2723.44px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2905.86px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3372.66px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3635.23px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3781.17px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4138.67px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4656.56px;white-space:nowrap">statements.</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(36.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:36.48px;white-space:nowrap">26</div></div>
</div>

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

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</div>

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AAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSepwEAAAC/aa11zczrtIOS0AAAAHBffzNznUZQeuy9TxsAAACAr/hoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAIDM8zQAAADgN6213jNznXZQEhoAAADu6zMzr9MISo+992kDAAAA8BUfDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyz9MAAACA37TWes/MddpBSWgAAAC4r8/MvE4jKD323qcNAAAAwFd8NAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AABtkHyoAAAENSURBVABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMkIDAAAAkBEaAAAAgIzQAAAAAGSEBgAAACAjNAAAAAAZoQEAAADICA0AAABARmgAAAAAMv/nj0nQXM091AAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:615.52px;left:0px;position:absolute;top:0px;transform:translate(36.000px,116.278px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12258px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.62px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:648px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:6010.72px;white-space:nowrap">Country</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:21.02px;left:7388.22px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:7423.4px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:216.23px;left:8027.7px;white-space:nowrap">*</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:8451.51px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:6612.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:8052.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:8484.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:648px;white-space:nowrap">Commercial
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:1848.49px;white-space:nowrap">Mortgage-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:3582.18px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:547.74px;left:4593.8px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:648px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:1385.97px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:787.91px;left:2088.78px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:648px;white-space:nowrap">Morgan </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:1234.95px;white-space:nowrap">Stanley </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:1813.08px;white-space:nowrap">Bank </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:2222.22px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:2391.28px;white-space:nowrap">America </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:3022.53px;white-space:nowrap">Merrill </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:3502.45px;letter-spacing:-0.99px;white-space:nowrap">Lynch
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:3965.03px;letter-spacing:-0.59px;white-space:nowrap">Trust,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1028.07px;left:4412.45px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1227.77px;left:523.57px;white-space:nowrap">b,k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:792px;white-space:nowrap">2013-C10, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:1583.64px;white-space:nowrap">D, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:1788.09px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:2250.67px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:2668.41px;white-space:nowrap">4.085%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:3299.97px;white-space:nowrap">7/15/46</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:3917.46px;letter-spacing:52.8px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:7485.64px;white-space:nowrap">350,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:9412.66px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:9501.64px;white-space:nowrap">289,327</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1424.25px;left:523.57px;white-space:nowrap">b,k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:792px;white-space:nowrap">2013-C10, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:1583.64px;letter-spacing:-5.91px;white-space:nowrap">F,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:1752.55px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:2215.12px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:2632.86px;white-space:nowrap">4.085%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:3264.42px;white-space:nowrap">7/15/46</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:3824.05px;letter-spacing:52.55px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:7485.64px;white-space:nowrap">975,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:9501.64px;white-space:nowrap">101,218</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1620.74px;left:523.57px;white-space:nowrap">b,k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:792px;white-space:nowrap">2013-C12, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:1583.64px;white-space:nowrap">D, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:1788.09px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:2250.67px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:2668.41px;white-space:nowrap">4.859%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:3299.97px;white-space:nowrap">10/15/46</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:4010.87px;letter-spacing:53.1px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:7485.64px;white-space:nowrap">189,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1617.53px;left:9501.64px;white-space:nowrap">176,726</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1817.22px;left:523.57px;white-space:nowrap">b,k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1814.01px;left:792px;white-space:nowrap">2013-C9, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1814.01px;left:1494.66px;white-space:nowrap">D, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1814.01px;left:1699.11px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1814.01px;left:2161.69px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1814.01px;left:2579.42px;white-space:nowrap">3.924%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1814.01px;left:3210.98px;white-space:nowrap">5/15/46</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1814.01px;left:3824.05px;letter-spacing:52.55px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1814.01px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1814.01px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1814.01px;left:7485.64px;white-space:nowrap">196,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1814.01px;left:9501.64px;white-space:nowrap">179,503</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2010.5px;left:792px;white-space:nowrap">2014-C19, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2010.5px;left:1583.64px;white-space:nowrap">C, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2010.5px;left:1788.09px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2010.5px;left:2108.25px;white-space:nowrap">12/15/47</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2010.5px;left:2796.5px;letter-spacing:51.03px;white-space:nowrap">..........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2010.5px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2010.5px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2010.5px;left:7574.63px;white-space:nowrap">67,610</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2010.5px;left:9590.63px;white-space:nowrap">65,537</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2210.19px;left:601.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2206.98px;left:792px;white-space:nowrap">2015-C22, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2206.98px;left:1583.64px;white-space:nowrap">C, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2206.98px;left:1788.09px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2206.98px;left:2205.83px;letter-spacing:-1.48px;white-space:nowrap">4.113%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2206.98px;left:2825.52px;white-space:nowrap">4/15/48</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2206.98px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2206.98px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2206.98px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2206.98px;left:7485.64px;white-space:nowrap">575,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2206.98px;left:9501.64px;white-space:nowrap">509,456</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2406.68px;left:601.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2403.46px;left:792px;white-space:nowrap">2015-C25, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2403.46px;left:1583.64px;white-space:nowrap">C, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2403.46px;left:1788.09px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2403.46px;left:2205.83px;white-space:nowrap">4.581%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2403.46px;left:2837.39px;white-space:nowrap">10/15/48</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2403.46px;left:3543.81px;letter-spacing:51.95px;white-space:nowrap">..................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2403.46px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2403.46px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2403.46px;left:7485.64px;white-space:nowrap">124,347</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2403.46px;left:9501.64px;white-space:nowrap">122,839</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2603.16px;left:601.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2599.95px;left:648px;white-space:nowrap">Morgan </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2599.95px;left:1234.95px;white-space:nowrap">Stanley </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2599.95px;left:1813.08px;white-space:nowrap">Capital </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2599.95px;left:2355.58px;white-space:nowrap">I </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2599.95px;left:2441.59px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2599.95px;left:2800.11px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2796.43px;left:792px;letter-spacing:-1.08px;white-space:nowrap">2016-UB11,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2796.43px;left:1678.48px;white-space:nowrap">C, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2796.43px;left:1882.94px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2796.43px;left:2300.67px;white-space:nowrap">3.691%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2796.43px;left:2932.23px;white-space:nowrap">8/15/49</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2796.43px;left:3543.81px;letter-spacing:51.95px;white-space:nowrap">..................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2796.43px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2796.43px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2796.43px;left:7485.64px;white-space:nowrap">286,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2796.43px;left:9501.64px;white-space:nowrap">279,242</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2992.92px;left:792px;white-space:nowrap">2018-H3, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2992.92px;left:1494.66px;white-space:nowrap">C, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2992.92px;left:1699.11px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2992.92px;left:2116.84px;white-space:nowrap">4.995%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2992.92px;left:2748.41px;white-space:nowrap">7/15/51</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2992.92px;left:3356.98px;letter-spacing:51.65px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2992.92px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2992.92px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2992.92px;left:7485.64px;white-space:nowrap">199,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2992.92px;left:9501.64px;white-space:nowrap">185,393</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3189.4px;left:648px;white-space:nowrap">SG </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3189.4px;left:923.62px;white-space:nowrap">Commercial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3189.4px;left:1821.52px;white-space:nowrap">Mortgage </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3189.4px;left:2541.91px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3189.4px;left:3285.97px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3189.4px;left:3644.48px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3189.4px;left:3733.39px;white-space:nowrap">2016-C5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3189.4px;left:4347.14px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3189.4px;left:4427.22px;white-space:nowrap">A4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3189.4px;left:4622.92px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3189.4px;left:4711.83px;white-space:nowrap">3.055</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3189.4px;left:5112.22px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3189.4px;left:5254.48px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3381.4px;left:792px;white-space:nowrap">10/10/48</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3381.4px;left:1488.72px;letter-spacing:50.3px;white-space:nowrap">........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3381.4px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3381.4px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3381.4px;left:7485.64px;white-space:nowrap">458,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3381.4px;left:9501.64px;white-space:nowrap">451,142</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3581.1px;left:549.48px;white-space:nowrap">b,l</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3577.89px;left:648px;letter-spacing:-1.77px;white-space:nowrap">TIAA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3577.89px;left:1039.25px;white-space:nowrap">Real </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3577.89px;left:1412.77px;white-space:nowrap">Estate </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3577.89px;left:1910.81px;white-space:nowrap">CDO </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3577.89px;left:2310.81px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3577.89px;left:2577.69px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3577.89px;left:2666.59px;white-space:nowrap">2003-1A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3577.89px;left:3271.52px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3577.89px;left:3360.42px;white-space:nowrap">E</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3577.89px;left:3467.14px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3577.89px;left:3556.05px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3577.89px;left:4018.62px;white-space:nowrap">8</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3577.89px;left:4107.61px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3577.89px;left:4249.88px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3577.89px;left:4338.78px;white-space:nowrap">12/28/38</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3577.89px;left:5038.42px;letter-spacing:75.86px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3577.89px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3577.89px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3577.89px;left:7485.64px;white-space:nowrap">558,952</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3577.89px;left:9902.03px;white-space:nowrap">53</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3777.58px;left:601.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3774.37px;left:648px;white-space:nowrap">UBS </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3774.37px;left:1021.44px;white-space:nowrap">Commercial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3774.37px;left:1919.33px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3774.37px;left:2636.83px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3774.37px;left:2995.34px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3774.37px;left:3084.25px;white-space:nowrap">2017-C3</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3774.37px;left:3698px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3774.37px;left:3786.91px;white-space:nowrap">C</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3774.37px;left:3902.45px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3774.37px;left:3991.36px;white-space:nowrap">FRN</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3774.37px;left:4320.19px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3774.37px;left:4409.09px;white-space:nowrap">4.502</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3774.37px;left:4809.48px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3774.37px;left:4951.75px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3966.37px;left:792px;white-space:nowrap">8/15/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3966.37px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3966.37px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3966.37px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3966.37px;left:7485.64px;white-space:nowrap">247,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3966.37px;left:9501.64px;white-space:nowrap">229,689</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4206.54px;left:648px;letter-spacing:-0.48px;white-space:nowrap">Wells
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4206.54px;left:1080.66px;white-space:nowrap">Fargo </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4206.54px;left:1543.08px;white-space:nowrap">Commercial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4206.54px;left:2440.97px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4206.54px;left:3158.47px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4206.54px;left:3516.98px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4406.23px;left:523.57px;white-space:nowrap">b,k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4403.02px;left:792px;white-space:nowrap">2013-LC12, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4403.02px;left:1672.62px;white-space:nowrap">D, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4403.02px;left:1877.08px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4403.02px;left:2339.66px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4403.02px;left:2757.39px;white-space:nowrap">3.913%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4403.02px;left:3388.95px;white-space:nowrap">7/15/46</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4403.02px;left:4010.87px;letter-spacing:53.1px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4403.02px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4403.02px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4403.02px;left:7485.64px;white-space:nowrap">188,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4403.02px;left:9501.64px;white-space:nowrap">108,100</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4602.72px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4599.51px;left:792px;white-space:nowrap">2014-LC16, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4599.51px;left:1672.62px;white-space:nowrap">D, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4599.51px;left:1877.08px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4599.51px;left:2339.66px;white-space:nowrap">3.938%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4599.51px;left:2971.22px;white-space:nowrap">8/15/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4599.51px;left:3543.81px;letter-spacing:51.95px;white-space:nowrap">..................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4599.51px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4599.51px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4599.51px;left:7485.64px;white-space:nowrap">265,449</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4599.51px;left:9590.63px;white-space:nowrap">32,109</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4795.99px;left:792px;white-space:nowrap">2015-C31, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4795.99px;left:1574.81px;white-space:nowrap">A4, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4795.99px;left:1859.42px;white-space:nowrap">3.695%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4795.99px;left:2490.98px;letter-spacing:-1.48px;white-space:nowrap">11/15/48</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4795.99px;left:3170.15px;letter-spacing:51.41px;white-space:nowrap">......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4795.99px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4795.99px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4795.99px;left:7485.64px;white-space:nowrap">127,790</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4795.99px;left:9501.64px;white-space:nowrap">127,533</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4992.47px;left:792px;white-space:nowrap">2015-C31, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4992.47px;left:1583.64px;white-space:nowrap">D, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4992.47px;left:1788.09px;white-space:nowrap">3.852%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4992.47px;left:2419.66px;letter-spacing:-1.48px;white-space:nowrap">11/15/48</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4992.47px;left:3076.74px;letter-spacing:51.3px;white-space:nowrap">.......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4992.47px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4992.47px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4992.47px;left:7485.64px;white-space:nowrap">121,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4992.47px;left:9501.64px;white-space:nowrap">104,575</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5192.17px;left:601.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5188.96px;left:792px;white-space:nowrap">2015-SG1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5188.96px;left:1610.28px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5188.96px;left:1805.91px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5188.96px;left:2223.64px;white-space:nowrap">4.393%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5188.96px;left:2855.2px;white-space:nowrap">9/15/48</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5188.96px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5188.96px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5188.96px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5188.96px;left:7485.64px;white-space:nowrap">159,873</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5188.96px;left:9501.64px;white-space:nowrap">156,534</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5388.65px;left:601.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5385.44px;left:792px;white-space:nowrap">2016-NXS5, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5385.44px;left:1708.09px;white-space:nowrap">D, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5385.44px;left:1912.55px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5385.44px;left:2330.28px;letter-spacing:-1.48px;white-space:nowrap">5.118%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5385.44px;left:2949.97px;white-space:nowrap">1/15/59</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5385.44px;left:3543.81px;letter-spacing:51.95px;white-space:nowrap">..................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5385.44px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5385.44px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5385.44px;left:7485.64px;white-space:nowrap">216,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5385.44px;left:9501.64px;white-space:nowrap">195,569</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5585.14px;left:554.72px;white-space:nowrap">j,k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5581.93px;left:792px;white-space:nowrap">2019-C52, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5581.93px;left:1583.64px;white-space:nowrap">XA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5581.93px;left:1885.98px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5581.93px;left:2143.8px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5581.93px;left:2561.53px;white-space:nowrap">1.71%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5581.93px;left:3104.11px;white-space:nowrap">8/15/52</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5581.93px;left:3637.94px;letter-spacing:52.12px;white-space:nowrap">.................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5581.93px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5581.93px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5581.93px;left:7352.2px;white-space:nowrap">3,188,219</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5581.93px;left:9501.64px;white-space:nowrap">150,019</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5781.62px;left:554.72px;white-space:nowrap">j,k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5778.41px;left:792px;white-space:nowrap">2024-5C1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5778.41px;left:1583.64px;white-space:nowrap">XA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5778.41px;left:1885.98px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5778.41px;left:2143.8px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5778.41px;left:2561.53px;white-space:nowrap">1.257%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5778.41px;left:3193.09px;white-space:nowrap">7/15/57</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5778.41px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5778.41px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5778.41px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5778.41px;left:7352.2px;white-space:nowrap">6,109,828</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5778.41px;left:9501.64px;white-space:nowrap">208,442</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5978.11px;left:601.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5974.9px;left:648px;white-space:nowrap">WFRBS </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5974.9px;left:1270.19px;white-space:nowrap">Commercial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5974.9px;left:2168.08px;white-space:nowrap">Mortgage </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5974.9px;left:2885.58px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5974.9px;left:3244.09px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6174.59px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6171.38px;left:792px;white-space:nowrap">2013-C15, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6171.38px;left:1583.64px;white-space:nowrap">D, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6171.38px;left:1788.09px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6171.38px;left:2250.67px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6171.38px;left:2668.41px;white-space:nowrap">4.284%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6171.38px;left:3299.97px;white-space:nowrap">8/15/46</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6171.38px;left:3917.46px;letter-spacing:52.8px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6171.38px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6171.38px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6171.38px;left:7485.64px;white-space:nowrap">235,831</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6171.38px;left:9501.64px;white-space:nowrap">135,603</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6367.87px;left:792px;white-space:nowrap">2014-C21, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6367.87px;left:1583.64px;white-space:nowrap">C, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6367.87px;left:1788.09px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6367.87px;left:2205.83px;white-space:nowrap">4.234%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6367.87px;left:2837.39px;white-space:nowrap">8/15/47</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6367.87px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6367.87px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6367.87px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6367.87px;left:7485.64px;white-space:nowrap">177,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6367.87px;left:9501.64px;white-space:nowrap">166,225</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6564.35px;left:792px;white-space:nowrap">2014-C23, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6564.35px;left:1583.64px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6564.35px;left:1779.27px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6564.35px;left:2197px;white-space:nowrap">4.44%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6564.35px;left:2739.58px;white-space:nowrap">10/15/57</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6564.35px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6564.35px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6564.35px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6564.35px;left:7485.64px;white-space:nowrap">125,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6564.35px;left:9501.64px;white-space:nowrap">121,351</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6891.8px;left:9279.22px;white-space:nowrap">16,663,602</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:7106.08px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:7106.08px;left:648px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:7106.08px;left:6618.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:7106.08px;left:8058.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:7106.08px;left:8490.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:7106.08px;left:10074.44px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7170.81px;left:648px;letter-spacing:-2.47px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7170.81px;left:1166.46px;white-space:nowrap">Commercial
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7170.81px;left:2366.95px;white-space:nowrap">Mortgage-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7170.81px;left:4100.64px;white-space:nowrap">Securities</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7170.81px;left:5112.26px;white-space:nowrap">(Cost
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7170.81px;left:5678.86px;white-space:nowrap">$18,929,639)</div>

<div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:7170.81px;left:6921.98px;letter-spacing:53.36px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7204.68px;left:9279.22px;white-space:nowrap">16,663,602</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7585.54px;left:648px;white-space:nowrap">Mortgage-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7585.54px;left:2381.69px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7585.54px;left:3393.31px;white-space:nowrap">19.1%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7859.57px;left:648px;white-space:nowrap">Federal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7859.57px;left:1261.59px;white-space:nowrap">National
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7859.57px;left:1937.22px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7859.57px;left:2695.73px;white-space:nowrap">Association
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7859.57px;left:3647.06px;white-space:nowrap">(FNMA)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7859.57px;left:4260.19px;white-space:nowrap">Fixed
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7859.57px;left:4722.53px;white-space:nowrap">Rate
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7859.57px;left:5113.78px;white-space:nowrap">13.6%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8056.06px;left:648px;white-space:nowrap">FNMA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8056.06px;left:1190.19px;white-space:nowrap">30 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8056.06px;left:1409.72px;letter-spacing:-3.92px;white-space:nowrap">Year,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8056.06px;left:1813.08px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8056.06px;left:2133.23px;white-space:nowrap">1/01/49 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8056.06px;left:2711.52px;white-space:nowrap">- </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8056.06px;left:2809.25px;white-space:nowrap">8/01/49</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8056.06px;left:3356.98px;letter-spacing:51.65px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8056.06px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8056.06px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8056.06px;left:7574.63px;white-space:nowrap">45,046</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8056.06px;left:9590.63px;white-space:nowrap">45,462</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8255.75px;left:570.3px;white-space:nowrap">m</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8252.54px;left:648px;white-space:nowrap">Uniform </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8252.54px;left:1252.53px;white-space:nowrap">Mortgage-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8252.54px;left:2559.87px;white-space:nowrap">Securities,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8252.54px;left:3351.28px;white-space:nowrap">2.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8252.54px;left:3801.98px;white-space:nowrap">TBA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8252.54px;left:4202.06px;white-space:nowrap">10/25/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8252.54px;left:4851.59px;letter-spacing:62.41px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8252.54px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8252.54px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8252.54px;left:7352.2px;white-space:nowrap">2,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8252.54px;left:9368.2px;white-space:nowrap">1,685,304</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8452.24px;left:570.3px;white-space:nowrap">m</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8449.03px;left:648px;white-space:nowrap">Uniform </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8449.03px;left:1252.53px;white-space:nowrap">Mortgage-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8449.03px;left:2559.87px;white-space:nowrap">Securities,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8449.03px;left:3351.28px;white-space:nowrap">3%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8449.03px;left:3668.55px;white-space:nowrap">TBA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8449.03px;left:4068.62px;white-space:nowrap">10/25/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8449.03px;left:4758.18px;letter-spacing:59.72px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8449.03px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8449.03px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8449.03px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8449.03px;left:9501.64px;white-space:nowrap">878,514</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8648.72px;left:570.3px;white-space:nowrap">m</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8645.51px;left:648px;white-space:nowrap">Uniform </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8645.51px;left:1252.53px;white-space:nowrap">Mortgage-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8645.51px;left:2559.87px;white-space:nowrap">Securities,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8645.51px;left:3351.28px;white-space:nowrap">3.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8645.51px;left:3801.98px;white-space:nowrap">TBA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8645.51px;left:4202.06px;white-space:nowrap">10/25/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8645.51px;left:4851.59px;letter-spacing:62.41px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8645.51px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8645.51px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8645.51px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8645.51px;left:9501.64px;white-space:nowrap">913,756</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8845.21px;left:570.3px;white-space:nowrap">m</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8842px;left:648px;white-space:nowrap">Uniform </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8842px;left:1252.53px;white-space:nowrap">Mortgage-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8842px;left:2559.87px;white-space:nowrap">Securities,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8842px;left:3351.28px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8842px;left:3668.55px;white-space:nowrap">TBA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8842px;left:4068.62px;white-space:nowrap">10/25/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8842px;left:4758.18px;letter-spacing:59.72px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8842px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8842px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8842px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8842px;left:9501.64px;white-space:nowrap">991,891</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9041.69px;left:570.3px;white-space:nowrap">m</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9038.48px;left:648px;white-space:nowrap">Uniform </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9038.48px;left:1252.53px;white-space:nowrap">Mortgage-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9038.48px;left:2559.87px;white-space:nowrap">Securities,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9038.48px;left:3351.28px;white-space:nowrap">5.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9038.48px;left:3801.98px;white-space:nowrap">TBA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9038.48px;left:4202.06px;white-space:nowrap">10/25/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9038.48px;left:4851.59px;letter-spacing:62.41px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9038.48px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9038.48px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9038.48px;left:7263.22px;white-space:nowrap">12,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9038.48px;left:9279.22px;white-space:nowrap">12,100,731</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9238.18px;left:570.3px;white-space:nowrap">m</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9234.96px;left:648px;white-space:nowrap">Uniform </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9234.96px;left:1252.53px;white-space:nowrap">Mortgage-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9234.96px;left:2559.87px;white-space:nowrap">Securities,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9234.96px;left:3351.28px;white-space:nowrap">6%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9234.96px;left:3668.55px;white-space:nowrap">TBA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9234.96px;left:4068.62px;white-space:nowrap">10/25/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9234.96px;left:4758.18px;letter-spacing:59.72px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9234.96px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9234.96px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9234.96px;left:7352.2px;white-space:nowrap">6,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9234.96px;left:9368.2px;white-space:nowrap">6,137,419</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9518.73px;left:9279.22px;white-space:nowrap">22,753,077</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9846.18px;left:648px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9846.18px;left:1634.87px;white-space:nowrap">National
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9846.18px;left:2310.5px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9846.18px;left:3069.02px;white-space:nowrap">Association
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9846.18px;left:4020.34px;white-space:nowrap">(GNMA)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9846.18px;left:4660.19px;white-space:nowrap">Fixed
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9846.18px;left:5122.53px;white-space:nowrap">Rate
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9846.18px;left:5513.78px;white-space:nowrap">5.5%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10042.66px;left:648px;letter-spacing:-1.77px;white-space:nowrap">GNMA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10042.66px;left:1163.62px;white-space:nowrap">II, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10042.66px;left:1341.44px;letter-spacing:-0.79px;white-space:nowrap">Single-family,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10042.66px;left:2334.33px;white-space:nowrap">30 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10042.66px;left:2553.86px;letter-spacing:-3.92px;white-space:nowrap">Year,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10042.66px;left:2957.22px;white-space:nowrap">3.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10042.66px;left:3410.81px;white-space:nowrap">10/20/49
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10042.66px;left:4078.08px;white-space:nowrap">- </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10042.66px;left:4175.81px;white-space:nowrap">3/20/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10042.66px;left:4758.18px;letter-spacing:59.72px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10042.66px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10042.66px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10042.66px;left:7485.64px;white-space:nowrap">206,350</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10042.66px;left:9501.64px;white-space:nowrap">186,344</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10239.14px;left:648px;letter-spacing:-1.77px;white-space:nowrap">GNMA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10239.14px;left:1163.62px;white-space:nowrap">II, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10239.14px;left:1341.44px;letter-spacing:-0.79px;white-space:nowrap">Single-family,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10239.14px;left:2334.33px;white-space:nowrap">30 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10239.14px;left:2553.86px;letter-spacing:-3.92px;white-space:nowrap">Year,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10239.14px;left:2957.22px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10239.14px;left:3277.37px;white-space:nowrap">5/20/49</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10239.14px;left:3824.05px;letter-spacing:52.55px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10239.14px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10239.14px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10239.14px;left:7574.63px;white-space:nowrap">40,194</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10239.14px;left:9590.63px;white-space:nowrap">40,356</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10438.84px;left:570.3px;white-space:nowrap">m</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10435.63px;left:648px;letter-spacing:-1.77px;white-space:nowrap">GNMA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10435.63px;left:1163.62px;white-space:nowrap">II, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10435.63px;left:1341.44px;letter-spacing:-0.79px;white-space:nowrap">Single-family,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10435.63px;left:2334.33px;white-space:nowrap">30 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10435.63px;left:2553.86px;letter-spacing:-3.92px;white-space:nowrap">Year,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10435.63px;left:2957.22px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10435.63px;left:3277.37px;white-space:nowrap">10/15/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10435.63px;left:3917.46px;letter-spacing:52.8px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10435.63px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10435.63px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10435.63px;left:7352.2px;white-space:nowrap">4,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10435.63px;left:9368.2px;white-space:nowrap">3,979,414</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10632.11px;left:648px;letter-spacing:-1.77px;white-space:nowrap">GNMA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10632.11px;left:1163.62px;white-space:nowrap">II, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10632.11px;left:1341.44px;letter-spacing:-0.79px;white-space:nowrap">Single-family,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10632.11px;left:2334.33px;white-space:nowrap">30 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10632.11px;left:2553.86px;letter-spacing:-3.92px;white-space:nowrap">Year,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10632.11px;left:2957.22px;white-space:nowrap">5.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10632.11px;left:3410.81px;white-space:nowrap">5/20/49</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10632.11px;left:4010.87px;letter-spacing:53.1px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10632.11px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10632.11px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10632.11px;left:7574.63px;white-space:nowrap">16,893</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10632.11px;left:9590.63px;white-space:nowrap">17,278</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10831.81px;left:570.3px;white-space:nowrap">m</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10828.6px;left:648px;letter-spacing:-1.77px;white-space:nowrap">GNMA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10828.6px;left:1163.62px;white-space:nowrap">II, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10828.6px;left:1341.44px;letter-spacing:-0.79px;white-space:nowrap">Single-family,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10828.6px;left:2334.33px;white-space:nowrap">30 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10828.6px;left:2553.86px;letter-spacing:-3.92px;white-space:nowrap">Year,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10828.6px;left:2957.22px;white-space:nowrap">5.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10828.6px;left:3410.81px;white-space:nowrap">10/15/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10828.6px;left:4104.29px;letter-spacing:53.44px;white-space:nowrap">............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10828.6px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10828.6px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10828.6px;left:7352.2px;white-space:nowrap">5,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10828.6px;left:9368.2px;white-space:nowrap">5,037,993</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11112.36px;left:9368.2px;white-space:nowrap">9,261,385</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:11391.38px;left:648px;letter-spacing:-2.47px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:11391.38px;left:1166.46px;white-space:nowrap">Mortgage-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:11391.38px;left:2900.15px;white-space:nowrap">Securities</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:11391.38px;left:3911.77px;white-space:nowrap">(Cost
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:11391.38px;left:4478.37px;white-space:nowrap">$32,145,788)</div>

<div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:11391.38px;left:5667.19px;letter-spacing:51.35px;white-space:nowrap">..........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11425.25px;left:9279.22px;white-space:nowrap">32,014,462</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:1161.0px;width:891.0px;transform-origin:top left;transform:scale(1.5,1.5)">

<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:6453.14px;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:7127.45px;letter-spacing:10.29px;white-space:nowrap">Master
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7794.58px;letter-spacing:10.34px;white-space:nowrap">Intermediate
</div>

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:7913.58px;letter-spacing:10.67px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8772.28px;letter-spacing:8px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:9027.03px;letter-spacing:10.91px;white-space:nowrap">Investments</div></div>
</div>

<div style="height:40.61px;left:0px;position:absolute;top:0px;transform:translate(53.999px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:691.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">
</div> </div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(54.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3857.28px;white-space:nowrap">The
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4119.86px;white-space:nowrap">accompanying
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5002.43px;white-space:nowrap">notes
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5359.93px;white-space:nowrap">are
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5586.03px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5768.45px;white-space:nowrap">integral
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6235.25px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6497.83px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6643.76px;white-space:nowrap">these
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7519.15px;white-space:nowrap">statements.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8353.45px;white-space:nowrap">Annual
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8798.45px;white-space:nowrap">Report</div></div>
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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12268.8px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.62px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:648px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:6010.72px;white-space:nowrap">Country</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:21.02px;left:7388.22px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:7423.4px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:216.23px;left:8027.7px;white-space:nowrap">*</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:8451.51px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:6612.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:8052.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:8484.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:648px;white-space:nowrap">Residential
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:1770.56px;white-space:nowrap">Mortgage-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:3504.25px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:4515.87px;white-space:nowrap">9.9%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:648px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:1385.97px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:2088.78px;white-space:nowrap">9.9%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:987.6px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:648px;white-space:nowrap">A&amp;D </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1021.44px;white-space:nowrap">Mortgage </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1738.94px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2097.45px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2186.36px;white-space:nowrap">2024-NQM1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3057.84px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3137.92px;white-space:nowrap">A1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3333.63px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3422.53px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3885.11px;white-space:nowrap">6.195</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4285.5px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4427.77px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4516.67px;white-space:nowrap">2/25/69</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:5131.83px;letter-spacing:102.76px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:7485.64px;white-space:nowrap">550,995</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:9412.66px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:9501.64px;white-space:nowrap">556,727</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:648px;white-space:nowrap">Alternative </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:1448.39px;white-space:nowrap">Loan </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:1845.89px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1224.56px;left:2204.41px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1424.25px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:792px;white-space:nowrap">2005-38, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:1459.27px;white-space:nowrap">A1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:1743.88px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:2161.61px;white-space:nowrap">5.653%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:2793.17px;white-space:nowrap">(12-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:3566.84px;white-space:nowrap">average </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:4189.5px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:4367.39px;white-space:nowrap">1-year </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1421.04px;left:4865.36px;letter-spacing:-0.72px;white-space:nowrap">CMT
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:792px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:929.89px;white-space:nowrap">1.5%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:1436.77px;white-space:nowrap">9/25/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:2049.2px;letter-spacing:50.54px;white-space:nowrap">..................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:7485.64px;white-space:nowrap">161,785</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1613.04px;left:9501.64px;white-space:nowrap">146,541</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1812.74px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1809.53px;left:792px;white-space:nowrap">2005-38, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1809.53px;left:1459.27px;white-space:nowrap">A3, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1809.53px;left:1743.88px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1809.53px;left:2161.61px;white-space:nowrap">4.972%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1809.53px;left:2793.17px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1809.53px;left:3477.86px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1809.53px;left:3966.77px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1809.53px;left:4104.66px;white-space:nowrap">0.814%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1809.53px;left:4789.5px;white-space:nowrap">9/25/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1809.53px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1809.53px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1809.53px;left:7485.64px;white-space:nowrap">199,079</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1809.53px;left:9501.64px;white-space:nowrap">182,504</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2009.22px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2006.01px;left:792px;white-space:nowrap">2005-59, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2006.01px;left:1468.09px;white-space:nowrap">1A1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2006.01px;left:1841.69px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2006.01px;left:2259.42px;white-space:nowrap">4.91%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2006.01px;left:2802px;white-space:nowrap">(1-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2006.01px;left:3486.69px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2006.01px;left:3975.59px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2006.01px;left:4113.48px;white-space:nowrap">0.774%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2198.01px;left:792px;letter-spacing:-1.48px;white-space:nowrap">11/20/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2198.01px;left:1488.72px;letter-spacing:50.3px;white-space:nowrap">........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2198.01px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2198.01px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2198.01px;left:7485.64px;white-space:nowrap">215,822</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2198.01px;left:9501.64px;white-space:nowrap">209,422</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2397.71px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2394.5px;left:792px;white-space:nowrap">2006-OA10, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2394.5px;left:1699.27px;white-space:nowrap">1A1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2394.5px;left:2072.86px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2394.5px;left:2490.59px;letter-spacing:-1.48px;white-space:nowrap">5.113%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2394.5px;left:3110.28px;white-space:nowrap">(12-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2394.5px;left:3883.95px;white-space:nowrap">average </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2394.5px;left:4506.61px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2394.5px;left:4684.5px;white-space:nowrap">1-year </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2586.5px;left:792px;letter-spacing:-0.72px;white-space:nowrap">CMT
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2586.5px;left:1180.13px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2586.5px;left:1318.02px;white-space:nowrap">0.96%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2586.5px;left:1913.88px;white-space:nowrap">8/25/46</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2586.5px;left:2516.26px;letter-spacing:50.82px;white-space:nowrap">.............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2586.5px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2586.5px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2586.5px;left:7574.63px;white-space:nowrap">65,261</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2586.5px;left:9590.63px;white-space:nowrap">59,619</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2786.19px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2782.98px;left:792px;white-space:nowrap">2006-OA10, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2782.98px;left:1699.27px;white-space:nowrap">3A1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2782.98px;left:2072.86px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2782.98px;left:2490.59px;white-space:nowrap">4.652%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2782.98px;left:3122.16px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2782.98px;left:3806.84px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2782.98px;left:4295.75px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2782.98px;left:4433.64px;white-space:nowrap">0.494%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2974.98px;left:792px;white-space:nowrap">8/25/46</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2974.98px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2974.98px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2974.98px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2974.98px;left:7485.64px;white-space:nowrap">183,756</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2974.98px;left:9501.64px;white-space:nowrap">163,935</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3174.68px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3171.46px;left:792px;white-space:nowrap">2006-OA10, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3171.46px;left:1699.27px;white-space:nowrap">4A1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3171.46px;left:2072.86px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3171.46px;left:2490.59px;white-space:nowrap">4.652%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3171.46px;left:3122.16px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3171.46px;left:3806.84px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3171.46px;left:4295.75px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3171.46px;left:4433.64px;white-space:nowrap">0.494%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3363.46px;left:792px;white-space:nowrap">8/25/46</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3363.46px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3363.46px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3363.46px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3363.46px;left:7352.2px;white-space:nowrap">1,334,250</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3363.46px;left:9368.2px;white-space:nowrap">1,158,170</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3563.16px;left:601.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3559.95px;left:792px;white-space:nowrap">2006-OA7, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3559.95px;left:1610.28px;white-space:nowrap">1A1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3559.95px;left:1983.88px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3559.95px;left:2401.61px;white-space:nowrap">3.161%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3559.95px;left:3033.17px;white-space:nowrap">6/25/46</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3559.95px;left:3637.22px;letter-spacing:52.12px;white-space:nowrap">.................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3559.95px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3559.95px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3559.95px;left:7485.64px;white-space:nowrap">203,003</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3559.95px;left:9501.64px;white-space:nowrap">188,699</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3759.64px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3756.43px;left:792px;white-space:nowrap">2006-OA7, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3756.43px;left:1610.28px;white-space:nowrap">1A2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3756.43px;left:1983.88px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3756.43px;left:2401.61px;white-space:nowrap">5.093%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3756.43px;left:3033.17px;white-space:nowrap">(12-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3756.43px;left:3806.84px;white-space:nowrap">average </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3756.43px;left:4429.5px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3756.43px;left:4607.39px;white-space:nowrap">1-year </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3948.43px;left:792px;letter-spacing:-0.72px;white-space:nowrap">CMT
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3948.43px;left:1180.13px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3948.43px;left:1318.02px;white-space:nowrap">0.94%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3948.43px;left:1913.88px;white-space:nowrap">6/25/46</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3948.43px;left:2516.26px;letter-spacing:50.82px;white-space:nowrap">.............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3948.43px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3948.43px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3948.43px;left:7485.64px;white-space:nowrap">155,742</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3948.43px;left:9501.64px;white-space:nowrap">153,674</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4148.13px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4144.92px;left:648px;white-space:nowrap">American </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4144.92px;left:1368.23px;white-space:nowrap">Home </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4144.92px;left:1839.48px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4144.92px;left:2559.88px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4144.92px;left:3384.02px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4144.92px;left:3742.53px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4144.92px;left:3831.44px;white-space:nowrap">2007-1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4144.92px;left:4329.64px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4144.92px;left:4418.55px;white-space:nowrap">GA1C</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4144.92px;left:4854.25px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4144.92px;left:4943.16px;white-space:nowrap">FRN</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4144.92px;left:5271.98px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4336.92px;left:792px;white-space:nowrap">4.462</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4336.92px;left:1192.39px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4336.92px;left:1334.66px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4336.92px;left:1423.56px;white-space:nowrap">(</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4336.92px;left:1476.84px;white-space:nowrap">1-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4336.92px;left:2108.25px;white-space:nowrap">SOFR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4336.92px;left:2597.16px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4336.92px;left:2735.05px;white-space:nowrap">0.304</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4336.92px;left:3135.44px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4336.92px;left:3277.7px;white-space:nowrap">), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4336.92px;left:3419.89px;white-space:nowrap">5/25/47</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4336.92px;left:4010.87px;letter-spacing:53.1px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4336.92px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4336.92px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4336.92px;left:7485.64px;white-space:nowrap">337,042</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4336.92px;left:9501.64px;white-space:nowrap">198,727</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4536.61px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4533.4px;left:648px;white-space:nowrap">Bear </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4533.4px;left:1030.42px;white-space:nowrap">Stearns </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4533.4px;left:1617.45px;letter-spacing:-4.92px;white-space:nowrap">ALT-A
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4533.4px;left:2082.92px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4533.4px;left:2441.44px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4533.4px;left:2530.34px;white-space:nowrap">2005-10</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4533.4px;left:3117.53px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4533.4px;left:3206.44px;letter-spacing:-2.97px;white-space:nowrap">11A1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4533.4px;left:3568.23px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4533.4px;left:3657.14px;white-space:nowrap">FRN</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4533.4px;left:3985.97px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4533.4px;left:4074.88px;white-space:nowrap">4.772</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4533.4px;left:4475.27px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4533.4px;left:4617.53px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4725.4px;left:792px;white-space:nowrap">(</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4725.4px;left:845.28px;white-space:nowrap">1-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4725.4px;left:1476.69px;white-space:nowrap">SOFR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4725.4px;left:1965.59px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4725.4px;left:2103.48px;white-space:nowrap">0.614</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4725.4px;left:2503.88px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4725.4px;left:2646.14px;white-space:nowrap">), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4725.4px;left:2788.33px;white-space:nowrap">1/25/36</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4725.4px;left:3356.98px;letter-spacing:51.65px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4725.4px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4725.4px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4725.4px;left:7574.63px;white-space:nowrap">34,740</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4725.4px;left:9590.63px;white-space:nowrap">32,922</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4925.1px;left:518.33px;white-space:nowrap">b,g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4921.89px;left:648px;white-space:nowrap">Chevy </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4921.89px;left:1145.97px;white-space:nowrap">Chase </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4921.89px;left:1652.92px;white-space:nowrap">Funding </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4921.89px;left:2275.58px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4921.89px;left:2569.09px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4921.89px;left:2658px;white-space:nowrap">2006-4A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4921.89px;left:3262.92px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4921.89px;left:3343px;white-space:nowrap">A2</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4921.89px;left:3538.7px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4921.89px;left:3627.61px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4921.89px;left:4090.19px;white-space:nowrap">FRN</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4921.89px;left:4419.02px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4921.89px;left:4507.92px;white-space:nowrap">4.452</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4921.89px;left:4908.31px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4921.89px;left:5050.58px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5113.89px;left:792px;white-space:nowrap">(</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5113.89px;left:845.28px;white-space:nowrap">1-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5113.89px;left:1476.69px;white-space:nowrap">SOFR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5113.89px;left:1965.59px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5113.89px;left:2103.48px;white-space:nowrap">0.294</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5113.89px;left:2503.88px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5113.89px;left:2646.14px;white-space:nowrap">), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5113.89px;left:2788.33px;letter-spacing:-1.48px;white-space:nowrap">11/25/47</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5113.89px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5113.89px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5113.89px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5113.89px;left:7485.64px;white-space:nowrap">139,968</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5113.89px;left:9501.64px;white-space:nowrap">125,596</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5313.58px;left:523.57px;white-space:nowrap">b,k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.37px;left:648px;letter-spacing:-2.95px;white-space:nowrap">COLT
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.37px;left:1104.41px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.37px;left:1824.8px;white-space:nowrap">Loan </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.37px;left:2222.3px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.37px;left:2580.81px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.37px;left:2669.72px;white-space:nowrap">2020-2</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.37px;left:3167.92px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.37px;left:3248px;white-space:nowrap">A3</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.37px;left:3443.7px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.37px;left:3532.61px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.37px;left:3995.19px;white-space:nowrap">FRN</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.37px;left:4324.02px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.37px;left:4412.92px;white-space:nowrap">3.698</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.37px;left:4813.31px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5310.37px;left:4955.58px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5502.37px;left:792px;white-space:nowrap">3/25/65</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5502.37px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5502.37px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5502.37px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5502.37px;left:7352.2px;white-space:nowrap">1,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5502.37px;left:9501.64px;white-space:nowrap">993,648</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5702.07px;left:523.57px;white-space:nowrap">b,k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5698.86px;left:648px;white-space:nowrap">FHLMC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5698.86px;left:1243.55px;white-space:nowrap">Seasoned
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5698.86px;left:2008.63px;white-space:nowrap">Credit </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5698.86px;left:2479.88px;white-space:nowrap">Risk </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5698.86px;left:2832.53px;letter-spacing:-0.66px;white-space:nowrap">Transfer
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5698.86px;left:3463.86px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5698.86px;left:3822.38px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5895.34px;left:792px;white-space:nowrap">2017-3, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5895.34px;left:1379.11px;white-space:nowrap">M2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5895.34px;left:1690.28px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5895.34px;left:2152.86px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5895.34px;left:2570.59px;white-space:nowrap">4.75%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5895.34px;left:3113.17px;white-space:nowrap">7/25/56</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5895.34px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5895.34px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5895.34px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5895.34px;left:7485.64px;white-space:nowrap">355,947</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5895.34px;left:9501.64px;white-space:nowrap">350,485</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6091.82px;left:792px;white-space:nowrap">2019-2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6091.82px;left:1379.11px;white-space:nowrap">M, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6091.82px;left:1601.3px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6091.82px;left:2063.88px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6091.82px;left:2481.61px;white-space:nowrap">4.75%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6091.82px;left:3024.19px;white-space:nowrap">8/25/58</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6091.82px;left:3637.22px;letter-spacing:52.12px;white-space:nowrap">.................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6091.82px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6091.82px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6091.82px;left:7485.64px;white-space:nowrap">190,057</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6091.82px;left:9501.64px;white-space:nowrap">184,965</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6288.31px;left:792px;white-space:nowrap">2019-4, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6288.31px;left:1379.11px;white-space:nowrap">M, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6288.31px;left:1601.3px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6288.31px;left:2063.88px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6288.31px;left:2481.61px;white-space:nowrap">4.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6288.31px;left:2935.2px;white-space:nowrap">2/25/59</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6288.31px;left:3543.81px;letter-spacing:51.95px;white-space:nowrap">..................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6288.31px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6288.31px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6288.31px;left:7485.64px;white-space:nowrap">636,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6288.31px;left:9501.64px;white-space:nowrap">605,881</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6488px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6484.79px;left:648px;white-space:nowrap">FHLMC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6484.79px;left:1243.55px;letter-spacing:-1.98px;white-space:nowrap">STACR
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6484.79px;left:1818.39px;white-space:nowrap">Debt </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6484.79px;left:2200.81px;white-space:nowrap">Notes</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6484.79px;left:2618.78px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6681.28px;left:792px;white-space:nowrap">2015-DNA3, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6681.28px;left:1716.92px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6681.28px;left:1912.55px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6681.28px;left:2330.28px;white-space:nowrap">13.821%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6681.28px;left:3050.83px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6681.28px;left:3637.78px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6681.28px;left:4117.86px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6681.28px;left:4755.36px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6873.28px;left:792px;white-space:nowrap">9.464%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6873.28px;left:1476.84px;white-space:nowrap">4/25/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6873.28px;left:2049.2px;letter-spacing:50.54px;white-space:nowrap">..................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6873.28px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6873.28px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6873.28px;left:7485.64px;white-space:nowrap">566,915</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6873.28px;left:9501.64px;white-space:nowrap">569,724</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7069.76px;left:792px;white-space:nowrap">2015-HQA2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7069.76px;left:1725.83px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7069.76px;left:1921.45px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7069.76px;left:2339.19px;white-space:nowrap">14.971%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7069.76px;left:3059.73px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7069.76px;left:3646.69px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7069.76px;left:4126.77px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7069.76px;left:4764.27px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7261.76px;left:792px;white-space:nowrap">10.614%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7261.76px;left:1565.83px;white-space:nowrap">5/25/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7261.76px;left:2142.61px;letter-spacing:50.59px;white-space:nowrap">.................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7261.76px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7261.76px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7261.76px;left:7485.64px;white-space:nowrap">265,725</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7261.76px;left:9501.64px;white-space:nowrap">268,753</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7458.25px;left:792px;white-space:nowrap">2016-DNA1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7458.25px;left:1716.92px;white-space:nowrap">B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7458.25px;left:1912.55px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7458.25px;left:2330.28px;white-space:nowrap">14.471%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7458.25px;left:3050.83px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7458.25px;left:3637.78px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7458.25px;left:4117.86px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7458.25px;left:4755.36px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7650.25px;left:792px;letter-spacing:-1.19px;white-space:nowrap">10.114%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7650.25px;left:1553.95px;white-space:nowrap">7/25/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7650.25px;left:2142.61px;letter-spacing:50.59px;white-space:nowrap">.................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7650.25px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7650.25px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7650.25px;left:7352.2px;white-space:nowrap">1,270,667</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7650.25px;left:9368.2px;white-space:nowrap">1,302,761</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7849.94px;left:518.33px;white-space:nowrap">b,g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7846.73px;left:648px;white-space:nowrap">FHLMC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7846.73px;left:1243.55px;letter-spacing:-1.98px;white-space:nowrap">STACR
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7846.73px;left:1818.39px;white-space:nowrap">REMIC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7846.73px;left:2375.5px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7846.73px;left:2734.02px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8043.21px;left:792px;white-space:nowrap">2020-DNA4, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8043.21px;left:1716.92px;white-space:nowrap">B2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8043.21px;left:2001.53px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8043.21px;left:2464.11px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8043.21px;left:2881.84px;white-space:nowrap">14.471%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8043.21px;left:3602.39px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8043.21px;left:4189.34px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8043.21px;left:4669.42px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8235.21px;left:792px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8235.21px;left:929.89px;letter-spacing:-1.19px;white-space:nowrap">10.114%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8235.21px;left:1691.84px;white-space:nowrap">8/25/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8235.21px;left:2236.02px;letter-spacing:50.64px;white-space:nowrap">................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8235.21px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8235.21px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8235.21px;left:7485.64px;white-space:nowrap">609,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8235.21px;left:9501.64px;white-space:nowrap">816,961</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8431.7px;left:792px;white-space:nowrap">2020-DNA5, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8431.7px;left:1716.92px;white-space:nowrap">B2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8431.7px;left:2001.53px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8431.7px;left:2464.11px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8431.7px;left:2881.84px;white-space:nowrap">15.856%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8431.7px;left:3602.39px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8431.7px;left:4189.34px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8431.7px;left:4669.42px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8623.7px;left:792px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8623.7px;left:929.89px;letter-spacing:-1.48px;white-space:nowrap">11.5%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8623.7px;left:1513.88px;white-space:nowrap">10/25/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8623.7px;left:2142.61px;letter-spacing:50.59px;white-space:nowrap">.................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8623.7px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8623.7px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8623.7px;left:7485.64px;white-space:nowrap">176,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8623.7px;left:9501.64px;white-space:nowrap">246,437</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8820.18px;left:792px;white-space:nowrap">2020-HQA3, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8820.18px;left:1725.83px;white-space:nowrap">B2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8820.18px;left:2010.44px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8820.18px;left:2473.02px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8820.18px;left:2890.75px;white-space:nowrap">14.471%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8820.18px;left:3611.3px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8820.18px;left:4198.25px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8820.18px;left:4678.33px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9012.18px;left:792px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9012.18px;left:929.89px;letter-spacing:-1.19px;white-space:nowrap">10.114%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9012.18px;left:1691.84px;white-space:nowrap">7/25/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9012.18px;left:2236.02px;letter-spacing:50.64px;white-space:nowrap">................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9012.18px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9012.18px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9012.18px;left:7485.64px;white-space:nowrap">430,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9012.18px;left:9501.64px;white-space:nowrap">573,130</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9208.67px;left:792px;white-space:nowrap">2021-DNA3, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9208.67px;left:1716.92px;white-space:nowrap">B2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9208.67px;left:2001.53px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9208.67px;left:2464.11px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9208.67px;left:2881.84px;white-space:nowrap">10.606%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9208.67px;left:3602.39px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9208.67px;left:4189.34px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9208.67px;left:4669.42px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9400.67px;left:792px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9400.67px;left:929.89px;white-space:nowrap">6.25%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9400.67px;left:1525.75px;white-space:nowrap">10/25/33</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9400.67px;left:2236.02px;letter-spacing:50.64px;white-space:nowrap">................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9400.67px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9400.67px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9400.67px;left:7485.64px;white-space:nowrap">225,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9400.67px;left:9501.64px;white-space:nowrap">277,900</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9600.36px;left:518.33px;white-space:nowrap">b,g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9597.15px;left:648px;white-space:nowrap">FHLMC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9597.15px;left:1243.55px;letter-spacing:-1.98px;white-space:nowrap">STACR
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9597.15px;left:1815.5px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9597.15px;left:2174.02px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9793.64px;left:792px;white-space:nowrap">2018-DNA3, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9793.64px;left:1716.92px;white-space:nowrap">B2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9793.64px;left:2001.53px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9793.64px;left:2464.11px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9793.64px;left:2881.84px;white-space:nowrap">12.221%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9793.64px;left:3602.39px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9793.64px;left:4189.34px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9793.64px;left:4669.42px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9985.64px;left:792px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9985.64px;left:929.89px;white-space:nowrap">7.864%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9985.64px;left:1614.73px;white-space:nowrap">9/25/48</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9985.64px;left:2236.02px;letter-spacing:50.64px;white-space:nowrap">................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9985.64px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9985.64px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9985.64px;left:7485.64px;white-space:nowrap">174,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9985.64px;left:9501.64px;white-space:nowrap">201,363</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10182.12px;left:792px;white-space:nowrap">2018-HQA2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10182.12px;left:1725.83px;white-space:nowrap">B2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10182.12px;left:2010.44px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10182.12px;left:2473.02px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10182.12px;left:2890.75px;white-space:nowrap">15.471%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10182.12px;left:3611.3px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10182.12px;left:4198.25px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10182.12px;left:4678.33px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10374.12px;left:792px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10374.12px;left:929.89px;letter-spacing:-2.37px;white-space:nowrap">11.114%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10374.12px;left:1679.97px;white-space:nowrap">10/25/48</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10374.12px;left:2329.44px;letter-spacing:50.7px;white-space:nowrap">...............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10374.12px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10374.12px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10374.12px;left:7485.64px;white-space:nowrap">649,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10374.12px;left:9501.64px;white-space:nowrap">806,692</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10570.61px;left:792px;white-space:nowrap">2019-DNA1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10570.61px;left:1716.92px;white-space:nowrap">B2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10570.61px;left:2001.53px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10570.61px;left:2464.11px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10570.61px;left:2881.84px;white-space:nowrap">15.221%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10570.61px;left:3602.39px;white-space:nowrap">(30-day
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10570.61px;left:4189.34px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10570.61px;left:4669.42px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10762.61px;left:792px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10762.61px;left:929.89px;white-space:nowrap">10.864%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10762.61px;left:1703.72px;white-space:nowrap">1/25/49</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10762.61px;left:2237.55px;letter-spacing:50.64px;white-space:nowrap">................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10762.61px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10762.61px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10762.61px;left:7485.64px;white-space:nowrap">141,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10762.61px;left:9501.64px;white-space:nowrap">174,200</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10959.09px;left:792px;white-space:nowrap">2019-DNA2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10959.09px;left:1716.92px;white-space:nowrap">B2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10959.09px;left:2001.53px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10959.09px;left:2464.11px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10959.09px;left:2881.84px;white-space:nowrap">14.971%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10959.09px;left:3602.39px;white-space:nowrap">(30-day
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10959.09px;left:4189.34px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10959.09px;left:4669.42px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11151.09px;left:792px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11151.09px;left:929.89px;white-space:nowrap">10.614%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11151.09px;left:1703.72px;white-space:nowrap">3/25/49</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11151.09px;left:2237.55px;letter-spacing:50.64px;white-space:nowrap">................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11151.09px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11151.09px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11151.09px;left:7497.52px;letter-spacing:-1.7px;white-space:nowrap">118,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11151.09px;left:9501.64px;white-space:nowrap">137,430</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11347.57px;left:792px;white-space:nowrap">2019-HQA1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11347.57px;left:1725.83px;white-space:nowrap">B2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11347.57px;left:2010.44px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11347.57px;left:2473.02px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11347.57px;left:2890.75px;white-space:nowrap">16.721%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11347.57px;left:3611.3px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11347.57px;left:4198.25px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11347.57px;left:4678.33px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11539.57px;left:792px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11539.57px;left:929.89px;white-space:nowrap">12.364%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11539.57px;left:1703.72px;white-space:nowrap">2/25/49</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11539.57px;left:2237.55px;letter-spacing:50.64px;white-space:nowrap">................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11539.57px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11539.57px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11539.57px;left:7574.63px;white-space:nowrap">85,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11539.57px;left:9501.64px;white-space:nowrap">103,317</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11736.06px;left:792px;white-space:nowrap">2019-HQA2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11736.06px;left:1725.83px;white-space:nowrap">B2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11736.06px;left:2010.44px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11736.06px;left:2473.02px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11736.06px;left:2890.75px;white-space:nowrap">15.721%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11736.06px;left:3611.3px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11736.06px;left:4198.25px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11736.06px;left:4678.33px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11928.06px;left:792px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11928.06px;left:929.89px;letter-spacing:-1.19px;white-space:nowrap">11.364%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11928.06px;left:1691.84px;white-space:nowrap">4/25/49</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11928.06px;left:2236.02px;letter-spacing:50.64px;white-space:nowrap">................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11928.06px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11928.06px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11928.06px;left:7485.64px;white-space:nowrap">106,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11928.06px;left:9501.64px;white-space:nowrap">126,580</div></div>
</div> </div></div>

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

<div style="height:51.66px;left:0px;position:absolute;top:0px;transform:translate(36.000px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:936px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:0px;letter-spacing:10.29px;white-space:nowrap">Putnam
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:674.31px;letter-spacing:10.29px;white-space:nowrap">Master
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1341.44px;letter-spacing:10.34px;white-space:nowrap">Intermediate
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2500.95px;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:3143.94px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:0px;letter-spacing:10.67px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:858.7px;letter-spacing:8px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:1113.45px;letter-spacing:10.91px;white-space:nowrap">Investments</div></div>
</div>

<div style="height:41.15px;left:0px;position:absolute;top:0px;transform:translate(36.000px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:702px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">
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<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.16px;left:0px;position:absolute;top:0px;transform:translate(405.000px,743.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:254.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
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<div style="width:9164.39px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(911.718px,64.999px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:994.69px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:1257.27px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2139.84px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2497.34px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2723.44px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2905.86px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3372.66px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3635.23px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3781.17px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4138.67px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4656.56px;white-space:nowrap">statements.</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(36.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:36.48px;white-space:nowrap">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:12.96px;left:0px;position:absolute;top:0px;transform:translate(71.856px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

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

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

<div style="width:10080px;height:12258px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.62px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:648px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:6010.72px;white-space:nowrap">Country</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:21.02px;left:7388.22px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:7423.4px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:216.23px;left:8027.7px;white-space:nowrap">*</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:8451.51px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:6612.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:8052.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:8484.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:648px;white-space:nowrap">Residential
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:1770.56px;white-space:nowrap">Mortgage-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:3504.25px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:547.74px;left:4515.87px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:648px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:1385.97px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:787.91px;left:2088.78px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:987.6px;left:601.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:648px;white-space:nowrap">First </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1003.47px;white-space:nowrap">Horizon </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1590.42px;white-space:nowrap">Alternative
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:2390.81px;white-space:nowrap">Mortgage </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3111.2px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:3855.27px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4213.78px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:4302.69px;white-space:nowrap">2006-AA6</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:5014.33px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:792px;white-space:nowrap">2A1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:1076.69px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:1165.59px;white-space:nowrap">FRN</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:1494.42px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:1583.33px;white-space:nowrap">5.147</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:1983.72px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:2125.98px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:2214.89px;letter-spacing:-1.48px;white-space:nowrap">11/25/36</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:2889.91px;letter-spacing:51.11px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1176.39px;left:7485.64px;white-space:nowrap">395,819</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">271,167</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1376.09px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:648px;letter-spacing:-1.77px;white-space:nowrap">FNMA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:1136.91px;white-space:nowrap">Connecticut
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:2017.45px;letter-spacing:-0.41px;white-space:nowrap">Avenue
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:2601.67px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:3345.73px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:3704.25px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:792px;white-space:nowrap">2016-C01, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:1583.64px;white-space:nowrap">1B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:1868.25px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:2285.98px;white-space:nowrap">16.221%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:3006.53px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:3593.48px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:4073.56px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:4711.06px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:792px;letter-spacing:-1.19px;white-space:nowrap">11.864%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:1553.95px;white-space:nowrap">8/25/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:2142.61px;letter-spacing:50.59px;white-space:nowrap">.................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:7485.64px;white-space:nowrap">362,806</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:9501.64px;white-space:nowrap">377,022</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1957.85px;left:792px;white-space:nowrap">2016-C02, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1957.85px;left:1583.64px;white-space:nowrap">1B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1957.85px;left:1868.25px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1957.85px;left:2285.98px;white-space:nowrap">16.721%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1957.85px;left:3006.53px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1957.85px;left:3593.48px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1957.85px;left:4073.56px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1957.85px;left:4711.06px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2149.85px;left:792px;white-space:nowrap">12.364%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2149.85px;left:1565.83px;white-space:nowrap">9/25/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2149.85px;left:2142.61px;letter-spacing:50.59px;white-space:nowrap">.................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2149.85px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2149.85px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2149.85px;left:7352.2px;white-space:nowrap">1,105,894</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2149.85px;left:9368.2px;white-space:nowrap">1,158,575</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2346.33px;left:792px;white-space:nowrap">2016-C03, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2346.33px;left:1583.64px;white-space:nowrap">1B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2346.33px;left:1868.25px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2346.33px;left:2285.98px;white-space:nowrap">16.221%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2346.33px;left:3006.53px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2346.33px;left:3593.48px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2346.33px;left:4073.56px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2346.33px;left:4711.06px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2538.33px;left:792px;letter-spacing:-1.19px;white-space:nowrap">11.864%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2538.33px;left:1553.95px;white-space:nowrap">10/25/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2538.33px;left:2236.02px;letter-spacing:50.64px;white-space:nowrap">................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2538.33px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2538.33px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2538.33px;left:7485.64px;white-space:nowrap">563,588</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2538.33px;left:9501.64px;white-space:nowrap">593,601</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2734.81px;left:792px;white-space:nowrap">2016-C03, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2734.81px;left:1583.64px;white-space:nowrap">2B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2734.81px;left:1868.25px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2734.81px;left:2285.98px;white-space:nowrap">17.221%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2734.81px;left:3006.53px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2734.81px;left:3593.48px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2734.81px;left:4073.56px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2734.81px;left:4711.06px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2926.81px;left:792px;white-space:nowrap">12.864%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2926.81px;left:1565.83px;white-space:nowrap">10/25/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2926.81px;left:2236.02px;letter-spacing:50.64px;white-space:nowrap">................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2926.81px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2926.81px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2926.81px;left:7574.63px;white-space:nowrap">89,085</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2926.81px;left:9590.63px;white-space:nowrap">94,404</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3123.3px;left:792px;white-space:nowrap">2016-C05, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3123.3px;left:1583.64px;white-space:nowrap">2B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3123.3px;left:1868.25px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3123.3px;left:2285.98px;white-space:nowrap">15.221%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3123.3px;left:3006.53px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3123.3px;left:3593.48px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3123.3px;left:4073.56px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3123.3px;left:4711.06px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3315.3px;left:792px;white-space:nowrap">10.864%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3315.3px;left:1565.83px;white-space:nowrap">1/25/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3315.3px;left:2142.61px;letter-spacing:50.59px;white-space:nowrap">.................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3315.3px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3315.3px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3315.3px;left:7497.52px;letter-spacing:-1.7px;white-space:nowrap">118,162</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3315.3px;left:9525.39px;letter-spacing:-3.39px;white-space:nowrap">126,111</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3511.78px;left:792px;white-space:nowrap">2016-C06, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3511.78px;left:1583.64px;white-space:nowrap">1B, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3511.78px;left:1868.25px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3511.78px;left:2285.98px;white-space:nowrap">13.721%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3511.78px;left:3006.53px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3511.78px;left:3593.48px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3511.78px;left:4073.56px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3511.78px;left:4711.06px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3703.78px;left:792px;white-space:nowrap">9.364%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3703.78px;left:1476.84px;white-space:nowrap">4/25/29</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3703.78px;left:2049.2px;letter-spacing:50.54px;white-space:nowrap">..................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3703.78px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3703.78px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3703.78px;left:7574.63px;white-space:nowrap">19,697</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3703.78px;left:9590.63px;white-space:nowrap">21,125</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3903.48px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3900.27px;left:792px;white-space:nowrap">2020-SBT1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3900.27px;left:1690.28px;white-space:nowrap">1M2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3900.27px;left:2090.44px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3900.27px;left:2553.02px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3900.27px;left:2970.75px;white-space:nowrap">8.121%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3900.27px;left:3602.31px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3900.27px;left:4189.27px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3900.27px;left:4669.34px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4092.27px;left:792px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4092.27px;left:929.89px;white-space:nowrap">3.764%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4092.27px;left:1614.73px;white-space:nowrap">2/25/40</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4092.27px;left:2236.02px;letter-spacing:50.64px;white-space:nowrap">................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4092.27px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4092.27px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4092.27px;left:7485.64px;white-space:nowrap">504,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4092.27px;left:9501.64px;white-space:nowrap">522,693</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4291.96px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4288.75px;left:792px;white-space:nowrap">2022-R02, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4288.75px;left:1583.64px;white-space:nowrap">2B1, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4288.75px;left:1957.23px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4288.75px;left:2419.81px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4288.75px;left:2837.55px;white-space:nowrap">8.856%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4288.75px;left:3469.11px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4288.75px;left:4056.06px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4288.75px;left:4536.14px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4288.75px;left:5173.64px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4480.75px;left:792px;white-space:nowrap">4.5%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4480.75px;left:1298.87px;white-space:nowrap">1/25/42</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4480.75px;left:1862.37px;letter-spacing:50.45px;white-space:nowrap">....................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4480.75px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4480.75px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4480.75px;left:7485.64px;white-space:nowrap">180,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4480.75px;left:9501.64px;white-space:nowrap">186,780</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4680.45px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4677.24px;left:792px;white-space:nowrap">2022-R02, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4677.24px;left:1583.64px;white-space:nowrap">2M2, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4677.24px;left:1983.8px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4677.24px;left:2446.37px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4677.24px;left:2864.11px;white-space:nowrap">7.356%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4677.24px;left:3495.67px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4677.24px;left:4082.62px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4677.24px;left:4562.7px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4677.24px;left:5200.2px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4869.24px;left:792px;white-space:nowrap">3%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4869.24px;left:1165.44px;white-space:nowrap">1/25/42</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4869.24px;left:1768.96px;letter-spacing:50.41px;white-space:nowrap">.....................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4869.24px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4869.24px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4869.24px;left:7485.64px;white-space:nowrap">400,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4869.24px;left:9501.64px;white-space:nowrap">408,315</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5068.93px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5065.72px;left:648px;white-space:nowrap">GSR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5065.72px;left:1039.17px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5065.72px;left:1759.56px;white-space:nowrap">Loan </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5065.72px;left:2157.06px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5065.72px;left:2515.58px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5065.72px;left:2604.48px;white-space:nowrap">2007-OA1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5065.72px;left:3333.86px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5065.72px;left:3422.77px;white-space:nowrap">2A3A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5065.72px;left:3814.17px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5065.72px;left:3903.08px;white-space:nowrap">FRN</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5065.72px;left:4231.91px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5065.72px;left:4320.81px;white-space:nowrap">4.582</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5065.72px;left:4721.2px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5065.72px;left:4863.47px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5257.72px;left:792px;white-space:nowrap">(</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5257.72px;left:845.28px;white-space:nowrap">1-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5257.72px;left:1476.69px;white-space:nowrap">SOFR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5257.72px;left:1965.59px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5257.72px;left:2103.48px;white-space:nowrap">0.424</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5257.72px;left:2503.87px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5257.72px;left:2646.14px;white-space:nowrap">), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5257.72px;left:2788.33px;white-space:nowrap">5/25/37</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5257.72px;left:3356.98px;letter-spacing:51.65px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5257.72px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5257.72px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5257.72px;left:7485.64px;white-space:nowrap">171,570</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5257.72px;left:9590.63px;white-space:nowrap">94,868</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5457.42px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5454.21px;left:648px;letter-spacing:-0.26px;white-space:nowrap">HarborView
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5454.21px;left:1525.42px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5454.21px;left:2245.81px;white-space:nowrap">Loan </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5454.21px;left:2643.31px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5454.21px;left:3001.83px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5454.21px;left:3090.73px;white-space:nowrap">2005-2</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5454.21px;left:3588.94px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5454.21px;left:3677.84px;white-space:nowrap">1A</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5454.21px;left:3873.55px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5454.21px;left:3962.45px;white-space:nowrap">FRN</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5454.21px;left:4291.28px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5454.21px;left:4380.19px;white-space:nowrap">4.768</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5454.21px;left:4780.58px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5454.21px;left:4922.84px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5646.21px;left:792px;white-space:nowrap">(</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5646.21px;left:845.28px;white-space:nowrap">1-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5646.21px;left:1476.69px;white-space:nowrap">SOFR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5646.21px;left:1965.59px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5646.21px;left:2103.48px;white-space:nowrap">0.634</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5646.21px;left:2503.87px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5646.21px;left:2646.14px;white-space:nowrap">), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5646.21px;left:2788.33px;white-space:nowrap">5/19/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5646.21px;left:3356.98px;letter-spacing:51.65px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5646.21px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5646.21px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5646.21px;left:7485.64px;white-space:nowrap">239,072</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5646.21px;left:9590.63px;white-space:nowrap">66,031</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5845.9px;left:518.33px;white-space:nowrap">b,g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5842.69px;left:648px;white-space:nowrap">Home </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5842.69px;left:1119.25px;white-space:nowrap">RE </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5842.69px;left:1385.97px;white-space:nowrap">Ltd.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5842.69px;left:1652.84px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5842.69px;left:1741.75px;white-space:nowrap">2021-2</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5842.69px;left:2239.95px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5842.69px;left:2328.86px;white-space:nowrap">B1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5842.69px;left:2524.56px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5842.69px;left:2613.47px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5842.69px;left:3076.05px;white-space:nowrap">FRN</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5842.69px;left:3404.87px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5842.69px;left:3493.78px;white-space:nowrap">8.506</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5842.69px;left:3894.17px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5842.69px;left:4036.44px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5842.69px;left:4125.34px;white-space:nowrap">(</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5842.69px;left:4178.63px;white-space:nowrap">30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5842.69px;left:4712.3px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6034.69px;left:792px;letter-spacing:-0.41px;white-space:nowrap">Average</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6034.69px;left:1429.5px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6034.69px;left:1567.39px;white-space:nowrap">4.15</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6034.69px;left:1878.8px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6034.69px;left:2021.06px;white-space:nowrap">), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6034.69px;left:2163.25px;white-space:nowrap">1/25/34</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6034.69px;left:2703.09px;letter-spacing:50.95px;white-space:nowrap">...........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6034.69px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6034.69px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6034.69px;left:7485.64px;white-space:nowrap">150,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6034.69px;left:9501.64px;white-space:nowrap">152,895</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6234.38px;left:518.33px;white-space:nowrap">b,g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6231.17px;left:648px;letter-spacing:-4.12px;white-space:nowrap">J.P.
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6231.17px;left:947.45px;white-space:nowrap">Morgan </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6231.17px;left:1534.41px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6231.17px;left:2251.91px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6231.17px;left:2610.42px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6231.17px;left:2699.33px;white-space:nowrap">2024-9</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6231.17px;left:3197.53px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6231.17px;left:3277.61px;letter-spacing:-3.96px;white-space:nowrap">A11</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6231.17px;left:3550.42px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6231.17px;left:3639.33px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6231.17px;left:4101.91px;white-space:nowrap">FRN</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6231.17px;left:4430.73px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6231.17px;left:4519.64px;white-space:nowrap">5.706</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6231.17px;left:4920.03px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6231.17px;left:5062.3px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6423.17px;left:792px;white-space:nowrap">(</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6423.17px;left:845.28px;white-space:nowrap">30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6423.17px;left:1378.95px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6423.17px;left:1859.03px;letter-spacing:-0.41px;white-space:nowrap">Average</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6423.17px;left:2496.53px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6423.17px;left:2634.42px;white-space:nowrap">1.35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6423.17px;left:2945.83px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6423.17px;left:3088.09px;white-space:nowrap">), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6423.17px;left:3230.28px;white-space:nowrap">2/25/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6423.17px;left:3824.05px;letter-spacing:52.55px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6423.17px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6423.17px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6423.17px;left:7497.52px;letter-spacing:-1.7px;white-space:nowrap">116,782</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6423.17px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">117,105</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6622.87px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6619.66px;left:648px;white-space:nowrap">LHOME </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6619.66px;left:1261.44px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6619.66px;left:1978.94px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6619.66px;left:2337.45px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6619.66px;left:2426.36px;letter-spacing:-0.32px;white-space:nowrap">2023-RTL2</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6619.66px;left:3223.94px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6619.66px;left:3304.02px;white-space:nowrap">A1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6619.66px;left:3499.72px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6619.66px;left:3588.62px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6619.66px;left:4051.2px;white-space:nowrap">8</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6619.66px;left:4140.19px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6619.66px;left:4282.45px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6619.66px;left:4371.36px;white-space:nowrap">6/25/28</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6619.66px;left:4945px;letter-spacing:66.89px;white-space:nowrap">...</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6619.66px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6619.66px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6619.66px;left:7485.64px;white-space:nowrap">145,978</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6619.66px;left:9501.64px;white-space:nowrap">146,168</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6819.35px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6816.14px;left:648px;letter-spacing:-4.41px;white-space:nowrap">MFA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6816.14px;left:1009.64px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6816.14px;left:1368.16px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6816.14px;left:1457.06px;white-space:nowrap">2025-NQM3</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6816.14px;left:2328.55px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6816.14px;left:2408.62px;white-space:nowrap">A1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6816.14px;left:2604.33px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6816.14px;left:2693.23px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6816.14px;left:3155.81px;white-space:nowrap">5.261</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6816.14px;left:3556.2px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6816.14px;left:3698.47px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6816.14px;left:3787.37px;white-space:nowrap">8/25/70</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6816.14px;left:4384.52px;letter-spacing:54.94px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6816.14px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6816.14px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6816.14px;left:7574.63px;white-space:nowrap">97,576</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6816.14px;left:9590.63px;white-space:nowrap">97,972</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7015.84px;left:518.33px;white-space:nowrap">b,g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7012.63px;left:648px;white-space:nowrap">Morgan </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7012.63px;left:1234.95px;white-space:nowrap">Stanley </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7012.63px;left:1813.08px;white-space:nowrap">Re-REMIC
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7012.63px;left:2628px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7012.63px;left:2986.52px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7012.63px;left:3075.42px;white-space:nowrap">2010-R4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7012.63px;left:3689.17px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7012.63px;left:3778.08px;white-space:nowrap">4B</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7012.63px;left:3973.78px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7012.63px;left:4062.69px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7012.63px;left:4525.27px;white-space:nowrap">FRN</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7012.63px;left:4854.09px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7204.63px;left:792px;white-space:nowrap">3.008</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7204.63px;left:1192.39px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7204.63px;left:1334.66px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7204.63px;left:1423.56px;white-space:nowrap">(</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7204.63px;left:1476.84px;white-space:nowrap">1-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7204.63px;left:2108.25px;white-space:nowrap">SOFR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7204.63px;left:2597.16px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7204.63px;left:2735.05px;white-space:nowrap">0.344</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7204.63px;left:3135.44px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7204.63px;left:3277.7px;white-space:nowrap">), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7204.63px;left:3419.89px;white-space:nowrap">2/26/37</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7204.63px;left:4010.87px;letter-spacing:53.1px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7204.63px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7204.63px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7204.63px;left:7485.64px;white-space:nowrap">151,227</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7204.63px;left:9501.64px;white-space:nowrap">144,005</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7404.32px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7401.11px;left:648px;letter-spacing:-0.26px;white-space:nowrap">MortgageIT
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7401.11px;left:1504.8px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7401.11px;left:1863.31px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7401.11px;left:1952.22px;white-space:nowrap">2005-3</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7401.11px;left:2450.42px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7401.11px;left:2539.33px;white-space:nowrap">M2</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7401.11px;left:2761.59px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7401.11px;left:2850.5px;white-space:nowrap">FRN</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7401.11px;left:3179.33px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7401.11px;left:3268.23px;white-space:nowrap">5.067</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7401.11px;left:3668.62px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7401.11px;left:3810.89px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7401.11px;left:3899.8px;white-space:nowrap">(</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7401.11px;left:3953.08px;white-space:nowrap">1-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7401.11px;left:4584.48px;white-space:nowrap">SOFR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7401.11px;left:5073.39px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7593.11px;left:792px;white-space:nowrap">0.909</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7593.11px;left:1192.39px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7593.11px;left:1334.66px;white-space:nowrap">), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7593.11px;left:1476.84px;white-space:nowrap">8/25/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7593.11px;left:2049.2px;letter-spacing:50.54px;white-space:nowrap">..................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7593.11px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7593.11px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7593.11px;left:7574.63px;white-space:nowrap">20,754</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7593.11px;left:9590.63px;white-space:nowrap">20,203</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7792.81px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7789.6px;left:648px;white-space:nowrap">RALI </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7789.6px;left:1045.27px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7789.6px;left:1403.78px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7789.6px;left:1492.69px;white-space:nowrap">2006-QO5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7789.6px;left:2239.8px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7789.6px;left:2328.7px;white-space:nowrap">1A1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7789.6px;left:2613.39px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7789.6px;left:2702.3px;white-space:nowrap">FRN</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7789.6px;left:3031.12px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7789.6px;left:3120.03px;white-space:nowrap">4.702</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7789.6px;left:3520.42px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7789.6px;left:3662.69px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7789.6px;left:3751.59px;white-space:nowrap">(</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7789.6px;left:3804.87px;white-space:nowrap">1-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7789.6px;left:4436.28px;white-space:nowrap">SOFR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7789.6px;left:4925.19px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7981.6px;left:792px;white-space:nowrap">0.544</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7981.6px;left:1192.39px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7981.6px;left:1334.66px;white-space:nowrap">), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7981.6px;left:1476.84px;white-space:nowrap">5/25/46</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7981.6px;left:2049.2px;letter-spacing:50.54px;white-space:nowrap">..................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7981.6px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7981.6px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7981.6px;left:7485.64px;white-space:nowrap">181,764</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7981.6px;left:9501.64px;white-space:nowrap">163,438</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8181.29px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8178.08px;left:648px;white-space:nowrap">Saluda </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8178.08px;left:1190.66px;white-space:nowrap">Grade </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8178.08px;left:1670.97px;white-space:nowrap">Alternative
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8178.08px;left:2471.36px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8178.08px;left:3188.86px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8178.08px;left:3547.37px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8178.08px;left:3636.28px;letter-spacing:-0.32px;white-space:nowrap">2024-RTL4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8178.08px;left:4433.86px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8178.08px;left:4513.94px;white-space:nowrap">A1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8178.08px;left:4709.64px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8178.08px;left:4798.55px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8370.08px;left:792px;white-space:nowrap">7.5</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8370.08px;left:1014.42px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8370.08px;left:1156.69px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8370.08px;left:1245.59px;white-space:nowrap">2/25/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8370.08px;left:1862.37px;letter-spacing:50.45px;white-space:nowrap">....................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8370.08px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8370.08px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8370.08px;left:7485.64px;white-space:nowrap">555,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8370.08px;left:9501.64px;white-space:nowrap">560,731</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8569.77px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8566.56px;left:648px;white-space:nowrap">Structured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8566.56px;left:1421.75px;white-space:nowrap">Asset </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8566.56px;left:1866.36px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8566.56px;left:2586.75px;white-space:nowrap">Investments
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8566.56px;left:3493.78px;white-space:nowrap">II </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8566.56px;left:3624.25px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8566.56px;left:3982.77px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8566.56px;left:4071.67px;white-space:nowrap">2006-AR7</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8566.56px;left:4792.14px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8758.56px;left:792px;white-space:nowrap">A1BG</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8758.56px;left:1218.87px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8758.56px;left:1307.78px;white-space:nowrap">FRN</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8758.56px;left:1636.61px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8758.56px;left:1725.52px;white-space:nowrap">4.392</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8758.56px;left:2125.91px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8758.56px;left:2268.17px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8758.56px;left:2357.08px;white-space:nowrap">(</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8758.56px;left:2410.36px;white-space:nowrap">1-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8758.56px;left:3041.77px;white-space:nowrap">SOFR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8758.56px;left:3530.67px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8758.56px;left:3668.56px;white-space:nowrap">0.234</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8758.56px;left:4068.95px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8758.56px;left:4211.22px;white-space:nowrap">), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8758.56px;left:4353.41px;white-space:nowrap">8/25/36</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8758.56px;left:4945px;letter-spacing:66.89px;white-space:nowrap">...</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8758.56px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8758.56px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8758.56px;left:7497.52px;letter-spacing:-1.7px;white-space:nowrap">119,162</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8758.56px;left:9501.64px;white-space:nowrap">105,731</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8958.26px;left:523.57px;white-space:nowrap">b,k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8955.05px;left:648px;letter-spacing:-3.55px;white-space:nowrap">Towd
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8955.05px;left:1065.97px;white-space:nowrap">Point </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8955.05px;left:1475.11px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8955.05px;left:2192.61px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8955.05px;left:2551.12px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8955.05px;left:2640.03px;white-space:nowrap">2019-2</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8955.05px;left:3138.23px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8955.05px;left:3218.31px;white-space:nowrap">A2</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8955.05px;left:3414.02px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8955.05px;left:3502.92px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8955.05px;left:3965.5px;white-space:nowrap">FRN</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8955.05px;left:4294.33px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8955.05px;left:4383.23px;white-space:nowrap">3.75</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8955.05px;left:4694.64px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8955.05px;left:4836.91px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9147.05px;left:792px;white-space:nowrap">12/25/58</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9147.05px;left:1488.72px;letter-spacing:50.3px;white-space:nowrap">........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9147.05px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9147.05px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9147.05px;left:7485.64px;white-space:nowrap">216,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9147.05px;left:9501.64px;white-space:nowrap">196,576</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9346.74px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9343.53px;left:648px;letter-spacing:-1.19px;white-space:nowrap">WaMu
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9343.53px;left:1148.78px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9343.53px;left:1869.17px;white-space:nowrap">Pass-Through
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9343.53px;left:2918.55px;text-rendering:optimizeLegibility;white-space:nowrap">Certificates
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9343.53px;left:3760.34px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9343.53px;left:4118.86px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9343.53px;left:4207.77px;white-space:nowrap">2005-AR13</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9343.53px;left:5017.22px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9535.53px;left:792px;white-space:nowrap">A1C3</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9535.53px;left:1192.23px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9535.53px;left:1281.14px;white-space:nowrap">FRN</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9535.53px;left:1609.97px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9535.53px;left:1698.87px;white-space:nowrap">5.252</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9535.53px;left:2099.27px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9535.53px;left:2241.53px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9535.53px;left:2330.44px;white-space:nowrap">(</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9535.53px;left:2383.72px;white-space:nowrap">1-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9535.53px;left:3015.12px;white-space:nowrap">SOFR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9535.53px;left:3504.03px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9535.53px;left:3641.92px;white-space:nowrap">1.094</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9535.53px;left:4042.31px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9535.53px;left:4184.58px;white-space:nowrap">), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9535.53px;left:4326.77px;white-space:nowrap">10/25/45</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9535.53px;left:5038.42px;letter-spacing:75.86px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9535.53px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9535.53px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9535.53px;left:7574.63px;white-space:nowrap">62,493</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9535.53px;left:9590.63px;white-space:nowrap">61,385</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9862.98px;left:9279.22px;white-space:nowrap">16,603,664</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:10077.26px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:10077.26px;left:648px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:10077.26px;left:6618.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:10077.26px;left:8058.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:10077.26px;left:8490.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:10077.26px;left:10074.44px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10142px;left:648px;letter-spacing:-2.47px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10142px;left:1166.46px;white-space:nowrap">Residential
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10142px;left:2289.02px;white-space:nowrap">Mortgage-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10142px;left:4022.71px;white-space:nowrap">Securities</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10142px;left:5034.33px;white-space:nowrap">(Cost
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10142px;left:5600.93px;white-space:nowrap">$15,714,651)</div>

<div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:10142px;left:6817.42px;letter-spacing:53.07px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10175.87px;left:9279.22px;white-space:nowrap">16,603,664</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10556.72px;left:648px;white-space:nowrap">Agency
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10556.72px;left:1426.03px;white-space:nowrap">Commercial
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10556.72px;left:2626.52px;white-space:nowrap">Mortgage-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10556.72px;left:4360.21px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10556.72px;left:5371.83px;white-space:nowrap">12.1%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10830.76px;left:648px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10830.76px;left:1385.97px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10830.76px;left:2088.78px;white-space:nowrap">12.1%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11030.45px;left:627.28px;white-space:nowrap">j</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11027.24px;left:648px;white-space:nowrap">FHLMC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11027.24px;left:1199.09px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11223.73px;left:792px;white-space:nowrap">304, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11223.73px;left:1147.86px;white-space:nowrap">C37, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11223.73px;left:1530.28px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11223.73px;left:1788.09px;white-space:nowrap">3.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11223.73px;left:2241.69px;white-space:nowrap">12/15/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11223.73px;left:2889.91px;letter-spacing:51.11px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11223.73px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11223.73px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11223.73px;left:7574.63px;white-space:nowrap">14,963</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11223.73px;left:9813.05px;white-space:nowrap">296</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11420.21px;left:792px;white-space:nowrap">4000, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11420.21px;left:1236.84px;white-space:nowrap">PI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11420.21px;left:1476.92px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11420.21px;left:1734.73px;white-space:nowrap">4.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11420.21px;left:2188.33px;white-space:nowrap">1/15/42</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11420.21px;left:2796.5px;letter-spacing:51.03px;white-space:nowrap">..........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11420.21px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11420.21px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11420.21px;left:7485.64px;white-space:nowrap">106,300</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11420.21px;left:9590.63px;white-space:nowrap">14,126</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11616.7px;left:792px;white-space:nowrap">4077, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11616.7px;left:1236.84px;white-space:nowrap">IK, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11616.7px;left:1476.92px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11616.7px;left:1734.73px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11616.7px;left:2054.89px;white-space:nowrap">7/15/42</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11616.7px;left:2609.68px;letter-spacing:50.88px;white-space:nowrap">............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11616.7px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11616.7px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11616.7px;left:7485.64px;white-space:nowrap">355,980</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11616.7px;left:9590.63px;white-space:nowrap">75,381</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11813.18px;left:792px;white-space:nowrap">4105, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11813.18px;left:1236.84px;white-space:nowrap">HI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11813.18px;left:1485.75px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11813.18px;left:1743.56px;white-space:nowrap">3.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11813.18px;left:2197.16px;white-space:nowrap">7/15/41</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11813.18px;left:2796.5px;letter-spacing:51.03px;white-space:nowrap">..........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11813.18px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11813.18px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11813.18px;left:7497.52px;letter-spacing:-1.7px;white-space:nowrap">115,579</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11813.18px;left:9679.61px;white-space:nowrap">5,861</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:1161.0px;width:891.0px;transform-origin:top left;transform:scale(1.5,1.5)">

<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:6453.14px;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:7127.45px;letter-spacing:10.29px;white-space:nowrap">Master
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7794.58px;letter-spacing:10.34px;white-space:nowrap">Intermediate
</div>

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:7913.58px;letter-spacing:10.67px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8772.28px;letter-spacing:8px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:9027.03px;letter-spacing:10.91px;white-space:nowrap">Investments</div></div>
</div>

<div style="height:40.61px;left:0px;position:absolute;top:0px;transform:translate(53.999px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:691.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">
</div> </div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(54.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

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

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(53.999px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

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

<div style="height:30.71px;left:0px;position:absolute;top:0px;transform:translate(54.000px,738.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:459.61px">

<div style="width:9192.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(8270.481px,65.000px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3857.28px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4119.86px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5002.43px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5359.93px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5586.03px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5768.45px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6235.25px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6497.83px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6643.76px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7001.26px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7519.15px;white-space:nowrap">statements.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8353.45px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8798.45px;white-space:nowrap">Report</div></div>
</div>

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">29</div></div>
</div>

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

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

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(513.610px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

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

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

<div style="width:10080px;height:12268.8px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.62px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:648px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:6010.72px;white-space:nowrap">Country</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:21.02px;left:7388.22px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:7423.4px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:216.23px;left:8027.7px;white-space:nowrap">*</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:8451.51px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:6612.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:8052.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:8484.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:648px;white-space:nowrap">Agency
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:1426.03px;white-space:nowrap">Commercial
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:2626.52px;white-space:nowrap">Mortgage-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:4360.21px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:547.74px;left:5371.83px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:648px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:1385.97px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:787.91px;left:2088.78px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:987.6px;left:627.28px;white-space:nowrap">j</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:648px;white-space:nowrap">FHLMC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1288px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1184.09px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:792px;white-space:nowrap">4839, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:1236.84px;white-space:nowrap">WS, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:1583.48px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:1841.3px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:2259.03px;white-space:nowrap">1.613%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:2890.59px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:3477.55px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:3957.63px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:4595.13px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:792px;white-space:nowrap">5.986%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:1476.84px;white-space:nowrap">8/15/56</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:2049.2px;letter-spacing:50.54px;white-space:nowrap">..................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:7352.2px;white-space:nowrap">1,972,984</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:9412.66px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1372.88px;left:9501.64px;white-space:nowrap">292,379</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1572.57px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:792px;white-space:nowrap">4945, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:1236.84px;white-space:nowrap">SL, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:1521.45px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:1779.27px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:2197px;white-space:nowrap">1.579%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:2828.56px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:3415.52px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:3895.59px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:4533.09px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1569.36px;left:4670.98px;white-space:nowrap">5.936%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:792px;white-space:nowrap">1/25/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:7364.08px;letter-spacing:-1.32px;white-space:nowrap">1,948,116</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1761.36px;left:9501.64px;white-space:nowrap">245,572</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1957.85px;left:792px;white-space:nowrap">4984, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1957.85px;left:1236.84px;white-space:nowrap">IL, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1957.85px;left:1459.19px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1957.85px;left:1717px;white-space:nowrap">4.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1957.85px;left:2170.59px;white-space:nowrap">6/25/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1957.85px;left:2704.42px;letter-spacing:50.95px;white-space:nowrap">...........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1957.85px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1957.85px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1957.85px;left:7352.2px;white-space:nowrap">1,948,925</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1957.85px;left:9501.64px;white-space:nowrap">409,765</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2157.54px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2154.33px;left:792px;white-space:nowrap">5002, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2154.33px;left:1236.84px;white-space:nowrap">SJ, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2154.33px;left:1512.47px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2154.33px;left:1770.28px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2154.33px;left:2188.02px;white-space:nowrap">1.629%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2154.33px;left:2819.58px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2154.33px;left:3406.53px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2154.33px;left:3886.61px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2154.33px;left:4524.11px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2154.33px;left:4662px;white-space:nowrap">5.986%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2346.33px;left:792px;white-space:nowrap">7/25/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2346.33px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2346.33px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2346.33px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2346.33px;left:7352.2px;white-space:nowrap">2,779,265</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2346.33px;left:9501.64px;white-space:nowrap">349,585</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2546.02px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2542.81px;left:792px;letter-spacing:-1.98px;white-space:nowrap">5011,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2542.81px;left:1224.97px;white-space:nowrap">SA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2542.81px;left:1527.31px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2542.81px;left:1785.13px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2542.81px;left:2202.86px;white-space:nowrap">1.779%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2542.81px;left:2834.42px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2542.81px;left:3421.38px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2542.81px;left:3901.45px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2542.81px;left:4538.95px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2542.81px;left:4676.84px;white-space:nowrap">6.136%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2734.81px;left:792px;white-space:nowrap">9/25/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2734.81px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2734.81px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2734.81px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2734.81px;left:7352.2px;white-space:nowrap">3,160,678</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2734.81px;left:9501.64px;white-space:nowrap">443,970</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2931.3px;left:792px;white-space:nowrap">5024, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2931.3px;left:1236.84px;white-space:nowrap">HI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2931.3px;left:1485.75px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2931.3px;left:1743.56px;white-space:nowrap">4.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2931.3px;left:2197.16px;white-space:nowrap">10/25/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2931.3px;left:2889.91px;letter-spacing:51.11px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2931.3px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2931.3px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2931.3px;left:7352.2px;white-space:nowrap">3,577,389</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2931.3px;left:9501.64px;white-space:nowrap">854,028</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3127.78px;left:792px;white-space:nowrap">5093, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3127.78px;left:1233.95px;white-space:nowrap">YI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3127.78px;left:1474.03px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3127.78px;left:1731.84px;white-space:nowrap">4.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3127.78px;left:2185.44px;white-space:nowrap">12/25/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3127.78px;left:2889.91px;letter-spacing:51.11px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3127.78px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3127.78px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3127.78px;left:7352.2px;white-space:nowrap">1,486,665</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3127.78px;left:9501.64px;white-space:nowrap">355,056</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3324.27px;left:792px;white-space:nowrap">5134, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3324.27px;left:1236.84px;white-space:nowrap">IC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3324.27px;left:1485.75px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3324.27px;left:1743.56px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3324.27px;left:2063.72px;white-space:nowrap">8/25/51</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3324.27px;left:2609.68px;letter-spacing:50.88px;white-space:nowrap">............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3324.27px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3324.27px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3324.27px;left:7352.2px;white-space:nowrap">2,906,189</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3324.27px;left:9501.64px;white-space:nowrap">582,029</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3520.75px;left:792px;white-space:nowrap">5349, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3520.75px;left:1236.84px;white-space:nowrap">IB, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3520.75px;left:1476.92px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3520.75px;left:1734.73px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3520.75px;left:2054.89px;white-space:nowrap">12/15/46</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3520.75px;left:2703.09px;letter-spacing:50.95px;white-space:nowrap">...........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3520.75px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3520.75px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3520.75px;left:7352.2px;white-space:nowrap">1,772,390</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3520.75px;left:9501.64px;white-space:nowrap">387,477</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3720.45px;left:627.28px;white-space:nowrap">j</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3717.24px;left:648px;white-space:nowrap">FNMA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3717.24px;left:1101.28px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3916.93px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3913.72px;left:792px;white-space:nowrap">2010-35, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3913.72px;left:1468.09px;white-space:nowrap">SG, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3913.72px;left:1788.17px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3913.72px;left:2045.98px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3913.72px;left:2463.72px;white-space:nowrap">1.929%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3913.72px;left:3095.28px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3913.72px;left:3682.23px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3913.72px;left:4162.31px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3913.72px;left:4799.81px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4105.72px;left:792px;white-space:nowrap">6.286%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4105.72px;left:1476.84px;white-space:nowrap">4/25/40</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4105.72px;left:2049.2px;letter-spacing:50.54px;white-space:nowrap">..................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4105.72px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4105.72px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4105.72px;left:7497.52px;letter-spacing:-1.7px;white-space:nowrap">205,511</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4105.72px;left:9590.63px;white-space:nowrap">23,600</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4305.42px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4302.21px;left:792px;letter-spacing:-1.19px;white-space:nowrap">2011-101,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4302.21px;left:1545.2px;white-space:nowrap">SA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4302.21px;left:1847.55px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4302.21px;left:2105.36px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4302.21px;left:2523.09px;white-space:nowrap">1.429%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4302.21px;left:3154.66px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4302.21px;left:3741.61px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4302.21px;left:4221.69px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4302.21px;left:4859.19px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4494.21px;left:792px;white-space:nowrap">5.786%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4494.21px;left:1476.84px;white-space:nowrap">10/25/41</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4494.21px;left:2142.61px;letter-spacing:50.59px;white-space:nowrap">.................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4494.21px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4494.21px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4494.21px;left:7485.64px;white-space:nowrap">500,187</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4494.21px;left:9590.63px;white-space:nowrap">50,212</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4690.69px;left:792px;white-space:nowrap">2012-127, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4690.69px;left:1557.08px;white-space:nowrap">BI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4690.69px;left:1797.16px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4690.69px;left:2054.97px;white-space:nowrap">4.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4690.69px;left:2508.56px;letter-spacing:-1.48px;white-space:nowrap">11/25/42</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4690.69px;left:3170.15px;letter-spacing:51.41px;white-space:nowrap">......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4690.69px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4690.69px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4690.69px;left:7485.64px;white-space:nowrap">101,617</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4690.69px;left:9590.63px;white-space:nowrap">21,003</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4887.17px;left:792px;white-space:nowrap">2015-30, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4887.17px;left:1468.09px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4887.17px;left:1725.91px;white-space:nowrap">5.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4887.17px;left:2179.5px;white-space:nowrap">5/25/45</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4887.17px;left:2796.5px;letter-spacing:51.03px;white-space:nowrap">..........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4887.17px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4887.17px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4887.17px;left:7485.64px;white-space:nowrap">774,834</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4887.17px;left:9501.64px;white-space:nowrap">105,668</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5083.66px;left:792px;white-space:nowrap">2016-3, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5083.66px;left:1379.11px;white-space:nowrap">NI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5083.66px;left:1628.02px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5083.66px;left:1885.83px;white-space:nowrap">6%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5083.66px;left:2205.98px;white-space:nowrap">2/25/46</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5083.66px;left:2796.5px;letter-spacing:51.03px;white-space:nowrap">..........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5083.66px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5083.66px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5083.66px;left:7485.64px;white-space:nowrap">645,612</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5083.66px;left:9590.63px;white-space:nowrap">94,173</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5283.35px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5280.14px;left:792px;white-space:nowrap">2017-32, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5280.14px;left:1468.09px;white-space:nowrap">SA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5280.14px;left:1770.44px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5280.14px;left:2028.25px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5280.14px;left:2445.98px;white-space:nowrap">1.679%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5280.14px;left:3077.55px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5280.14px;left:3664.5px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5280.14px;left:4144.58px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5280.14px;left:4782.08px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5472.14px;left:792px;white-space:nowrap">6.036%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5472.14px;left:1476.84px;white-space:nowrap">5/25/47</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5472.14px;left:2049.2px;letter-spacing:50.54px;white-space:nowrap">..................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5472.14px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5472.14px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5472.14px;left:7352.2px;white-space:nowrap">2,462,695</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5472.14px;left:9501.64px;white-space:nowrap">286,674</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5671.84px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5668.63px;left:792px;white-space:nowrap">2018-20, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5668.63px;left:1468.09px;white-space:nowrap">SB, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5668.63px;left:1770.44px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5668.63px;left:2028.25px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5668.63px;left:2445.98px;white-space:nowrap">1.779%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5668.63px;left:3077.55px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5668.63px;left:3664.5px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5668.63px;left:4144.58px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5668.63px;left:4782.08px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5860.63px;left:792px;white-space:nowrap">6.136%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5860.63px;left:1476.84px;white-space:nowrap">3/25/48</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5860.63px;left:2049.2px;letter-spacing:50.54px;white-space:nowrap">..................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5860.63px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5860.63px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5860.63px;left:7352.2px;white-space:nowrap">1,142,618</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5860.63px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">114,517</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6060.32px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6057.11px;left:792px;white-space:nowrap">2018-38, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6057.11px;left:1468.09px;white-space:nowrap">SA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6057.11px;left:1770.44px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6057.11px;left:2028.25px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6057.11px;left:2445.98px;white-space:nowrap">1.729%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6057.11px;left:3077.55px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6057.11px;left:3664.5px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6057.11px;left:4144.58px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6057.11px;left:4782.08px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6249.11px;left:792px;white-space:nowrap">6.086%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6249.11px;left:1476.84px;white-space:nowrap">6/25/48</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6249.11px;left:2049.2px;letter-spacing:50.54px;white-space:nowrap">..................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6249.11px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6249.11px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6249.11px;left:7352.2px;white-space:nowrap">2,049,054</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6249.11px;left:9501.64px;white-space:nowrap">253,972</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6448.81px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6445.6px;left:792px;white-space:nowrap">2019-43, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6445.6px;left:1468.09px;white-space:nowrap">JS, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6445.6px;left:1743.72px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6445.6px;left:2001.53px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6445.6px;left:2419.27px;white-space:nowrap">1.579%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6445.6px;left:3050.83px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6445.6px;left:3637.78px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6445.6px;left:4117.86px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6445.6px;left:4755.36px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6637.6px;left:792px;white-space:nowrap">5.936%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6637.6px;left:1476.84px;white-space:nowrap">8/25/49</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6637.6px;left:2049.2px;letter-spacing:50.54px;white-space:nowrap">..................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6637.6px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6637.6px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6637.6px;left:7352.2px;white-space:nowrap">1,085,085</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6637.6px;left:9501.64px;white-space:nowrap">122,024</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6837.29px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6834.08px;left:792px;white-space:nowrap">2019-61, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6834.08px;left:1468.09px;white-space:nowrap">S, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6834.08px;left:1663.72px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6834.08px;left:1921.53px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6834.08px;left:2339.27px;white-space:nowrap">1.529%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6834.08px;left:2970.83px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6834.08px;left:3557.78px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6834.08px;left:4037.86px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6834.08px;left:4675.36px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7026.08px;left:792px;white-space:nowrap">5.886%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7026.08px;left:1476.84px;letter-spacing:-1.48px;white-space:nowrap">11/25/49</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7026.08px;left:2142.61px;letter-spacing:50.59px;white-space:nowrap">.................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7026.08px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7026.08px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7026.08px;left:7352.2px;white-space:nowrap">2,339,032</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7026.08px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">321,211</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7222.56px;left:792px;white-space:nowrap">2020-76, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7222.56px;left:1468.09px;white-space:nowrap">BI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7222.56px;left:1708.17px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7222.56px;left:1965.98px;white-space:nowrap">4.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7222.56px;left:2419.58px;letter-spacing:-1.48px;white-space:nowrap">11/25/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7222.56px;left:3076.74px;letter-spacing:51.3px;white-space:nowrap">.......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7222.56px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7222.56px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7222.56px;left:7352.2px;white-space:nowrap">2,808,277</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7222.56px;left:9501.64px;white-space:nowrap">645,249</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7419.05px;left:792px;white-space:nowrap">2021-14, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7419.05px;left:1468.09px;white-space:nowrap">CI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7419.05px;left:1717px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7419.05px;left:1974.81px;white-space:nowrap">4.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7419.05px;left:2428.41px;letter-spacing:-1.48px;white-space:nowrap">11/25/49</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7419.05px;left:3076.74px;letter-spacing:51.3px;white-space:nowrap">.......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7419.05px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7419.05px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7419.05px;left:7352.2px;white-space:nowrap">3,580,286</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7419.05px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">811,374</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7615.53px;left:792px;white-space:nowrap">374, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7615.53px;left:1147.86px;white-space:nowrap">6, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7615.53px;left:1325.75px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7615.53px;left:1583.56px;white-space:nowrap">5.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7615.53px;left:2037.16px;white-space:nowrap">8/25/36</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7615.53px;left:2609.68px;letter-spacing:50.88px;white-space:nowrap">............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7615.53px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7615.53px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7615.53px;left:7574.63px;white-space:nowrap">26,035</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7615.53px;left:9679.61px;white-space:nowrap">4,256</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7812.02px;left:792px;white-space:nowrap">378, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7812.02px;left:1147.86px;white-space:nowrap">19, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7812.02px;left:1414.73px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7812.02px;left:1672.55px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7812.02px;left:1992.7px;white-space:nowrap">Strip, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7812.02px;left:2410.59px;white-space:nowrap">6/25/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7812.02px;left:2983.33px;letter-spacing:51.2px;white-space:nowrap">........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7812.02px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7812.02px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7812.02px;left:7574.63px;white-space:nowrap">67,172</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7812.02px;left:9679.61px;white-space:nowrap">9,298</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8008.5px;left:792px;white-space:nowrap">427, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8008.5px;left:1147.86px;white-space:nowrap">C93, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8008.5px;left:1530.28px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8008.5px;left:1788.09px;white-space:nowrap">4.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8008.5px;left:2241.69px;white-space:nowrap">8/25/42</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8008.5px;left:2796.5px;letter-spacing:51.03px;white-space:nowrap">..........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8008.5px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8008.5px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8008.5px;left:7352.2px;white-space:nowrap">2,623,370</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8008.5px;left:9501.64px;white-space:nowrap">462,387</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8208.2px;left:627.28px;white-space:nowrap">j</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8204.99px;left:648px;white-space:nowrap">GNMA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8204.99px;left:1128px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8401.47px;left:792px;letter-spacing:-1.19px;white-space:nowrap">2012-113,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8401.47px;left:1545.2px;white-space:nowrap">ID, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8401.47px;left:1794.11px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8401.47px;left:2051.92px;white-space:nowrap">3.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8401.47px;left:2505.52px;white-space:nowrap">9/20/42</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8401.47px;left:3076.74px;letter-spacing:51.3px;white-space:nowrap">.......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8401.47px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8401.47px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8401.47px;left:7497.52px;letter-spacing:-1.7px;white-space:nowrap">330,118</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8401.47px;left:9590.63px;white-space:nowrap">49,441</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8597.96px;left:792px;white-space:nowrap">2012-128, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8597.96px;left:1557.08px;white-space:nowrap">IA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8597.96px;left:1797.16px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8597.96px;left:2054.97px;white-space:nowrap">3.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8597.96px;left:2508.56px;white-space:nowrap">10/20/42</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8597.96px;left:3170.15px;letter-spacing:51.41px;white-space:nowrap">......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8597.96px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8597.96px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8597.96px;left:7485.64px;white-space:nowrap">703,824</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8597.96px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">114,667</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8794.44px;left:792px;white-space:nowrap">2012-140, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8794.44px;left:1557.08px;white-space:nowrap">IC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8794.44px;left:1805.98px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8794.44px;left:2063.8px;white-space:nowrap">3.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8794.44px;left:2517.39px;letter-spacing:-1.48px;white-space:nowrap">11/20/42</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8794.44px;left:3170.15px;letter-spacing:51.41px;white-space:nowrap">......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8794.44px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8794.44px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8794.44px;left:7485.64px;white-space:nowrap">706,878</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8794.44px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">115,747</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8990.92px;left:792px;white-space:nowrap">2012-146, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8990.92px;left:1557.08px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8990.92px;left:1814.89px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8990.92px;left:2135.05px;white-space:nowrap">12/20/42</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8990.92px;left:2796.5px;letter-spacing:51.03px;white-space:nowrap">..........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8990.92px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8990.92px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8990.92px;left:7485.64px;white-space:nowrap">181,172</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8990.92px;left:9590.63px;white-space:nowrap">38,147</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9187.41px;left:792px;white-space:nowrap">2013-34, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9187.41px;left:1468.09px;white-space:nowrap">IH, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9187.41px;left:1717px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9187.41px;left:1974.81px;white-space:nowrap">4.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9187.41px;left:2428.41px;white-space:nowrap">3/20/43</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9187.41px;left:2983.33px;letter-spacing:51.2px;white-space:nowrap">........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9187.41px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9187.41px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9187.41px;left:7485.64px;white-space:nowrap">371,504</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9187.41px;left:9590.63px;white-space:nowrap">70,816</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9387.1px;left:601.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9383.89px;left:792px;white-space:nowrap">2013-H08, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9383.89px;left:1583.64px;white-space:nowrap">CI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9383.89px;left:1832.55px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9383.89px;left:2090.36px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9383.89px;left:2508.09px;white-space:nowrap">1.491%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9383.89px;left:3139.66px;white-space:nowrap">2/20/63</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9383.89px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9383.89px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9383.89px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9383.89px;left:7485.64px;white-space:nowrap">463,183</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9383.89px;left:9590.63px;white-space:nowrap">16,905</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9583.59px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9580.38px;left:792px;letter-spacing:-1.19px;white-space:nowrap">2014-119,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9580.38px;left:1545.2px;white-space:nowrap">SA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9580.38px;left:1847.55px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9580.38px;left:2105.36px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9580.38px;left:2523.09px;white-space:nowrap">1.35%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9580.38px;left:3065.67px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9580.38px;left:3750.36px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9580.38px;left:4239.27px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9580.38px;left:4377.16px;white-space:nowrap">5.486%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9772.38px;left:792px;white-space:nowrap">8/20/44</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9772.38px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9772.38px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9772.38px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9772.38px;left:7485.64px;white-space:nowrap">606,627</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9772.38px;left:9590.63px;white-space:nowrap">60,578</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9972.07px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9968.86px;left:792px;white-space:nowrap">2014-60, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9968.86px;left:1468.09px;white-space:nowrap">SD, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9968.86px;left:1779.27px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9968.86px;left:2037.08px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9968.86px;left:2454.81px;white-space:nowrap">1.93%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9968.86px;left:2997.39px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9968.86px;left:3682.08px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9968.86px;left:4170.98px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9968.86px;left:4308.88px;white-space:nowrap">6.066%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10160.86px;left:792px;white-space:nowrap">4/20/44</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10160.86px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10160.86px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10160.86px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10160.86px;left:7352.2px;white-space:nowrap">1,362,925</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10160.86px;left:9501.64px;white-space:nowrap">171,403</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10357.35px;left:792px;white-space:nowrap">2014-76, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10357.35px;left:1468.09px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10357.35px;left:1725.91px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10357.35px;left:2046.06px;white-space:nowrap">5/20/44</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10357.35px;left:2609.68px;letter-spacing:50.88px;white-space:nowrap">............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10357.35px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10357.35px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10357.35px;left:7485.64px;white-space:nowrap">277,547</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10357.35px;left:9590.63px;white-space:nowrap">57,790</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10557.04px;left:601.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10553.83px;left:792px;white-space:nowrap">2014-H21, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10553.83px;left:1583.64px;white-space:nowrap">BI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10553.83px;left:1823.72px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10553.83px;left:2081.53px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10553.83px;left:2499.27px;white-space:nowrap">1.562%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10553.83px;left:3130.83px;white-space:nowrap">10/20/64</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10553.83px;left:3824.05px;letter-spacing:52.55px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10553.83px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10553.83px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10553.83px;left:7352.2px;white-space:nowrap">1,424,516</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10553.83px;left:9590.63px;white-space:nowrap">29,740</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10750.31px;left:792px;white-space:nowrap">2015-52, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10750.31px;left:1468.09px;white-space:nowrap">KI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10750.31px;left:1708.17px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10750.31px;left:1965.98px;white-space:nowrap">3.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10750.31px;left:2419.58px;letter-spacing:-1.48px;white-space:nowrap">11/20/40</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10750.31px;left:3076.74px;letter-spacing:51.3px;white-space:nowrap">.......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10750.31px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10750.31px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10750.31px;left:7485.64px;white-space:nowrap">261,635</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10750.31px;left:9590.63px;white-space:nowrap">10,186</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10946.8px;left:792px;white-space:nowrap">2015-53, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10946.8px;left:1468.09px;white-space:nowrap">MI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10946.8px;left:1734.73px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10946.8px;left:1992.55px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10946.8px;left:2312.7px;white-space:nowrap">4/16/45</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10946.8px;left:2889.91px;letter-spacing:51.11px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10946.8px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10946.8px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10946.8px;left:7485.64px;white-space:nowrap">643,007</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10946.8px;left:9501.64px;white-space:nowrap">128,046</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11143.28px;left:792px;white-space:nowrap">2015-64, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11143.28px;left:1465.2px;white-space:nowrap">YI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11143.28px;left:1705.28px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11143.28px;left:1963.09px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11143.28px;left:2283.25px;letter-spacing:-1.48px;white-space:nowrap">11/20/44</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11143.28px;left:2983.33px;letter-spacing:51.2px;white-space:nowrap">........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11143.28px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11143.28px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11143.28px;left:7485.64px;white-space:nowrap">469,009</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11143.28px;left:9590.63px;white-space:nowrap">68,999</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11339.77px;left:792px;white-space:nowrap">2015-79, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11339.77px;left:1468.09px;white-space:nowrap">GI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11339.77px;left:1725.91px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11339.77px;left:1983.72px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11339.77px;left:2303.88px;white-space:nowrap">10/20/39</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11339.77px;left:2983.33px;letter-spacing:51.2px;white-space:nowrap">........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11339.77px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11339.77px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11339.77px;left:7485.64px;white-space:nowrap">147,639</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11339.77px;left:9590.63px;white-space:nowrap">30,448</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11539.46px;left:601.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11536.25px;left:792px;white-space:nowrap">2015-H10, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11536.25px;left:1583.64px;white-space:nowrap">BI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11536.25px;left:1823.72px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11536.25px;left:2081.53px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11536.25px;left:2499.27px;white-space:nowrap">2.078%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11536.25px;left:3130.83px;white-space:nowrap">4/20/65</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11536.25px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11536.25px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11536.25px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11536.25px;left:7485.64px;white-space:nowrap">757,928</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11536.25px;left:9590.63px;white-space:nowrap">34,355</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11735.95px;left:601.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11732.74px;left:792px;white-space:nowrap">2015-H20, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11732.74px;left:1574.81px;white-space:nowrap">AI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11732.74px;left:1814.89px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11732.74px;left:2072.7px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11732.74px;left:2490.44px;white-space:nowrap">1.854%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11732.74px;left:3122px;white-space:nowrap">8/20/65</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11732.74px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11732.74px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11732.74px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11732.74px;left:7485.64px;white-space:nowrap">883,468</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11732.74px;left:9590.63px;white-space:nowrap">25,626</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11932.43px;left:601.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11929.22px;left:792px;white-space:nowrap">2015-H20, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11929.22px;left:1583.64px;white-space:nowrap">CI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11929.22px;left:1832.55px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11929.22px;left:2090.36px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11929.22px;left:2508.09px;white-space:nowrap">1.889%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11929.22px;left:3139.66px;white-space:nowrap">8/20/65</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11929.22px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11929.22px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11929.22px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11929.22px;left:7485.64px;white-space:nowrap">994,545</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11929.22px;left:9590.63px;white-space:nowrap">51,701</div></div>
</div> </div></div>

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

<div style="height:51.66px;left:0px;position:absolute;top:0px;transform:translate(36.000px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:936px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1341.44px;letter-spacing:10.34px;white-space:nowrap">Intermediate
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2500.95px;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:3143.94px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:0px;letter-spacing:10.67px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:858.7px;letter-spacing:8px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:1113.45px;letter-spacing:10.91px;white-space:nowrap">Investments</div></div>
</div>

<div style="height:41.15px;left:0px;position:absolute;top:0px;transform:translate(36.000px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:702px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">
</div> </div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(36.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

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

<div style="height:17.16px;left:0px;position:absolute;top:0px;transform:translate(405.000px,743.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:254.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
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<div style="height:30.71px;left:0px;position:absolute;top:0px;transform:translate(80.389px,738.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:458.22px">

<div style="width:9164.39px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(911.718px,64.999px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:994.69px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:1257.27px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2139.84px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2497.34px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2723.44px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2905.86px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3372.66px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3635.23px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3781.17px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4138.67px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4656.56px;white-space:nowrap">statements.</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(36.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left: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:12.96px;left:0px;position:absolute;top:0px;transform:translate(71.856px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

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

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

<div style="width:10080px;height:12258px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.62px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:648px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:6010.72px;white-space:nowrap">Country</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:21.02px;left:7388.22px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:7423.4px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:216.23px;left:8027.7px;white-space:nowrap">*</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:8451.51px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:6612.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:8052.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:8484.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:648px;white-space:nowrap">Agency
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:1426.03px;white-space:nowrap">Commercial
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:2626.52px;white-space:nowrap">Mortgage-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:4360.21px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:547.74px;left:5371.83px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:648px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:1385.97px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:787.91px;left:2088.78px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:987.6px;left:627.28px;white-space:nowrap">j</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:648px;white-space:nowrap">GNMA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1216.91px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1184.09px;left:601.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:792px;white-space:nowrap">2015-H23, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:1583.64px;white-space:nowrap">BI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:1823.72px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:2081.53px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:2499.27px;white-space:nowrap">1.766%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:3130.83px;white-space:nowrap">9/20/65</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:7485.64px;white-space:nowrap">892,151</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:9501.64px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:9590.63px;white-space:nowrap">20,007</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1380.57px;left:601.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:792px;white-space:nowrap">2015-H25, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:1583.64px;white-space:nowrap">EI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:1823.72px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:2081.53px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:2499.27px;white-space:nowrap">1.841%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:3130.83px;white-space:nowrap">10/20/65</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:3824.05px;letter-spacing:52.55px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:7485.64px;white-space:nowrap">591,331</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:9590.63px;white-space:nowrap">17,632</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:792px;white-space:nowrap">2016-42, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:1468.09px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:1725.91px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:2046.06px;white-space:nowrap">2/20/46</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:2609.68px;letter-spacing:50.88px;white-space:nowrap">............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:7485.64px;white-space:nowrap">658,993</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:9501.64px;white-space:nowrap">129,620</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1773.54px;left:601.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1770.33px;left:792px;white-space:nowrap">2016-H03, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1770.33px;left:1574.81px;white-space:nowrap">AI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1770.33px;left:1814.89px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1770.33px;left:2072.7px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1770.33px;left:2490.44px;white-space:nowrap">1.97%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1770.33px;left:3033.02px;white-space:nowrap">1/20/66</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1770.33px;left:3637.22px;letter-spacing:52.12px;white-space:nowrap">.................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1770.33px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1770.33px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1770.33px;left:7485.64px;white-space:nowrap">926,873</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1770.33px;left:9590.63px;white-space:nowrap">37,743</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1970.02px;left:601.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1966.81px;left:792px;white-space:nowrap">2016-H03, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1966.81px;left:1583.64px;white-space:nowrap">DI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1966.81px;left:1832.55px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1966.81px;left:2090.36px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1966.81px;left:2508.09px;white-space:nowrap">2.024%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1966.81px;left:3139.66px;white-space:nowrap">12/20/65</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1966.81px;left:3824.05px;letter-spacing:52.55px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1966.81px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1966.81px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1966.81px;left:7485.64px;white-space:nowrap">809,937</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1966.81px;left:9590.63px;white-space:nowrap">26,601</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2166.51px;left:601.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2163.3px;left:792px;white-space:nowrap">2016-H06, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2163.3px;left:1583.64px;white-space:nowrap">DI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2163.3px;left:1832.55px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2163.3px;left:2090.36px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2163.3px;left:2508.09px;white-space:nowrap">1.582%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2163.3px;left:3139.66px;white-space:nowrap">7/20/65</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2163.3px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2163.3px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2163.3px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2163.3px;left:7485.64px;white-space:nowrap">877,838</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2163.3px;left:9590.63px;white-space:nowrap">34,987</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2362.99px;left:601.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2359.78px;left:792px;white-space:nowrap">2016-H09, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2359.78px;left:1583.64px;white-space:nowrap">BI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2359.78px;left:1823.72px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2359.78px;left:2081.53px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2359.78px;left:2499.27px;white-space:nowrap">2.046%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2359.78px;left:3130.83px;white-space:nowrap">4/20/66</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2359.78px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2359.78px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2359.78px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2359.78px;left:7364.08px;letter-spacing:-1.32px;white-space:nowrap">1,118,238</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2359.78px;left:9590.63px;white-space:nowrap">45,999</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2559.48px;left:601.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.27px;left:792px;white-space:nowrap">2016-H10, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.27px;left:1574.81px;white-space:nowrap">AI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.27px;left:1814.89px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.27px;left:2072.7px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.27px;left:2490.44px;white-space:nowrap">1.663%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.27px;left:3122px;white-space:nowrap">4/20/66</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.27px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.27px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.27px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.27px;left:7352.2px;white-space:nowrap">2,057,998</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.27px;left:9590.63px;white-space:nowrap">57,789</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2755.96px;left:601.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2752.75px;left:792px;white-space:nowrap">2016-H18, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2752.75px;left:1583.64px;white-space:nowrap">QI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2752.75px;left:1841.45px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2752.75px;left:2099.27px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2752.75px;left:2517px;white-space:nowrap">2.431%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2752.75px;left:3148.56px;white-space:nowrap">6/20/66</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2752.75px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2752.75px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2752.75px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2752.75px;left:7485.64px;white-space:nowrap">641,323</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2752.75px;left:9590.63px;white-space:nowrap">35,753</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2952.45px;left:601.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2949.24px;left:792px;white-space:nowrap">2016-H22, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2949.24px;left:1574.81px;white-space:nowrap">AI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2949.24px;left:1814.89px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2949.24px;left:2072.7px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2949.24px;left:2490.44px;white-space:nowrap">2.78%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2949.24px;left:3033.02px;white-space:nowrap">10/20/66</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2949.24px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2949.24px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2949.24px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2949.24px;left:7485.64px;white-space:nowrap">833,606</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2949.24px;left:9590.63px;white-space:nowrap">38,884</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3148.93px;left:601.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3145.72px;left:792px;white-space:nowrap">2016-H23, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3145.72px;left:1583.64px;white-space:nowrap">NI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3145.72px;left:1832.55px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3145.72px;left:2090.36px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3145.72px;left:2508.09px;white-space:nowrap">2.526%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3145.72px;left:3139.66px;white-space:nowrap">10/20/66</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3145.72px;left:3824.05px;letter-spacing:52.55px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3145.72px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3145.72px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3145.72px;left:7352.2px;white-space:nowrap">2,373,342</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3145.72px;left:9501.64px;white-space:nowrap">108,965</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3345.42px;left:601.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3342.21px;left:792px;white-space:nowrap">2016-H24, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3342.21px;left:1583.64px;white-space:nowrap">CI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3342.21px;left:1832.55px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3342.21px;left:2090.36px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3342.21px;left:2508.09px;white-space:nowrap">1.659%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3342.21px;left:3139.66px;white-space:nowrap">10/20/66</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3342.21px;left:3824.05px;letter-spacing:52.55px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3342.21px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3342.21px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3342.21px;left:7485.64px;white-space:nowrap">601,233</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3342.21px;left:9590.63px;white-space:nowrap">13,384</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3538.69px;left:792px;white-space:nowrap">2017-26, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3538.69px;left:1468.09px;white-space:nowrap">MI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3538.69px;left:1734.73px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3538.69px;left:1992.55px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3538.69px;left:2312.7px;letter-spacing:-1.48px;white-space:nowrap">11/20/39</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3538.69px;left:2983.33px;letter-spacing:51.2px;white-space:nowrap">........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3538.69px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3538.69px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3538.69px;left:7485.64px;white-space:nowrap">870,426</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3538.69px;left:9501.64px;white-space:nowrap">159,935</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3735.17px;left:792px;white-space:nowrap">2017-42, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3735.17px;left:1468.09px;white-space:nowrap">IC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3735.17px;left:1717px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3735.17px;left:1974.81px;white-space:nowrap">4.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3735.17px;left:2428.41px;white-space:nowrap">8/20/41</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3735.17px;left:2983.33px;letter-spacing:51.2px;white-space:nowrap">........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3735.17px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3735.17px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3735.17px;left:7485.64px;white-space:nowrap">332,156</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3735.17px;left:9590.63px;white-space:nowrap">60,156</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3931.66px;left:792px;white-space:nowrap">2017-93, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3931.66px;left:1465.2px;white-space:nowrap">TI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3931.66px;left:1696.3px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3931.66px;left:1954.11px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3931.66px;left:2274.27px;white-space:nowrap">3/20/44</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3931.66px;left:2889.91px;letter-spacing:51.11px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3931.66px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3931.66px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3931.66px;left:7663.61px;white-space:nowrap">8,238</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3931.66px;left:9991.02px;white-space:nowrap">1</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4131.35px;left:601.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4128.14px;left:792px;white-space:nowrap">2017-H02, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4128.14px;left:1583.64px;white-space:nowrap">BI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4128.14px;left:1823.72px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4128.14px;left:2081.53px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4128.14px;left:2499.27px;white-space:nowrap">2.292%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4128.14px;left:3130.83px;white-space:nowrap">1/20/67</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4128.14px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4128.14px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4128.14px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4128.14px;left:7485.64px;white-space:nowrap">718,026</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4128.14px;left:9590.63px;white-space:nowrap">27,419</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4327.84px;left:601.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4324.63px;left:792px;white-space:nowrap">2017-H06, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4324.63px;left:1583.64px;white-space:nowrap">BI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4324.63px;left:1823.72px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4324.63px;left:2081.53px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4324.63px;left:2499.27px;white-space:nowrap">2.36%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4324.63px;left:3041.84px;white-space:nowrap">2/20/67</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4324.63px;left:3637.22px;letter-spacing:52.12px;white-space:nowrap">.................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4324.63px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4324.63px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4324.63px;left:7375.95px;letter-spacing:-2.64px;white-space:nowrap">1,111,940</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4324.63px;left:9590.63px;white-space:nowrap">35,717</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4524.32px;left:601.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4521.11px;left:792px;white-space:nowrap">2017-H08, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4521.11px;left:1583.64px;white-space:nowrap">NI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4521.11px;left:1832.55px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4521.11px;left:2090.36px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4521.11px;left:2508.09px;white-space:nowrap">2.213%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4521.11px;left:3139.66px;white-space:nowrap">3/20/67</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4521.11px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4521.11px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4521.11px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4521.11px;left:7352.2px;white-space:nowrap">1,571,225</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4521.11px;left:9590.63px;white-space:nowrap">48,936</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4720.81px;left:601.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4717.6px;left:792px;white-space:nowrap">2017-H09, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4717.6px;left:1583.64px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4717.6px;left:1841.45px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4717.6px;left:2259.19px;white-space:nowrap">1.887%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4717.6px;left:2890.75px;white-space:nowrap">4/20/67</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4717.6px;left:3450.39px;letter-spacing:51.79px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4717.6px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4717.6px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4717.6px;left:7352.2px;white-space:nowrap">1,860,047</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4717.6px;left:9590.63px;white-space:nowrap">53,504</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4917.29px;left:601.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4914.08px;left:792px;letter-spacing:-1.19px;white-space:nowrap">2017-H11,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4914.08px;left:1571.77px;white-space:nowrap">DI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4914.08px;left:1820.67px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4914.08px;left:2078.48px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4914.08px;left:2496.22px;white-space:nowrap">2.086%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4914.08px;left:3127.78px;white-space:nowrap">5/20/67</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4914.08px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4914.08px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4914.08px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4914.08px;left:7352.2px;white-space:nowrap">1,253,468</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4914.08px;left:9590.63px;white-space:nowrap">61,351</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5113.77px;left:601.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5110.56px;left:792px;white-space:nowrap">2017-H12, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5110.56px;left:1583.64px;white-space:nowrap">QI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5110.56px;left:1841.45px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5110.56px;left:2099.27px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5110.56px;left:2517px;white-space:nowrap">2.387%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5110.56px;left:3148.56px;white-space:nowrap">5/20/67</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5110.56px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5110.56px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5110.56px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5110.56px;left:7364.08px;letter-spacing:-1.32px;white-space:nowrap">1,011,051</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5110.56px;left:9602.5px;letter-spacing:-1.98px;white-space:nowrap">39,116</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5310.26px;left:601.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5307.05px;left:792px;white-space:nowrap">2017-H16, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5307.05px;left:1583.64px;white-space:nowrap">IG, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5307.05px;left:1841.45px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5307.05px;left:2099.27px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5307.05px;left:2517px;white-space:nowrap">1.888%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5307.05px;left:3148.56px;white-space:nowrap">7/20/67</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5307.05px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5307.05px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5307.05px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5307.05px;left:7352.2px;white-space:nowrap">2,431,964</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5307.05px;left:9590.63px;white-space:nowrap">65,301</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5506.74px;left:601.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5503.53px;left:792px;white-space:nowrap">2017-H16, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5503.53px;left:1583.64px;white-space:nowrap">JI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5503.53px;left:1797px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5503.53px;left:2054.81px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5503.53px;left:2472.55px;white-space:nowrap">2.448%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5503.53px;left:3104.11px;white-space:nowrap">8/20/67</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5503.53px;left:3637.94px;letter-spacing:52.12px;white-space:nowrap">.................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5503.53px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5503.53px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5503.53px;left:7352.2px;white-space:nowrap">3,242,723</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5503.53px;left:9501.64px;white-space:nowrap">143,403</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5703.23px;left:601.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5700.02px;left:792px;white-space:nowrap">2017-H19, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5700.02px;left:1583.64px;white-space:nowrap">MI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5700.02px;left:1850.28px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5700.02px;left:2108.09px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5700.02px;left:2525.83px;white-space:nowrap">2.074%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5700.02px;left:3157.39px;white-space:nowrap">4/20/67</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5700.02px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5700.02px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5700.02px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5700.02px;left:7485.64px;white-space:nowrap">635,655</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5700.02px;left:9590.63px;white-space:nowrap">24,546</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5896.5px;left:792px;white-space:nowrap">2018-127, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5896.5px;left:1557.08px;white-space:nowrap">IC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5896.5px;left:1805.98px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5896.5px;left:2063.8px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5896.5px;left:2383.95px;white-space:nowrap">10/20/44</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5896.5px;left:3076.74px;letter-spacing:51.3px;white-space:nowrap">.......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5896.5px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5896.5px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5896.5px;left:7352.2px;white-space:nowrap">1,186,796</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5896.5px;left:9501.64px;white-space:nowrap">235,728</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6092.99px;left:792px;white-space:nowrap">2018-94, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6092.99px;left:1459.27px;white-space:nowrap">AI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6092.99px;left:1699.34px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6092.99px;left:1957.16px;white-space:nowrap">4.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6092.99px;left:2410.75px;white-space:nowrap">7/20/48</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6092.99px;left:2983.33px;letter-spacing:51.2px;white-space:nowrap">........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6092.99px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6092.99px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6092.99px;left:7485.64px;white-space:nowrap">765,223</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6092.99px;left:9501.64px;white-space:nowrap">157,731</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6292.68px;left:601.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6289.47px;left:792px;white-space:nowrap">2018-H02, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6289.47px;left:1583.64px;white-space:nowrap">EI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6289.47px;left:1823.72px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6289.47px;left:2081.53px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6289.47px;left:2499.27px;white-space:nowrap">2.33%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6289.47px;left:3041.84px;white-space:nowrap">1/20/68</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6289.47px;left:3637.22px;letter-spacing:52.12px;white-space:nowrap">.................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6289.47px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6289.47px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6289.47px;left:7352.2px;white-space:nowrap">2,637,238</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6289.47px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">112,684</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6489.17px;left:601.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6485.96px;left:792px;white-space:nowrap">2018-H05, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6485.96px;left:1583.64px;white-space:nowrap">BI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6485.96px;left:1823.72px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6485.96px;left:2081.53px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6485.96px;left:2499.27px;white-space:nowrap">2.314%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6485.96px;left:3130.83px;white-space:nowrap">2/20/68</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6485.96px;left:3730.63px;letter-spacing:52.32px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6485.96px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6485.96px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6485.96px;left:7352.2px;white-space:nowrap">1,739,978</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6485.96px;left:9590.63px;white-space:nowrap">74,800</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6685.65px;left:601.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6682.44px;left:792px;white-space:nowrap">2018-H15, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6682.44px;left:1583.64px;white-space:nowrap">KI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6682.44px;left:1823.72px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6682.44px;left:2081.53px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6682.44px;left:2499.27px;white-space:nowrap">1.81%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6682.44px;left:3041.84px;white-space:nowrap">8/20/68</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6682.44px;left:3637.22px;letter-spacing:52.12px;white-space:nowrap">.................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6682.44px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6682.44px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6682.44px;left:7352.2px;white-space:nowrap">1,262,088</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6682.44px;left:9590.63px;white-space:nowrap">45,343</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6882.13px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6878.92px;left:792px;letter-spacing:-1.19px;white-space:nowrap">2019-110,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6878.92px;left:1545.2px;white-space:nowrap">SQ, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6878.92px;left:1865.28px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6878.92px;left:2123.09px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6878.92px;left:2540.83px;white-space:nowrap">1.8%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6878.92px;left:2994.42px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6878.92px;left:3679.11px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6878.92px;left:4168.02px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6878.92px;left:4305.91px;white-space:nowrap">5.936%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7070.92px;left:792px;white-space:nowrap">9/20/49</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7070.92px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7070.92px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7070.92px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7070.92px;left:7352.2px;white-space:nowrap">1,629,239</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7070.92px;left:9501.64px;white-space:nowrap">192,308</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7270.62px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7267.41px;left:792px;white-space:nowrap">2019-152, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7267.41px;left:1557.08px;white-space:nowrap">ES, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7267.41px;left:1859.42px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7267.41px;left:2117.23px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7267.41px;left:2534.97px;white-space:nowrap">1.8%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7267.41px;left:2988.56px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7267.41px;left:3673.25px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7267.41px;left:4162.16px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7267.41px;left:4300.05px;white-space:nowrap">5.936%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7459.41px;left:792px;white-space:nowrap">12/20/49</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7459.41px;left:1488.72px;letter-spacing:50.3px;white-space:nowrap">........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7459.41px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7459.41px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7459.41px;left:7352.2px;white-space:nowrap">1,012,746</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7459.41px;left:9501.64px;white-space:nowrap">122,368</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7659.1px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7655.89px;left:792px;white-space:nowrap">2019-83, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7655.89px;left:1468.09px;letter-spacing:-5.16px;white-space:nowrap">SY,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7655.89px;left:1749.81px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7655.89px;left:2007.62px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7655.89px;left:2425.36px;white-space:nowrap">1.85%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7655.89px;left:2967.94px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7655.89px;left:3652.62px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7655.89px;left:4141.53px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7655.89px;left:4279.42px;white-space:nowrap">5.986%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7847.89px;left:792px;white-space:nowrap">7/20/49</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7847.89px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7847.89px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7847.89px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7847.89px;left:7352.2px;white-space:nowrap">1,513,906</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7847.89px;left:9501.64px;white-space:nowrap">189,100</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8047.59px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8044.38px;left:792px;white-space:nowrap">2019-89, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8044.38px;left:1468.09px;white-space:nowrap">PS, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8044.38px;left:1770.44px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8044.38px;left:2028.25px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8044.38px;left:2445.98px;white-space:nowrap">1.85%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8044.38px;left:2988.56px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8044.38px;left:3673.25px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8044.38px;left:4162.16px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8044.38px;left:4300.05px;white-space:nowrap">5.986%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8236.38px;left:792px;white-space:nowrap">7/20/49</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8236.38px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8236.38px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8236.38px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8236.38px;left:7352.2px;white-space:nowrap">1,878,810</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8236.38px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">247,911</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8436.07px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8432.86px;left:792px;white-space:nowrap">2019-96, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8432.86px;left:1468.09px;letter-spacing:-5.16px;white-space:nowrap">SY,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8432.86px;left:1749.81px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8432.86px;left:2007.62px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8432.86px;left:2425.36px;white-space:nowrap">1.85%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8432.86px;left:2967.94px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8432.86px;left:3652.62px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8432.86px;left:4141.53px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8432.86px;left:4279.42px;white-space:nowrap">5.986%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8624.86px;left:792px;white-space:nowrap">8/20/49</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8624.86px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8624.86px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8624.86px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8624.86px;left:7352.2px;white-space:nowrap">1,693,537</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8624.86px;left:9501.64px;white-space:nowrap">216,701</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8821.35px;left:792px;white-space:nowrap">2020-13, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8821.35px;left:1459.27px;white-space:nowrap">AI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8821.35px;left:1699.34px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8821.35px;left:1957.16px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8821.35px;left:2277.31px;white-space:nowrap">3/20/46</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8821.35px;left:2889.91px;letter-spacing:51.11px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8821.35px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8821.35px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8821.35px;left:7352.2px;white-space:nowrap">3,626,754</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8821.35px;left:9501.64px;white-space:nowrap">480,642</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9017.83px;left:792px;white-space:nowrap">2020-167, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9017.83px;left:1557.08px;white-space:nowrap">PI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9017.83px;left:1797.16px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9017.83px;left:2054.97px;white-space:nowrap">3.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9017.83px;left:2508.56px;letter-spacing:-1.48px;white-space:nowrap">11/20/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9017.83px;left:3170.15px;letter-spacing:51.41px;white-space:nowrap">......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9017.83px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9017.83px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9017.83px;left:7352.2px;white-space:nowrap">2,136,082</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9017.83px;left:9501.64px;white-space:nowrap">399,225</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9214.31px;left:792px;white-space:nowrap">2020-175, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9214.31px;left:1557.08px;white-space:nowrap">NI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9214.31px;left:1805.98px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9214.31px;left:2063.8px;white-space:nowrap">3%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9214.31px;left:2383.95px;letter-spacing:-1.48px;white-space:nowrap">11/20/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9214.31px;left:3076.74px;letter-spacing:51.3px;white-space:nowrap">.......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9214.31px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9214.31px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9214.31px;left:7352.2px;white-space:nowrap">2,227,714</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9214.31px;left:9501.64px;white-space:nowrap">360,758</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9414.01px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9410.8px;left:792px;white-space:nowrap">2020-63, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9410.8px;left:1459.27px;white-space:nowrap">AS, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9410.8px;left:1761.61px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9410.8px;left:2019.42px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9410.8px;left:2437.16px;white-space:nowrap">1.75%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9410.8px;left:2979.73px;white-space:nowrap">(1-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9410.8px;left:3664.42px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9410.8px;left:4153.33px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9410.8px;left:4291.22px;white-space:nowrap">5.886%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9602.8px;left:792px;white-space:nowrap">8/20/43</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9602.8px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9602.8px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9602.8px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9602.8px;left:7364.08px;letter-spacing:-1.32px;white-space:nowrap">1,762,113</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9602.8px;left:9501.64px;white-space:nowrap">216,563</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9802.49px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9799.28px;left:792px;white-space:nowrap">2020-63, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9799.28px;left:1468.09px;white-space:nowrap">PS, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9799.28px;left:1770.44px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9799.28px;left:2028.25px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9799.28px;left:2445.98px;white-space:nowrap">1.85%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9799.28px;left:2988.56px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9799.28px;left:3673.25px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9799.28px;left:4162.16px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9799.28px;left:4300.05px;white-space:nowrap">5.986%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9991.28px;left:792px;white-space:nowrap">4/20/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9991.28px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9991.28px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9991.28px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9991.28px;left:7352.2px;white-space:nowrap">2,210,322</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9991.28px;left:9501.64px;white-space:nowrap">295,167</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10190.98px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10187.77px;left:792px;white-space:nowrap">2020-63, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10187.77px;left:1468.09px;letter-spacing:-5.16px;white-space:nowrap">SP,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10187.77px;left:1749.81px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10187.77px;left:2007.62px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10187.77px;left:2425.36px;white-space:nowrap">1.85%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10187.77px;left:2967.94px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10187.77px;left:3652.62px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10187.77px;left:4141.53px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10187.77px;left:4279.42px;white-space:nowrap">5.986%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10379.77px;left:792px;white-space:nowrap">5/20/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10379.77px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10379.77px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10379.77px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10379.77px;left:7352.2px;white-space:nowrap">1,726,403</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10379.77px;left:9501.64px;white-space:nowrap">224,695</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10579.46px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10576.25px;left:792px;white-space:nowrap">2020-96, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10576.25px;left:1468.09px;white-space:nowrap">KS, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10576.25px;left:1770.44px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10576.25px;left:2028.25px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10576.25px;left:2445.98px;white-space:nowrap">1.9%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10576.25px;left:2899.58px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10576.25px;left:3584.27px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10576.25px;left:4073.17px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10576.25px;left:4211.06px;white-space:nowrap">6.036%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10768.25px;left:792px;white-space:nowrap">7/20/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10768.25px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10768.25px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10768.25px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10768.25px;left:7352.2px;white-space:nowrap">5,304,946</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10768.25px;left:9501.64px;white-space:nowrap">705,394</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10967.95px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10964.74px;left:792px;white-space:nowrap">2020-97, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10964.74px;left:1468.09px;white-space:nowrap">QS, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10964.74px;left:1788.17px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10964.74px;left:2045.98px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10964.74px;left:2463.72px;white-space:nowrap">1.9%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10964.74px;left:2917.31px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10964.74px;left:3602px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10964.74px;left:4090.91px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10964.74px;left:4228.8px;white-space:nowrap">6.036%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11156.74px;left:792px;white-space:nowrap">7/20/50</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11156.74px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11156.74px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11156.74px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11156.74px;left:7352.2px;white-space:nowrap">1,610,475</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11156.74px;left:9501.64px;white-space:nowrap">231,690</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11356.43px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11353.22px;left:792px;letter-spacing:-1.19px;white-space:nowrap">2021-116,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11353.22px;left:1545.2px;white-space:nowrap">ES, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11353.22px;left:1847.55px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11353.22px;left:2105.36px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11353.22px;left:2523.09px;white-space:nowrap">1.939%,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11353.22px;left:3154.66px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11353.22px;left:3839.34px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11353.22px;left:4328.25px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11353.22px;left:4466.14px;white-space:nowrap">6.086%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11545.22px;left:792px;letter-spacing:-1.48px;white-space:nowrap">11/20/47</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11545.22px;left:1488.72px;letter-spacing:50.3px;white-space:nowrap">........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11545.22px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11545.22px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11545.22px;left:7352.2px;white-space:nowrap">2,588,540</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11545.22px;left:9501.64px;white-space:nowrap">306,953</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11741.71px;left:792px;white-space:nowrap">2021-122, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11741.71px;left:1557.08px;white-space:nowrap">GI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11741.71px;left:1814.89px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11741.71px;left:2072.7px;white-space:nowrap">4.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11741.71px;left:2526.3px;letter-spacing:-1.48px;white-space:nowrap">11/20/47</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11741.71px;left:3170.15px;letter-spacing:51.41px;white-space:nowrap">......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11741.71px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11741.71px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11741.71px;left:7352.2px;white-space:nowrap">2,799,232</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11741.71px;left:9501.64px;white-space:nowrap">639,009</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11938.19px;left:792px;white-space:nowrap">2021-156, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11938.19px;left:1557.08px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11938.19px;left:1814.89px;white-space:nowrap">3.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11938.19px;left:2268.48px;white-space:nowrap">7/20/51</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11938.19px;left:2889.91px;letter-spacing:51.11px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11938.19px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11938.19px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11938.19px;left:7352.2px;white-space:nowrap">3,440,189</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11938.19px;left:9501.64px;white-space:nowrap">653,313</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:1161.0px;width:891.0px;transform-origin:top left;transform:scale(1.5,1.5)">

<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:6453.14px;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:7127.45px;letter-spacing:10.29px;white-space:nowrap">Master
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7794.58px;letter-spacing:10.34px;white-space:nowrap">Intermediate
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:8954.09px;letter-spacing:10.29px;white-space:nowrap">Income
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:9597.08px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:7913.58px;letter-spacing:10.67px;white-space:nowrap">Schedule
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8772.28px;letter-spacing:8px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:9027.03px;letter-spacing:10.91px;white-space:nowrap">Investments</div></div>
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<div style="height:40.61px;left:0px;position:absolute;top:0px;transform:translate(53.999px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:691.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">
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<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(53.999px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">franklintempleton.com</div></div>
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<div style="height:30.71px;left:0px;position:absolute;top:0px;transform:translate(54.000px,738.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:459.61px">

<div style="width:9192.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(8270.481px,65.000px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3857.28px;white-space:nowrap">The
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4119.86px;white-space:nowrap">accompanying
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5002.43px;white-space:nowrap">notes
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5359.93px;white-space:nowrap">are
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5586.03px;white-space:nowrap">an
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5768.45px;white-space:nowrap">integral
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6235.25px;white-space:nowrap">part
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6497.83px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6643.76px;white-space:nowrap">these
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7001.26px;text-rendering:optimizeLegibility;white-space:nowrap">financial
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7519.15px;white-space:nowrap">statements.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8353.45px;white-space:nowrap">Annual
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8798.45px;white-space:nowrap">Report</div></div>
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<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(522.144px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">31</div></div>
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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>
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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:12268.8px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1.62px) rotate(0deg) scale(0.05)">

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:648px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:6010.72px;white-space:nowrap">Country</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:21.02px;left:7388.22px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:7423.4px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:216.23px;left:8027.7px;white-space:nowrap">*</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:280.75px;left:8451.51px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:213.02px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:6612.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:8052.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:426.11px;left:8484.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:426.11px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:648px;white-space:nowrap">Agency
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:1426.03px;white-space:nowrap">Commercial
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:2626.52px;white-space:nowrap">Mortgage-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:513.87px;left:4360.21px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:547.74px;left:5371.83px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:648px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:787.91px;left:1385.97px;white-space:nowrap">Services
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:787.91px;left:2088.78px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:987.6px;left:627.28px;white-space:nowrap">j</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:648px;white-space:nowrap">GNMA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:984.39px;left:1216.91px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:792px;white-space:nowrap">2021-214, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:1548.25px;white-space:nowrap">AI, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:1788.33px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:2046.14px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:2366.3px;white-space:nowrap">12/20/51</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:3076.74px;letter-spacing:51.3px;white-space:nowrap">.......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:7352.2px;white-space:nowrap">2,515,014</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:9412.66px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1180.88px;left:9501.64px;white-space:nowrap">500,795</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:792px;white-space:nowrap">2021-59, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:1468.09px;letter-spacing:-5.16px;white-space:nowrap">IP,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:1687.55px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:1945.36px;white-space:nowrap">3%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:2265.52px;white-space:nowrap">4/20/51</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:2889.91px;letter-spacing:51.11px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:7352.2px;white-space:nowrap">2,845,694</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1377.36px;left:9501.64px;white-space:nowrap">485,754</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1577.06px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:792px;white-space:nowrap">2021-59, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:1468.09px;white-space:nowrap">SM, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:1797px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:2054.81px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:2472.55px;white-space:nowrap">2.05%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:3015.13px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:3699.81px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:4188.72px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1573.85px;left:4326.61px;white-space:nowrap">6.186%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1765.85px;left:792px;white-space:nowrap">4/20/51</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1765.85px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1765.85px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1765.85px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1765.85px;left:7364.08px;letter-spacing:-1.32px;white-space:nowrap">5,158,711</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1765.85px;left:9501.64px;white-space:nowrap">702,176</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1965.54px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1962.33px;left:792px;white-space:nowrap">2021-59, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1962.33px;left:1468.09px;white-space:nowrap">SQ, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1962.33px;left:1788.17px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1962.33px;left:2045.98px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1962.33px;left:2463.72px;white-space:nowrap">2.05%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1962.33px;left:3006.3px;white-space:nowrap">(1-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1962.33px;left:3690.98px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1962.33px;left:4179.89px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1962.33px;left:4317.78px;white-space:nowrap">6.186%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2154.33px;left:792px;white-space:nowrap">4/20/51</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2154.33px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2154.33px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2154.33px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2154.33px;left:7352.2px;white-space:nowrap">1,694,365</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2154.33px;left:9501.64px;white-space:nowrap">234,022</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2354.02px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2350.81px;left:792px;white-space:nowrap">2021-77, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2350.81px;left:1468.09px;white-space:nowrap">SM, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2350.81px;left:1797px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2350.81px;left:2054.81px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2350.81px;left:2472.55px;white-space:nowrap">2.05%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2350.81px;left:3015.13px;white-space:nowrap">(1-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2350.81px;left:3699.81px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2350.81px;left:4188.72px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2350.81px;left:4326.61px;white-space:nowrap">6.186%),
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2542.81px;left:792px;white-space:nowrap">5/20/51</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2542.81px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2542.81px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2542.81px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2542.81px;left:7352.2px;white-space:nowrap">2,540,039</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2542.81px;left:9501.64px;white-space:nowrap">358,181</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2742.51px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2739.3px;left:792px;white-space:nowrap">2021-98, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2739.3px;left:1468.09px;white-space:nowrap">SK, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2739.3px;left:1770.44px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2739.3px;left:2028.25px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2739.3px;left:2445.98px;white-space:nowrap">2.05%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2739.3px;left:2988.56px;white-space:nowrap">(1-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2739.3px;left:3673.25px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2739.3px;left:4162.16px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2739.3px;left:4300.05px;white-space:nowrap">6.186%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2931.3px;left:792px;white-space:nowrap">6/20/51</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2931.3px;left:1395.3px;letter-spacing:50.27px;white-space:nowrap">.........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2931.3px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2931.3px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2931.3px;left:7352.2px;white-space:nowrap">4,243,059</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2931.3px;left:9501.64px;white-space:nowrap">597,524</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3130.99px;left:596.12px;white-space:nowrap">g</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3127.78px;left:792px;white-space:nowrap">2023-35, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3127.78px;left:1468.09px;white-space:nowrap">SH, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3127.78px;left:1779.27px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3127.78px;left:2037.08px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3127.78px;left:2454.81px;white-space:nowrap">2.061%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3127.78px;left:3086.38px;white-space:nowrap">(30-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3127.78px;left:3673.33px;white-space:nowrap">SOFR </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3127.78px;left:4153.41px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3127.78px;left:4790.91px;white-space:nowrap">+ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3319.78px;left:792px;white-space:nowrap">6.45%), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3319.78px;left:1387.86px;white-space:nowrap">2/20/53</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3319.78px;left:1955.78px;letter-spacing:50.5px;white-space:nowrap">...................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3319.78px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3319.78px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3319.78px;left:7352.2px;white-space:nowrap">5,304,131</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3319.78px;left:9501.64px;white-space:nowrap">453,642</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3516.27px;left:792px;white-space:nowrap">2024-186, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3516.27px;left:1557.08px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3516.27px;left:1814.89px;white-space:nowrap">3%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3516.27px;left:2135.05px;white-space:nowrap">9/20/51</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3516.27px;left:2703.09px;letter-spacing:50.95px;white-space:nowrap">...........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3516.27px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3516.27px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3516.27px;left:7352.2px;white-space:nowrap">3,433,569</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3516.27px;left:9501.64px;white-space:nowrap">520,303</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3715.96px;left:601.36px;white-space:nowrap">k</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3712.75px;left:792px;white-space:nowrap">2024-32, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3712.75px;left:1468.09px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3712.75px;left:1725.91px;white-space:nowrap">FRN, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3712.75px;left:2143.64px;white-space:nowrap">0.7%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3712.75px;left:2597.23px;white-space:nowrap">6/16/63</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3712.75px;left:3170.15px;letter-spacing:51.41px;white-space:nowrap">......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3712.75px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3712.75px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3712.75px;left:7352.2px;white-space:nowrap">4,842,341</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3712.75px;left:9501.64px;white-space:nowrap">242,313</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3909.24px;left:792px;white-space:nowrap">2024-4, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3909.24px;left:1379.11px;white-space:nowrap">IG, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3909.24px;left:1636.92px;white-space:nowrap">IO, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3909.24px;left:1894.73px;white-space:nowrap">5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3909.24px;left:2214.89px;white-space:nowrap">12/20/52</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3909.24px;left:2889.91px;letter-spacing:51.11px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3909.24px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3909.24px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3909.24px;left:7352.2px;white-space:nowrap">1,429,674</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3909.24px;left:9501.64px;white-space:nowrap">277,782</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4236.68px;left:9279.22px;white-space:nowrap">20,183,062</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:4450.96px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:4450.96px;left:648px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:4450.96px;left:6618.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:4450.96px;left:8058.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:4450.96px;left:8490.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:4450.96px;left:10074.44px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4515.7px;left:648px;letter-spacing:-2.47px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4515.7px;left:1159.04px;white-space:nowrap">Agency
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4515.7px;left:1937.06px;white-space:nowrap">Commercial
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4515.7px;left:3137.55px;white-space:nowrap">Mortgage-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4515.7px;left:4871.24px;white-space:nowrap">Securities</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4515.7px;left:5882.86px;white-space:nowrap">(Cost
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4515.7px;left:6449.46px;white-space:nowrap">$19,742,424)</div>

<div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:4515.7px;left:7653.95px;letter-spacing:57.73px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4549.57px;left:9279.22px;white-space:nowrap">20,183,062</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4923.15px;left:648px;letter-spacing:-2.47px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4923.15px;left:1166.46px;white-space:nowrap">Long
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4923.15px;left:1710.7px;letter-spacing:-2.97px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4923.15px;left:2240.48px;white-space:nowrap">Investments
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4923.15px;left:3463.14px;white-space:nowrap">(Cost
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4923.15px;left:4029.74px;white-space:nowrap">$174,295,193)</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4923.15px;left:5353.49px;letter-spacing:51.11px;white-space:nowrap">.............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4957.01px;left:9190.23px;white-space:nowrap">175,791,463</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:5171.3px;left:10074.44px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5578.04px;left:648px;white-space:nowrap">Short
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5578.04px;left:1225.73px;letter-spacing:-2.97px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5578.04px;left:1755.52px;white-space:nowrap">Investments
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5578.04px;left:2978.18px;white-space:nowrap">12.5%</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:6100.13px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:6100.13px;left:648px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6032.39px;left:6010.72px;white-space:nowrap">Country</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5840.39px;left:7388.22px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6032.39px;left:7423.4px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:6035.6px;left:8027.7px;white-space:nowrap">*</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:6100.13px;left:8451.51px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6032.39px;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:6245.49px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:6245.49px;left:648px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:6245.49px;left:6612.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:6245.49px;left:8052.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:6245.49px;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:6245.49px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6333.25px;left:648px;text-rendering:optimizeLegibility;white-space:nowrap">Certificates
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6333.25px;left:1792.92px;white-space:nowrap">of
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6333.25px;left:2037.26px;white-space:nowrap">Deposit
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6333.25px;left:2826.22px;white-space:nowrap">1.4%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6563.6px;left:648px;white-space:nowrap">Bank </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6563.6px;left:1057.14px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6563.6px;left:1226.2px;white-space:nowrap">America </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6563.6px;left:1857.45px;white-space:nowrap">NA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6563.6px;left:2168.63px;white-space:nowrap">4.25%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6563.6px;left:2711.2px;white-space:nowrap">3/02/26</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6563.6px;left:3263.57px;letter-spacing:51.52px;white-space:nowrap">.....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6563.6px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6563.6px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6563.6px;left:7413.64px;white-space:nowrap">750,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6563.6px;left:9501.64px;white-space:nowrap">750,498</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6760.09px;left:648px;white-space:nowrap">Canadian </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6760.09px;left:1377.45px;white-space:nowrap">Imperial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6760.09px;left:1990.97px;white-space:nowrap">Bank </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6760.09px;left:2400.11px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6760.09px;left:2578px;white-space:nowrap">Commerce, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6760.09px;left:3449.25px;white-space:nowrap">4.43%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6760.09px;left:3991.83px;white-space:nowrap">2/09/26</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6760.09px;left:4571.35px;letter-spacing:56.65px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6760.09px;left:6063.53px;white-space:nowrap">Canada</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6760.09px;left:7413.64px;white-space:nowrap">800,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6760.09px;left:9501.64px;white-space:nowrap">800,551</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6956.57px;left:648px;letter-spacing:-1.04px;white-space:nowrap">Toronto-Dominion
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6956.57px;left:1955.27px;white-space:nowrap">Bank </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6956.57px;left:2364.41px;white-space:nowrap">(The), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6956.57px;left:2835.58px;white-space:nowrap">4.42%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6956.57px;left:3378.16px;white-space:nowrap">4/02/26</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6956.57px;left:3917.46px;letter-spacing:52.8px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6956.57px;left:6063.53px;white-space:nowrap">Canada</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6956.57px;left:7413.64px;white-space:nowrap">850,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6956.57px;left:9501.64px;white-space:nowrap">850,295</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7235.59px;left:648px;letter-spacing:-2.47px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7235.59px;left:1166.46px;text-rendering:optimizeLegibility;white-space:nowrap">Certificates
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7235.59px;left:2311.38px;white-space:nowrap">of
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7235.59px;left:2555.71px;white-space:nowrap">Deposit
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7235.59px;left:3344.68px;white-space:nowrap">(Cost
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7235.59px;left:3911.28px;white-space:nowrap">$2,400,000)</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7235.59px;left:5039.79px;letter-spacing:50.91px;white-space:nowrap">................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7269.46px;left:9368.2px;white-space:nowrap">2,401,344</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:7569.83px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:7569.83px;left:648px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:7569.83px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7657.6px;left:648px;white-space:nowrap">Commercial
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7657.6px;left:1848.49px;white-space:nowrap">Papers
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7657.6px;left:2571.14px;white-space:nowrap">1.4%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7891.16px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7887.95px;left:648px;white-space:nowrap">Commonwealth
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7887.95px;left:1804.02px;white-space:nowrap">Bank </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7887.95px;left:2213.16px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7887.95px;left:2382.22px;white-space:nowrap">Australia</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7887.95px;left:3004.72px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7887.95px;left:3093.63px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7887.95px;left:3556.2px;white-space:nowrap">4.51</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7887.95px;left:3867.61px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7887.95px;left:4009.88px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7887.95px;left:4098.78px;white-space:nowrap">4/09/26</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7887.95px;left:4664.76px;letter-spacing:57.93px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7887.95px;left:6001.5px;white-space:nowrap">Australia</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7887.95px;left:7413.64px;white-space:nowrap">750,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7887.95px;left:9501.64px;white-space:nowrap">750,036</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8087.64px;left:523.57px;white-space:nowrap">b,c</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8084.43px;left:648px;letter-spacing:-0.72px;white-space:nowrap">NRW
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8084.43px;left:1071.67px;white-space:nowrap">Bank</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8084.43px;left:1436.36px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8084.43px;left:1525.27px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8084.43px;left:1987.84px;white-space:nowrap">4.06%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8084.43px;left:2441.52px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8084.43px;left:2530.42px;white-space:nowrap">10/02/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8084.43px;left:3170.15px;letter-spacing:51.41px;white-space:nowrap">......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8084.43px;left:5966.03px;white-space:nowrap">Germany</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8084.43px;left:7413.64px;white-space:nowrap">750,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8084.43px;left:9501.64px;white-space:nowrap">749,831</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8284.13px;left:596.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8280.92px;left:648px;white-space:nowrap">Royal </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8280.92px;left:1101.52px;white-space:nowrap">Bank </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8280.92px;left:1510.66px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8280.92px;left:1688.55px;white-space:nowrap">Canada</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8280.92px;left:2249.02px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8280.92px;left:2337.92px;white-space:nowrap">144A, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8280.92px;left:2800.5px;white-space:nowrap">4.4</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8280.92px;left:3022.92px;white-space:nowrap">%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8280.92px;left:3165.19px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8280.92px;left:3254.09px;white-space:nowrap">3/23/26</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8280.92px;left:3824.05px;letter-spacing:52.55px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8280.92px;left:6063.53px;white-space:nowrap">Canada</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8280.92px;left:7413.64px;white-space:nowrap">850,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8280.92px;left:9501.64px;white-space:nowrap">850,384</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:8559.94px;left:648px;letter-spacing:-2.47px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:8559.94px;left:1166.46px;white-space:nowrap">Commercial
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:8559.94px;left:2366.95px;white-space:nowrap">Papers
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:8559.94px;left:3089.6px;white-space:nowrap">(Cost
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:8559.94px;left:3656.2px;letter-spacing:-1px;white-space:nowrap">$2,349,911)</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:8559.94px;left:4726.09px;letter-spacing:50.75px;white-space:nowrap">...................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8593.8px;left:9368.2px;white-space:nowrap">2,350,251</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:8894.18px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:8894.18px;left:648px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:8894.18px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:8981.94px;left:648px;white-space:nowrap">U.S.
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:8981.94px;left:1092.53px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:8981.94px;left:2326.13px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:8981.94px;left:2729.84px;white-space:nowrap">Agency
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:8981.94px;left:3507.86px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:8981.94px;left:4519.48px;white-space:nowrap">1.2%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9259.19px;left:601.36px;white-space:nowrap">c</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9255.98px;left:648px;white-space:nowrap">U.S. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9255.98px;left:1000.73px;letter-spacing:-0.66px;white-space:nowrap">Treasury
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9255.98px;left:1670.5px;white-space:nowrap">Bills</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9255.98px;left:1963.86px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9455.67px;left:596.12px;white-space:nowrap">n</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9452.46px;left:792px;white-space:nowrap">2.01%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9452.46px;left:1334.58px;white-space:nowrap">10/02/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9452.46px;left:1957.39px;letter-spacing:50.5px;white-space:nowrap">...................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9452.46px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9452.46px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9452.46px;left:7352.2px;white-space:nowrap">1,300,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9452.46px;left:9368.2px;white-space:nowrap">1,299,855</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9648.94px;left:792px;white-space:nowrap">3.83%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9648.94px;left:1334.58px;white-space:nowrap">1/20/26</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9648.94px;left:1955.78px;letter-spacing:50.5px;white-space:nowrap">...................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9648.94px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9648.94px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9648.94px;left:7485.64px;white-space:nowrap">800,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9648.94px;left:9501.64px;white-space:nowrap">790,589</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9932.71px;left:9368.2px;white-space:nowrap">2,090,444</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10211.73px;left:648px;letter-spacing:-2.47px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10211.73px;left:1166.46px;white-space:nowrap">U.S.
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10211.73px;left:1610.99px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10211.73px;left:2844.58px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10211.73px;left:3248.29px;white-space:nowrap">Agency
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10211.73px;left:4026.32px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10211.73px;left:5037.94px;white-space:nowrap">(Cost
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10211.73px;left:5604.54px;white-space:nowrap">$2,090,432)</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10211.73px;left:6712.85px;letter-spacing:52.82px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10245.59px;left:9368.2px;white-space:nowrap">2,090,444</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10529.36px;left:7530.33px;white-space:nowrap">Shares</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10795.71px;left:648px;white-space:nowrap">Management
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10795.71px;left:1926.03px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10795.71px;left:3037.45px;white-space:nowrap">Companies
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10795.71px;left:4171.05px;white-space:nowrap">5.0%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11029.27px;left:518.33px;white-space:nowrap">a,o</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11026.06px;left:648px;white-space:nowrap">Putnam </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11026.06px;left:1243.86px;white-space:nowrap">Short </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11026.06px;left:1667.84px;letter-spacing:-3.55px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11026.06px;left:2067.84px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11026.06px;left:2894.88px;white-space:nowrap">Fund, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11026.06px;left:3348.47px;white-space:nowrap">Class </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11026.06px;left:3793px;letter-spacing:-6.87px;white-space:nowrap">P,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11026.06px;left:3968px;white-space:nowrap">4.364%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11026.06px;left:4571.35px;letter-spacing:56.65px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11026.06px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11026.06px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11026.06px;left:7352.2px;white-space:nowrap">8,288,989</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11026.06px;left:9368.2px;white-space:nowrap">8,288,989</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:11305.08px;left:648px;letter-spacing:-2.47px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:11305.08px;left:1166.46px;white-space:nowrap">Management
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:11305.08px;left:2444.48px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:11305.08px;left:3555.91px;white-space:nowrap">Companies
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:11305.08px;left:4689.5px;white-space:nowrap">(Cost
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:11305.08px;left:5256.11px;white-space:nowrap">$8,288,989)</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:11305.08px;left:6399.15px;letter-spacing:52.22px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11338.94px;left:9368.2px;white-space:nowrap">8,288,989</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:1161.0px;width:891.0px;transform-origin:top left;transform:scale(1.5,1.5)">

<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:10.29px;white-space:nowrap">Master
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1341.44px;letter-spacing:10.34px;white-space:nowrap">Intermediate
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2500.95px;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:3143.94px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:0px;letter-spacing:10.67px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:858.7px;letter-spacing:8px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:1113.45px;letter-spacing:10.91px;white-space:nowrap">Investments</div></div>
</div>

<div style="height:41.15px;left:0px;position:absolute;top:0px;transform:translate(36.000px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:702px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">
</div> </div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(36.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

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

<div style="height:17.16px;left:0px;position:absolute;top:0px;transform:translate(405.000px,743.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:254.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
</div>

<div style="height:30.71px;left:0px;position:absolute;top:0px;transform:translate(80.389px,738.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:458.22px">

<div style="width:9164.39px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(911.718px,64.999px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:994.69px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:1257.27px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2139.84px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2497.34px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2723.44px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2905.86px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3372.66px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3635.23px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3781.17px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4138.67px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4656.56px;white-space:nowrap">statements.</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(36.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:36.48px;white-space:nowrap">32</div></div>
</div>

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

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

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

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

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

<div style="width:10080px;height:12258px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.43px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:30.83px;left:648px;white-space:nowrap">Short
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:30.83px;left:1225.73px;letter-spacing:-2.97px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:30.83px;left:1755.52px;white-space:nowrap">Investments
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:64.7px;left:2978.18px;white-space:nowrap">(continued)</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:360.92px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:360.92px;left:648px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:293.18px;left:6010.72px;white-space:nowrap">Country</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:293.18px;left:7530.33px;white-space:nowrap">Shares</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:360.92px;left:8451.51px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:293.18px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:506.28px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:506.28px;left:648px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:506.28px;left:6612.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:506.28px;left:8052.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:506.28px;left:8484.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:506.28px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:594.04px;left:648px;white-space:nowrap">Money
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:594.04px;left:1336.96px;white-space:nowrap">Market
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:594.04px;left:2037.26px;white-space:nowrap">Funds
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:594.04px;left:2692.73px;white-space:nowrap">3.5%</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:827.6px;left:518.33px;white-space:nowrap">a,o</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:824.39px;left:648px;white-space:nowrap">Putnam </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:824.39px;left:1243.86px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:824.39px;left:2168.7px;white-space:nowrap">Money </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:824.39px;left:2693.39px;white-space:nowrap">Market </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:824.39px;left:3226.83px;white-space:nowrap">Fund, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:824.39px;left:3680.42px;white-space:nowrap">Class </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:824.39px;left:4124.95px;letter-spacing:-6.87px;white-space:nowrap">P,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:824.39px;left:4299.95px;white-space:nowrap">3.959%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:824.39px;left:4851.59px;letter-spacing:62.41px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:824.39px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:824.39px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:824.39px;left:7280.2px;white-space:nowrap">5,822,971</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:824.39px;left:9279.22px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:824.39px;left:9368.2px;white-space:nowrap">5,822,971</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1103.41px;left:648px;letter-spacing:-2.47px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1103.41px;left:1166.46px;white-space:nowrap">Money
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1103.41px;left:1855.42px;white-space:nowrap">Market
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1103.41px;left:2555.71px;white-space:nowrap">Funds
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1103.41px;left:3211.18px;white-space:nowrap">(Cost
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1103.41px;left:3777.79px;white-space:nowrap">$5,822,971)</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1103.41px;left:4935.22px;letter-spacing:50.85px;white-space:nowrap">.................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1137.28px;left:9368.2px;white-space:nowrap">5,822,971</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1656.46px;left:648px;letter-spacing:-2.47px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1656.46px;left:1166.46px;white-space:nowrap">Short
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1656.46px;left:1744.19px;letter-spacing:-2.97px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1656.46px;left:2273.98px;white-space:nowrap">Investments
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1656.46px;left:3496.63px;white-space:nowrap">(Cost</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1656.46px;left:4063.23px;white-space:nowrap">$20,952,303</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1656.46px;left:5175.44px;white-space:nowrap">)</div>

<div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:1656.46px;left:5248.92px;letter-spacing:51.04px;white-space:nowrap">..............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1690.33px;left:9279.22px;white-space:nowrap">20,953,999</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:2086.45px;left:10074.44px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2151.19px;left:648px;letter-spacing:-2.47px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2151.19px;left:1166.46px;white-space:nowrap">Investments
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2151.19px;left:2389.11px;white-space:nowrap">(Cost
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2151.19px;left:2955.71px;white-space:nowrap">$195,247,496)
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2151.19px;left:4301.32px;letter-spacing:-1.84px;white-space:nowrap">117.7%</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2151.19px;left:5039.79px;letter-spacing:50.91px;white-space:nowrap">................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2185.06px;left:9101.25px;white-space:nowrap">$196,745,462</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2376.79px;left:648px;letter-spacing:-1.86px;white-space:nowrap">TBA
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2376.79px;left:1107.18px;white-space:nowrap">Sale
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2376.79px;left:1574.17px;white-space:nowrap">Commitments
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2376.79px;left:2963.23px;white-space:nowrap">(4.1)%</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2376.79px;left:3575.86px;letter-spacing:50.33px;white-space:nowrap">..............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2410.66px;left:9261.64px;white-space:nowrap">(6,925,061)</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2602.4px;left:648px;white-space:nowrap">Other
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2602.4px;left:1229.54px;white-space:nowrap">Assets,
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2602.4px;left:1996.63px;white-space:nowrap">less
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2602.4px;left:2441.46px;white-space:nowrap">Liabilities
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2602.4px;left:3419.48px;white-space:nowrap">(13.6)%</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2602.4px;left:4203.26px;letter-spacing:50.53px;white-space:nowrap">........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2636.27px;left:9172.66px;white-space:nowrap">(22,784,862)</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2922.57px;left:648px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2922.57px;left:1018.41px;white-space:nowrap">Assets
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2922.57px;left:1729.93px;white-space:nowrap">100.0%</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2922.57px;left:2425.63px;letter-spacing:50.07px;white-space:nowrap">.........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2956.43px;left:9101.25px;white-space:nowrap">$167,035,539</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:3170.72px;left:642.44px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:3170.72px;left:648px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:3170.72px;left:10074.44px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3240.2px;left:7388.22px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3432.2px;left:7423.4px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:3435.41px;left:8027.7px;white-space:nowrap">*</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3735.62px;left:596.12px;white-space:nowrap">p</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3698.55px;left:648px;letter-spacing:-1.86px;white-space:nowrap">TBA
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3698.55px;left:1107.18px;white-space:nowrap">Sale
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3698.55px;left:1574.17px;white-space:nowrap">Commitments
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3698.55px;left:2963.23px;white-space:nowrap">(4.1)%</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3938.71px;left:648px;white-space:nowrap">Mortgage-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3938.71px;left:2381.69px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3938.71px;left:3393.31px;white-space:nowrap">(4.1)%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4212.74px;left:648px;white-space:nowrap">Federal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4212.74px;left:1261.59px;white-space:nowrap">National
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4212.74px;left:1937.22px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4212.74px;left:2695.73px;white-space:nowrap">Association
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4212.74px;left:3647.06px;white-space:nowrap">(FNMA)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4212.74px;left:4260.19px;white-space:nowrap">Fixed
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4212.74px;left:4722.53px;white-space:nowrap">Rate
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4212.74px;left:5113.78px;white-space:nowrap">(4.1)%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4452.91px;left:648px;white-space:nowrap">Uniform </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4452.91px;left:1252.53px;white-space:nowrap">Mortgage-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4452.91px;left:2559.87px;white-space:nowrap">Securities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4452.91px;left:3262.37px;white-space:nowrap">,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4649.39px;left:792px;white-space:nowrap">4%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4649.39px;left:1109.27px;white-space:nowrap">TBA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4649.39px;left:1509.34px;white-space:nowrap">10/25/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4649.39px;left:2142.61px;letter-spacing:50.59px;white-space:nowrap">.................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4649.39px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4649.39px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4649.39px;left:7245.64px;white-space:nowrap">(1,000,000)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4649.39px;left:9395.08px;white-space:nowrap">(942,597)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4845.88px;left:792px;white-space:nowrap">4.5%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4845.88px;left:1242.7px;white-space:nowrap">TBA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4845.88px;left:1642.78px;white-space:nowrap">10/25/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4845.88px;left:2329.44px;letter-spacing:50.7px;white-space:nowrap">...............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4845.88px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4845.88px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4845.88px;left:7245.64px;white-space:nowrap">(3,000,000)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4845.88px;left:9261.64px;white-space:nowrap">(2,910,276)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5042.36px;left:792px;white-space:nowrap">6%, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5042.36px;left:1109.27px;white-space:nowrap">TBA, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5042.36px;left:1509.34px;white-space:nowrap">10/25/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5042.36px;left:2142.61px;letter-spacing:50.59px;white-space:nowrap">.................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5042.36px;left:5663.45px;white-space:nowrap">United </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5042.36px;left:6170.41px;white-space:nowrap">States</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5042.36px;left:7245.64px;white-space:nowrap">(3,000,000)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5042.36px;left:9261.64px;white-space:nowrap">(3,072,188)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5413.41px;left:9261.64px;white-space:nowrap">(6,925,061)</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5699.71px;left:648px;letter-spacing:-2.47px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5699.71px;left:1166.46px;letter-spacing:-1.86px;white-space:nowrap">TBA
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5699.71px;left:1625.64px;white-space:nowrap">Sale
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5699.71px;left:2092.63px;white-space:nowrap">Commitments
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5699.71px;left:3481.69px;white-space:nowrap">(Proceeds
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5699.71px;left:4504.35px;white-space:nowrap">$(6,946,484))</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5699.71px;left:5771.75px;letter-spacing:51.44px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5733.57px;left:9172.66px;white-space:nowrap">$(6,925,061)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:6360.59px;left:0px;white-space:nowrap">*</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6356.37px;left:29.74px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6356.37px;left:292.32px;white-space:nowrap">principal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6356.37px;left:817.4px;white-space:nowrap">amount
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6356.37px;left:1291.54px;white-space:nowrap">is
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6356.37px;left:1422.79px;white-space:nowrap">stated
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6356.37px;left:1816.77px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6356.37px;left:1955.37px;white-space:nowrap">U.S.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6356.37px;left:2247.01px;white-space:nowrap">dollars
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6356.37px;left:2669.98px;white-space:nowrap">unless
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6356.37px;left:3085.76px;white-space:nowrap">otherwise
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6356.37px;left:3683.73px;white-space:nowrap">indicated.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:6557.08px;left:0px;white-space:nowrap">&#8224;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6552.86px;left:42.54px;white-space:nowrap">Rounds
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6552.86px;left:531.21px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6552.86px;left:677.15px;white-space:nowrap">less
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6552.86px;left:946.99px;white-space:nowrap">than
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6552.86px;left:1238.87px;white-space:nowrap">0.1%
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6552.86px;left:1574.42px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6552.86px;left:1720.35px;white-space:nowrap">net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6552.86px;left:1939.26px;white-space:nowrap">assets.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:6753.56px;left:0px;white-space:nowrap">a</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6749.34px;left:42.54px;white-space:nowrap">See
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6749.34px;left:312.46px;white-space:nowrap">Note
</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7521.83px;left:1217.97px;white-space:nowrap">$64,081,345,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7914.8px;left:1771.29px;white-space:nowrap">purchased
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7914.8px;left:2712.38px;white-space:nowrap">delayed
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8307.76px;left:604.79px;white-space:nowrap">1</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10848.61px;left:7081.68px;white-space:nowrap">expenses
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10848.61px;left:8941.68px;white-space:nowrap">sale
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10848.61px;left:9218.87px;white-space:nowrap">transactions.
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</div>

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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11040.61px;left:583.52px;white-space:nowrap">1</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11040.61px;left:773.13px;white-space:nowrap">).
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<div style="page-break-after:always;margin:-8px;position:relative;height:1161.0px;width:891.0px;transform-origin:top left;transform:scale(1.5,1.5)">

<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:6453.14px;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:7127.45px;letter-spacing:10.29px;white-space:nowrap">Master
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7794.58px;letter-spacing:10.34px;white-space:nowrap">Intermediate
</div>

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:7913.58px;letter-spacing:10.67px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8772.28px;letter-spacing:8px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:9027.03px;letter-spacing:10.91px;white-space:nowrap">Investments</div></div>
</div>

<div style="height:40.61px;left:0px;position:absolute;top:0px;transform:translate(53.999px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:691.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">
</div> </div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(54.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

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

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(53.999px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">franklintempleton.com</div></div>
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<div style="height:30.71px;left:0px;position:absolute;top:0px;transform:translate(54.000px,738.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:459.61px">

<div style="width:9192.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(8270.481px,65.000px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3857.28px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4119.86px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5002.43px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5359.93px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5586.03px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5768.45px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6235.25px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6497.83px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6643.76px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7001.26px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7519.15px;white-space:nowrap">statements.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8353.45px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8798.45px;white-space:nowrap">Report</div></div>
</div>

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">33</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 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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12268.8px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.8px) rotate(0deg) scale(0.05)">

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

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:220.08px;white-space:nowrap">September </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1150.58px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1450.81px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1951.26px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2251.49px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2711.78px;white-space:nowrap">had </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3062.11px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3362.34px;white-space:nowrap">following&#160;futures
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4713.05px;white-space:nowrap">contracts
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5493.34px;white-space:nowrap">outstanding.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6524.12px;white-space:nowrap">See </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6894.4px;white-space:nowrap">Note </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7324.63px;white-space:nowrap">1(e).&#160;</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3749.25px;left:0px;white-space:nowrap">At </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3749.25px;left:220.08px;white-space:nowrap">September
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3749.25px;left:1150.58px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3749.25px;left:1450.81px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3749.25px;left:1951.26px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3749.25px;left:2251.49px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3749.25px;left:2711.78px;white-space:nowrap">had </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3749.25px;left:3062.11px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3749.25px;left:3362.34px;white-space:nowrap">following
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3749.25px;left:4112.75px;white-space:nowrap">forward </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3749.25px;left:4762.97px;white-space:nowrap">exchange
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3749.25px;left:5593.62px;white-space:nowrap">contracts
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3749.25px;left:6373.92px;white-space:nowrap">outstanding.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3749.25px;left:7404.7px;white-space:nowrap">See </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3749.25px;left:7774.98px;white-space:nowrap">Note </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3749.25px;left:8205.21px;white-space:nowrap">1</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3749.25px;left:8305.31px;white-space:nowrap">(</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3749.25px;left:8365.25px;white-space:nowrap">e</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3749.25px;left:8465.36px;white-space:nowrap">).&#160;</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:439.31px;left:0px;white-space:nowrap">Futures
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:439.31px;left:788.96px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1613.83px;left:0px;white-space:nowrap">Description</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1613.83px;left:4362.44px;letter-spacing:-2.97px;white-space:nowrap">Type</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1421.83px;left:4960px;white-space:nowrap">Number
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1421.83px;left:5608.98px;white-space:nowrap">of
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1613.83px;left:5013.2px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1421.83px;left:6632.08px;white-space:nowrap">Notional</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1613.83px;left:6605.44px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1613.83px;left:7209.73px;white-space:nowrap">*</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1421.83px;left:7713.66px;white-space:nowrap">Expiration</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1613.83px;left:8149.2px;white-space:nowrap">Date</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1037.83px;left:9545.5px;letter-spacing:-1.47px;white-space:nowrap">Value/</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1229.83px;left:9198.86px;white-space:nowrap">Unrealized</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1421.83px;left:9030.11px;white-space:nowrap">Appreciation</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1613.83px;left:8932.3px;white-space:nowrap">(Depreciation)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1973.28px;left:0px;white-space:nowrap">Interest
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1973.28px;left:622.42px;white-space:nowrap">rate
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1973.28px;left:960.39px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2169.76px;left:0px;white-space:nowrap">Euro-Bobl</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2169.76px;left:747.3px;letter-spacing:49.89px;white-space:nowrap">..................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2169.76px;left:4341.58px;white-space:nowrap">Short</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2169.76px;left:5582.03px;white-space:nowrap">24</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2169.76px;left:6543.22px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2169.76px;left:6632.2px;white-space:nowrap">3,319,556</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2169.76px;left:7873.19px;white-space:nowrap">12/08/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2169.76px;left:9590.63px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2169.76px;left:9679.61px;white-space:nowrap">3,081</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2366.25px;left:0px;white-space:nowrap">U.S. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2366.25px;left:352.73px;letter-spacing:-0.66px;white-space:nowrap">Treasury
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2366.25px;left:1022.5px;white-space:nowrap">10 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2366.25px;left:1242.03px;letter-spacing:-2.94px;white-space:nowrap">Year
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2366.25px;left:1609.77px;white-space:nowrap">Ultra </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2366.25px;left:1992.03px;white-space:nowrap">Notes</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2366.25px;left:2428.74px;letter-spacing:50.94px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2366.25px;left:4368.06px;white-space:nowrap">Long</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2366.25px;left:5582.03px;white-space:nowrap">65</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2366.25px;left:6632.2px;white-space:nowrap">7,480,078</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2366.25px;left:7873.19px;white-space:nowrap">12/19/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2366.25px;left:9590.63px;white-space:nowrap">54,595</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2562.73px;left:0px;white-space:nowrap">U.S. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2562.73px;left:352.73px;letter-spacing:-0.66px;white-space:nowrap">Treasury
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2562.73px;left:1022.5px;white-space:nowrap">2 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2562.73px;left:1153.05px;letter-spacing:-2.94px;white-space:nowrap">Year
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2562.73px;left:1520.78px;white-space:nowrap">Notes</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2562.73px;left:1961.68px;letter-spacing:50.47px;white-space:nowrap">.....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2562.73px;left:4341.58px;white-space:nowrap">Short</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2562.73px;left:5671.02px;white-space:nowrap">9</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2562.73px;left:6632.2px;white-space:nowrap">1,875,586</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2562.73px;left:7873.19px;white-space:nowrap">12/31/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2562.73px;left:9813.05px;white-space:nowrap">829</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2759.22px;left:0px;white-space:nowrap">U.S. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2759.22px;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:2759.22px;left:1022.5px;white-space:nowrap">5 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2759.22px;left:1153.05px;letter-spacing:-2.94px;white-space:nowrap">Year
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2759.22px;left:1520.78px;white-space:nowrap">Notes</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2759.22px;left:1961.68px;letter-spacing:50.47px;white-space:nowrap">.....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2759.22px;left:4368.06px;white-space:nowrap">Long</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2759.22px;left:5582.03px;white-space:nowrap">84</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2759.22px;left:6632.2px;white-space:nowrap">9,172,406</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2759.22px;left:7873.19px;white-space:nowrap">12/31/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2759.22px;left:9573.05px;white-space:nowrap">(9,959)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2987.7px;left:288px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2987.7px;left:670.42px;white-space:nowrap">Futures </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2987.7px;left:1257.3px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2987.7px;left:1961.68px;letter-spacing:50.25px;white-space:nowrap">......................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2987.7px;left:9501.64px;white-space:nowrap">$48,546</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:3307.98px;left:0px;white-space:nowrap">*</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3303.76px;left:29.74px;white-space:nowrap">As
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3303.76px;left:219.35px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3303.76px;left:365.29px;white-space:nowrap">period
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3303.76px;left:766.46px;white-space:nowrap">end.</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4209.92px;left:0px;white-space:nowrap">Forward
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4209.92px;left:844.53px;white-space:nowrap">Exchange
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4209.92px;left:1844.92px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4841.73px;left:0px;white-space:nowrap">Currency</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4649.73px;left:1781.44px;white-space:nowrap">Counter-</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4841.73px;left:2004.87px;white-space:nowrap">party</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:4844.94px;left:2396.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4841.73px;left:2662.44px;letter-spacing:-2.97px;white-space:nowrap">Type</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4841.73px;left:4103.09px;white-space:nowrap">Quantity</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4649.73px;left:5390.19px;white-space:nowrap">Contract</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4841.73px;left:5381.44px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4841.73px;left:5985.73px;white-space:nowrap">*</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4649.73px;left:6598.03px;white-space:nowrap">Settlement</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4841.73px;left:7069.2px;white-space:nowrap">Date</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4649.73px;left:7902.86px;white-space:nowrap">Unrealized</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4841.73px;left:7734.11px;white-space:nowrap">Appreciation</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4649.73px;left:9198.86px;white-space:nowrap">Unrealized</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4841.73px;left:9038.86px;white-space:nowrap">Depreciation</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:5086.83px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:5086.83px;left:2436.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:5086.83px;left:3012.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:5086.83px;left:4740.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:5086.83px;left:6036.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:5086.83px;left:7404.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:5086.83px;left:8772.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:5086.83px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5164.78px;left:0px;white-space:nowrap">OTC
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5164.78px;left:382.19px;white-space:nowrap">Forward
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5164.78px;left:1057.81px;white-space:nowrap">Exchange
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5164.78px;left:1858.13px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5361.26px;left:0px;white-space:nowrap">Australian </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5361.26px;left:755.94px;white-space:nowrap">Dollar</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5361.26px;left:1214.37px;letter-spacing:53.71px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5361.26px;left:1985.81px;white-space:nowrap">BZWS</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5361.26px;left:2748.3px;white-space:nowrap">Buy</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5361.26px;left:4173.64px;white-space:nowrap">217,200</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5361.26px;left:5469.64px;white-space:nowrap">143,097</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5361.26px;left:6793.19px;white-space:nowrap">10/15/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5361.26px;left:8428.06px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5361.26px;left:8517.05px;white-space:nowrap">653</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5361.26px;left:9831.02px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5361.26px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5557.74px;left:0px;white-space:nowrap">Australian </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5557.74px;left:755.94px;white-space:nowrap">Dollar</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5557.74px;left:1214.37px;letter-spacing:53.71px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5557.74px;left:1985.81px;white-space:nowrap">BZWS</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5557.74px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5557.74px;left:4173.64px;white-space:nowrap">320,300</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5557.74px;left:5481.52px;letter-spacing:-1.7px;white-space:nowrap">211,369</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5557.74px;left:6793.19px;white-space:nowrap">10/15/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5557.74px;left:8624px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5557.74px;left:9706.48px;white-space:nowrap">(616)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5754.23px;left:0px;white-space:nowrap">Australian </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5754.23px;left:755.94px;white-space:nowrap">Dollar</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5754.23px;left:1214.37px;letter-spacing:53.71px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5754.23px;left:2012.3px;white-space:nowrap">HSBK</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5754.23px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5754.23px;left:4262.63px;white-space:nowrap">58,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5754.23px;left:5558.63px;white-space:nowrap">38,170</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5754.23px;left:6793.19px;white-space:nowrap">10/15/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5754.23px;left:8624px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5754.23px;left:9706.48px;white-space:nowrap">(216)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5950.71px;left:0px;white-space:nowrap">Australian </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5950.71px;left:755.94px;white-space:nowrap">Dollar</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5950.71px;left:1214.37px;letter-spacing:53.71px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5950.71px;left:2021.28px;white-space:nowrap">JPHQ</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5950.71px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5950.71px;left:4173.64px;white-space:nowrap">727,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5950.71px;left:5469.64px;white-space:nowrap">478,864</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5950.71px;left:6793.19px;white-space:nowrap">10/15/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5950.71px;left:8624px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5950.71px;left:9573.05px;white-space:nowrap">(2,288)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6147.2px;left:0px;white-space:nowrap">Australian </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6147.2px;left:755.94px;white-space:nowrap">Dollar</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6147.2px;left:1214.37px;letter-spacing:53.71px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6147.2px;left:1968px;white-space:nowrap">MSCO</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6147.2px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6147.2px;left:4173.64px;white-space:nowrap">902,400</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6147.2px;left:5469.64px;white-space:nowrap">593,904</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6147.2px;left:6793.19px;white-space:nowrap">10/15/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6147.2px;left:8624px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6147.2px;left:9573.05px;white-space:nowrap">(3,333)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6343.68px;left:0px;white-space:nowrap">Australian </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6343.68px;left:755.94px;white-space:nowrap">Dollar</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6343.68px;left:1214.37px;letter-spacing:53.71px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6343.68px;left:1976.98px;white-space:nowrap">TDOM</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6343.68px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6343.68px;left:4173.64px;white-space:nowrap">365,900</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6343.68px;left:5469.64px;white-space:nowrap">240,817</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6343.68px;left:6793.19px;white-space:nowrap">10/15/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6343.68px;left:8624px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6343.68px;left:9573.05px;white-space:nowrap">(1,347)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6540.17px;left:0px;white-space:nowrap">Australian </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6540.17px;left:755.94px;white-space:nowrap">Dollar</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6540.17px;left:1214.37px;letter-spacing:53.71px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6540.17px;left:1968px;white-space:nowrap">UBSW</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6540.17px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6540.17px;left:4262.63px;white-space:nowrap">21,800</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6540.17px;left:5558.63px;white-space:nowrap">14,343</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6540.17px;left:6793.19px;white-space:nowrap">10/15/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6540.17px;left:8624px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6540.17px;left:9795.47px;white-space:nowrap">(85)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6736.65px;left:0px;white-space:nowrap">Australian </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6736.65px;left:755.94px;white-space:nowrap">Dollar</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6736.65px;left:1214.37px;letter-spacing:53.71px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6736.65px;left:1979.88px;letter-spacing:-2.97px;white-space:nowrap">WPAC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6736.65px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6736.65px;left:4262.63px;white-space:nowrap">12,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6736.65px;left:5647.61px;white-space:nowrap">7,898</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6736.65px;left:6793.19px;white-space:nowrap">10/15/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6736.65px;left:8624px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6736.65px;left:9795.47px;white-space:nowrap">(44)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6933.13px;left:0px;white-space:nowrap">Canadian </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6933.13px;left:729.45px;white-space:nowrap">Dollar</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6933.13px;left:1214.37px;letter-spacing:53.71px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6933.13px;left:2030.03px;letter-spacing:-4.41px;white-space:nowrap">BOFA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6933.13px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6933.13px;left:4485.05px;white-space:nowrap">400</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6933.13px;left:5781.05px;white-space:nowrap">295</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6933.13px;left:6793.19px;white-space:nowrap">10/15/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6933.13px;left:8695.02px;white-space:nowrap">7</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6933.13px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7129.62px;left:0px;white-space:nowrap">Canadian </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7129.62px;left:729.45px;white-space:nowrap">Dollar</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7129.62px;left:1214.37px;letter-spacing:53.71px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7129.62px;left:1985.81px;white-space:nowrap">BZWS</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7129.62px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7129.62px;left:4262.63px;white-space:nowrap">82,700</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7129.62px;left:5558.63px;white-space:nowrap">60,991</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7129.62px;left:6793.19px;white-space:nowrap">10/15/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7129.62px;left:8383.61px;white-space:nowrap">1,528</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7129.62px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7326.1px;left:0px;white-space:nowrap">Canadian </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7326.1px;left:729.45px;white-space:nowrap">Dollar</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7326.1px;left:1214.37px;letter-spacing:53.71px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7326.1px;left:1976.83px;white-space:nowrap">GSCO</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7326.1px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7326.1px;left:4351.61px;white-space:nowrap">9,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7326.1px;left:5647.61px;white-space:nowrap">6,634</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7326.1px;left:6793.19px;white-space:nowrap">10/15/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7326.1px;left:8517.05px;white-space:nowrap">163</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7326.1px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7522.59px;left:0px;white-space:nowrap">Canadian </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7522.59px;left:729.45px;white-space:nowrap">Dollar</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7522.59px;left:1214.37px;letter-spacing:53.71px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7522.59px;left:2012.3px;white-space:nowrap">HSBK</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7522.59px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7522.59px;left:4173.64px;white-space:nowrap">443,500</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7522.59px;left:5469.64px;white-space:nowrap">326,785</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7522.59px;left:6793.19px;white-space:nowrap">10/15/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7522.59px;left:8383.61px;white-space:nowrap">7,899</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7522.59px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7719.07px;left:0px;white-space:nowrap">Canadian </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7719.07px;left:729.45px;white-space:nowrap">Dollar</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7719.07px;left:1214.37px;letter-spacing:53.71px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7719.07px;left:2021.28px;white-space:nowrap">JPHQ</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7719.07px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7719.07px;left:4173.64px;white-space:nowrap">195,800</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7719.07px;left:5469.64px;white-space:nowrap">144,339</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7719.07px;left:6793.19px;white-space:nowrap">10/15/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7719.07px;left:8383.61px;white-space:nowrap">3,554</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7719.07px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7915.56px;left:0px;white-space:nowrap">Canadian </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7915.56px;left:729.45px;white-space:nowrap">Dollar</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7915.56px;left:1214.37px;letter-spacing:53.71px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7915.56px;left:1976.98px;white-space:nowrap">TDOM</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7915.56px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7915.56px;left:4173.64px;white-space:nowrap">415,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7915.56px;left:5469.64px;white-space:nowrap">305,895</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7915.56px;left:6793.19px;white-space:nowrap">10/15/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7915.56px;left:8383.61px;white-space:nowrap">7,501</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7915.56px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8112.04px;left:0px;white-space:nowrap">Canadian </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8112.04px;left:729.45px;white-space:nowrap">Dollar</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8112.04px;left:1214.37px;letter-spacing:53.71px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8112.04px;left:1968px;white-space:nowrap">UBSW</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8112.04px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8112.04px;left:4262.63px;white-space:nowrap">13,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8112.04px;left:5647.61px;white-space:nowrap">9,586</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8112.04px;left:6793.19px;white-space:nowrap">10/15/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8112.04px;left:8517.05px;white-space:nowrap">239</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8112.04px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8308.53px;left:0px;white-space:nowrap">Canadian </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8308.53px;left:729.45px;white-space:nowrap">Dollar</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8308.53px;left:1214.37px;letter-spacing:53.71px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8308.53px;left:1979.88px;letter-spacing:-2.97px;white-space:nowrap">WPAC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8308.53px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8308.53px;left:4173.64px;white-space:nowrap">343,500</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8308.53px;left:5481.52px;letter-spacing:-1.7px;white-space:nowrap">253,311</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8308.53px;left:6793.19px;white-space:nowrap">10/15/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8308.53px;left:8383.61px;white-space:nowrap">6,327</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8308.53px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8505.01px;left:0px;white-space:nowrap">New </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8505.01px;left:364.53px;white-space:nowrap">Zealand </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8505.01px;left:987.19px;white-space:nowrap">Dollar</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8505.01px;left:1494.61px;letter-spacing:67.98px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8505.01px;left:2030.03px;letter-spacing:-4.41px;white-space:nowrap">BOFA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8505.01px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8505.01px;left:4262.63px;white-space:nowrap">19,700</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8505.01px;left:5558.63px;white-space:nowrap">12,060</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8505.01px;left:6793.19px;white-space:nowrap">10/15/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8505.01px;left:8517.05px;white-space:nowrap">633</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8505.01px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8701.49px;left:0px;white-space:nowrap">New </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8701.49px;left:364.53px;white-space:nowrap">Zealand </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8701.49px;left:987.19px;white-space:nowrap">Dollar</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8701.49px;left:1494.61px;letter-spacing:67.98px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8701.49px;left:2012.3px;white-space:nowrap">HSBK</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8701.49px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8701.49px;left:4173.64px;white-space:nowrap">439,200</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8701.49px;left:5469.64px;white-space:nowrap">268,417</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8701.49px;left:6793.19px;white-space:nowrap">10/15/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8701.49px;left:8294.63px;white-space:nowrap">13,663</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8701.49px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8897.98px;left:0px;white-space:nowrap">New </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8897.98px;left:364.53px;white-space:nowrap">Zealand </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8897.98px;left:987.19px;white-space:nowrap">Dollar</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8897.98px;left:1494.61px;letter-spacing:67.98px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8897.98px;left:1968px;white-space:nowrap">MSCO</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8897.98px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8897.98px;left:4173.64px;white-space:nowrap">495,300</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8897.98px;left:5469.64px;white-space:nowrap">303,064</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8897.98px;left:6793.19px;white-space:nowrap">10/15/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8897.98px;left:8294.63px;white-space:nowrap">15,770</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8897.98px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9094.46px;left:0px;white-space:nowrap">New </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9094.46px;left:364.53px;white-space:nowrap">Zealand </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9094.46px;left:987.19px;white-space:nowrap">Dollar</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9094.46px;left:1494.61px;letter-spacing:67.98px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9094.46px;left:1968px;white-space:nowrap">UBSW</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9094.46px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9094.46px;left:4262.63px;white-space:nowrap">75,800</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9094.46px;left:5558.63px;white-space:nowrap">46,393</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9094.46px;left:6793.19px;white-space:nowrap">10/15/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9094.46px;left:8383.61px;white-space:nowrap">2,426</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9094.46px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9290.95px;left:0px;white-space:nowrap">Japanese </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9290.95px;left:735.47px;letter-spacing:-4.9px;white-space:nowrap">Yen</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9290.95px;left:1027.54px;letter-spacing:52.13px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9290.95px;left:2030.03px;letter-spacing:-4.41px;white-space:nowrap">BOFA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9290.95px;left:2748.3px;white-space:nowrap">Buy</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9290.95px;left:3951.22px;white-space:nowrap">64,500,800</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9290.95px;left:5469.64px;white-space:nowrap">441,668</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9290.95px;left:6805.06px;letter-spacing:-1.48px;white-space:nowrap">11/19/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9290.95px;left:8624px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9290.95px;left:9573.05px;white-space:nowrap">(3,294)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9487.43px;left:0px;white-space:nowrap">Japanese </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9487.43px;left:735.47px;letter-spacing:-4.9px;white-space:nowrap">Yen</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9487.43px;left:1027.54px;letter-spacing:52.13px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9487.43px;left:1976.83px;white-space:nowrap">GSCO</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9487.43px;left:2748.3px;white-space:nowrap">Buy</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9487.43px;left:3874.11px;letter-spacing:-1.08px;white-space:nowrap">117,505,400</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9487.43px;left:5469.64px;white-space:nowrap">804,558</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9487.43px;left:6805.06px;letter-spacing:-1.48px;white-space:nowrap">11/19/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9487.43px;left:8624px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9487.43px;left:9573.05px;white-space:nowrap">(5,942)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9683.92px;left:0px;white-space:nowrap">Japanese </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9683.92px;left:735.47px;letter-spacing:-4.9px;white-space:nowrap">Yen</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9683.92px;left:1027.54px;letter-spacing:52.13px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9683.92px;left:2021.28px;white-space:nowrap">JPHQ</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9683.92px;left:2748.3px;white-space:nowrap">Buy</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9683.92px;left:3951.22px;white-space:nowrap">62,332,100</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9683.92px;left:5469.64px;white-space:nowrap">426,785</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9683.92px;left:6805.06px;letter-spacing:-1.48px;white-space:nowrap">11/19/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9683.92px;left:8624px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9683.92px;left:9573.05px;white-space:nowrap">(3,151)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9880.4px;left:0px;white-space:nowrap">Japanese </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9880.4px;left:735.47px;letter-spacing:-4.9px;white-space:nowrap">Yen</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9880.4px;left:1027.54px;letter-spacing:52.13px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9880.4px;left:1976.98px;white-space:nowrap">TDOM</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9880.4px;left:2748.3px;white-space:nowrap">Buy</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9880.4px;left:4173.64px;white-space:nowrap">612,100</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9880.4px;left:5647.61px;white-space:nowrap">4,191</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9880.4px;left:6805.06px;letter-spacing:-1.48px;white-space:nowrap">11/19/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9880.4px;left:8624px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9880.4px;left:9795.47px;white-space:nowrap">(31)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10076.88px;left:0px;white-space:nowrap">Japanese </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10076.88px;left:735.47px;letter-spacing:-4.9px;white-space:nowrap">Yen</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10076.88px;left:1027.54px;letter-spacing:52.13px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10076.88px;left:1968px;white-space:nowrap">UBSW</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10076.88px;left:2748.3px;white-space:nowrap">Buy</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10076.88px;left:3951.22px;white-space:nowrap">59,663,400</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10076.88px;left:5469.64px;white-space:nowrap">408,518</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10076.88px;left:6805.06px;letter-spacing:-1.48px;white-space:nowrap">11/19/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10076.88px;left:8624px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10076.88px;left:9573.05px;white-space:nowrap">(3,021)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10273.37px;left:0px;white-space:nowrap">British </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10273.37px;left:488.98px;white-space:nowrap">Pound</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10273.37px;left:1027.54px;letter-spacing:52.13px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10273.37px;left:2012.3px;white-space:nowrap">HSBK</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10273.37px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10273.37px;left:4173.64px;white-space:nowrap">517,300</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10273.37px;left:5469.64px;white-space:nowrap">703,059</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10273.37px;left:6793.19px;white-space:nowrap">12/17/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10273.37px;left:8383.61px;white-space:nowrap">7,277</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10273.37px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10469.85px;left:0px;white-space:nowrap">Euro</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10469.85px;left:373.65px;letter-spacing:50.42px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10469.85px;left:2012.3px;white-space:nowrap">HSBK</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10469.85px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10469.85px;left:4040.2px;white-space:nowrap">4,453,800</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10469.85px;left:5336.2px;white-space:nowrap">5,264,338</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10469.85px;left:6793.19px;white-space:nowrap">12/17/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10469.85px;left:8306.5px;letter-spacing:-1.98px;white-space:nowrap">11,970</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10469.85px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10666.34px;left:0px;white-space:nowrap">Norwegian </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10666.34px;left:809.3px;white-space:nowrap">Krone</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10666.34px;left:1307.78px;letter-spacing:55.3px;white-space:nowrap">...</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10666.34px;left:1968px;white-space:nowrap">MSCO</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10666.34px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10666.34px;left:4040.2px;white-space:nowrap">6,139,500</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10666.34px;left:5469.64px;white-space:nowrap">623,645</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10666.34px;left:6793.19px;white-space:nowrap">12/17/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10666.34px;left:8383.61px;white-space:nowrap">8,304</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10666.34px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10862.82px;left:0px;white-space:nowrap">Swedish </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10862.82px;left:649.22px;white-space:nowrap">Krona</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10862.82px;left:1120.96px;letter-spacing:52.76px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10862.82px;left:1968px;white-space:nowrap">MSCO</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10862.82px;left:2757.2px;white-space:nowrap">Sell</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10862.82px;left:4040.2px;white-space:nowrap">6,123,200</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10862.82px;left:5469.64px;white-space:nowrap">663,106</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10862.82px;left:6793.19px;white-space:nowrap">12/17/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10862.82px;left:8383.61px;white-space:nowrap">9,540</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10862.82px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11059.31px;left:0px;white-space:nowrap">Swiss </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11059.31px;left:462.27px;white-space:nowrap">Franc</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11059.31px;left:934.13px;letter-spacing:51.68px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11059.31px;left:1968px;white-space:nowrap">UBSW</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11059.31px;left:2748.3px;white-space:nowrap">Buy</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11059.31px;left:4173.64px;white-space:nowrap">832,600</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11059.31px;left:5336.2px;white-space:nowrap">1,058,764</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11059.31px;left:6793.19px;white-space:nowrap">12/17/25</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11059.31px;left:8624px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11059.31px;left:9573.05px;white-space:nowrap">(3,145)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11287.79px;left:144px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11287.79px;left:526.42px;white-space:nowrap">Forward </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11287.79px;left:1157.67px;white-space:nowrap">Exchange
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11287.79px;left:1913.77px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11287.79px;left:2615.57px;letter-spacing:50.12px;white-space:nowrap">...................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11287.79px;left:8205.64px;white-space:nowrap">$97,454</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11287.79px;left:9395.08px;white-space:nowrap">$(26,513)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11548.28px;left:288px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11548.28px;left:581.44px;white-space:nowrap">unrealized
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11548.28px;left:1364.17px;white-space:nowrap">appreciation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11548.28px;left:2280.34px;white-space:nowrap">(depreciation)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11548.28px;left:3269.46px;letter-spacing:50.31px;white-space:nowrap">............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11548.28px;left:8205.64px;white-space:nowrap">$70,941</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:11868.56px;left:0px;white-space:nowrap">*</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11864.34px;left:29.74px;white-space:nowrap">In
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11864.34px;left:175.68px;white-space:nowrap">U.S.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11864.34px;left:467.32px;white-space:nowrap">dollars
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11864.34px;left:890.29px;white-space:nowrap">unless
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11864.34px;left:1306.07px;white-space:nowrap">otherwise
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11864.34px;left:1904.04px;white-space:nowrap">indicated.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:12065.04px;left:0px;white-space:nowrap">a</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12060.82px;left:42.54px;white-space:nowrap">May
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12060.82px;left:326.92px;white-space:nowrap">be
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12060.82px;left:509.34px;white-space:nowrap">comprised
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12060.82px;left:1151.06px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12060.82px;left:1296.99px;white-space:nowrap">multiple
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12060.82px;left:1785.59px;white-space:nowrap">contracts
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12060.82px;left:2354.49px;white-space:nowrap">with
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12060.82px;left:2624.26px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12060.82px;left:2843.17px;white-space:nowrap">same
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12060.82px;left:3200.51px;letter-spacing:-0.69px;white-space:nowrap">counterparty,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12060.82px;left:3993.24px;white-space:nowrap">currency
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12060.82px;left:4532.85px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12060.82px;left:4788.24px;letter-spacing:0px;white-space:nowrap">settlement
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:12060.82px;left:5430.12px;white-space:nowrap">date.</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:1161.0px;width:891.0px;transform-origin:top left;transform:scale(1.5,1.5)">

<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:10.29px;white-space:nowrap">Master
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1341.44px;letter-spacing:10.34px;white-space:nowrap">Intermediate
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2500.95px;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:3143.94px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:0px;letter-spacing:10.67px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:858.7px;letter-spacing:8px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:1113.45px;letter-spacing:10.91px;white-space:nowrap">Investments</div></div>
</div>

<div style="height:41.15px;left:0px;position:absolute;top:0px;transform:translate(36.000px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:702px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">
</div> </div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(36.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

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

<div style="height:17.16px;left:0px;position:absolute;top:0px;transform:translate(405.000px,743.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:254.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
</div>

<div style="height:30.71px;left:0px;position:absolute;top:0px;transform:translate(80.389px,738.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:458.22px">

<div style="width:9164.39px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(911.718px,64.999px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:994.69px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:1257.27px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2139.84px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2497.34px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2723.44px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2905.86px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3372.66px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3635.23px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3781.17px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4138.67px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4656.56px;white-space:nowrap">statements.</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(36.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:36.48px;white-space:nowrap">34</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,3.8px) rotate(0deg) scale(0.05)">

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

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:220.08px;white-space:nowrap">September </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1150.58px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1450.81px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1951.26px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2251.49px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2711.78px;white-space:nowrap">had </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3062.11px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3362.34px;white-space:nowrap">following&#160;forward
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4762.97px;white-space:nowrap">premium </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5513.12px;white-space:nowrap">swap </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5983.33px;white-space:nowrap">options&#160;contracts
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7394.06px;white-space:nowrap">outstanding.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8424.84px;white-space:nowrap">See </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8795.13px;white-space:nowrap">Note </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:9225.35px;white-space:nowrap">1(e).&#160;</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:439.31px;left:0px;white-space:nowrap">Forward
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:439.31px;left:844.53px;white-space:nowrap">Premium
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:439.31px;left:1755.96px;white-space:nowrap">Swap
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:439.31px;left:2333.89px;white-space:nowrap">Option
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:439.31px;left:3033.69px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1071.12px;left:0px;white-space:nowrap">Fixed
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1071.12px;left:462.34px;white-space:nowrap">right
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1071.12px;left:862.27px;white-space:nowrap">or
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1071.12px;left:1066.72px;white-space:nowrap">obligation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1071.12px;left:1875.47px;white-space:nowrap">to
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1071.12px;left:2070.94px;white-space:nowrap">receive
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1071.12px;left:2667.03px;white-space:nowrap">or
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1071.12px;left:2871.48px;white-space:nowrap">(pay)/</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1263.12px;left:0px;white-space:nowrap">Floating
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1263.12px;left:666.56px;white-space:nowrap">rate
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1263.12px;left:1004.53px;white-space:nowrap">index/Maturity
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1263.12px;left:2133.59px;white-space:nowrap">date</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1071.12px;left:3462.72px;white-space:nowrap">Counter</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1263.12px;left:3684.75px;white-space:nowrap">par</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1263.12px;left:3933.73px;white-space:nowrap">t</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1263.12px;left:3987.02px;white-space:nowrap">y</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1071.12px;left:4733.66px;white-space:nowrap">Expiration</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1263.12px;left:4715.61px;white-space:nowrap">date/strike</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:879.12px;left:6803.63px;white-space:nowrap">Notional/</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1071.12px;left:6830.19px;white-space:nowrap">Contract</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1263.12px;left:6873.96px;white-space:nowrap">amount</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:1266.33px;left:7451.7px;white-space:nowrap">*</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:879.12px;left:8099.31px;white-space:nowrap">Premium</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1071.12px;left:7956.73px;white-space:nowrap">receivable/</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1263.12px;left:8081.58px;white-space:nowrap">(payable)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:879.12px;left:9198.86px;white-space:nowrap">Unrealized</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1071.12px;left:9012.22px;white-space:nowrap">appreciation/</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1263.12px;left:8950.11px;white-space:nowrap">(depreciation)</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:1508.22px;left:0px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:1508.22px;left:5504.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:1508.22px;left:7476.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:1508.22px;left:8772.88px;white-space:nowrap">a</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:1508.22px;left:10068.88px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1586.17px;left:0px;white-space:nowrap">3.3%/1-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1586.17px;left:853.83px;letter-spacing:-0.14px;white-space:nowrap">SOFR/Feb-27/(Written)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1586.17px;left:3517.18px;letter-spacing:-0.72px;white-space:nowrap">BNDP</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1586.17px;left:4484.13px;white-space:nowrap">2/05/26 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1586.17px;left:5062.41px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1586.17px;left:5151.31px;white-space:nowrap">3.3%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1586.17px;left:6687.22px;white-space:nowrap">63,150,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1586.17px;left:8010.09px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1586.17px;left:8099.08px;white-space:nowrap">(138,930)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1586.17px;left:9501.64px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1586.17px;left:9590.63px;white-space:nowrap">44,675</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1782.65px;left:0px;white-space:nowrap">3.85%/1-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1782.65px;left:942.81px;white-space:nowrap">SOFR/Feb-27/(Purchased)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1782.65px;left:3517.18px;letter-spacing:-0.72px;white-space:nowrap">BNDP</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1782.65px;left:4395.14px;white-space:nowrap">2/05/26 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1782.65px;left:4973.42px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1782.65px;left:5062.33px;white-space:nowrap">3.85%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1782.65px;left:6687.22px;white-space:nowrap">42,100,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1782.65px;left:8205.64px;white-space:nowrap">174,715</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1782.65px;left:9590.63px;white-space:nowrap">35,520</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1979.14px;left:0px;white-space:nowrap">(4.125%)/1-day
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1979.14px;left:1138.36px;white-space:nowrap">SOFR/Nov-37/(Purchased)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1979.14px;left:3517.18px;letter-spacing:-0.72px;white-space:nowrap">BNDP</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1979.14px;left:4229.05px;letter-spacing:-1.32px;white-space:nowrap">11/12/27
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1979.14px;left:4884.44px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1979.14px;left:4973.34px;white-space:nowrap">4.125%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1979.14px;left:6909.64px;white-space:nowrap">477,100</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1979.14px;left:8294.63px;white-space:nowrap">22,090</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1979.14px;left:9573.05px;white-space:nowrap">(6,612)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2175.62px;left:0px;white-space:nowrap">3.625%/1-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2175.62px;left:1031.8px;white-space:nowrap">SOFR/Nov-37/(Purchased)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2175.62px;left:3517.18px;letter-spacing:-0.72px;white-space:nowrap">BNDP</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2175.62px;left:4229.05px;letter-spacing:-1.32px;white-space:nowrap">11/12/27
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2175.62px;left:4884.44px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2175.62px;left:4973.34px;white-space:nowrap">3.625%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2175.62px;left:6909.64px;white-space:nowrap">477,100</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2175.62px;left:8294.63px;white-space:nowrap">22,090</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2175.62px;left:9573.05px;white-space:nowrap">(6,955)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2372.1px;left:0px;white-space:nowrap">2.91%/1-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2372.1px;left:942.81px;white-space:nowrap">SOFR/Apr-52/(Purchased)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2372.1px;left:3517.18px;letter-spacing:-0.72px;white-space:nowrap">BNDP</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2372.1px;left:4395.14px;white-space:nowrap">3/31/32 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2372.1px;left:4973.42px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2372.1px;left:5062.33px;white-space:nowrap">2.91%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2372.1px;left:6909.64px;white-space:nowrap">966,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2372.1px;left:8294.63px;white-space:nowrap">58,926</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2372.1px;left:9484.06px;white-space:nowrap">(18,792)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2568.59px;left:0px;white-space:nowrap">(4.225%)/1-day
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2568.59px;left:1138.36px;white-space:nowrap">SOFR/Nov-36/(Purchased)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2568.59px;left:3529.02px;letter-spacing:-4.41px;white-space:nowrap">BOFA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2568.59px;left:4229.05px;letter-spacing:-1.32px;white-space:nowrap">11/23/26
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2568.59px;left:4884.44px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2568.59px;left:4973.34px;white-space:nowrap">4.225%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2568.59px;left:6776.2px;white-space:nowrap">3,079,100</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2568.59px;left:8205.64px;white-space:nowrap">157,650</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2568.59px;left:9395.08px;white-space:nowrap">(106,950)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2765.07px;left:0px;white-space:nowrap">3.725%/1-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2765.07px;left:1031.8px;white-space:nowrap">SOFR/Nov-36/(Purchased)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2765.07px;left:3529.02px;letter-spacing:-4.41px;white-space:nowrap">BOFA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2765.07px;left:4229.05px;letter-spacing:-1.32px;white-space:nowrap">11/23/26
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2765.07px;left:4884.44px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2765.07px;left:4973.34px;white-space:nowrap">3.725%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2765.07px;left:6776.2px;white-space:nowrap">3,079,100</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2765.07px;left:8205.64px;white-space:nowrap">150,568</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2765.07px;left:9484.06px;white-space:nowrap">(57,896)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2961.56px;left:0px;white-space:nowrap">(4.2%)/1-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2961.56px;left:960.39px;white-space:nowrap">SOFR/Aug-60/(Purchased)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2961.56px;left:3529.02px;letter-spacing:-4.41px;white-space:nowrap">BOFA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2961.56px;left:4484.13px;white-space:nowrap">8/26/30 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2961.56px;left:5062.41px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2961.56px;left:5151.31px;white-space:nowrap">4.2%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2961.56px;left:6909.64px;white-space:nowrap">158,800</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2961.56px;left:8294.63px;white-space:nowrap">19,802</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2961.56px;left:9573.05px;white-space:nowrap">(1,952)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3158.04px;left:0px;white-space:nowrap">4.2%/1-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3158.04px;left:853.83px;white-space:nowrap">SOFR/Aug-60/(Purchased)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3158.04px;left:3529.02px;letter-spacing:-4.41px;white-space:nowrap">BOFA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3158.04px;left:4484.13px;white-space:nowrap">8/26/30 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3158.04px;left:5062.41px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3158.04px;left:5151.31px;white-space:nowrap">4.2%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3158.04px;left:6909.64px;white-space:nowrap">158,800</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3158.04px;left:8294.63px;white-space:nowrap">19,802</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3158.04px;left:9679.61px;white-space:nowrap">1,958</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3354.53px;left:0px;white-space:nowrap">(4%)/1-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3354.53px;left:826.95px;white-space:nowrap">SOFR/Dec-30/(Purchased)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3354.53px;left:3586.91px;white-space:nowrap">CITI</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3354.53px;left:4528.58px;white-space:nowrap">12/08/25
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3354.53px;left:5195.84px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3354.53px;left:5284.75px;white-space:nowrap">4%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3354.53px;left:6776.2px;white-space:nowrap">7,438,800</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3354.53px;left:8294.63px;white-space:nowrap">84,059</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3354.53px;left:9484.06px;white-space:nowrap">(81,475)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3551.01px;left:0px;white-space:nowrap">(4.608%)/1-day
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3551.01px;left:1138.36px;white-space:nowrap">SOFR/May-56/(Purchased)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3551.01px;left:3586.91px;white-space:nowrap">CITI</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3551.01px;left:4306.16px;white-space:nowrap">5/26/26 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3551.01px;left:4884.44px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3551.01px;left:4973.34px;white-space:nowrap">4.608%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3551.01px;left:6909.64px;white-space:nowrap">996,400</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3551.01px;left:8294.63px;white-space:nowrap">36,169</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3551.01px;left:9484.06px;white-space:nowrap">(24,244)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3747.5px;left:0px;white-space:nowrap">3.965%/1-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3747.5px;left:1031.8px;white-space:nowrap">SOFR/Mar-38/(Purchased)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3747.5px;left:3520.15px;white-space:nowrap">DBAB</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3747.5px;left:4306.16px;white-space:nowrap">3/06/28 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3747.5px;left:4884.44px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3747.5px;left:4973.34px;white-space:nowrap">3.965%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3747.5px;left:6909.64px;white-space:nowrap">885,900</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3747.5px;left:8294.63px;white-space:nowrap">48,282</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3747.5px;left:9573.05px;white-space:nowrap">(6,939)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3943.98px;left:0px;white-space:nowrap">(3.965%)/1-day
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3943.98px;left:1138.36px;white-space:nowrap">SOFR/Mar-38/(Purchased)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3943.98px;left:3520.15px;white-space:nowrap">DBAB</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3943.98px;left:4306.16px;white-space:nowrap">3/06/28 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3943.98px;left:4884.44px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3943.98px;left:4973.34px;white-space:nowrap">3.965%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3943.98px;left:6909.64px;white-space:nowrap">885,900</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3943.98px;left:8294.63px;white-space:nowrap">48,282</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3943.98px;left:9484.06px;white-space:nowrap">(10,988)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4140.46px;left:0px;white-space:nowrap">2.35%/1-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4140.46px;left:942.81px;white-space:nowrap">SOFR/Mar-59/(Purchased)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4140.46px;left:3502.41px;white-space:nowrap">GSCO</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4140.46px;left:4395.14px;white-space:nowrap">3/12/29 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4140.46px;left:4973.42px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4140.46px;left:5062.33px;white-space:nowrap">2.35%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4140.46px;left:6776.2px;white-space:nowrap">1,529,600</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4140.46px;left:8294.63px;white-space:nowrap">89,176</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4140.46px;left:9484.06px;white-space:nowrap">(58,087)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4336.95px;left:0px;white-space:nowrap">2.495%/6-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4336.95px;left:1209.69px;white-space:nowrap">AUD </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4336.95px;left:1591.95px;white-space:nowrap">BBR/Nov-46/</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4528.95px;left:0px;white-space:nowrap">(Purchased)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4528.95px;left:3524.64px;white-space:nowrap">JPHQ</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4528.95px;left:4229.05px;letter-spacing:-1.32px;white-space:nowrap">11/23/26
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4528.95px;left:4884.44px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4528.95px;left:4973.34px;white-space:nowrap">2.495%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4528.95px;left:6070.19px;white-space:nowrap">AUD</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4528.95px;left:6776.2px;white-space:nowrap">2,376,500</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4528.95px;left:8205.64px;white-space:nowrap">147,412</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4528.95px;left:9395.08px;white-space:nowrap">(141,838)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4725.43px;left:0px;white-space:nowrap">(2.495%)/6-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4725.43px;left:1316.25px;white-space:nowrap">AUD </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4725.43px;left:1698.52px;white-space:nowrap">BBR/Nov-46/</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4917.43px;left:0px;white-space:nowrap">(Purchased)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4917.43px;left:3524.64px;white-space:nowrap">JPHQ</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4917.43px;left:4229.05px;letter-spacing:-1.32px;white-space:nowrap">11/23/26
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4917.43px;left:4884.44px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4917.43px;left:4973.34px;white-space:nowrap">2.495%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4917.43px;left:6070.19px;white-space:nowrap">AUD</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4917.43px;left:6776.2px;white-space:nowrap">2,376,500</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4917.43px;left:8205.64px;white-space:nowrap">147,412</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4917.43px;left:9501.64px;white-space:nowrap">299,996</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5113.92px;left:0px;white-space:nowrap">(4.201%)/6-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5113.92px;left:1325.08px;white-space:nowrap">EURIBOR/Apr-39/</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5305.92px;left:0px;white-space:nowrap">(Purchased)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5305.92px;left:3524.64px;white-space:nowrap">JPHQ</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5305.92px;left:4318.03px;letter-spacing:-1.48px;white-space:nowrap">4/11/29
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5305.92px;left:4884.44px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5305.92px;left:4973.34px;white-space:nowrap">4.201%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5305.92px;left:6070.19px;white-space:nowrap">EUR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5305.92px;left:6776.2px;white-space:nowrap">5,556,400</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5305.92px;left:8205.64px;white-space:nowrap">138,902</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5305.92px;left:9484.06px;white-space:nowrap">(39,599)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5502.4px;left:0px;white-space:nowrap">1.201%/6-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5502.4px;left:1218.52px;white-space:nowrap">EURIBOR/Apr-39/</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5694.4px;left:0px;white-space:nowrap">(Purchased)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5694.4px;left:3524.64px;white-space:nowrap">JPHQ</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5694.4px;left:4318.03px;letter-spacing:-1.48px;white-space:nowrap">4/11/29
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5694.4px;left:4884.44px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5694.4px;left:4973.34px;white-space:nowrap">1.201%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5694.4px;left:6070.19px;white-space:nowrap">EUR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5694.4px;left:6776.2px;white-space:nowrap">5,556,400</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5694.4px;left:8217.52px;letter-spacing:-1.7px;white-space:nowrap">110,287</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5694.4px;left:9484.06px;white-space:nowrap">(78,636)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5890.89px;left:0px;white-space:nowrap">(1.445%)/6-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5890.89px;left:1316.25px;white-space:nowrap">AUD </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5890.89px;left:1698.52px;white-space:nowrap">BBR/Mar-40/</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6082.89px;left:0px;white-space:nowrap">(Purchased)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6082.89px;left:3524.64px;white-space:nowrap">JPHQ</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6082.89px;left:4306.16px;white-space:nowrap">3/27/30 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6082.89px;left:4884.44px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6082.89px;left:4973.34px;white-space:nowrap">1.445%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6082.89px;left:6070.19px;white-space:nowrap">AUD</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6082.89px;left:6776.2px;white-space:nowrap">1,940,600</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6082.89px;left:8294.63px;white-space:nowrap">74,212</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6082.89px;left:9501.64px;white-space:nowrap">238,445</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6279.37px;left:0px;white-space:nowrap">1.445%/6-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6279.37px;left:1209.69px;white-space:nowrap">AUD </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6279.37px;left:1591.95px;white-space:nowrap">BBR/Mar-40/</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6471.37px;left:0px;white-space:nowrap">(Purchased)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6471.37px;left:3524.64px;white-space:nowrap">JPHQ</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6471.37px;left:4306.16px;white-space:nowrap">3/27/30 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6471.37px;left:4884.44px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6471.37px;left:4973.34px;white-space:nowrap">1.445%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6471.37px;left:6070.19px;white-space:nowrap">AUD</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6471.37px;left:6776.2px;white-space:nowrap">1,940,600</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6471.37px;left:8294.63px;white-space:nowrap">74,212</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6471.37px;left:9484.06px;white-space:nowrap">(61,238)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6667.85px;left:0px;white-space:nowrap">(4.5%)/1-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6667.85px;left:960.39px;letter-spacing:-0.14px;white-space:nowrap">SOFR/Oct-30/(Written)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6667.85px;left:3546.95px;white-space:nowrap">MCM</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6667.85px;left:4395.14px;white-space:nowrap">10/09/25
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6667.85px;left:5062.41px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6667.85px;left:5151.31px;white-space:nowrap">4.5%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6667.85px;left:6776.2px;white-space:nowrap">7,438,800</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6667.85px;left:8188.06px;white-space:nowrap">(24,219)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6667.85px;left:9590.63px;white-space:nowrap">24,180</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6864.34px;left:0px;white-space:nowrap">2.85%/1-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6864.34px;left:942.81px;white-space:nowrap">SOFR/Oct-30/(Purchased)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6864.34px;left:3546.95px;white-space:nowrap">MCM</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6864.34px;left:4306.16px;white-space:nowrap">10/09/25
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6864.34px;left:4973.42px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6864.34px;left:5062.33px;white-space:nowrap">2.85%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6864.34px;left:6776.2px;white-space:nowrap">7,438,800</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6864.34px;left:8294.63px;white-space:nowrap">50,082</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6864.34px;left:9484.06px;white-space:nowrap">(49,999)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7060.82px;left:0px;white-space:nowrap">(4.01%)/1-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7060.82px;left:1049.38px;white-space:nowrap">SOFR/Mar-52/(Purchased)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7060.82px;left:3546.95px;white-space:nowrap">MCM</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7060.82px;left:4395.14px;white-space:nowrap">3/29/32 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7060.82px;left:4973.42px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7060.82px;left:5062.33px;white-space:nowrap">4.01%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7060.82px;left:6909.64px;white-space:nowrap">215,700</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7060.82px;left:8294.63px;white-space:nowrap">25,862</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7060.82px;left:9813.05px;white-space:nowrap">436</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7257.31px;left:0px;white-space:nowrap">4.01%/1-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7257.31px;left:942.81px;white-space:nowrap">SOFR/Mar-52/(Purchased)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7257.31px;left:3546.95px;white-space:nowrap">MCM</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7257.31px;left:4395.14px;white-space:nowrap">3/29/32 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7257.31px;left:4973.42px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7257.31px;left:5062.33px;white-space:nowrap">4.01%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7257.31px;left:6909.64px;white-space:nowrap">215,700</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7257.31px;left:8294.63px;white-space:nowrap">25,862</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7257.31px;left:9573.05px;white-space:nowrap">(4,546)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7453.79px;left:0px;white-space:nowrap">(2.952%)/6-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7453.79px;left:1325.08px;white-space:nowrap">EURIBOR/Jun-49/</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7645.79px;left:0px;white-space:nowrap">(Purchased)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7645.79px;left:3498px;white-space:nowrap">MSCO</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7645.79px;left:4306.16px;white-space:nowrap">6/18/29 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7645.79px;left:4884.44px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7645.79px;left:4973.34px;white-space:nowrap">2.952%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7645.79px;left:6070.19px;white-space:nowrap">EUR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7645.79px;left:6776.2px;white-space:nowrap">1,584,600</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7645.79px;left:8205.64px;white-space:nowrap">126,320</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7645.79px;left:9590.63px;white-space:nowrap">33,010</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7842.28px;left:0px;white-space:nowrap">(2.98%)/6-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7842.28px;left:1236.09px;white-space:nowrap">EURIBOR/May-55/</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8034.28px;left:0px;white-space:nowrap">(Purchased)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8034.28px;left:3498px;white-space:nowrap">MSCO</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8034.28px;left:4395.14px;white-space:nowrap">5/08/35 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8034.28px;left:4973.42px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8034.28px;left:5062.33px;white-space:nowrap">2.98%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8034.28px;left:6070.19px;white-space:nowrap">EUR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8034.28px;left:6909.64px;white-space:nowrap">145,400</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8034.28px;left:8294.63px;white-space:nowrap">15,179</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8034.28px;left:9679.61px;white-space:nowrap">5,177</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8230.76px;left:0px;white-space:nowrap">(4.825%)/1-day
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8230.76px;left:1138.36px;white-space:nowrap">SOFR/May-57/(Purchased)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8230.76px;left:3508.43px;letter-spacing:-2.97px;white-space:nowrap">NATW</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8230.76px;left:4306.16px;white-space:nowrap">4/30/27 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8230.76px;left:4884.44px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8230.76px;left:4973.34px;white-space:nowrap">4.825%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8230.76px;left:6776.2px;white-space:nowrap">1,147,100</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8230.76px;left:8294.63px;white-space:nowrap">41,525</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8230.76px;left:9495.94px;letter-spacing:-1.48px;white-space:nowrap">(11,648)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8427.25px;left:0px;white-space:nowrap">2%/6-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8427.25px;left:898.28px;white-space:nowrap">AUD </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8427.25px;left:1280.55px;white-space:nowrap">BBR/Sep-46/(Purchased)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8427.25px;left:3498px;white-space:nowrap">UBSW</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8427.25px;left:4617.56px;white-space:nowrap">9/10/36 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8427.25px;left:5195.84px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8427.25px;left:5284.75px;white-space:nowrap">2%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8427.25px;left:6070.19px;white-space:nowrap">AUD</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8427.25px;left:6776.2px;white-space:nowrap">2,078,300</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8427.25px;left:8217.52px;letter-spacing:-1.7px;white-space:nowrap">110,235</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8427.25px;left:9484.06px;white-space:nowrap">(67,175)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8623.73px;left:0px;white-space:nowrap">(2%)/6-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8623.73px;left:1004.84px;white-space:nowrap">AUD </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8623.73px;left:1387.11px;white-space:nowrap">BBR/Sep-46/(Purchased)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8623.73px;left:3498px;white-space:nowrap">UBSW</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8623.73px;left:4617.56px;white-space:nowrap">9/10/36 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8623.73px;left:5195.84px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8623.73px;left:5284.75px;white-space:nowrap">2%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8623.73px;left:6070.19px;white-space:nowrap">AUD</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8623.73px;left:6776.2px;white-space:nowrap">2,078,300</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8623.73px;left:8217.52px;letter-spacing:-1.7px;white-space:nowrap">110,235</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8623.73px;left:9501.64px;white-space:nowrap">144,012</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8820.21px;left:0px;white-space:nowrap">(2.7%)/6-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8820.21px;left:1138.28px;white-space:nowrap">AUD </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8820.21px;left:1520.55px;white-space:nowrap">BBR/Apr-47/(Purchased)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8820.21px;left:3498px;white-space:nowrap">UBSW</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8820.21px;left:4484.13px;white-space:nowrap">4/01/37 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8820.21px;left:5062.41px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8820.21px;left:5151.31px;white-space:nowrap">2.7%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8820.21px;left:6070.19px;white-space:nowrap">AUD</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8820.21px;left:6909.64px;white-space:nowrap">997,300</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8820.21px;left:8294.63px;white-space:nowrap">60,506</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8820.21px;left:9590.63px;white-space:nowrap">41,269</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9016.7px;left:0px;white-space:nowrap">2.7%/6-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9016.7px;left:1031.72px;white-space:nowrap">AUD </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9016.7px;left:1413.98px;white-space:nowrap">BBR/Apr-47/(Purchased)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9016.7px;left:3498px;white-space:nowrap">UBSW</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9016.7px;left:4484.13px;white-space:nowrap">4/01/37 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9016.7px;left:5062.41px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9016.7px;left:5151.31px;white-space:nowrap">2.7%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9016.7px;left:6070.19px;white-space:nowrap">AUD</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9016.7px;left:6909.64px;white-space:nowrap">997,300</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9016.7px;left:8294.63px;white-space:nowrap">60,506</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9016.7px;left:9495.94px;letter-spacing:-1.48px;white-space:nowrap">(34,115)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9213.18px;left:0px;white-space:nowrap">Unrealized
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9213.18px;left:853.59px;white-space:nowrap">appreciation</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9213.18px;left:9501.64px;white-space:nowrap">868,678</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9409.67px;left:0px;white-space:nowrap">Unrealized
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9409.67px;left:853.59px;white-space:nowrap">(depreciation)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9409.67px;left:9395.08px;white-space:nowrap">(869,684)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9606.15px;left:0px;letter-spacing:-2.37px;white-space:nowrap">Total</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9606.15px;left:9484.06px;white-space:nowrap">$(1,006)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:10489.43px;left:0px;white-space:nowrap">*</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10485.21px;left:29.74px;white-space:nowrap">In
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10485.21px;left:175.68px;white-space:nowrap">U.S.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10485.21px;left:467.32px;white-space:nowrap">dollars
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10485.21px;left:890.29px;white-space:nowrap">unless
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10485.21px;left:1306.07px;white-space:nowrap">otherwise
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10485.21px;left:1904.04px;white-space:nowrap">indicated.</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:1161.0px;width:891.0px;transform-origin:top left;transform:scale(1.5,1.5)">

<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:6453.14px;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:7127.45px;letter-spacing:10.29px;white-space:nowrap">Master
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7794.58px;letter-spacing:10.34px;white-space:nowrap">Intermediate
</div>

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:7913.58px;letter-spacing:10.67px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8772.28px;letter-spacing:8px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:9027.03px;letter-spacing:10.91px;white-space:nowrap">Investments</div></div>
</div>

<div style="height:40.61px;left:0px;position:absolute;top:0px;transform:translate(53.999px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:691.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">
</div> </div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(54.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

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

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(53.999px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

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

<div style="height:30.71px;left:0px;position:absolute;top:0px;transform:translate(54.000px,738.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:459.61px">

<div style="width:9192.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(8270.481px,65.000px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3857.28px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4119.86px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5002.43px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5359.93px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5586.03px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5768.45px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6235.25px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6497.83px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6643.76px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7001.26px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7519.15px;white-space:nowrap">statements.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8353.45px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8798.45px;white-space:nowrap">Report</div></div>
</div>

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">35</div></div>
</div>

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

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

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(513.610px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

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

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

<div style="width:10080px;height:12268.8px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.8px) rotate(0deg) scale(0.05)">

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

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:220.08px;white-space:nowrap">September </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1150.58px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1450.81px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1951.26px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2251.49px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2711.78px;white-space:nowrap">had </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3062.11px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3362.34px;white-space:nowrap">following&#160;credit
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:4602.92px;white-space:nowrap">default </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5193.37px;white-space:nowrap">swap </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5663.58px;white-space:nowrap">contracts&#160;outstanding.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7474.66px;white-space:nowrap">See </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7844.94px;white-space:nowrap">Note </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8275.17px;white-space:nowrap">1</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8375.27px;white-space:nowrap">(</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8435.21px;white-space:nowrap">e</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8535.32px;white-space:nowrap">).&#160;</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:689.31px;left:0px;white-space:nowrap">Credit
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:689.31px;left:633.4px;white-space:nowrap">Default
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:689.31px;left:1366.8px;white-space:nowrap">Swap
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:689.31px;left:1944.73px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1989.41px;left:0px;white-space:nowrap">Description</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1221.41px;left:1354.27px;white-space:nowrap">Periodic</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1413.41px;left:1325.13px;white-space:nowrap">Payment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1605.41px;left:1587.7px;white-space:nowrap">Rate</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1797.41px;left:1295.83px;white-space:nowrap">Received</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1989.41px;left:1507.55px;white-space:nowrap">(Paid)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1797.41px;left:2333.13px;white-space:nowrap">Payment</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1989.41px;left:2216.48px;white-space:nowrap">Frequency</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1797.41px;left:3053.52px;white-space:nowrap">Counter-</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1989.41px;left:3279.22px;white-space:nowrap">party</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1797.41px;left:3809.77px;white-space:nowrap">Maturity</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1989.41px;left:4035.7px;white-space:nowrap">Date</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1797.41px;left:4875.23px;white-space:nowrap">Notional</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1989.41px;left:4811.07px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:1993.63px;left:5306.54px;white-space:nowrap">(a)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1989.41px;left:6569.11px;letter-spacing:-1.44px;white-space:nowrap">Value</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1605.41px;left:7619.48px;white-space:nowrap">Upfront</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1797.41px;left:7473.16px;white-space:nowrap">Payments</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1989.41px;left:7458.78px;white-space:nowrap">(Receipts)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1605.41px;left:8653.48px;white-space:nowrap">Unrealized</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1797.41px;left:8515.13px;white-space:nowrap">Appreciation</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1989.41px;left:8434.97px;white-space:nowrap">(Depreciation)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1989.41px;left:9574.22px;white-space:nowrap">Rating</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:1993.63px;left:9982.35px;white-space:nowrap">(b)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2307.6px;left:0px;white-space:nowrap">Centrally
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2307.6px;left:729.14px;white-space:nowrap">Cleared
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2307.6px;left:1360.55px;white-space:nowrap">Swap
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2307.6px;left:1822.89px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2504.08px;left:0px;white-space:nowrap">Contracts
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2504.08px;left:791.25px;white-space:nowrap">to
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2504.08px;left:986.72px;white-space:nowrap">Sell
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2504.08px;left:1315.78px;white-space:nowrap">Protection</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:2507.29px;left:2106.95px;white-space:nowrap">(c)(d)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2732.57px;left:0px;letter-spacing:-1.26px;white-space:nowrap">Traded
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2732.57px;left:569.06px;white-space:nowrap">Index</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3342.63px;left:0px;letter-spacing:-1.4px;white-space:nowrap">CDX.NA.HY.44</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3342.63px;left:939.89px;letter-spacing:54.67px;white-space:nowrap">.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3342.63px;left:1643.97px;white-space:nowrap">5.00%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3342.63px;left:2340.39px;white-space:nowrap">Quarterly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3342.63px;left:3882.19px;white-space:nowrap">6/20/30</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3342.63px;left:4888.25px;white-space:nowrap">8,893,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3342.63px;left:6436.73px;white-space:nowrap">$</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3342.63px;left:6509.7px;white-space:nowrap">721,400</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3342.63px;left:7588.73px;white-space:nowrap">$</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3342.63px;left:7661.7px;white-space:nowrap">428,439</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3342.63px;left:8812.73px;white-space:nowrap">$</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3342.63px;left:8885.7px;white-space:nowrap">292,961</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2958.63px;left:9795.7px;white-space:nowrap">Non-</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3150.63px;left:9438.13px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3342.63px;left:9715.31px;white-space:nowrap">Grade</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3571.11px;left:288px;letter-spacing:-2.42px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3571.11px;left:601.67px;white-space:nowrap">Centrally
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3571.11px;left:1155.81px;white-space:nowrap">Cleared
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3571.11px;left:1651.67px;white-space:nowrap">Swap
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3571.11px;left:2016.28px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3571.11px;left:2621.89px;letter-spacing:48.95px;white-space:nowrap">.....................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3571.11px;left:6436.73px;white-space:nowrap">$721,400</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3571.11px;left:7588.73px;white-space:nowrap">$428,439</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3571.11px;left:8812.73px;white-space:nowrap">$292,961</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3802.02px;left:0px;white-space:nowrap">OTC
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3802.02px;left:382.19px;white-space:nowrap">Swap
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3802.02px;left:844.53px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3998.5px;left:0px;white-space:nowrap">Contracts
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3998.5px;left:791.25px;white-space:nowrap">to
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3998.5px;left:986.72px;white-space:nowrap">Buy
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3998.5px;left:1333.44px;white-space:nowrap">Protection</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:4001.71px;left:2124.61px;white-space:nowrap">(c)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4226.99px;left:0px;letter-spacing:-1.26px;white-space:nowrap">Traded
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4226.99px;left:569.06px;white-space:nowrap">Index</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4453.05px;left:0px;white-space:nowrap">CMBX.NA.BB.10</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4453.05px;left:1556.63px;white-space:nowrap">(5.00)%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4453.05px;left:2420.55px;white-space:nowrap">Monthly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4453.05px;left:3352.19px;white-space:nowrap">CITI</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4453.05px;left:3818.83px;letter-spacing:-1.2px;white-space:nowrap">11/17/59</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4453.05px;left:4997.7px;white-space:nowrap">915,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4453.05px;left:6509.7px;white-space:nowrap">450,829</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4453.05px;left:7661.7px;white-space:nowrap">379,986</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4453.05px;left:8958.67px;white-space:nowrap">70,843</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4649.53px;left:0px;white-space:nowrap">CMBX.NA.BB.10</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4649.53px;left:1556.63px;white-space:nowrap">(5.00)%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4649.53px;left:2420.55px;white-space:nowrap">Monthly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4649.53px;left:3220.94px;white-space:nowrap">MLCO</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4649.53px;left:3818.83px;letter-spacing:-1.2px;white-space:nowrap">11/17/59</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4649.53px;left:4997.7px;white-space:nowrap">279,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4649.53px;left:6509.7px;white-space:nowrap">137,466</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4649.53px;left:7734.67px;white-space:nowrap">15,875</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4649.53px;left:8885.7px;white-space:nowrap">121,591</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4846.02px;left:0px;white-space:nowrap">CMBX.NA.BB.13</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4846.02px;left:1556.63px;white-space:nowrap">(5.00)%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4846.02px;left:2420.55px;white-space:nowrap">Monthly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4846.02px;left:3213.59px;white-space:nowrap">GSCO</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4846.02px;left:3809.22px;white-space:nowrap">12/16/72</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4846.02px;left:4997.7px;white-space:nowrap">133,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4846.02px;left:6582.67px;white-space:nowrap">49,261</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4846.02px;left:7734.67px;white-space:nowrap">50,041</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4846.02px;left:9053.75px;white-space:nowrap">(780)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5042.5px;left:0px;white-space:nowrap">CMBX.NA.BB.6</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5042.5px;left:939.89px;letter-spacing:54.67px;white-space:nowrap">.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5042.5px;left:1556.63px;white-space:nowrap">(5.00)%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5042.5px;left:2420.55px;white-space:nowrap">Monthly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5042.5px;left:3213.59px;white-space:nowrap">GSCO</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5042.5px;left:3891.8px;letter-spacing:-1.37px;white-space:nowrap">5/11/63</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5042.5px;left:4997.7px;white-space:nowrap">167,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5042.5px;left:6582.67px;white-space:nowrap">10,393</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5042.5px;left:7807.64px;white-space:nowrap">7,525</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5042.5px;left:9031.64px;white-space:nowrap">2,868</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5238.99px;left:0px;white-space:nowrap">CMBX.NA.BB.8</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5238.99px;left:939.89px;letter-spacing:54.67px;white-space:nowrap">.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5238.99px;left:1556.63px;white-space:nowrap">(5.00)%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5238.99px;left:2420.55px;white-space:nowrap">Monthly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5238.99px;left:3352.19px;white-space:nowrap">CITI</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5238.99px;left:3809.22px;white-space:nowrap">10/17/57</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5238.99px;left:4997.7px;white-space:nowrap">148,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5238.99px;left:6582.67px;white-space:nowrap">63,508</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5238.99px;left:7734.67px;white-space:nowrap">64,084</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5238.99px;left:9053.75px;white-space:nowrap">(576)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5435.47px;left:0px;white-space:nowrap">CMBX.NA.BB.8</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5435.47px;left:939.89px;letter-spacing:54.67px;white-space:nowrap">.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5435.47px;left:1556.63px;white-space:nowrap">(5.00)%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5435.47px;left:2420.55px;white-space:nowrap">Monthly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5435.47px;left:3213.59px;white-space:nowrap">GSCO</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5435.47px;left:3809.22px;white-space:nowrap">10/17/57</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5435.47px;left:5070.67px;white-space:nowrap">42,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5435.47px;left:6582.67px;white-space:nowrap">18,022</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5435.47px;left:7734.67px;white-space:nowrap">17,149</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5435.47px;left:9141.09px;white-space:nowrap">873</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5631.96px;left:0px;white-space:nowrap">CMBX.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5823.96px;left:144px;white-space:nowrap">NA.BBB-.10</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5823.96px;left:854.44px;letter-spacing:51.81px;white-space:nowrap">..</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5823.96px;left:1556.63px;white-space:nowrap">(3.00)%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5823.96px;left:2420.55px;white-space:nowrap">Monthly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5823.96px;left:3352.19px;white-space:nowrap">CITI</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5823.96px;left:3818.83px;letter-spacing:-1.2px;white-space:nowrap">11/17/59</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5823.96px;left:4997.7px;white-space:nowrap">465,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5823.96px;left:6582.67px;white-space:nowrap">92,295</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5823.96px;left:7661.7px;white-space:nowrap">139,762</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5823.96px;left:8871.33px;white-space:nowrap">(47,467)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6020.44px;left:0px;white-space:nowrap">CMBX.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6212.44px;left:144px;white-space:nowrap">NA.BBB-.10</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6212.44px;left:854.44px;letter-spacing:51.81px;white-space:nowrap">..</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6212.44px;left:1556.63px;white-space:nowrap">(3.00)%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6212.44px;left:2420.55px;white-space:nowrap">Monthly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6212.44px;left:3206.41px;white-space:nowrap">MSCO</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6212.44px;left:3818.83px;letter-spacing:-1.2px;white-space:nowrap">11/17/59</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6212.44px;left:4997.7px;white-space:nowrap">516,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6212.44px;left:6509.7px;white-space:nowrap">102,417</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6212.44px;left:7661.7px;white-space:nowrap">166,855</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6212.44px;left:8871.33px;white-space:nowrap">(64,438)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6408.92px;left:0px;white-space:nowrap">CMBX.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6600.92px;left:144px;letter-spacing:-0.96px;white-space:nowrap">NA.BBB-.11</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6600.92px;left:854.44px;letter-spacing:51.81px;white-space:nowrap">..</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6600.92px;left:1556.63px;white-space:nowrap">(3.00)%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6600.92px;left:2420.55px;white-space:nowrap">Monthly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6600.92px;left:3213.59px;white-space:nowrap">GSCO</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6600.92px;left:3818.83px;letter-spacing:-1.2px;white-space:nowrap">11/18/54</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6600.92px;left:4997.7px;white-space:nowrap">609,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6600.92px;left:6582.67px;white-space:nowrap">73,080</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6600.92px;left:7734.67px;white-space:nowrap">76,057</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6600.92px;left:8944.3px;white-space:nowrap">(2,977)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6797.41px;left:0px;white-space:nowrap">CMBX.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6989.41px;left:144px;white-space:nowrap">NA.BBB-.12</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6989.41px;left:854.44px;letter-spacing:51.81px;white-space:nowrap">..</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6989.41px;left:1556.63px;white-space:nowrap">(3.00)%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6989.41px;left:2420.55px;white-space:nowrap">Monthly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6989.41px;left:3213.59px;white-space:nowrap">GSCO</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6989.41px;left:3882.19px;white-space:nowrap">8/17/61</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6989.41px;left:4997.7px;white-space:nowrap">203,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6989.41px;left:6582.67px;white-space:nowrap">34,680</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6989.41px;left:7734.67px;white-space:nowrap">36,845</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6989.41px;left:8944.3px;white-space:nowrap">(2,165)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7185.89px;left:0px;white-space:nowrap">CMBX.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7377.89px;left:144px;white-space:nowrap">NA.BBB-.13</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7377.89px;left:854.44px;letter-spacing:51.81px;white-space:nowrap">..</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7377.89px;left:1556.63px;white-space:nowrap">(3.00)%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7377.89px;left:2420.55px;white-space:nowrap">Monthly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7377.89px;left:3213.59px;white-space:nowrap">GSCO</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7377.89px;left:3809.22px;white-space:nowrap">12/16/72</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7377.89px;left:4997.7px;white-space:nowrap">406,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7377.89px;left:6582.67px;white-space:nowrap">80,946</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7377.89px;left:7734.67px;white-space:nowrap">85,124</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7377.89px;left:8944.3px;white-space:nowrap">(4,178)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7574.38px;left:0px;white-space:nowrap">CMBX.NA.BBB-.6</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7574.38px;left:1556.63px;white-space:nowrap">(3.00)%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7574.38px;left:2420.55px;white-space:nowrap">Monthly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7574.38px;left:3352.19px;white-space:nowrap">CITI</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7574.38px;left:3891.8px;letter-spacing:-1.37px;white-space:nowrap">5/11/63</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7574.38px;left:4997.7px;white-space:nowrap">223,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7574.38px;left:6655.64px;white-space:nowrap">7,162</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7574.38px;left:7734.67px;white-space:nowrap">41,772</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7574.38px;left:8871.33px;white-space:nowrap">(34,610)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7770.86px;left:0px;white-space:nowrap">CMBX.NA.BBB-.9</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7770.86px;left:1556.63px;white-space:nowrap">(3.00)%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7770.86px;left:2420.55px;white-space:nowrap">Monthly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7770.86px;left:3206.41px;white-space:nowrap">MSCO</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7770.86px;left:3882.19px;white-space:nowrap">9/17/58</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7770.86px;left:4997.7px;white-space:nowrap">203,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7770.86px;left:6582.67px;white-space:nowrap">34,212</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7770.86px;left:7734.67px;white-space:nowrap">36,464</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7770.86px;left:8944.3px;white-space:nowrap">(2,252)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7969.77px;left:0px;white-space:nowrap">Contracts
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7969.77px;left:791.25px;white-space:nowrap">to
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7969.77px;left:986.72px;white-space:nowrap">Sell
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7969.77px;left:1315.78px;white-space:nowrap">Protection</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:7972.98px;left:2106.95px;white-space:nowrap">(c)(d)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8198.25px;left:0px;letter-spacing:-1.26px;white-space:nowrap">Traded
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8198.25px;left:569.06px;white-space:nowrap">Index</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8616.32px;left:0px;white-space:nowrap">CMBX.NA.A.13</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8616.32px;left:939.89px;letter-spacing:54.67px;white-space:nowrap">.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8616.32px;left:1643.97px;white-space:nowrap">2.00%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8616.32px;left:2420.55px;white-space:nowrap">Monthly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8616.32px;left:3220.94px;white-space:nowrap">MLCO</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8616.32px;left:3809.22px;white-space:nowrap">12/16/72</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8616.32px;left:4997.7px;white-space:nowrap">382,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8616.32px;left:6495.33px;white-space:nowrap">(25,185)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8616.32px;left:7647.33px;white-space:nowrap">(50,319)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8616.32px;left:8958.67px;white-space:nowrap">25,134</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8424.32px;left:9438.13px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8616.32px;left:9715.31px;white-space:nowrap">Grade</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9196.8px;left:0px;white-space:nowrap">CMBX.NA.BB.10</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9196.8px;left:1643.97px;white-space:nowrap">5.00%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9196.8px;left:2420.55px;white-space:nowrap">Monthly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9196.8px;left:3250.08px;white-space:nowrap">JPHQ</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9196.8px;left:3818.83px;letter-spacing:-1.2px;white-space:nowrap">11/17/59</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9196.8px;left:4997.7px;white-space:nowrap">120,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9196.8px;left:6495.33px;white-space:nowrap">(59,125)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9196.8px;left:7720.3px;white-space:nowrap">(9,629)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9196.8px;left:8871.33px;white-space:nowrap">(49,496)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8812.8px;left:9795.7px;white-space:nowrap">Non-</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9004.8px;left:9438.13px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9196.8px;left:9715.31px;white-space:nowrap">Grade</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9777.28px;left:0px;white-space:nowrap">CMBX.NA.BB.13</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9777.28px;left:1643.97px;white-space:nowrap">5.00%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9777.28px;left:2420.55px;white-space:nowrap">Monthly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9777.28px;left:3352.19px;white-space:nowrap">CITI</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9777.28px;left:3809.22px;white-space:nowrap">12/16/72</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9777.28px;left:4997.7px;white-space:nowrap">133,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9777.28px;left:6495.33px;white-space:nowrap">(49,262)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9777.28px;left:7647.33px;white-space:nowrap">(56,865)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9777.28px;left:9031.64px;white-space:nowrap">7,603</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9393.28px;left:9795.7px;white-space:nowrap">Non-</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9585.28px;left:9438.13px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9777.28px;left:9715.31px;white-space:nowrap">Grade</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10357.77px;left:0px;white-space:nowrap">CMBX.NA.BB.6</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10357.77px;left:939.89px;letter-spacing:54.67px;white-space:nowrap">.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10357.77px;left:1643.97px;white-space:nowrap">5.00%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10357.77px;left:2420.55px;white-space:nowrap">Monthly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10357.77px;left:3352.19px;white-space:nowrap">CITI</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10357.77px;left:3891.8px;letter-spacing:-1.37px;white-space:nowrap">5/11/63</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10357.77px;left:4997.7px;white-space:nowrap">285,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10357.77px;left:6495.33px;white-space:nowrap">(17,736)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10357.77px;left:7647.33px;white-space:nowrap">(49,554)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10357.77px;left:8958.67px;white-space:nowrap">31,818</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:9973.77px;left:9795.7px;white-space:nowrap">Non-</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10165.77px;left:9438.13px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10357.77px;left:9715.31px;white-space:nowrap">Grade</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10938.25px;left:0px;white-space:nowrap">CMBX.NA.BB.6</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10938.25px;left:939.89px;letter-spacing:54.67px;white-space:nowrap">.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10938.25px;left:1643.97px;white-space:nowrap">5.00%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10938.25px;left:2420.55px;white-space:nowrap">Monthly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10938.25px;left:3213.59px;white-space:nowrap">GSCO</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10938.25px;left:3891.8px;letter-spacing:-1.37px;white-space:nowrap">5/11/63</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10938.25px;left:4997.7px;white-space:nowrap">138,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10938.25px;left:6568.3px;white-space:nowrap">(8,588)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10938.25px;left:7647.33px;white-space:nowrap">(23,957)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10938.25px;left:8958.67px;white-space:nowrap">15,369</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10554.25px;left:9795.7px;white-space:nowrap">Non-</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10746.25px;left:9438.13px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10938.25px;left:9715.31px;white-space:nowrap">Grade</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11518.74px;left:0px;white-space:nowrap">CMBX.NA.BB.6</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11518.74px;left:939.89px;letter-spacing:54.67px;white-space:nowrap">.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11518.74px;left:1643.97px;white-space:nowrap">5.00%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11518.74px;left:2420.55px;white-space:nowrap">Monthly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11518.74px;left:3220.94px;white-space:nowrap">MLCO</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11518.74px;left:3891.8px;letter-spacing:-1.37px;white-space:nowrap">5/11/63</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11518.74px;left:4997.7px;white-space:nowrap">125,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11518.74px;left:6568.3px;white-space:nowrap">(7,779)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11518.74px;left:7647.33px;white-space:nowrap">(13,977)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11518.74px;left:9031.64px;white-space:nowrap">6,198</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11134.74px;left:9795.7px;white-space:nowrap">Non-</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11326.74px;left:9438.13px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11518.74px;left:9715.31px;white-space:nowrap">Grade</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:1161.0px;width:891.0px;transform-origin:top left;transform:scale(1.5,1.5)">

<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:10.29px;white-space:nowrap">Master
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1341.44px;letter-spacing:10.34px;white-space:nowrap">Intermediate
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2500.95px;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:3143.94px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:0px;letter-spacing:10.67px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:858.7px;letter-spacing:8px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:1113.45px;letter-spacing:10.91px;white-space:nowrap">Investments</div></div>
</div>

<div style="height:41.15px;left:0px;position:absolute;top:0px;transform:translate(36.000px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:702px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">
</div> </div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(36.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

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

<div style="height:17.16px;left:0px;position:absolute;top:0px;transform:translate(405.000px,743.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:254.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
</div>

<div style="height:30.71px;left:0px;position:absolute;top:0px;transform:translate(80.389px,738.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:458.22px">

<div style="width:9164.39px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(911.718px,64.999px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:994.69px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:1257.27px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2139.84px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2497.34px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2723.44px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:2905.86px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3372.66px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3635.23px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3781.17px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4138.67px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4656.56px;white-space:nowrap">statements.</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(36.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:36.48px;white-space:nowrap">36</div></div>
</div>

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

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

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

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

<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAABBoAAAUBCAYAAAAiuuKzAAAACXBIWXMAABcRAAAXEQHKJvM/AAAgAElEQVR4XuzcsY0bZxRG0UeDMATBwXawLkEdbCvKmKoEuQOl7EYluARvBw4MQVAyDljAT0BXCw55TvxF84IBLok5bNs2AAAAAIXfVgMAAACAawkNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQEZoAAAAADJCAwAAAJARGgAAAICM0AAAAABkhAYAAAAgIzQAAAAAGaEBAAAAyAgNAAAAQOZ4Pp+/rkbctB8z8/tqxC/1x8z8txrx0zzn63lW1/Os7tut3te7+765731z38d1q++Um3ScmZfViJv2OjPPqxEAcDO8u++b+94394UrHGfmr9WIm/ZuZr6vRvxSTzPz72rET/Ocr+dZXc+zum+3el/v7vvmvvfNfR/Xrb5TbtJh27bVBgAAAOAqPgYJAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAzHE1AACgcz6fP8zM02rHbr2fmW+rEbvlvg/sdDp9XW24EBoAAN7Wl5l5WY3YrdeZeV6N2C33fWyH1YCLw7Ztqw0AAADAVXyjAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAABmhAQAAAMgIDQAAAEBGaAAAAAAyQgMAAACQERoAAACAjNAAAAAAZIQGAAAAICM0AAAAAJnjagAAQOd8Pn+YmafVjt16PzPfViN2y30f2Ol0+rracCE0AAC8rS8z87IasV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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12258px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:48.27px;left:0px;white-space:nowrap">Credit
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:48.27px;left:633.4px;white-space:nowrap">Default
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:48.27px;left:1366.8px;white-space:nowrap">Swap
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:48.27px;left:1944.73px;white-space:nowrap">Contracts
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:82.14px;left:2933.79px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1348.37px;left:0px;white-space:nowrap">Description</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:580.37px;left:1354.27px;white-space:nowrap">Periodic</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:772.37px;left:1325.13px;white-space:nowrap">Payment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:964.37px;left:1587.7px;white-space:nowrap">Rate</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1156.37px;left:1295.83px;white-space:nowrap">Received</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1348.37px;left:1507.55px;white-space:nowrap">(Paid)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1156.37px;left:2333.13px;white-space:nowrap">Payment</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1348.37px;left:2216.48px;white-space:nowrap">Frequency</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1156.37px;left:3053.52px;white-space:nowrap">Counter-</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1348.37px;left:3279.22px;white-space:nowrap">party</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1156.37px;left:3809.77px;white-space:nowrap">Maturity</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1348.37px;left:4035.7px;white-space:nowrap">Date</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1156.37px;left:4875.23px;white-space:nowrap">Notional</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1348.37px;left:4811.07px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:1352.59px;left:5306.54px;white-space:nowrap">(a)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1348.37px;left:6569.11px;letter-spacing:-1.44px;white-space:nowrap">Value</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:964.37px;left:7619.48px;white-space:nowrap">Upfront</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1156.37px;left:7473.16px;white-space:nowrap">Payments</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1348.37px;left:7458.78px;white-space:nowrap">(Receipts)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:964.37px;left:8653.48px;white-space:nowrap">Unrealized</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1156.37px;left:8515.13px;white-space:nowrap">Appreciation</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1348.37px;left:8434.97px;white-space:nowrap">(Depreciation)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1348.37px;left:9574.22px;white-space:nowrap">Rating</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:1352.59px;left:9982.35px;white-space:nowrap">(b)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1666.55px;left:0px;white-space:nowrap">OTC
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1666.55px;left:382.19px;white-space:nowrap">Swap
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1666.55px;left:844.53px;white-space:nowrap">Contracts
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1666.55px;left:1635.78px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1863.04px;left:0px;white-space:nowrap">Contracts
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1863.04px;left:791.25px;white-space:nowrap">to
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1863.04px;left:986.72px;white-space:nowrap">Sell
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1863.04px;left:1315.78px;white-space:nowrap">Protection</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:1866.25px;left:2106.95px;white-space:nowrap">(c)(d)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1863.04px;left:2384.51px;white-space:nowrap">(continued</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1866.25px;left:3131.7px;white-space:nowrap">)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2091.52px;left:0px;letter-spacing:-1.26px;white-space:nowrap">Traded
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2091.52px;left:569.06px;white-space:nowrap">Index
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2091.52px;left:1031.41px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2701.58px;left:0px;white-space:nowrap">CMBX.NA.BB.6</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2701.58px;left:939.89px;letter-spacing:54.67px;white-space:nowrap">.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2701.58px;left:1643.97px;white-space:nowrap">5.00%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2701.58px;left:2420.55px;white-space:nowrap">Monthly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2701.58px;left:3206.41px;white-space:nowrap">MSCO</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2701.58px;left:3891.8px;letter-spacing:-1.37px;white-space:nowrap">5/11/63</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2701.58px;left:4997.7px;white-space:nowrap">562,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2701.58px;left:6422.36px;white-space:nowrap">$</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2701.58px;left:6495.33px;white-space:nowrap">(34,974)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2701.58px;left:7501.39px;white-space:nowrap">$</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2701.58px;left:7574.36px;white-space:nowrap">(100,044)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2701.58px;left:8885.7px;white-space:nowrap">$</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2701.58px;left:8958.67px;white-space:nowrap">65,070</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2317.58px;left:9795.7px;white-space:nowrap">Non-</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2509.58px;left:9438.13px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2701.58px;left:9715.31px;white-space:nowrap">Grade</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2898.07px;left:0px;white-space:nowrap">CMBX.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3090.07px;left:144px;white-space:nowrap">NA.BBB-.16</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3090.07px;left:854.44px;letter-spacing:51.81px;white-space:nowrap">..</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3090.07px;left:1643.97px;white-space:nowrap">3.00%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3090.07px;left:2420.55px;white-space:nowrap">Monthly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3090.07px;left:3352.19px;white-space:nowrap">CITI</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3090.07px;left:3882.19px;white-space:nowrap">4/17/65</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3090.07px;left:5070.67px;white-space:nowrap">34,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3090.07px;left:6568.3px;white-space:nowrap">(5,460)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3090.07px;left:7720.3px;white-space:nowrap">(7,729)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3090.07px;left:9031.64px;white-space:nowrap">2,269</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2898.07px;left:9438.13px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3090.07px;left:9715.31px;white-space:nowrap">Grade</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3286.55px;left:0px;white-space:nowrap">CMBX.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3478.55px;left:144px;white-space:nowrap">NA.BBB-.16</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3478.55px;left:854.44px;letter-spacing:51.81px;white-space:nowrap">..</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3478.55px;left:1643.97px;white-space:nowrap">3.00%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3478.55px;left:2420.55px;white-space:nowrap">Monthly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3478.55px;left:3213.59px;white-space:nowrap">GSCO</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3478.55px;left:3882.19px;white-space:nowrap">4/17/65</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3478.55px;left:5070.67px;white-space:nowrap">12,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3478.55px;left:6568.3px;white-space:nowrap">(1,927)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3478.55px;left:7720.3px;white-space:nowrap">(2,464)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3478.55px;left:9141.09px;white-space:nowrap">537</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3286.55px;left:9438.13px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3478.55px;left:9715.31px;white-space:nowrap">Grade</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3675.04px;left:0px;white-space:nowrap">CMBX.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3867.04px;left:144px;white-space:nowrap">NA.BBB-.16</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3867.04px;left:854.44px;letter-spacing:51.81px;white-space:nowrap">..</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3867.04px;left:1643.97px;white-space:nowrap">3.00%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3867.04px;left:2420.55px;white-space:nowrap">Monthly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3867.04px;left:3206.41px;white-space:nowrap">MSCO</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3867.04px;left:3882.19px;white-space:nowrap">4/17/65</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3867.04px;left:5070.67px;white-space:nowrap">19,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3867.04px;left:6568.3px;white-space:nowrap">(3,051)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3867.04px;left:7720.3px;white-space:nowrap">(4,319)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3867.04px;left:9031.64px;white-space:nowrap">1,268</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3675.04px;left:9438.13px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3867.04px;left:9715.31px;white-space:nowrap">Grade</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4255.52px;left:0px;white-space:nowrap">CMBX.NA.BBB-.6</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4255.52px;left:1643.97px;white-space:nowrap">3.00%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4255.52px;left:2420.55px;white-space:nowrap">Monthly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4255.52px;left:3257.11px;letter-spacing:-3.59px;white-space:nowrap">BOFA</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4255.52px;left:3891.8px;letter-spacing:-1.37px;white-space:nowrap">5/11/63</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4255.52px;left:4997.7px;white-space:nowrap">223,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4255.52px;left:6568.3px;white-space:nowrap">(7,163)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4255.52px;left:7647.33px;white-space:nowrap">(13,732)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4255.52px;left:9031.64px;white-space:nowrap">6,569</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4063.52px;left:9438.13px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4255.52px;left:9715.31px;white-space:nowrap">Grade</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4644px;left:0px;white-space:nowrap">CMBX.NA.BBB-.8</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4644px;left:1643.97px;white-space:nowrap">3.00%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4644px;left:2420.55px;white-space:nowrap">Monthly</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4644px;left:3250.08px;white-space:nowrap">JPHQ</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4644px;left:3809.22px;white-space:nowrap">10/17/57</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4644px;left:5070.67px;white-space:nowrap">26,000</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4644px;left:6568.3px;white-space:nowrap">(4,229)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4644px;left:7720.3px;white-space:nowrap">(4,054)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4644px;left:9053.75px;white-space:nowrap">(175)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4452px;left:9438.13px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4644px;left:9715.31px;white-space:nowrap">Grade</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4872.49px;left:288px;letter-spacing:-2.42px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4872.49px;left:601.67px;white-space:nowrap">OTC
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4872.49px;left:915.11px;white-space:nowrap">Swap
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4872.49px;left:1279.72px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4872.49px;left:1852.89px;letter-spacing:48.95px;white-space:nowrap">..............................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4872.49px;left:6436.73px;white-space:nowrap">$929,792</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4872.49px;left:7588.73px;white-space:nowrap">$780,896</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:4872.49px;left:8812.73px;white-space:nowrap">$148,896</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5132.97px;left:576px;letter-spacing:-2.42px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5132.97px;left:889.67px;white-space:nowrap">Credit
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5132.97px;left:1276.08px;white-space:nowrap">Default
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5132.97px;left:1728.27px;white-space:nowrap">Swap
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5132.97px;left:2092.87px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5132.97px;left:2680.44px;letter-spacing:49.7px;white-space:nowrap">....................................</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5132.97px;left:6327.28px;white-space:nowrap">$1,651,192</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5132.97px;left:7479.28px;white-space:nowrap">$</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5132.97px;left:7552.25px;white-space:nowrap">1,209,335</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5132.97px;left:8812.73px;white-space:nowrap">$441,857</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:5455.68px;left:0px;white-space:nowrap">(a)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5451.46px;left:93.46px;white-space:nowrap">In
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5451.46px;left:239.4px;white-space:nowrap">U.S.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5451.46px;left:531.04px;white-space:nowrap">dollars
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5451.46px;left:954.01px;white-space:nowrap">unless
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5451.46px;left:1369.79px;white-space:nowrap">otherwise
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5451.46px;left:1967.76px;white-space:nowrap">indicated.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5451.46px;left:2565.96px;white-space:nowrap">For
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5451.46px;left:2799.24px;white-space:nowrap">contracts
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5451.46px;left:3368.15px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5451.46px;left:3514.09px;white-space:nowrap">sell
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5451.46px;left:3747.45px;white-space:nowrap">protection,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5451.46px;left:4396.66px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5451.46px;left:4615.57px;white-space:nowrap">notional
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5451.46px;left:5111.66px;letter-spacing:0px;white-space:nowrap">amount
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5451.46px;left:5585.81px;white-space:nowrap">is
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5451.46px;left:5717.06px;white-space:nowrap">equal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5451.46px;left:6074.56px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5451.46px;left:6220.49px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5451.46px;left:6439.4px;white-space:nowrap">maximum
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5451.46px;left:7044.48px;white-space:nowrap">potential
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5451.46px;left:7577.06px;white-space:nowrap">amount
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5451.46px;left:8051.2px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5451.46px;left:8197.13px;white-space:nowrap">the
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5451.46px;left:8416.04px;white-space:nowrap">future
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5451.46px;left:8788.07px;white-space:nowrap">payments
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5451.46px;left:9393.46px;white-space:nowrap">and
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5643.46px;left:0px;white-space:nowrap">recourse
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5643.46px;left:546.95px;white-space:nowrap">provisions
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5643.46px;left:1174.14px;white-space:nowrap">have
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5643.46px;left:1823.52px;white-space:nowrap">entered
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5643.46px;left:2691.64px;white-space:nowrap">association
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5643.46px;left:3384.61px;white-space:nowrap">with
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5643.46px;left:3654.38px;white-space:nowrap">the
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5643.46px;left:3873.28px;white-space:nowrap">contracts.
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:5844.16px;left:0px;white-space:nowrap">(b)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5839.94px;left:93.46px;white-space:nowrap">Based
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5839.94px;left:684.4px;white-space:nowrap">Standard
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5839.94px;left:1253.38px;white-space:nowrap">and
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5839.94px;left:1508.77px;white-space:nowrap">Poor&#39;s
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5839.94px;left:1913.15px;white-space:nowrap">(S&amp;P)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5839.94px;left:2299.48px;white-space:nowrap">Rating
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5839.94px;left:2715.18px;white-space:nowrap">for
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5839.94px;left:2904.79px;white-space:nowrap">single
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5839.94px;left:3284.09px;white-space:nowrap">name
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5839.94px;left:3648.77px;white-space:nowrap">swaps
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5839.94px;left:4057.13px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5839.94px;left:4312.52px;white-space:nowrap">internal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5839.94px;left:4779.32px;letter-spacing:0px;white-space:nowrap">ratings
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5839.94px;left:5209.63px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5839.94px;left:5399.24px;white-space:nowrap">index
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5839.94px;left:5749.4px;white-space:nowrap">swaps.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5839.94px;left:6194.24px;white-space:nowrap">Internal
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5839.94px;left:6668.38px;white-space:nowrap">ratings
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5839.94px;left:7098.7px;white-space:nowrap">based
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5839.94px;left:7492.68px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5839.94px;left:7675.1px;white-space:nowrap">mapping
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5839.94px;left:8214.87px;white-space:nowrap">into
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5839.94px;left:8462.92px;white-space:nowrap">equivalent
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5839.94px;left:9097.6px;white-space:nowrap">ratings
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5839.94px;left:9527.92px;white-space:nowrap">from
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6031.94px;left:0px;white-space:nowrap">external
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6031.94px;left:503.28px;white-space:nowrap">vendors.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:6232.65px;left:0px;white-space:nowrap">(c)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6228.43px;left:89.18px;white-space:nowrap">Performance
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6228.43px;left:876.76px;white-space:nowrap">triggers
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6228.43px;left:1350.74px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6228.43px;left:1540.35px;white-space:nowrap">settlement
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6228.43px;left:2182.23px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6228.43px;left:2328.16px;white-space:nowrap">contract
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6228.43px;left:2831.45px;white-space:nowrap">include
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6228.43px;left:3283.71px;white-space:nowrap">default,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6228.43px;left:3750.66px;white-space:nowrap">bankruptcy
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6228.43px;left:4429.02px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6228.43px;left:4582.15px;white-space:nowrap">restructuring
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6228.43px;left:5347.85px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6228.43px;left:5537.46px;white-space:nowrap">single
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6228.43px;left:5916.76px;white-space:nowrap">name
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6228.43px;left:6281.45px;white-space:nowrap">swaps,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6228.43px;left:6726.29px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6228.43px;left:6981.68px;white-space:nowrap">failure
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6228.43px;left:7375.51px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6228.43px;left:7521.45px;white-space:nowrap">pay
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6228.43px;left:7769.49px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6228.43px;left:7922.62px;white-space:nowrap">bankruptcy
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6228.43px;left:8600.98px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6228.43px;left:8746.91px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6228.43px;left:8965.82px;white-space:nowrap">underlying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6420.43px;left:0px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6420.43px;left:590.7px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6420.43px;left:780.31px;white-space:nowrap">traded
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6420.43px;left:1188.83px;white-space:nowrap">index
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6420.43px;left:1538.98px;white-space:nowrap">swaps.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:6621.13px;left:0px;white-space:nowrap">(d)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6616.91px;left:93.46px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6616.91px;left:356.04px;white-space:nowrap">fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6616.91px;left:647.91px;white-space:nowrap">enters
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6616.91px;left:1049.09px;white-space:nowrap">contracts
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6616.91px;left:1617.99px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6616.91px;left:1763.93px;white-space:nowrap">sell
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6616.91px;left:1997.29px;white-space:nowrap">protection
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6616.91px;left:2610.02px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6616.91px;left:2755.96px;white-space:nowrap">create
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6616.91px;left:3157.13px;white-space:nowrap">a
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6616.91px;left:3266.59px;white-space:nowrap">long
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6616.91px;left:3551.12px;white-space:nowrap">credit
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6616.91px;left:3908.46px;white-space:nowrap">position.
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</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7519.15px;white-space:nowrap">statements.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8353.45px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8798.45px;white-space:nowrap">Report</div></div>
</div>

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">37</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,3.8px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:0px;white-space:nowrap">At </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:220.08px;white-space:nowrap">September </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:1150.58px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:1450.81px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:1951.26px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:2251.49px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:2711.78px;white-space:nowrap">had </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:3062.11px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:3362.34px;white-space:nowrap">following
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:4112.75px;white-space:nowrap">interest </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:4753.04px;white-space:nowrap">rate </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:5113.21px;white-space:nowrap">swap </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:5583.43px;white-space:nowrap">contracts
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:6363.72px;white-space:nowrap">outstanding.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:7394.5px;white-space:nowrap">See </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:7764.79px;white-space:nowrap">Note </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:8195.01px;white-space:nowrap">1(e).&#160;</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:869.31px;left:0px;white-space:nowrap">Interest
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:869.31px;left:778.03px;white-space:nowrap">Rate
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:869.31px;left:1267.09px;white-space:nowrap">Swap
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:869.31px;left:1845.02px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1787.83px;left:0px;white-space:nowrap">Description</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1595.83px;left:2213.05px;white-space:nowrap">Payment</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1787.83px;left:2070.86px;white-space:nowrap">Frequency</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1595.83px;left:4057.73px;white-space:nowrap">Maturity</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1787.83px;left:4333.2px;white-space:nowrap">Date</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1595.83px;left:5408.08px;white-space:nowrap">Notional</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1787.83px;left:5381.44px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1787.83px;left:5985.73px;white-space:nowrap">*</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1787.83px;left:7069.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1403.83px;left:8206.42px;white-space:nowrap">Upfront</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1595.83px;left:8028.06px;white-space:nowrap">Payments</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1787.83px;left:8010.48px;white-space:nowrap">(Receipts)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1403.83px;left:9270.86px;white-space:nowrap">Unrealized</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1595.83px;left:9102.11px;white-space:nowrap">Appreciation</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1787.83px;left:9004.3px;white-space:nowrap">(Depreciation)</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:2034.11px;left:6048px;white-space:nowrap">aa
</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:2034.11px;left:7476.88px;white-space:nowrap">aa
</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:2034.11px;left:8772.88px;white-space:nowrap">aa
</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:2034.11px;left:10068.88px;white-space:nowrap">aa
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2147.28px;left:0px;white-space:nowrap">Centrally
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2147.28px;left:729.14px;white-space:nowrap">Cleared
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2147.28px;left:1360.55px;white-space:nowrap">Swap
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2147.28px;left:1822.89px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2407.76px;left:0px;white-space:nowrap">Receive </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2407.76px;left:622.5px;white-space:nowrap">Floating </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2407.76px;left:1236.17px;white-space:nowrap">1-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2599.76px;left:0px;white-space:nowrap">SOFR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2599.76px;left:467.07px;letter-spacing:52.4px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2599.76px;left:2381.8px;white-space:nowrap">Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2828.25px;left:144px;white-space:nowrap">Pay </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2828.25px;left:464.16px;white-space:nowrap">Fixed </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2828.25px;left:899.86px;white-space:nowrap">3.58%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2828.25px;left:1358.37px;letter-spacing:71.71px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2828.25px;left:2381.8px;white-space:nowrap">Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2828.25px;left:4146.17px;white-space:nowrap">9/17/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2828.25px;left:5158.23px;white-space:nowrap">170,842,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2828.25px;left:6714.09px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2828.25px;left:6803.08px;white-space:nowrap">(535,533)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2828.25px;left:8010.09px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2828.25px;left:8099.08px;white-space:nowrap">(212,325)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2828.25px;left:9306.09px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2828.25px;left:9395.08px;white-space:nowrap">(323,208)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3056.73px;left:0px;white-space:nowrap">Receive </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3056.73px;left:622.5px;white-space:nowrap">Floating </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3056.73px;left:1236.17px;white-space:nowrap">3-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3248.73px;left:0px;white-space:nowrap">AUD </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3248.73px;left:382.27px;white-space:nowrap">BBR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3248.73px;left:747.3px;letter-spacing:53.34px;white-space:nowrap">...........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3248.73px;left:2222.03px;white-space:nowrap">Quarterly</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3477.22px;left:144px;white-space:nowrap">Pay </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3477.22px;left:464.16px;white-space:nowrap">Fixed </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3477.22px;left:899.86px;white-space:nowrap">3.23%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3477.22px;left:1358.37px;letter-spacing:71.71px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3477.22px;left:2222.03px;white-space:nowrap">Quarterly</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3477.22px;left:4146.17px;white-space:nowrap">9/17/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3477.22px;left:5336.2px;white-space:nowrap">1,991,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3477.22px;left:6095.09px;white-space:nowrap">AUD</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3477.22px;left:7087.61px;white-space:nowrap">6,291</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3477.22px;left:8383.61px;white-space:nowrap">1,668</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3477.22px;left:9679.61px;white-space:nowrap">4,623</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3705.7px;left:0px;white-space:nowrap">Receive </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3705.7px;left:622.5px;white-space:nowrap">Floating </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3705.7px;left:1236.17px;white-space:nowrap">1-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3897.7px;left:0px;white-space:nowrap">SOFR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3897.7px;left:467.07px;letter-spacing:52.4px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3897.7px;left:2381.8px;white-space:nowrap">Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4126.18px;left:144px;white-space:nowrap">Pay </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4126.18px;left:464.16px;white-space:nowrap">Fixed </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4126.18px;left:899.86px;white-space:nowrap">3.13%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4126.18px;left:1358.37px;letter-spacing:71.71px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4126.18px;left:2381.8px;white-space:nowrap">Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4126.18px;left:4057.19px;white-space:nowrap">12/17/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4126.18px;left:5336.2px;white-space:nowrap">2,942,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4126.18px;left:6998.63px;white-space:nowrap">10,532</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4126.18px;left:8294.63px;white-space:nowrap">10,532</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4126.18px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4354.67px;left:0px;white-space:nowrap">Receive </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4354.67px;left:622.5px;white-space:nowrap">Fixed </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4354.67px;left:1058.2px;white-space:nowrap">2.08%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4354.67px;left:1588.02px;letter-spacing:73.06px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4354.67px;left:2381.8px;white-space:nowrap">Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4583.15px;left:144px;white-space:nowrap">Pay </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4583.15px;left:464.16px;white-space:nowrap">Floating </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4583.15px;left:1077.83px;white-space:nowrap">6-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4775.15px;left:144px;white-space:nowrap">EURIBOR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4775.15px;left:891.3px;letter-spacing:59.07px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4775.15px;left:1963.98px;white-space:nowrap">Semi-Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4775.15px;left:4057.19px;white-space:nowrap">12/17/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4775.15px;left:5336.2px;white-space:nowrap">2,104,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4775.15px;left:6095.09px;white-space:nowrap">EUR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4775.15px;left:6981.05px;white-space:nowrap">(3,085)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4775.15px;left:8410.48px;white-space:nowrap">(924)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4775.15px;left:9573.05px;white-space:nowrap">(2,161)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5003.64px;left:0px;white-space:nowrap">Receive </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5003.64px;left:622.5px;white-space:nowrap">Fixed </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5003.64px;left:1058.2px;white-space:nowrap">2.38%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5003.64px;left:1588.02px;letter-spacing:73.06px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5003.64px;left:1963.98px;white-space:nowrap">Semi-Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5232.12px;left:144px;white-space:nowrap">Pay </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5232.12px;left:464.16px;white-space:nowrap">Floating </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5232.12px;left:1077.83px;white-space:nowrap">1-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5424.12px;left:144px;letter-spacing:-0.88px;white-space:nowrap">REPO_CORRA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5424.12px;left:1264.96px;letter-spacing:67.16px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5424.12px;left:1963.98px;white-space:nowrap">Semi-Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5424.12px;left:4057.19px;white-space:nowrap">12/17/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5424.12px;left:5336.2px;white-space:nowrap">3,418,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5424.12px;left:6095.09px;white-space:nowrap">CAD</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5424.12px;left:7087.61px;white-space:nowrap">2,362</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5424.12px;left:8383.61px;white-space:nowrap">1,375</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5424.12px;left:9813.05px;white-space:nowrap">987</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5652.61px;left:0px;white-space:nowrap">Receive </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5652.61px;left:622.5px;white-space:nowrap">Fixed </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5652.61px;left:1058.2px;white-space:nowrap">3.28%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5652.61px;left:1588.02px;letter-spacing:73.06px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5652.61px;left:2222.03px;white-space:nowrap">Quarterly</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5881.09px;left:144px;white-space:nowrap">Pay </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5881.09px;left:464.16px;white-space:nowrap">Floating </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5881.09px;left:1077.83px;white-space:nowrap">3-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6073.09px;left:144px;white-space:nowrap">AUD </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6073.09px;left:526.27px;white-space:nowrap">BBR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6073.09px;left:891.3px;letter-spacing:59.07px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6073.09px;left:2222.03px;white-space:nowrap">Quarterly</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6073.09px;left:4057.19px;white-space:nowrap">12/17/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6073.09px;left:5336.2px;white-space:nowrap">1,835,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6073.09px;left:6095.09px;white-space:nowrap">AUD</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6073.09px;left:6981.05px;white-space:nowrap">(4,920)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6073.09px;left:8517.05px;white-space:nowrap">245</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6073.09px;left:9573.05px;white-space:nowrap">(5,165)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6301.58px;left:0px;white-space:nowrap">Receive </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6301.58px;left:622.5px;white-space:nowrap">Fixed </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6301.58px;left:1058.2px;white-space:nowrap">3.63%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6301.58px;left:1588.02px;letter-spacing:73.06px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6301.58px;left:2381.8px;white-space:nowrap">Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6530.06px;left:144px;white-space:nowrap">Pay </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6530.06px;left:464.16px;white-space:nowrap">Floating </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6530.06px;left:1077.83px;white-space:nowrap">1-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6722.06px;left:144px;letter-spacing:-1.77px;white-space:nowrap">SONIA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6722.06px;left:704.48px;letter-spacing:57.23px;white-space:nowrap">...........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6722.06px;left:2381.8px;white-space:nowrap">Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6722.06px;left:4057.19px;white-space:nowrap">12/17/27</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6722.06px;left:5336.2px;white-space:nowrap">1,587,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6722.06px;left:6096.5px;letter-spacing:-0.96px;white-space:nowrap">GBP</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6722.06px;left:6981.05px;white-space:nowrap">(4,061)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6722.06px;left:8277.05px;white-space:nowrap">(1,677)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6722.06px;left:9573.05px;white-space:nowrap">(2,384)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6950.54px;left:0px;white-space:nowrap">Receive </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6950.54px;left:622.5px;white-space:nowrap">Fixed </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6950.54px;left:1058.2px;white-space:nowrap">3.63%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6950.54px;left:1588.02px;letter-spacing:73.06px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6950.54px;left:2381.8px;white-space:nowrap">Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7179.03px;left:144px;white-space:nowrap">Pay </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7179.03px;left:464.16px;white-space:nowrap">Floating </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7179.03px;left:1077.83px;white-space:nowrap">1-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7371.03px;left:144px;white-space:nowrap">SOFR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7371.03px;left:611.07px;letter-spacing:56.54px;white-space:nowrap">............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7371.03px;left:2381.8px;white-space:nowrap">Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7371.03px;left:4146.17px;white-space:nowrap">9/17/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7371.03px;left:5158.23px;white-space:nowrap">140,000,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7371.03px;left:6776.2px;white-space:nowrap">1,512,040</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7371.03px;left:8229.39px;letter-spacing:-3.39px;white-space:nowrap">511,011</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7371.03px;left:9368.2px;white-space:nowrap">1,001,029</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7599.51px;left:0px;white-space:nowrap">Receive </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7599.51px;left:622.5px;white-space:nowrap">Floating </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7599.51px;left:1236.17px;white-space:nowrap">6-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7791.51px;left:0px;white-space:nowrap">AUD </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7791.51px;left:382.27px;white-space:nowrap">BBR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7791.51px;left:747.3px;letter-spacing:53.34px;white-space:nowrap">...........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7791.51px;left:1963.98px;white-space:nowrap">Semi-Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8020px;left:144px;white-space:nowrap">Pay </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8020px;left:464.16px;white-space:nowrap">Fixed </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8020px;left:899.86px;white-space:nowrap">3.73%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8020px;left:1358.37px;letter-spacing:71.71px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8020px;left:1963.98px;white-space:nowrap">Semi-Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8020px;left:4146.17px;white-space:nowrap">9/17/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8020px;left:5336.2px;white-space:nowrap">6,323,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8020px;left:6095.09px;white-space:nowrap">AUD</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8020px;left:6998.63px;white-space:nowrap">30,465</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8020px;left:8188.06px;white-space:nowrap">(22,646)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8020px;left:9614.38px;letter-spacing:-3.96px;white-space:nowrap">53,111</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8248.48px;left:0px;white-space:nowrap">Receive </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8248.48px;left:622.5px;white-space:nowrap">Floating </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8248.48px;left:1236.17px;white-space:nowrap">6-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8440.48px;left:0px;white-space:nowrap">EURIBOR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8440.48px;left:747.3px;letter-spacing:53.34px;white-space:nowrap">...........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8440.48px;left:1963.98px;white-space:nowrap">Semi-Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8668.97px;left:144px;white-space:nowrap">Pay </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8668.97px;left:464.16px;white-space:nowrap">Fixed </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8668.97px;left:899.86px;white-space:nowrap">2.18%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8668.97px;left:1358.37px;letter-spacing:71.71px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8668.97px;left:2381.8px;white-space:nowrap">Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8668.97px;left:4146.17px;white-space:nowrap">9/17/30</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8668.97px;left:5469.64px;white-space:nowrap">489,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8668.97px;left:6095.09px;white-space:nowrap">EUR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8668.97px;left:7087.61px;white-space:nowrap">5,358</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8668.97px;left:8383.61px;white-space:nowrap">1,429</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8668.97px;left:9679.61px;white-space:nowrap">3,929</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8897.45px;left:0px;white-space:nowrap">Receive </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8897.45px;left:622.5px;white-space:nowrap">Fixed </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8897.45px;left:1058.2px;white-space:nowrap">4.166%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8897.45px;left:1681.44px;letter-spacing:97.15px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8897.45px;left:1963.98px;white-space:nowrap">Semi-Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9125.93px;left:144px;white-space:nowrap">Pay </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9125.93px;left:464.16px;white-space:nowrap">Floating </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9125.93px;left:1077.83px;white-space:nowrap">6-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9317.93px;left:144px;white-space:nowrap">AUD </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9317.93px;left:526.27px;white-space:nowrap">BBR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9317.93px;left:891.3px;letter-spacing:59.07px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9317.93px;left:1963.98px;white-space:nowrap">Semi-Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9317.93px;left:4146.17px;white-space:nowrap">7/15/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9317.93px;left:5336.2px;white-space:nowrap">7,377,200</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9317.93px;left:6095.09px;white-space:nowrap">AUD</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9317.93px;left:6892.06px;white-space:nowrap">(38,306)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9317.93px;left:8624px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9317.93px;left:9484.06px;white-space:nowrap">(38,306)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9546.42px;left:0px;white-space:nowrap">Receive </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9546.42px;left:622.5px;white-space:nowrap">Fixed </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9546.42px;left:1058.2px;white-space:nowrap">3.833%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9546.42px;left:1681.44px;letter-spacing:97.15px;white-space:nowrap">.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9546.42px;left:2381.8px;white-space:nowrap">Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9774.9px;left:144px;white-space:nowrap">Pay </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9774.9px;left:464.16px;white-space:nowrap">Floating </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9774.9px;left:1077.83px;white-space:nowrap">1-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9966.9px;left:144px;white-space:nowrap">SOFR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9966.9px;left:611.07px;letter-spacing:56.54px;white-space:nowrap">............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9966.9px;left:2381.8px;white-space:nowrap">Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9966.9px;left:4146.17px;white-space:nowrap">9/10/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9966.9px;left:5336.2px;white-space:nowrap">4,174,800</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9966.9px;left:6998.63px;white-space:nowrap">60,722</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9966.9px;left:8624px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9966.9px;left:9590.63px;white-space:nowrap">60,722</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10195.39px;left:0px;white-space:nowrap">Receive </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10195.39px;left:622.5px;white-space:nowrap">Floating </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10195.39px;left:1236.17px;white-space:nowrap">1-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10387.39px;left:0px;white-space:nowrap">SOFR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10387.39px;left:467.07px;letter-spacing:52.4px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10387.39px;left:2381.8px;white-space:nowrap">Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10615.87px;left:144px;white-space:nowrap">Pay </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10615.87px;left:464.16px;white-space:nowrap">Fixed </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10615.87px;left:899.86px;white-space:nowrap">3.88%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10615.87px;left:1358.37px;letter-spacing:71.71px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10615.87px;left:2381.8px;white-space:nowrap">Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10615.87px;left:4146.17px;white-space:nowrap">9/17/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10615.87px;left:5247.22px;white-space:nowrap">46,623,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10615.87px;left:6803.08px;white-space:nowrap">(867,907)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10615.87px;left:8099.08px;white-space:nowrap">(169,303)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10615.87px;left:9395.08px;white-space:nowrap">(698,604)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10844.36px;left:0px;white-space:nowrap">Receive </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10844.36px;left:622.5px;white-space:nowrap">Fixed </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10844.36px;left:1058.2px;white-space:nowrap">4.23%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10844.36px;left:1588.02px;letter-spacing:73.06px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10844.36px;left:1963.98px;white-space:nowrap">Semi-Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11072.84px;left:144px;white-space:nowrap">Pay </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11072.84px;left:464.16px;white-space:nowrap">Floating
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11072.84px;left:1077.83px;white-space:nowrap">6-month
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11264.84px;left:144px;white-space:nowrap">AUD </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11264.84px;left:526.27px;white-space:nowrap">BBR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11264.84px;left:891.3px;letter-spacing:59.07px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11264.84px;left:1963.98px;white-space:nowrap">Semi-Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11264.84px;left:4146.17px;white-space:nowrap">9/17/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11264.84px;left:5336.2px;white-space:nowrap">3,210,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11264.84px;left:6095.09px;white-space:nowrap">AUD</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11264.84px;left:6981.05px;white-space:nowrap">(7,934)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11264.84px;left:8383.61px;white-space:nowrap">7,058</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11264.84px;left:9484.06px;white-space:nowrap">(14,992)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11493.33px;left:0px;white-space:nowrap">Receive </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11493.33px;left:622.5px;white-space:nowrap">Fixed </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11493.33px;left:1058.2px;white-space:nowrap">0.45%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11493.33px;left:1588.02px;letter-spacing:73.06px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11493.33px;left:2381.8px;white-space:nowrap">Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11721.81px;left:144px;white-space:nowrap">Pay </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11721.81px;left:464.16px;white-space:nowrap">Floating
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11721.81px;left:1077.83px;white-space:nowrap">1-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11913.81px;left:144px;white-space:nowrap">SARON</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11913.81px;left:797.89px;letter-spacing:58.06px;white-space:nowrap">..........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11913.81px;left:2381.8px;white-space:nowrap">Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11913.81px;left:4057.19px;white-space:nowrap">12/17/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11913.81px;left:5336.2px;white-space:nowrap">1,878,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11913.81px;left:6099.59px;white-space:nowrap">CHF</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11913.81px;left:6981.05px;white-space:nowrap">(6,351)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11913.81px;left:8277.05px;white-space:nowrap">(4,215)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11913.81px;left:9573.05px;white-space:nowrap">(2,136)</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:1161.0px;width:891.0px;transform-origin:top left;transform:scale(1.5,1.5)">

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

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4656.56px;white-space:nowrap">statements.</div></div>
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<div style="background-image:url(data:image/png;base64,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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12258px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:48.27px;left:0px;white-space:nowrap">Interest
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:48.27px;left:778.03px;white-space:nowrap">Rate
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:48.27px;left:1267.09px;white-space:nowrap">Swap
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:48.27px;left:1845.02px;white-space:nowrap">Contracts
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:82.14px;left:2834.08px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:966.79px;left:0px;white-space:nowrap">Description</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:774.79px;left:2213.05px;white-space:nowrap">Payment</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:966.79px;left:2070.86px;white-space:nowrap">Frequency</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:774.79px;left:4057.73px;white-space:nowrap">Maturity</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:966.79px;left:4333.2px;white-space:nowrap">Date</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:774.79px;left:5408.08px;white-space:nowrap">Notional</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:966.79px;left:5381.44px;white-space:nowrap">Amount*</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:966.79px;left:7069.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:582.79px;left:8206.42px;white-space:nowrap">Upfront</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:774.79px;left:8028.06px;white-space:nowrap">Payments</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:966.79px;left:8010.48px;white-space:nowrap">(Receipts)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:582.79px;left:9270.86px;white-space:nowrap">Unrealized</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:774.79px;left:9102.11px;white-space:nowrap">Appreciation</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:966.79px;left:9004.3px;white-space:nowrap">(Depreciation)</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;position:absolute;top:1213.07px;left:6048px;white-space:nowrap">aa
</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:1213.07px;left:7476.88px;white-space:nowrap">aa
</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:1213.07px;left:8772.88px;white-space:nowrap">aa
</div>

<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:1213.07px;left:10068.88px;white-space:nowrap">aa
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1326.23px;left:0px;white-space:nowrap">Centrally
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1326.23px;left:729.14px;white-space:nowrap">Cleared
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1326.23px;left:1360.55px;white-space:nowrap">Swap
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1326.23px;left:1822.89px;white-space:nowrap">Contracts
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1326.23px;left:2614.14px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1586.72px;left:0px;white-space:nowrap">Receive </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1586.72px;left:622.5px;white-space:nowrap">Floating </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1586.72px;left:1236.17px;white-space:nowrap">1-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1778.72px;left:0px;letter-spacing:-0.88px;white-space:nowrap">REPO_CORRA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1778.72px;left:1120.96px;letter-spacing:55.84px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1778.72px;left:1963.98px;white-space:nowrap">Semi-Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2007.2px;left:144px;white-space:nowrap">Pay </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2007.2px;left:464.16px;white-space:nowrap">Fixed </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2007.2px;left:899.86px;white-space:nowrap">2.93%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2007.2px;left:1358.37px;letter-spacing:71.71px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2007.2px;left:1963.98px;white-space:nowrap">Semi-Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2007.2px;left:4057.19px;white-space:nowrap">12/17/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2007.2px;left:5336.2px;white-space:nowrap">2,803,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2007.2px;left:6095.09px;white-space:nowrap">CAD</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2007.2px;left:6892.06px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2007.2px;left:6981.05px;white-space:nowrap">(5,837)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2007.2px;left:8188.06px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2007.2px;left:8277.05px;white-space:nowrap">(7,333)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2007.2px;left:9590.63px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2007.2px;left:9679.61px;white-space:nowrap">1,496</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2235.69px;left:0px;white-space:nowrap">Receive </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2235.69px;left:622.5px;white-space:nowrap">Floating </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2235.69px;left:1236.17px;white-space:nowrap">1-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2427.69px;left:0px;white-space:nowrap">SOFR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2427.69px;left:467.07px;letter-spacing:52.4px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2427.69px;left:2381.8px;white-space:nowrap">Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2656.17px;left:144px;white-space:nowrap">Pay </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2656.17px;left:464.16px;white-space:nowrap">Fixed </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2656.17px;left:899.86px;white-space:nowrap">3.53%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2656.17px;left:1358.37px;letter-spacing:71.71px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2656.17px;left:2381.8px;white-space:nowrap">Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2656.17px;left:4057.19px;white-space:nowrap">12/17/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2656.17px;left:5336.2px;white-space:nowrap">1,715,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2656.17px;left:6998.63px;white-space:nowrap">18,518</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2656.17px;left:8294.63px;white-space:nowrap">12,035</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2656.17px;left:9679.61px;white-space:nowrap">6,483</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2884.66px;left:0px;white-space:nowrap">Receive </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2884.66px;left:622.5px;white-space:nowrap">Fixed </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2884.66px;left:1058.2px;white-space:nowrap">2.63%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2884.66px;left:1588.02px;letter-spacing:73.06px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2884.66px;left:2381.8px;white-space:nowrap">Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3113.14px;left:144px;white-space:nowrap">Pay </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3113.14px;left:464.16px;white-space:nowrap">Floating </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3113.14px;left:1077.83px;white-space:nowrap">6-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3305.14px;left:144px;white-space:nowrap">EURIBOR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3305.14px;left:891.3px;letter-spacing:59.07px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3305.14px;left:1963.98px;white-space:nowrap">Semi-Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3305.14px;left:4057.19px;white-space:nowrap">12/17/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3305.14px;left:5469.64px;white-space:nowrap">679,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3305.14px;left:6095.09px;white-space:nowrap">EUR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3305.14px;left:6981.05px;white-space:nowrap">(2,298)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3305.14px;left:8517.05px;white-space:nowrap">365</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3305.14px;left:9573.05px;white-space:nowrap">(2,663)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3533.62px;left:0px;white-space:nowrap">Receive </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3533.62px;left:622.5px;white-space:nowrap">Floating </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3533.62px;left:1236.17px;white-space:nowrap">3-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3725.62px;left:0px;white-space:nowrap">AUD </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3725.62px;left:382.27px;white-space:nowrap">BBR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3725.62px;left:747.3px;letter-spacing:53.34px;white-space:nowrap">...........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3725.62px;left:2222.03px;white-space:nowrap">Quarterly</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3954.11px;left:144px;white-space:nowrap">Pay </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3954.11px;left:464.16px;white-space:nowrap">Fixed </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3954.11px;left:899.86px;white-space:nowrap">3.9%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3954.11px;left:1264.96px;letter-spacing:67.16px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3954.11px;left:1963.98px;white-space:nowrap">Semi-Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3954.11px;left:4057.19px;white-space:nowrap">12/17/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3954.11px;left:5336.2px;white-space:nowrap">2,737,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3954.11px;left:6099.59px;white-space:nowrap">NZD</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3954.11px;left:6892.06px;white-space:nowrap">(22,255)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3954.11px;left:8277.05px;white-space:nowrap">(4,214)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3954.11px;left:9484.06px;white-space:nowrap">(18,041)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4182.59px;left:0px;white-space:nowrap">Receive </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4182.59px;left:622.5px;white-space:nowrap">Floating </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4182.59px;left:1236.17px;white-space:nowrap">3-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4374.59px;left:0px;white-space:nowrap">STIBOR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4374.59px;left:653.89px;letter-spacing:52.98px;white-space:nowrap">............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4374.59px;left:2222.03px;white-space:nowrap">Quarterly</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4603.08px;left:144px;white-space:nowrap">Pay </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4603.08px;left:464.16px;white-space:nowrap">Fixed </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4603.08px;left:899.86px;white-space:nowrap">2.6%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4603.08px;left:1264.96px;letter-spacing:67.16px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4603.08px;left:2381.8px;white-space:nowrap">Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4603.08px;left:4057.19px;white-space:nowrap">12/17/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4603.08px;left:5247.22px;white-space:nowrap">15,879,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4603.08px;left:6103.92px;white-space:nowrap">SEK</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4603.08px;left:6998.63px;white-space:nowrap">22,094</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4603.08px;left:8383.61px;white-space:nowrap">5,477</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4603.08px;left:9590.63px;white-space:nowrap">16,617</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4831.56px;left:0px;white-space:nowrap">Receive </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4831.56px;left:622.5px;white-space:nowrap">Fixed </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4831.56px;left:1058.2px;white-space:nowrap">4.08%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4831.56px;left:1588.02px;letter-spacing:73.06px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4831.56px;left:2381.8px;white-space:nowrap">Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5060.05px;left:144px;white-space:nowrap">Pay </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5060.05px;left:464.16px;white-space:nowrap">Floating </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5060.05px;left:1077.83px;white-space:nowrap">1-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5252.05px;left:144px;letter-spacing:-1.77px;white-space:nowrap">SONIA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5252.05px;left:704.48px;letter-spacing:57.23px;white-space:nowrap">...........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5252.05px;left:2381.8px;white-space:nowrap">Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5252.05px;left:4057.19px;white-space:nowrap">12/17/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5252.05px;left:5336.2px;white-space:nowrap">2,234,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5252.05px;left:6096.5px;letter-spacing:-0.96px;white-space:nowrap">GBP</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5252.05px;left:6892.06px;white-space:nowrap">(22,216)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5252.05px;left:8277.05px;white-space:nowrap">(5,906)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5252.05px;left:9484.06px;white-space:nowrap">(16,310)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5480.53px;left:0px;white-space:nowrap">Receive </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5480.53px;left:622.5px;white-space:nowrap">Floating </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5480.53px;left:1236.17px;white-space:nowrap">6-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5672.53px;left:0px;white-space:nowrap">AUD </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5672.53px;left:382.27px;white-space:nowrap">BBR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5672.53px;left:747.3px;letter-spacing:53.34px;white-space:nowrap">...........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5672.53px;left:1963.98px;white-space:nowrap">Semi-Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5901.01px;left:144px;white-space:nowrap">Pay </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5901.01px;left:464.16px;white-space:nowrap">Fixed </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5901.01px;left:899.86px;white-space:nowrap">4.18%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5901.01px;left:1358.37px;letter-spacing:71.71px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5901.01px;left:1963.98px;white-space:nowrap">Semi-Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5901.01px;left:4057.19px;white-space:nowrap">12/17/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5901.01px;left:5469.64px;white-space:nowrap">328,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5901.01px;left:6095.09px;white-space:nowrap">AUD</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5901.01px;left:7087.61px;white-space:nowrap">2,301</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5901.01px;left:8410.48px;white-space:nowrap">(150)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5901.01px;left:9679.61px;white-space:nowrap">2,451</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6129.5px;left:0px;white-space:nowrap">Receive </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6129.5px;left:622.5px;white-space:nowrap">Floating </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6129.5px;left:1236.17px;white-space:nowrap">6-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6321.5px;left:0px;white-space:nowrap">NIBOR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6321.5px;left:560.48px;letter-spacing:52.67px;white-space:nowrap">.............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6321.5px;left:1963.98px;white-space:nowrap">Semi-Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6549.98px;left:144px;white-space:nowrap">Pay </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6549.98px;left:464.16px;white-space:nowrap">Fixed </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6549.98px;left:899.86px;white-space:nowrap">3.85%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6549.98px;left:1358.37px;letter-spacing:71.71px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6549.98px;left:2381.8px;white-space:nowrap">Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6549.98px;left:4057.19px;white-space:nowrap">12/17/35</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6549.98px;left:5247.22px;white-space:nowrap">22,636,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6549.98px;left:6090.64px;white-space:nowrap">NOK</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6549.98px;left:6998.63px;white-space:nowrap">43,499</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6549.98px;left:8294.63px;white-space:nowrap">16,250</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6549.98px;left:9590.63px;white-space:nowrap">27,249</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6778.47px;left:0px;white-space:nowrap">Receive </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6778.47px;left:622.5px;white-space:nowrap">Floating </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6778.47px;left:1236.17px;white-space:nowrap">6-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6970.47px;left:0px;white-space:nowrap">AUD </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6970.47px;left:382.27px;white-space:nowrap">BBR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6970.47px;left:747.3px;letter-spacing:53.34px;white-space:nowrap">...........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6970.47px;left:1963.98px;white-space:nowrap">Semi-Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7198.95px;left:144px;white-space:nowrap">Pay </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7198.95px;left:464.16px;white-space:nowrap">Fixed </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7198.95px;left:899.86px;white-space:nowrap">4.377%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7198.95px;left:1451.78px;letter-spacing:79.3px;white-space:nowrap">...</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7198.95px;left:1963.98px;white-space:nowrap">Semi-Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7198.95px;left:4146.17px;white-space:nowrap">7/02/45</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7198.95px;left:5469.64px;white-space:nowrap">688,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7198.95px;left:6095.09px;white-space:nowrap">AUD</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7198.95px;left:6998.63px;white-space:nowrap">12,414</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7198.95px;left:8624px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7198.95px;left:9590.63px;white-space:nowrap">12,414</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7427.44px;left:0px;white-space:nowrap">Receive </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7427.44px;left:622.5px;white-space:nowrap">Floating </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7427.44px;left:1236.17px;white-space:nowrap">1-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7619.44px;left:0px;white-space:nowrap">SOFR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7619.44px;left:467.07px;letter-spacing:52.4px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7619.44px;left:2381.8px;white-space:nowrap">Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7847.92px;left:144px;white-space:nowrap">Pay </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7847.92px;left:464.16px;white-space:nowrap">Fixed </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7847.92px;left:899.86px;white-space:nowrap">4.03%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7847.92px;left:1358.37px;letter-spacing:71.71px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7847.92px;left:2381.8px;white-space:nowrap">Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7847.92px;left:4146.17px;white-space:nowrap">9/17/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7847.92px;left:5336.2px;white-space:nowrap">3,649,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7847.92px;left:6892.06px;white-space:nowrap">(63,595)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7847.92px;left:8277.05px;white-space:nowrap">(4,615)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7847.92px;left:9484.06px;white-space:nowrap">(58,980)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8076.41px;left:0px;white-space:nowrap">Receive </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8076.41px;left:622.5px;white-space:nowrap">Fixed </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8076.41px;left:1058.2px;white-space:nowrap">2.58%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8076.41px;left:1588.02px;letter-spacing:73.06px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8076.41px;left:2381.8px;white-space:nowrap">Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8304.89px;left:144px;white-space:nowrap">Pay </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8304.89px;left:464.16px;white-space:nowrap">Floating </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8304.89px;left:1077.83px;white-space:nowrap">6-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8496.89px;left:144px;white-space:nowrap">EURIBOR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8496.89px;left:891.3px;letter-spacing:59.07px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8496.89px;left:1963.98px;white-space:nowrap">Semi-Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8496.89px;left:4146.17px;white-space:nowrap">9/17/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8496.89px;left:5469.64px;white-space:nowrap">813,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8496.89px;left:6095.09px;white-space:nowrap">EUR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8496.89px;left:6892.06px;white-space:nowrap">(61,612)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8496.89px;left:8188.06px;white-space:nowrap">(10,756)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8496.89px;left:9484.06px;white-space:nowrap">(50,856)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8725.37px;left:0px;white-space:nowrap">Receive </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8725.37px;left:622.5px;white-space:nowrap">Fixed </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8725.37px;left:1058.2px;white-space:nowrap">4.48%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8725.37px;left:1588.02px;letter-spacing:73.06px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8725.37px;left:1963.98px;white-space:nowrap">Semi-Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8953.86px;left:144px;white-space:nowrap">Pay </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8953.86px;left:464.16px;white-space:nowrap">Floating </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8953.86px;left:1077.83px;white-space:nowrap">6-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9145.86px;left:144px;white-space:nowrap">AUD </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9145.86px;left:526.27px;white-space:nowrap">BBR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9145.86px;left:891.3px;letter-spacing:59.07px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9145.86px;left:1963.98px;white-space:nowrap">Semi-Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9145.86px;left:4146.17px;white-space:nowrap">9/17/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9145.86px;left:5558.63px;white-space:nowrap">70,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9145.86px;left:6095.09px;white-space:nowrap">AUD</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9145.86px;left:7114.48px;white-space:nowrap">(515)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9145.86px;left:8517.05px;white-space:nowrap">340</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9145.86px;left:9706.48px;white-space:nowrap">(855)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9374.34px;left:0px;white-space:nowrap">Receive </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9374.34px;left:622.5px;white-space:nowrap">Floating </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9374.34px;left:1236.17px;white-space:nowrap">1-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9566.34px;left:0px;white-space:nowrap">SOFR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9566.34px;left:467.07px;letter-spacing:52.4px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9566.34px;left:2381.8px;white-space:nowrap">Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9794.83px;left:144px;white-space:nowrap">Pay </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9794.83px;left:464.16px;white-space:nowrap">Fixed </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9794.83px;left:899.86px;white-space:nowrap">3.88%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9794.83px;left:1358.37px;letter-spacing:71.71px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9794.83px;left:2381.8px;white-space:nowrap">Annual</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9794.83px;left:4057.19px;white-space:nowrap">12/17/55</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9794.83px;left:5469.64px;white-space:nowrap">808,000</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9794.83px;left:7087.61px;white-space:nowrap">6,595</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9794.83px;left:8383.61px;white-space:nowrap">7,391</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9794.83px;left:9706.48px;white-space:nowrap">(796)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10023.31px;left:792px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10023.31px;left:1174.42px;white-space:nowrap">Interest
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10023.31px;left:1752.47px;white-space:nowrap">Rate </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10023.31px;left:2134.89px;white-space:nowrap">Swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10023.31px;left:2579.58px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10023.31px;left:3327.81px;letter-spacing:49.58px;white-space:nowrap">.................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10023.31px;left:6909.64px;white-space:nowrap">$86,766</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10023.31px;left:8128.53px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10023.31px;left:8217.52px;letter-spacing:-1.7px;white-space:nowrap">131,112</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10023.31px;left:9395.08px;white-space:nowrap">$(44,346)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:10343.59px;left:0px;white-space:nowrap">*</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10339.37px;left:29.74px;white-space:nowrap">In
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10339.37px;left:175.68px;white-space:nowrap">U.S.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10339.37px;left:467.32px;white-space:nowrap">dollars
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10339.37px;left:890.29px;white-space:nowrap">unless
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10339.37px;left:1306.07px;white-space:nowrap">otherwise
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:10339.37px;left:1904.04px;white-space:nowrap">indicated.</div></div>
</div>

<div style="height:31.46px;left:0px;position:absolute;top:0px;transform:translate(36.000px,691.335px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:532.02px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:269.92px;white-space:nowrap">Note&#160;9&#160;regarding
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:1283.75px;white-space:nowrap">other
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:1619.3px;white-space:nowrap">derivative
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:-21.41px;left:2217.34px;white-space:nowrap">information.</div></div>
</div>

<div style="height:25.64px;left:0px;position:absolute;top:0px;transform:translate(36.000px,699.612px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:366.48px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:228.59px;left:0px;white-space:nowrap">See </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:228.59px;left:262.73px;white-space:nowrap">A</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:228.59px;left:350.23px;white-space:nowrap">bbreviations
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:228.59px;left:1094.22px;white-space:nowrap">on
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:228.59px;left:1276.64px;white-space:nowrap">page</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:228.59px;left:1605px;white-space:nowrap">5</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:228.59px;left:1677.97px;white-space:nowrap">8</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:1161.0px;width:891.0px;transform-origin:top left;transform:scale(1.5,1.5)">

<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:6453.14px;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:7127.45px;letter-spacing:10.29px;white-space:nowrap">Master
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7794.58px;letter-spacing:10.34px;white-space:nowrap">Intermediate
</div>

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8272.39px;letter-spacing:10.32px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:9109.27px;letter-spacing:8.88px;white-space:nowrap">Statements</div></div>
</div>

<div style="height:41.15px;left:0px;position:absolute;top:0px;transform:translate(54.000px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:702px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">

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

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1257.34px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1532.07px;white-space:nowrap">Assets </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:2384.56px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:2890.6px;white-space:nowrap">Liabilities</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:333.68px;left:0px;white-space:nowrap">September </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:333.68px;left:930.5px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:333.68px;left:1230.73px;white-space:nowrap">2025</div></div>
</div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(54.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

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<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(53.999px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">franklintempleton.com</div></div>
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<div style="width:9192.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(8270.481px,65.000px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3857.28px;white-space:nowrap">The
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4119.86px;white-space:nowrap">accompanying
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5002.43px;white-space:nowrap">notes
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5359.93px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5586.03px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5768.45px;white-space:nowrap">integral
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6235.25px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6497.83px;white-space:nowrap">of
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6643.76px;white-space:nowrap">these
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7001.26px;text-rendering:optimizeLegibility;white-space:nowrap">financial
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7519.15px;white-space:nowrap">statements.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8353.45px;white-space:nowrap">Annual
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8798.45px;white-space:nowrap">Report</div></div>
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<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">39</div></div>
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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:8933.05px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:53.02px;left:9564.22px;white-space:nowrap">Master
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:245.02px;left:9128.59px;white-space:nowrap">Intermediate
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:437.02px;left:9084.22px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:437.02px;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:746.96px;left:0px;white-space:nowrap">Assets:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:949.44px;left:144px;white-space:nowrap">Investments </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:949.44px;left:1051.03px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:949.44px;left:1220.02px;white-space:nowrap">securities:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1151.92px;left:288px;white-space:nowrap">Cost </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1151.92px;left:661.44px;white-space:nowrap">- </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1151.92px;left:759.17px;text-rendering:optimizeLegibility;white-space:nowrap">Unaffiliated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1151.92px;left:1600.11px;white-space:nowrap">issuers</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1151.92px;left:2148.5px;letter-spacing:49.55px;white-space:nowrap">...................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1151.92px;left:9113.13px;letter-spacing:-0.99px;white-space:nowrap">$176,983,411</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1354.41px;left:288px;white-space:nowrap">Cost </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1354.41px;left:661.44px;white-space:nowrap">- </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1354.41px;left:759.17px;white-space:nowrap">Non-controlled
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1354.41px;left:1844.17px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1354.41px;left:2471.59px;white-space:nowrap">(Note </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1354.41px;left:2907.3px;white-space:nowrap">3e)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1354.41px;left:3176.05px;letter-spacing:49.67px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1354.41px;left:9279.22px;white-space:nowrap">18,264,085</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1638.35px;left:288px;letter-spacing:-1.98px;white-space:nowrap">Value
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1638.35px;left:729.8px;white-space:nowrap">- </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1638.35px;left:827.53px;text-rendering:optimizeLegibility;white-space:nowrap">Unaffiliated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1638.35px;left:1668.47px;white-space:nowrap">issuers </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1638.35px;left:2241.91px;letter-spacing:49.56px;white-space:nowrap">..................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1638.35px;left:9101.25px;white-space:nowrap">$178,442,254</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1840.83px;left:288px;letter-spacing:-1.98px;white-space:nowrap">Value
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1840.83px;left:729.8px;white-space:nowrap">- </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1840.83px;left:827.53px;white-space:nowrap">Non-controlled
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1840.83px;left:1912.53px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1840.83px;left:2539.95px;white-space:nowrap">(Note </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1840.83px;left:2975.66px;white-space:nowrap">3e</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1840.83px;left:3153.63px;white-space:nowrap">)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1840.83px;left:3269.46px;letter-spacing:49.68px;white-space:nowrap">.......................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1840.83px;left:9279.22px;white-space:nowrap">18,303,208</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2043.32px;left:144px;white-space:nowrap">Cash</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2043.32px;left:560.48px;letter-spacing:49.43px;white-space:nowrap">....................................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2043.32px;left:9368.2px;white-space:nowrap">1,183,874</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2245.8px;left:144px;white-space:nowrap">Receivables:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2448.29px;left:288px;white-space:nowrap">Investment </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2448.29px;left:1115.03px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2448.29px;left:1835.27px;white-space:nowrap">sold</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2448.29px;left:2148.5px;letter-spacing:49.55px;white-space:nowrap">...................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2448.29px;left:9501.64px;white-space:nowrap">394,660</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2650.77px;left:288px;white-space:nowrap">Receivable </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2650.77px;left:1124.02px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2650.77px;left:1355.19px;white-space:nowrap">sales </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2650.77px;left:1773.16px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2650.77px;left:1948.16px;letter-spacing:-2.21px;white-space:nowrap">TBA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2650.77px;left:2294.95px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2650.77px;left:3015.19px;white-space:nowrap">(Note </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2650.77px;left:3450.89px;white-space:nowrap">1d)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2650.77px;left:3736.52px;letter-spacing:49.76px;white-space:nowrap">..................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2650.77px;left:9368.2px;white-space:nowrap">3,874,297</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2853.26px;left:288px;white-space:nowrap">Dividends </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2853.26px;left:1035.03px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2853.26px;left:1346.44px;white-space:nowrap">interest</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2853.26px;left:1961.68px;letter-spacing:49.54px;white-space:nowrap">.....................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2853.26px;left:9368.2px;white-space:nowrap">1,340,736</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3055.74px;left:288px;white-space:nowrap">Deposits </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3055.74px;left:954.95px;white-space:nowrap">with </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3055.74px;left:1283.94px;white-space:nowrap">brokers </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3055.74px;left:1861.91px;white-space:nowrap">for:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3258.22px;left:432px;white-space:nowrap">Centrally </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3258.22px;left:1107.78px;white-space:nowrap">cleared </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3258.22px;left:1677px;white-space:nowrap">swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3258.22px;left:2094.97px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3258.22px;left:2802.39px;letter-spacing:49.62px;white-space:nowrap">............................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3258.22px;left:9380.08px;letter-spacing:-1.32px;white-space:nowrap">2,486,114</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3460.71px;left:288px;letter-spacing:-1.19px;white-space:nowrap">Variation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3460.71px;left:952.06px;white-space:nowrap">margin </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3460.71px;left:1485.58px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3460.71px;left:1708px;white-space:nowrap">centrally </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3460.71px;left:2348.23px;white-space:nowrap">cleared </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3460.71px;left:2917.45px;white-space:nowrap">swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3460.71px;left:3335.42px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3460.71px;left:4016.76px;letter-spacing:49.81px;white-space:nowrap">...............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3460.71px;left:9590.63px;white-space:nowrap">46,287</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3663.19px;left:144px;white-space:nowrap">OTC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3663.19px;left:526.19px;white-space:nowrap">swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3663.19px;left:944.16px;white-space:nowrap">contracts
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3663.19px;left:1637.75px;white-space:nowrap">(upfront
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3663.19px;left:2233.61px;white-space:nowrap">payments</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3663.19px;left:2927.28px;white-space:nowrap">)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3663.19px;left:2989.22px;letter-spacing:49.65px;white-space:nowrap">..........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3663.19px;left:9380.08px;letter-spacing:-1.32px;white-space:nowrap">1,117,539</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3865.68px;left:144px;white-space:nowrap">Unrealized </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3865.68px;left:953.3px;white-space:nowrap">appreciation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3865.68px;left:1869.47px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3865.68px;left:2091.89px;white-space:nowrap">OTC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3865.68px;left:2474.08px;white-space:nowrap">forward </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3865.68px;left:3052.05px;white-space:nowrap">exchange
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3865.68px;left:3790.41px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3865.68px;left:4483.83px;letter-spacing:49.91px;white-space:nowrap">..........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3865.68px;left:9590.63px;white-space:nowrap">97,454</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4068.16px;left:144px;white-space:nowrap">Unrealized </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4068.16px;left:953.3px;white-space:nowrap">appreciation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4068.16px;left:1869.47px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4068.16px;left:2091.89px;white-space:nowrap">forward </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4068.16px;left:2669.86px;white-space:nowrap">premium </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4068.16px;left:3336.66px;white-space:nowrap">swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4068.16px;left:3754.63px;white-space:nowrap">option </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4068.16px;left:4235.02px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4068.16px;left:4950.9px;letter-spacing:50.04px;white-space:nowrap">.....................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4068.16px;left:9501.64px;white-space:nowrap">868,678</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4270.65px;left:144px;white-space:nowrap">Unrealized </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4270.65px;left:953.3px;white-space:nowrap">appreciation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4270.65px;left:1869.47px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4270.65px;left:2091.89px;white-space:nowrap">OTC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4270.65px;left:2474.08px;white-space:nowrap">swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4270.65px;left:2892.05px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4270.65px;left:3549.7px;letter-spacing:49.73px;white-space:nowrap">....................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4270.65px;left:9501.64px;white-space:nowrap">358,010</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4473.13px;left:144px;white-space:nowrap">Unrealized </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4473.13px;left:953.3px;white-space:nowrap">appreciation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4473.13px;left:1869.47px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4473.13px;left:2091.89px;white-space:nowrap">unfunded
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4473.13px;left:2803.69px;white-space:nowrap">loan </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4473.13px;left:3150.64px;white-space:nowrap">commitments
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4473.13px;left:4146.34px;white-space:nowrap">(Note </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4473.13px;left:4582.05px;white-space:nowrap">8</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4473.13px;left:4671.03px;white-space:nowrap">)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4473.13px;left:4764.07px;letter-spacing:49.98px;white-space:nowrap">.......................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4473.13px;left:9902.03px;white-space:nowrap">74</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4675.62px;left:144px;white-space:nowrap">Prepaid </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4675.62px;left:739.94px;white-space:nowrap">expenses</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4675.62px;left:1494.61px;letter-spacing:49.5px;white-space:nowrap">..........................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4675.62px;left:9590.63px;white-space:nowrap">64,406</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4878.1px;left:144px;white-space:nowrap">Other </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4878.1px;left:588.61px;white-space:nowrap">assets</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4878.1px;left:1120.96px;letter-spacing:49.47px;white-space:nowrap">..............................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4878.1px;left:9813.05px;white-space:nowrap">765</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5109.58px;left:576px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5109.58px;left:958.42px;white-space:nowrap">assets</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5109.58px;left:1494.61px;letter-spacing:49.5px;white-space:nowrap">..........................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5109.58px;left:9190.23px;white-space:nowrap">208,578,356</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5341.07px;left:0px;white-space:nowrap">Liabilities:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5543.55px;left:144px;white-space:nowrap">Payables:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5746.04px;left:288px;white-space:nowrap">Investment </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5746.04px;left:1115.03px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5746.04px;left:1835.27px;white-space:nowrap">purchased</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5746.04px;left:2615.57px;letter-spacing:49.6px;white-space:nowrap">..............................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5746.04px;left:9368.2px;white-space:nowrap">2,518,805</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5948.52px;left:288px;white-space:nowrap">Payable </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5948.52px;left:910.66px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5948.52px;left:1141.83px;white-space:nowrap">purchases
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5948.52px;left:1924.48px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5948.52px;left:2099.48px;letter-spacing:-2.21px;white-space:nowrap">TBA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5948.52px;left:2446.28px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5948.52px;left:3166.52px;white-space:nowrap">(Note </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5948.52px;left:3602.22px;white-space:nowrap">1d)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5948.52px;left:3923.35px;letter-spacing:49.79px;white-space:nowrap">................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5948.52px;left:9279.22px;white-space:nowrap">28,742,422</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6151.01px;left:288px;white-space:nowrap">Management </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6151.01px;left:1266.36px;white-space:nowrap">fees</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6151.01px;left:1588.02px;letter-spacing:49.51px;white-space:nowrap">.........................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6151.01px;left:9501.64px;white-space:nowrap">310,197</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6353.49px;left:288px;white-space:nowrap">Administrative
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6353.49px;left:1337.22px;white-space:nowrap">fees</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6353.49px;left:1681.44px;letter-spacing:49.51px;white-space:nowrap">........................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6353.49px;left:9679.61px;white-space:nowrap">1,096</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6555.97px;left:288px;letter-spacing:-0.66px;white-space:nowrap">Transfer
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6555.97px;left:922.22px;white-space:nowrap">agent </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6555.97px;left:1367.06px;white-space:nowrap">fees</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6555.97px;left:1681.44px;letter-spacing:49.51px;white-space:nowrap">........................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6555.97px;left:9590.63px;white-space:nowrap">27,032</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6758.46px;left:288px;letter-spacing:-0.59px;white-space:nowrap">Trustees&#39;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6758.46px;left:979.48px;white-space:nowrap">fees </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6758.46px;left:1326.36px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6758.46px;left:1637.77px;white-space:nowrap">expenses</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6758.46px;left:2335.33px;letter-spacing:49.57px;white-space:nowrap">.................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6758.46px;left:9590.63px;white-space:nowrap">92,778</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6960.94px;left:288px;letter-spacing:-1.19px;white-space:nowrap">Variation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6960.94px;left:952.06px;white-space:nowrap">margin </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6960.94px;left:1485.58px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6960.94px;left:1708px;white-space:nowrap">futures </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6960.94px;left:2241.59px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6960.94px;left:2895.81px;letter-spacing:49.64px;white-space:nowrap">...........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6960.94px;left:9679.61px;white-space:nowrap">2,323</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7163.43px;left:288px;white-space:nowrap">Deposits </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7163.43px;left:954.95px;white-space:nowrap">from </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7163.43px;left:1319.41px;white-space:nowrap">brokers </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7163.43px;left:1897.38px;white-space:nowrap">for:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7365.91px;left:432px;white-space:nowrap">OTC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7365.91px;left:814.19px;white-space:nowrap">derivative
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7365.91px;left:1543.41px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7365.91px;left:2241.91px;letter-spacing:49.56px;white-space:nowrap">..................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7365.91px;left:9368.2px;white-space:nowrap">1,171,985</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7568.4px;left:144px;white-space:nowrap">OTC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7568.4px;left:526.19px;white-space:nowrap">swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7568.4px;left:944.16px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7568.4px;left:1637.75px;white-space:nowrap">(upfront </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7568.4px;left:2233.61px;white-space:nowrap">receipts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7568.4px;left:2793.84px;white-space:nowrap">)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7568.4px;left:2895.81px;letter-spacing:49.64px;white-space:nowrap">...........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7568.4px;left:9501.64px;white-space:nowrap">336,643</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7770.88px;left:144px;white-space:nowrap">Unrealized </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7770.88px;left:953.3px;white-space:nowrap">depreciation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7770.88px;left:1869.47px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7770.88px;left:2091.89px;white-space:nowrap">OTC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7770.88px;left:2474.08px;white-space:nowrap">swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7770.88px;left:2892.05px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7770.88px;left:3549.7px;letter-spacing:49.73px;white-space:nowrap">....................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7770.88px;left:9513.52px;letter-spacing:-1.7px;white-space:nowrap">209,114</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7973.37px;left:144px;white-space:nowrap">Unrealized </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7973.37px;left:953.3px;white-space:nowrap">depreciation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7973.37px;left:1869.47px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7973.37px;left:2091.89px;white-space:nowrap">OTC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7973.37px;left:2474.08px;white-space:nowrap">forward </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7973.37px;left:3052.05px;white-space:nowrap">exchange
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7973.37px;left:3790.41px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7973.37px;left:4483.83px;letter-spacing:49.91px;white-space:nowrap">..........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7973.37px;left:9590.63px;white-space:nowrap">26,513</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8175.85px;left:144px;white-space:nowrap">Unrealized </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8175.85px;left:953.3px;white-space:nowrap">depreciation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8175.85px;left:1869.47px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8175.85px;left:2091.89px;white-space:nowrap">forward </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8175.85px;left:2669.86px;white-space:nowrap">premium </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8175.85px;left:3336.66px;white-space:nowrap">swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8175.85px;left:3754.63px;white-space:nowrap">option </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8175.85px;left:4235.02px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8175.85px;left:4950.9px;letter-spacing:50.04px;white-space:nowrap">.....................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8175.85px;left:9501.64px;white-space:nowrap">869,684</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8378.33px;left:130.47px;letter-spacing:-2.21px;white-space:nowrap">TBA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8378.33px;left:477.27px;white-space:nowrap">sale </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8378.33px;left:815.23px;white-space:nowrap">commitments,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8378.33px;left:1855.39px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8378.33px;left:2033.28px;white-space:nowrap">value </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8378.33px;left:2460.23px;white-space:nowrap">(proceeds
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8378.33px;left:3216.17px;white-space:nowrap">$6,946,484)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8378.33px;left:4114.69px;white-space:nowrap">(Note </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8378.33px;left:4550.39px;white-space:nowrap">1d)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8378.33px;left:4857.48px;letter-spacing:50.01px;white-space:nowrap">......................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8378.33px;left:9368.2px;white-space:nowrap">6,925,061</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8580.82px;left:144px;white-space:nowrap">Collateral </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8580.82px;left:864.31px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8580.82px;left:1086.73px;white-space:nowrap">certain </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8580.82px;left:1611.42px;white-space:nowrap">derivative
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8580.82px;left:2340.64px;white-space:nowrap">contracts,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8580.82px;left:3078.69px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8580.82px;left:3256.58px;white-space:nowrap">value </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8580.82px;left:3683.53px;white-space:nowrap">(Note </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8580.82px;left:4119.23px;white-space:nowrap">1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8580.82px;left:4208.22px;white-space:nowrap">e</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8580.82px;left:4297.2px;white-space:nowrap">)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8580.82px;left:4390.42px;letter-spacing:49.89px;white-space:nowrap">...........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8580.82px;left:9501.64px;white-space:nowrap">141,725</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8783.3px;left:144px;white-space:nowrap">Accrued </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8783.3px;left:775.41px;white-space:nowrap">expenses </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8783.3px;left:1504.78px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8783.3px;left:1816.19px;white-space:nowrap">other </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8783.3px;left:2225.33px;white-space:nowrap">liabilities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8783.3px;left:2895.81px;letter-spacing:49.64px;white-space:nowrap">...........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8783.3px;left:9501.64px;white-space:nowrap">167,439</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9014.79px;left:576px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9014.79px;left:958.42px;white-space:nowrap">liabilities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9014.79px;left:1588.02px;letter-spacing:49.51px;white-space:nowrap">.........................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9014.79px;left:9279.22px;white-space:nowrap">41,542,817</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9275.27px;left:864px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9275.27px;left:1157.44px;white-space:nowrap">assets, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9275.27px;left:1708.77px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9275.27px;left:1886.66px;white-space:nowrap">value</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9275.27px;left:2335.33px;letter-spacing:49.57px;white-space:nowrap">.................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9275.27px;left:9101.25px;white-space:nowrap">$167,035,539</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9681.21px;left:0px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9681.21px;left:293.44px;white-space:nowrap">assets </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9681.21px;left:800.31px;white-space:nowrap">consist </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9681.21px;left:1342.73px;white-space:nowrap">of:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9912.7px;left:144px;white-space:nowrap">Paid-in </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9912.7px;left:686.5px;white-space:nowrap">capital</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9912.7px;left:1214.37px;letter-spacing:49.48px;white-space:nowrap">.............................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9912.7px;left:9113.13px;letter-spacing:-0.99px;white-space:nowrap">$292,611,522</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10115.18px;left:144px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10115.18px;left:526.42px;white-space:nowrap">distributable
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10115.18px;left:1433.61px;white-space:nowrap">earnings
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10115.18px;left:2091.81px;white-space:nowrap">(losses)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10115.18px;left:2708.98px;letter-spacing:49.61px;white-space:nowrap">.............................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10115.18px;left:9083.67px;white-space:nowrap">(125,575,983)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10346.67px;left:864px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10346.67px;left:1157.44px;white-space:nowrap">assets,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10346.67px;left:1708.77px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10346.67px;left:1886.66px;white-space:nowrap">value</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10346.67px;left:2335.33px;letter-spacing:49.57px;white-space:nowrap">.................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10346.67px;left:9101.25px;white-space:nowrap">$167,035,539</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10607.15px;left:144px;white-space:nowrap">Shares </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10607.15px;left:695.41px;white-space:nowrap">outstanding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10607.15px;left:1588.02px;letter-spacing:49.51px;white-space:nowrap">.........................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10607.15px;left:9279.22px;white-space:nowrap">48,184,341</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10867.63px;left:144px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10867.63px;left:437.44px;white-space:nowrap">asset </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10867.63px;left:864.31px;white-space:nowrap">value </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10867.63px;left:1291.27px;white-space:nowrap">per </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10867.63px;left:1566.97px;white-space:nowrap">share</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10870.84px;left:1967.2px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10867.63px;left:2055.09px;letter-spacing:49.55px;white-space:nowrap">....................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10867.63px;left:9679.61px;white-space:nowrap">$3.47</div></div>
</div>

<div style="height:18.19px;left:0px;position:absolute;top:0px;transform:translate(54.000px,717.932px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:196.48px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.04px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:22.81px;left:0px;white-space:nowrap">a</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:42.54px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:283.17px;white-space:nowrap">asset
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:633.32px;white-space:nowrap">value
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:983.48px;white-space:nowrap">per
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:1209.57px;white-space:nowrap">share
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:1574.26px;white-space:nowrap">may
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:1858.63px;white-space:nowrap">not
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:2077.54px;white-space:nowrap">recalculate
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:2748.56px;white-space:nowrap">due
</div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:18.59px;left:3149.88px;white-space:nowrap">rounding.</div></div>
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<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1546.42px;white-space:nowrap">Operations</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:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
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<div style="background-image:url(data:image/png;base64,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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:8933.05px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:53.02px;left:9564.22px;white-space:nowrap">Master
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:245.02px;left:9128.59px;white-space:nowrap">Intermediate
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:437.02px;left:9084.22px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:437.02px;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:746.96px;left:0px;white-space:nowrap">Investment </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:746.96px;left:827.03px;white-space:nowrap">income:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:949.44px;left:144px;white-space:nowrap">Dividends: </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1151.92px;left:288px;white-space:nowrap">Non-controlled
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1151.92px;left:1373px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1151.92px;left:2000.42px;white-space:nowrap">(Note </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1151.92px;left:2436.13px;white-space:nowrap">3</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1151.92px;left:2525.11px;white-space:nowrap">e</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1151.92px;left:2614.09px;white-space:nowrap">)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1151.92px;left:2708.98px;letter-spacing:49.61px;white-space:nowrap">.............................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1151.92px;left:9424.53px;letter-spacing:-1.48px;white-space:nowrap">$951,118</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1354.41px;left:144px;white-space:nowrap">Interest: </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1556.89px;left:288px;text-rendering:optimizeLegibility;white-space:nowrap">Unaffiliated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1556.89px;left:1128.94px;white-space:nowrap">issuers</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1556.89px;left:1681.44px;letter-spacing:49.51px;white-space:nowrap">........................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1556.89px;left:9368.2px;white-space:nowrap">9,635,076</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1788.38px;left:432px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1788.38px;left:814.42px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1788.38px;left:1632.55px;white-space:nowrap">income</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1788.38px;left:2148.5px;letter-spacing:49.55px;white-space:nowrap">...................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1788.38px;left:9279.22px;white-space:nowrap">10,586,194</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2019.86px;left:0px;white-space:nowrap">Expenses:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2222.35px;left:144px;white-space:nowrap">Management </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2222.35px;left:1122.36px;white-space:nowrap">fees </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2222.35px;left:1469.23px;white-space:nowrap">(Note </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2222.35px;left:1904.94px;white-space:nowrap">3</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2222.35px;left:1993.92px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2222.35px;left:2082.91px;white-space:nowrap">)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2222.35px;left:2148.5px;letter-spacing:49.55px;white-space:nowrap">...................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2222.35px;left:9368.2px;white-space:nowrap">1,222,708</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2424.83px;left:144px;white-space:nowrap">Administrative
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2424.83px;left:1193.22px;white-space:nowrap">fees </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2424.83px;left:1540.09px;white-space:nowrap">(Note </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2424.83px;left:1975.8px;white-space:nowrap">3</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2424.83px;left:2064.78px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2424.83px;left:2153.77px;white-space:nowrap">)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2424.83px;left:2241.91px;letter-spacing:49.56px;white-space:nowrap">..................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2424.83px;left:9679.61px;white-space:nowrap">3,341</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2627.32px;left:144px;letter-spacing:-0.66px;white-space:nowrap">Transfer
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2627.32px;left:778.22px;white-space:nowrap">agent </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2627.32px;left:1223.06px;white-space:nowrap">fees </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2627.32px;left:1569.94px;white-space:nowrap">(Not</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2627.32px;left:1872.2px;white-space:nowrap">e </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2627.32px;left:2005.64px;white-space:nowrap">3c)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2627.32px;left:2241.91px;letter-spacing:49.56px;white-space:nowrap">..................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2627.32px;left:9590.63px;white-space:nowrap">89,243</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2829.8px;left:144px;white-space:nowrap">Custodian </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2829.8px;left:908.92px;white-space:nowrap">fees </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2829.8px;left:1307.78px;letter-spacing:49.48px;white-space:nowrap">............................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2829.8px;left:9590.63px;white-space:nowrap">35,552</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3032.28px;left:144px;white-space:nowrap">Reports </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3032.28px;left:748.69px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3032.28px;left:926.58px;white-space:nowrap">shareholders
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3032.28px;left:1896.03px;white-space:nowrap">fees</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3032.28px;left:2241.91px;letter-spacing:49.56px;white-space:nowrap">..................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3032.28px;left:9590.63px;white-space:nowrap">67,133</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3234.77px;left:144px;white-space:nowrap">Registration
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3234.77px;left:1042.2px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3234.77px;left:1353.61px;text-rendering:optimizeLegibility;white-space:nowrap">filing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3234.77px;left:1727.13px;white-space:nowrap">fees</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3234.77px;left:2055.09px;letter-spacing:49.55px;white-space:nowrap">....................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3234.77px;left:9590.63px;white-space:nowrap">30,887</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3437.25px;left:144px;white-space:nowrap">Professional
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3437.25px;left:1068.92px;white-space:nowrap">fees</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3437.25px;left:1401.2px;letter-spacing:49.49px;white-space:nowrap">...........................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3437.25px;left:9501.64px;white-space:nowrap">196,931</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3639.74px;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:3639.74px;left:835.48px;white-space:nowrap">fees </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3639.74px;left:1182.36px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3639.74px;left:1493.77px;white-space:nowrap">expenses</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3639.74px;left:2241.91px;letter-spacing:49.56px;white-space:nowrap">..................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3639.74px;left:9590.63px;white-space:nowrap">24,087</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3842.22px;left:144px;white-space:nowrap">Other</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3842.22px;left:560.48px;letter-spacing:49.43px;white-space:nowrap">....................................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3842.22px;left:9590.63px;white-space:nowrap">23,063</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4044.71px;left:432px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4044.71px;left:814.42px;white-space:nowrap">expenses</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4044.71px;left:1588.02px;letter-spacing:49.51px;white-space:nowrap">.........................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4044.71px;left:9368.2px;white-space:nowrap">1,692,945</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4247.19px;left:432px;white-space:nowrap">Expense </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4247.19px;left:1099.11px;white-space:nowrap">reductions</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4247.19px;left:1881.77px;white-space:nowrap">(Note </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4247.19px;left:2317.47px;white-space:nowrap">4)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4247.19px;left:2522.15px;letter-spacing:49.59px;white-space:nowrap">...............................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4247.19px;left:9573.05px;white-space:nowrap">(2,694)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4449.67px;left:432px;white-space:nowrap">Expenses </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4449.67px;left:1179.11px;white-space:nowrap">waived/paid
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4449.67px;left:2068.56px;white-space:nowrap">by </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4449.67px;left:2282px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4449.67px;left:2909.42px;white-space:nowrap">(Note </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4449.67px;left:3345.13px;white-space:nowrap">3e)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4449.67px;left:3643.11px;letter-spacing:49.74px;white-space:nowrap">...................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4449.67px;left:9573.05px;white-space:nowrap">(5,854)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4681.16px;left:576px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4681.16px;left:869.44px;white-space:nowrap">expenses</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4681.16px;left:1588.02px;letter-spacing:49.51px;white-space:nowrap">.........................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4681.16px;left:9368.2px;white-space:nowrap">1,684,397</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4941.64px;left:720px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4941.64px;left:1013.44px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4941.64px;left:1831.56px;white-space:nowrap">income</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4941.64px;left:2428.74px;letter-spacing:49.58px;white-space:nowrap">................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4941.64px;left:9368.2px;white-space:nowrap">8,901,797</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5202.13px;left:0px;white-space:nowrap">Realized </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5202.13px;left:667.03px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5202.13px;left:978.44px;white-space:nowrap">unrealized
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5202.13px;left:1761.17px;white-space:nowrap">gains </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5202.13px;left:2188.13px;white-space:nowrap">(losses):</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5462.61px;left:144px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5462.61px;left:437.44px;white-space:nowrap">realized </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5462.61px;left:1042.2px;white-space:nowrap">gain </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5462.61px;left:1389.16px;white-space:nowrap">(loss) </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5462.61px;left:1824.7px;white-space:nowrap">from:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5694.1px;left:288px;white-space:nowrap">Investments:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5896.58px;left:432px;text-rendering:optimizeLegibility;white-space:nowrap">Unaffiliated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5896.58px;left:1272.94px;white-space:nowrap">issuers</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5896.58px;left:1868.26px;letter-spacing:49.53px;white-space:nowrap">......................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5896.58px;left:9395.08px;white-space:nowrap">(558,871)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6099.07px;left:288px;white-space:nowrap">Foreign </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6099.07px;left:874.95px;white-space:nowrap">currency </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6099.07px;left:1532.92px;white-space:nowrap">transactions</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6099.07px;left:2428.74px;letter-spacing:49.58px;white-space:nowrap">................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6099.07px;left:9679.61px;white-space:nowrap">7,559</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6301.55px;left:288px;white-space:nowrap">Forward </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6301.55px;left:919.25px;white-space:nowrap">exchange </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6301.55px;left:1657.61px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6301.55px;left:2335.33px;letter-spacing:49.57px;white-space:nowrap">.................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6301.55px;left:9395.08px;white-space:nowrap">(322,681)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6504.03px;left:288px;white-space:nowrap">Forward </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6504.03px;left:919.25px;white-space:nowrap">premium </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6504.03px;left:1586.05px;white-space:nowrap">swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6504.03px;left:2004.02px;white-space:nowrap">option </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6504.03px;left:2484.41px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6504.03px;left:3176.05px;letter-spacing:49.67px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6504.03px;left:9395.08px;white-space:nowrap">(614,348)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6706.52px;left:288px;white-space:nowrap">Futures </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6706.52px;left:874.88px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6706.52px;left:1588.02px;letter-spacing:49.51px;white-space:nowrap">.........................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6706.52px;left:9395.08px;white-space:nowrap">(353,667)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6909px;left:288px;letter-spacing:-2.21px;white-space:nowrap">TBA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6909px;left:634.8px;white-space:nowrap">sale </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6909px;left:972.77px;white-space:nowrap">commitments</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6909px;left:1961.68px;letter-spacing:49.54px;white-space:nowrap">.....................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6909px;left:9395.08px;white-space:nowrap">(121,640)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7111.49px;left:288px;white-space:nowrap">Swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7111.49px;left:732.69px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7111.49px;left:1401.2px;letter-spacing:49.49px;white-space:nowrap">...........................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7111.49px;left:9368.2px;white-space:nowrap">2,344,933</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7342.97px;left:576px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7342.97px;left:869.44px;white-space:nowrap">realized </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7342.97px;left:1474.2px;white-space:nowrap">gain </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7342.97px;left:1821.16px;white-space:nowrap">(loss)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7342.97px;left:2241.91px;letter-spacing:49.56px;white-space:nowrap">..................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7342.97px;left:9501.64px;white-space:nowrap">381,285</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7574.46px;left:144px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7574.46px;left:437.44px;white-space:nowrap">change </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7574.46px;left:1006.81px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7574.46px;left:1175.8px;white-space:nowrap">unrealized
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7574.46px;left:1958.53px;white-space:nowrap">appreciation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7574.46px;left:2874.7px;white-space:nowrap">(depreciation)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7574.46px;left:3897.44px;white-space:nowrap">on:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7776.94px;left:288px;white-space:nowrap">Investments:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7979.42px;left:432px;text-rendering:optimizeLegibility;white-space:nowrap">Unaffiliated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7979.42px;left:1272.94px;white-space:nowrap">issuers</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7979.42px;left:1868.26px;letter-spacing:49.53px;white-space:nowrap">......................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7979.42px;left:9368.2px;white-space:nowrap">1,512,509</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8181.91px;left:432px;white-space:nowrap">Non-controlled
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8181.91px;left:1517px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8181.91px;left:2144.42px;white-space:nowrap">(Note </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8181.91px;left:2580.13px;white-space:nowrap">3</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8181.91px;left:2669.11px;white-space:nowrap">e</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8181.91px;left:2758.09px;white-space:nowrap">)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8181.91px;left:2895.81px;letter-spacing:49.64px;white-space:nowrap">...........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8181.91px;left:9590.63px;white-space:nowrap">39,123</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8384.39px;left:288px;letter-spacing:-0.49px;white-space:nowrap">Translation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8384.39px;left:1118px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8384.39px;left:1295.89px;white-space:nowrap">other </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8384.39px;left:1705.03px;white-space:nowrap">assets </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8384.39px;left:2211.91px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8384.39px;left:2523.31px;white-space:nowrap">liabilities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8384.39px;left:3172.45px;white-space:nowrap">denominated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8384.39px;left:4142.06px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8384.39px;left:4311.05px;white-space:nowrap">foreign </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8384.39px;left:4844.72px;white-space:nowrap">currencies</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8384.39px;left:5604.79px;letter-spacing:50.29px;white-space:nowrap">..............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8384.39px;left:9679.61px;white-space:nowrap">1,163</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8586.88px;left:288px;white-space:nowrap">Unfunded </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8586.88px;left:1026.36px;white-space:nowrap">loan </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8586.88px;left:1373.31px;white-space:nowrap">commitments
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8586.88px;left:2369.02px;white-space:nowrap">(Note </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8586.88px;left:2804.72px;white-space:nowrap">8</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8586.88px;left:2893.7px;white-space:nowrap">)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8586.88px;left:2989.22px;letter-spacing:49.65px;white-space:nowrap">..........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8586.88px;left:9902.03px;white-space:nowrap">74</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8789.36px;left:288px;white-space:nowrap">Forward </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8789.36px;left:919.25px;white-space:nowrap">exchange </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8789.36px;left:1657.61px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8789.36px;left:2335.33px;letter-spacing:49.57px;white-space:nowrap">.................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8789.36px;left:9501.64px;white-space:nowrap">197,001</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8991.85px;left:288px;white-space:nowrap">Forward </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8991.85px;left:919.25px;white-space:nowrap">premium </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8991.85px;left:1586.05px;white-space:nowrap">swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8991.85px;left:2004.02px;white-space:nowrap">option </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8991.85px;left:2484.41px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8991.85px;left:3176.05px;letter-spacing:49.67px;white-space:nowrap">........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8991.85px;left:9395.08px;white-space:nowrap">(628,149)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9194.33px;left:288px;white-space:nowrap">Futures </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9194.33px;left:874.88px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9194.33px;left:1588.02px;letter-spacing:49.51px;white-space:nowrap">.........................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9194.33px;left:9590.63px;white-space:nowrap">78,737</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9396.82px;left:288px;letter-spacing:-2.21px;white-space:nowrap">TBA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9396.82px;left:634.8px;white-space:nowrap">sale </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9396.82px;left:972.77px;white-space:nowrap">commitments</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9396.82px;left:1961.68px;letter-spacing:49.54px;white-space:nowrap">.....................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9396.82px;left:9484.06px;white-space:nowrap">(26,932)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9599.3px;left:288px;white-space:nowrap">Swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9599.3px;left:732.69px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9599.3px;left:1401.2px;letter-spacing:49.49px;white-space:nowrap">...........................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9599.3px;left:9501.64px;white-space:nowrap">371,538</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9830.78px;left:576px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9830.78px;left:869.44px;white-space:nowrap">change </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9830.78px;left:1438.81px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9830.78px;left:1607.8px;white-space:nowrap">unrealized
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9830.78px;left:2390.53px;white-space:nowrap">appreciation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9830.78px;left:3306.7px;white-space:nowrap">(depreciation)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9830.78px;left:4297px;letter-spacing:49.87px;white-space:nowrap">............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9830.78px;left:9368.2px;white-space:nowrap">1,545,064</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10059.27px;left:0px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10059.27px;left:293.44px;white-space:nowrap">realized
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10059.27px;left:898.2px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10059.27px;left:1209.61px;white-space:nowrap">unrealized
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10059.27px;left:1992.34px;white-space:nowrap">gain </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10059.27px;left:2339.3px;white-space:nowrap">(loss)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10059.27px;left:2802.39px;letter-spacing:49.62px;white-space:nowrap">............................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10059.27px;left:9368.2px;white-space:nowrap">1,926,349</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10319.75px;left:0px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10319.75px;left:293.44px;white-space:nowrap">increase
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10319.75px;left:942.66px;white-space:nowrap">(decrease)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10319.75px;left:1751.88px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10319.75px;left:1920.86px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10319.75px;left:2187.73px;white-space:nowrap">assets </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10319.75px;left:2694.61px;white-space:nowrap">resulting
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10319.75px;left:3343.83px;white-space:nowrap">from </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10319.75px;left:3708.28px;white-space:nowrap">operations</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10319.75px;left:4483.83px;letter-spacing:49.91px;white-space:nowrap">..........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10319.75px;left:9190.23px;white-space:nowrap">$10,828,146</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:1161.0px;width:891.0px;transform-origin:top left;transform:scale(1.5,1.5)">

<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:6453.14px;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:7127.45px;letter-spacing:10.29px;white-space:nowrap">Master
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7794.58px;letter-spacing:10.34px;white-space:nowrap">Intermediate
</div>

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8272.39px;letter-spacing:10.32px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:9109.27px;letter-spacing:8.88px;white-space:nowrap">Statements</div></div>
</div>

<div style="height:41.15px;left:0px;position:absolute;top:0px;transform:translate(54.000px,77.750px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:702px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">

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

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1387.34px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1676.42px;white-space:nowrap">Changes </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:2789.41px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:3064.01px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:3526.5px;white-space:nowrap">Assets</div></div>
</div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(54.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

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

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(53.999px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

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

<div style="height:30.71px;left:0px;position:absolute;top:0px;transform:translate(54.000px,739.230px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:459.61px">

<div style="width:9192.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.75px) rotate(0deg) scale(0.05)">

<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(8270.481px,65.000px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1.00px">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:3857.28px;white-space:nowrap">The
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:4119.86px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5002.43px;white-space:nowrap">notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5359.93px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5586.03px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5768.45px;white-space:nowrap">integral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6235.25px;white-space:nowrap">part
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6497.83px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6643.76px;white-space:nowrap">these
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7001.26px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:7519.15px;white-space:nowrap">statements.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8353.45px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:8798.45px;white-space:nowrap">Report</div></div>
</div>

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">41</div></div>
</div>

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

<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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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:6760.48px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:53.02px;left:7391.65px;white-space:nowrap">Master
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:53.02px;left:7951.88px;white-space:nowrap">Intermediate
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:53.02px;left:8947.74px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:53.02px;left:9552.35px;letter-spacing:-1.77px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:313.5px;left:7480.52px;letter-spacing:-1.77px;white-space:nowrap">Year
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:313.5px;left:7863.09px;white-space:nowrap">Ended</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:505.5px;left:6857.78px;white-space:nowrap">September
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:505.5px;left:7729.19px;white-space:nowrap">30,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:505.5px;left:7996.06px;white-space:nowrap">2025</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:313.5px;left:9208.52px;letter-spacing:-1.77px;white-space:nowrap">Year
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:313.5px;left:9591.09px;white-space:nowrap">Ended</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:505.5px;left:8585.78px;white-space:nowrap">September
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:505.5px;left:9457.19px;white-space:nowrap">30,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:505.5px;left:9724.06px;white-space:nowrap">2024</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:743.98px;left:0px;white-space:nowrap">Increase </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:743.98px;left:658.13px;white-space:nowrap">(decrease)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:743.98px;left:1467.34px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:743.98px;left:1636.33px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:743.98px;left:1903.2px;white-space:nowrap">assets:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:946.47px;left:144px;white-space:nowrap">Operations:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1148.95px;left:288px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1148.95px;left:581.44px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1148.95px;left:1399.56px;white-space:nowrap">income</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1148.95px;left:1961.68px;letter-spacing:49.7px;white-space:nowrap">.................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1148.95px;left:7551.22px;white-space:nowrap">$8,901,797</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1148.95px;left:9279.22px;white-space:nowrap">$9,683,082</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1351.44px;left:288px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1351.44px;left:581.44px;white-space:nowrap">realized </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1351.44px;left:1186.2px;white-space:nowrap">gain </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1351.44px;left:1533.16px;white-space:nowrap">(loss)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1351.44px;left:1961.68px;letter-spacing:49.7px;white-space:nowrap">.................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1351.44px;left:7773.64px;white-space:nowrap">381,285</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1351.44px;left:9261.64px;white-space:nowrap">(4,922,629)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1553.92px;left:288px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1553.92px;left:581.44px;white-space:nowrap">change </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1553.92px;left:1150.81px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1553.92px;left:1319.8px;white-space:nowrap">unrealized
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1553.92px;left:2102.53px;white-space:nowrap">appreciation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1553.92px;left:3018.7px;white-space:nowrap">(depreciation)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1553.92px;left:4016.76px;letter-spacing:50.3px;white-space:nowrap">...........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1553.92px;left:7640.2px;white-space:nowrap">1,545,064</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1553.92px;left:9279.22px;white-space:nowrap">16,956,205</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1785.41px;left:576px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1785.41px;left:869.44px;white-space:nowrap">increase </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1785.41px;left:1518.66px;white-space:nowrap">(decrease)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1785.41px;left:2327.88px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1785.41px;left:2496.86px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1785.41px;left:2763.73px;white-space:nowrap">assets </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1785.41px;left:3270.61px;white-space:nowrap">resulting
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1785.41px;left:3919.83px;white-space:nowrap">from </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1785.41px;left:4284.28px;white-space:nowrap">operations</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1785.41px;left:5044.31px;letter-spacing:51.22px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1785.41px;left:7551.22px;white-space:nowrap">10,828,146</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1785.41px;left:9279.22px;white-space:nowrap">21,716,658</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2016.89px;left:144px;white-space:nowrap">Distributions
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2016.89px;left:1068.77px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2016.89px;left:1246.66px;white-space:nowrap">shareholders</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2016.89px;left:2241.91px;letter-spacing:49.75px;white-space:nowrap">..............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2016.89px;left:7533.64px;white-space:nowrap">(8,257,362)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2016.89px;left:9261.64px;white-space:nowrap">(8,296,682)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.38px;left:144px;white-space:nowrap">Distributions
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.38px;left:1068.77px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.38px;left:1246.66px;white-space:nowrap">shareholders</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.38px;left:2216.11px;white-space:nowrap">from </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.38px;left:2580.56px;white-space:nowrap">tax </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.38px;left:2838.45px;white-space:nowrap">return </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.38px;left:3300.88px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.38px;left:3478.77px;white-space:nowrap">capital</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.38px;left:4016.76px;letter-spacing:50.3px;white-space:nowrap">...........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.38px;left:7533.64px;white-space:nowrap">(4,463,304)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2219.38px;left:9261.64px;white-space:nowrap">(4,454,489)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2450.86px;left:144px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2450.86px;left:526.42px;white-space:nowrap">distributions
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2450.86px;left:1424.63px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2450.86px;left:1602.52px;white-space:nowrap">shareholders</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2450.86px;left:2615.57px;letter-spacing:49.82px;white-space:nowrap">..........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2450.86px;left:7444.66px;white-space:nowrap">(12,720,666)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2450.86px;left:9172.66px;white-space:nowrap">(12,751,171)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2682.34px;left:144px;white-space:nowrap">Capital </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2682.34px;left:686.5px;white-space:nowrap">share </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2682.34px;left:1131.19px;white-space:nowrap">transactions
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2682.34px;left:2038.3px;white-space:nowrap">(Note </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2682.34px;left:2474px;white-space:nowrap">2</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2682.34px;left:2562.98px;white-space:nowrap">)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2682.34px;left:2616.27px;letter-spacing:49.82px;white-space:nowrap">..........................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2682.34px;left:8192px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2682.34px;left:9261.64px;white-space:nowrap">(1,179,070)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2966.28px;left:576px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2966.28px;left:869.44px;white-space:nowrap">increase </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2966.28px;left:1518.66px;white-space:nowrap">(decrease)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2966.28px;left:2327.88px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2966.28px;left:2496.86px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2966.28px;left:2763.73px;white-space:nowrap">assets</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2966.28px;left:3269.46px;letter-spacing:49.99px;white-space:nowrap">...................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2966.28px;left:7533.64px;white-space:nowrap">(1,892,520)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2966.28px;left:9368.2px;white-space:nowrap">7,786,417</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3168.77px;left:0px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3168.77px;left:293.44px;white-space:nowrap">assets:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3371.25px;left:144px;white-space:nowrap">Beginning </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3371.25px;left:900.17px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3371.25px;left:1078.06px;white-space:nowrap">year</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3371.25px;left:1401.2px;letter-spacing:49.62px;white-space:nowrap">.......................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3371.25px;left:7462.23px;white-space:nowrap">168,928,059</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3371.25px;left:9190.23px;white-space:nowrap">161,141,642</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3602.74px;left:144px;white-space:nowrap">End </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3602.74px;left:473.14px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3602.74px;left:651.03px;white-space:nowrap">year</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3602.74px;left:1027.54px;letter-spacing:49.57px;white-space:nowrap">...........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3602.74px;left:7373.25px;white-space:nowrap">$167,035,539</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3602.74px;left:9101.25px;white-space:nowrap">$168,928,059</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:1161.0px;width:891.0px;transform-origin:top left;transform:scale(1.5,1.5)">

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

<div style="height:25.92px;left:0px;position:absolute;top:0px;transform:translate(35.999px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:421.09px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1341.44px;letter-spacing:10.34px;white-space:nowrap">Intermediate
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2500.95px;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:3143.94px;letter-spacing:9.15px;white-space:nowrap">Trust</div></div>
</div>

<div style="height:55.43px;left:0px;position:absolute;top:0px;transform:translate(36.000px,74.175px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:866.04px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,7.44px) rotate(0deg) scale(0.05)">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:853.24px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:1181.6px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:2445.12px;white-space:nowrap">Statements</div></div>
</div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(36.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

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

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(36.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:36.48px;white-space:nowrap">42</div></div>
</div>

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

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

<div style="height:17.16px;left:0px;position:absolute;top:0px;transform:translate(405.000px,743.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:254.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(80.389px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:324.61px">

<div style="width:6492.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div></div>
</div>

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

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

<div style="height:611.16px;left:0px;position:absolute;top:0px;transform:translate(36.000px,120.643px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12117.6px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.28px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:0px;letter-spacing:-0.89px;white-space:nowrap">1.
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:210.36px;letter-spacing:-3.69px;white-space:nowrap">Organization
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1436.2px;letter-spacing:-3px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1831.33px;text-rendering:optimizeLegibility;letter-spacing:-3.33px;white-space:nowrap">Significant
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:2857.74px;letter-spacing:-3.64px;white-space:nowrap">Accounting
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:3969.21px;letter-spacing:-3.5px;white-space:nowrap">Policies</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:0px;white-space:nowrap">Putnam </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:670.34px;white-space:nowrap">Master </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1270.46px;white-space:nowrap">Intermediate
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:2321.02px;white-space:nowrap">Income </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:2958.05px;letter-spacing:-0.39px;white-space:nowrap">Trust&#160;(Fund)
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:3991.55px;white-space:nowrap">is </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:0px;white-space:nowrap">registered&#160;under
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:1360.81px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:1661.04px;white-space:nowrap">Investment </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:2591.46px;white-space:nowrap">Company </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:3401.89px;white-space:nowrap">Act </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:3711.97px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:3912.1px;white-space:nowrap">1940 </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:0px;white-space:nowrap">(1940 </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:500.45px;white-space:nowrap">Act) </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:870.47px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:1110.59px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:1260.7px;white-space:nowrap">closed-end </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:2191.29px;white-space:nowrap">management </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:3291.94px;white-space:nowrap">investment </div>

<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>

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<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>

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<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>

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<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>

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<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>

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<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>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5108px;left:1597.59px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5108px;left:1957.76px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5108px;left:2418.05px;white-space:nowrap">calculates </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5108px;left:3268.48px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5108px;left:3568.71px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5108px;left:3868.95px;white-space:nowrap">asset </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5108px;left:4349.18px;white-space:nowrap">value </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5358px;left:0px;letter-spacing:-2.23px;white-space:nowrap">(NAV)
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5358px;left:526.64px;white-space:nowrap">per </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5358px;left:836.81px;white-space:nowrap">share </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5358px;left:1337.08px;white-space:nowrap">each&#160;business
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5358px;left:2537.84px;white-space:nowrap">day&#160;as
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5358px;left:3118.18px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5358px;left:3318.31px;white-space:nowrap">4 </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5358px;left:3468.43px;white-space:nowrap">p.m. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5358px;left:3868.51px;white-space:nowrap">Eastern </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5608px;left:0px;white-space:nowrap">time </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5608px;left:390.06px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5608px;left:600.12px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5608px;left:900.35px;white-space:nowrap">regularly </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5608px;left:1640.65px;white-space:nowrap">scheduled </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5608px;left:2511.3px;white-space:nowrap">close </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:8272px;white-space:nowrap">existed. </div></div>
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<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)">
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<div style="height:610.68px;left:0px;position:absolute;top:0px;transform:translate(54.000px,121.116px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12117.6px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.8px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:609.54px;left:0px;white-space:nowrap">b.
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<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:609.54px;left:221.64px;white-space:nowrap">Foreign
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<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:609.54px;left:971.06px;white-space:nowrap">Currency
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<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:609.54px;left:1858.07px;letter-spacing:-0.87px;white-space:nowrap">Translation&#160;</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1940px;left:3952.18px;white-space:nowrap">facilitate </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7762.64px;left:6751.05px;white-space:nowrap">acquisition
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7762.64px;left:8101.93px;text-rendering:optimizeLegibility;white-space:nowrap">offsetting
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7762.64px;left:8875.28px;letter-spacing:-2.48px;white-space:nowrap">TBA
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7762.64px;left:9265.43px;white-space:nowrap">purchase
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8012.64px;left:5220px;white-space:nowrap">commitment,
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8012.64px;left:7060.69px;white-space:nowrap">realizes
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8262.64px;left:5890.25px;white-space:nowrap">securities
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9442.64px;left:5220px;letter-spacing:-2.48px;white-space:nowrap">TBA
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9442.64px;left:5610.15px;white-space:nowrap">commitments,
</div>

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</div>

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</div>

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</div>

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</div>

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</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:10692.64px;left:5220px;white-space:nowrap">obligations.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10692.64px;left:6180.36px;white-space:nowrap">Counterparty
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10692.64px;left:7270.62px;white-space:nowrap">risk </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10692.64px;left:7779.99px;white-space:nowrap">mitigated
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10942.64px;left:5220px;white-space:nowrap">agreement </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10942.64px;left:6130.55px;white-space:nowrap">between
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10942.64px;left:6861.09px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10942.64px;left:7161.33px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10942.64px;left:7621.61px;white-space:nowrap">and </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11372.64px;left:5220px;white-space:nowrap">Unsettled </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11372.64px;left:6027.19px;letter-spacing:-2.48px;white-space:nowrap">TBA
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11372.64px;left:6417.33px;white-space:nowrap">commitments
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11372.64px;left:7537.5px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11372.64px;left:7847.67px;white-space:nowrap">valued </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11372.64px;left:9028.39px;white-space:nowrap">fair </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11372.64px;left:9328.45px;white-space:nowrap">value </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11622.64px;left:5220px;white-space:nowrap">according </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11622.64px;left:6050.48px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11622.64px;left:6250.61px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11622.64px;left:6550.84px;white-space:nowrap">procedures
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11622.64px;left:7501.38px;white-space:nowrap">described
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11622.64px;left:8331.86px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11622.64px;left:8521.96px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11622.64px;left:8822.2px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11872.64px;left:5220px;white-space:nowrap">Instrument
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11872.64px;left:6120.35px;letter-spacing:-1.34px;white-space:nowrap">Valuation
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11872.64px;left:6907.59px;white-space:nowrap">note. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11872.64px;left:7354.69px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11872.64px;left:7714.86px;white-space:nowrap">contract
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11872.64px;left:8585.16px;white-space:nowrap">marked </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11872.64px;left:9235.37px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11872.64px;left:9435.5px;white-space:nowrap">market </div></div>
</div>

<div style="height:35.88px;left:0px;position:absolute;top:0px;transform:translate(54.000px,120.643px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:243.00px">

<div style="width:4860px;height:337.61px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.28px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:0px;letter-spacing:-0.89px;white-space:nowrap">1.
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:210.36px;letter-spacing:-3.69px;white-space:nowrap">Organization
</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>

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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
</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:10.29px;white-space:nowrap">Master
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1341.44px;letter-spacing:10.34px;white-space:nowrap">Intermediate
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2500.95px;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:3143.94px;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
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<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
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:1647.53px;letter-spacing:8.88px;white-space:nowrap">Statements</div></div>
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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:36.48px;white-space:nowrap">44</div></div>
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<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.16px;left:0px;position:absolute;top:0px;transform:translate(405.000px,743.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:254.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Annual
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div></div>
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<div style="height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px;background-color:transparent;background-repeat:no-repeat;background-size:cover;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAT0lEQVRYR+3OoREAIBDAMGD/nZ8R4jhEoyu6Z2b95Ch4rSFpSBqShqQhaUgakoakIWlIGpKGpCFpSBqShqQhaUgakoakIWlIGpKGpCFpSC74LQNp/pFgJwAAAABJRU5ErkJggg==)"></div>
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<div style="height:51.74px;left:0px;position:absolute;top:0px;transform:translate(36.000px,74.175px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:866.04px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,7.44px) rotate(0deg) scale(0.05)">
</div> </div>

<div style="height:610.68px;left:0px;position:absolute;top:0px;transform:translate(35.999px,121.116px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12117.6px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.8px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1508px;left:0px;white-space:nowrap">daily </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1508px;left:420.21px;white-space:nowrap">and </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1508px;left:1711.32px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1508px;left:1901.43px;white-space:nowrap">fair </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1508px;left:2201.48px;white-space:nowrap">value </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1508px;left:2681.81px;white-space:nowrap">is </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1508px;left:3862.35px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1508px;left:4162.59px;white-space:nowrap">Fund </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1758px;left:250.22px;white-space:nowrap">unrealized </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1758px;left:1731.18px;white-space:nowrap">loss. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1758px;left:2151.3px;white-space:nowrap">Based </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1758px;left:2961.91px;white-space:nowrap">market </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1758px;left:3562.03px;white-space:nowrap">circumstances,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2008px;left:0px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2008px;left:300.23px;white-space:nowrap">investment </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2008px;left:1981.05px;white-space:nowrap">will </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2258px;left:4439.18px;letter-spacing:-2.48px;white-space:nowrap">TBA
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2508px;left:0px;white-space:nowrap">commitments </div>

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<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:3011.54px;left:0px;white-space:nowrap">e.
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:3011.54px;left:211.25px;white-space:nowrap">Derivative
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:3011.54px;left:1172.38px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:3011.54px;left:2048.72px;white-space:nowrap">Instruments</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3342px;left:0px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3342px;left:360.18px;white-space:nowrap">Fund&#160;invested
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3342px;left:2551.38px;text-rendering:optimizeLegibility;white-space:nowrap">financial
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3842px;left:0px;white-space:nowrap">investments </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3842px;left:1220.45px;white-space:nowrap">markets. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3842px;left:1960.58px;white-space:nowrap">Derivatives
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3842px;left:3211px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3842px;left:3921.42px;white-space:nowrap">contracts </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4342px;left:0px;white-space:nowrap">initial </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:5680.2px;white-space:nowrap">agreement.</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:7130.83px;text-rendering:optimizeLegibility;white-space:nowrap">differ
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:6820.93px;white-space:nowrap">clearing
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:7891.35px;white-space:nowrap">Initial </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:7680.94px;white-space:nowrap">amount, </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:6230.39px;white-space:nowrap">$100,000
</div>

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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:9022.5px;letter-spacing:-1.21px;white-space:nowrap">Generally,
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</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:7721.46px;letter-spacing:-2.67px;white-space:nowrap">day,
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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:5220px;white-space:nowrap">days. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:5700.23px;white-space:nowrap">Collateral
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:6510.59px;white-space:nowrap">pledged </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:5220px;white-space:nowrap">OTC </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:5649.96px;white-space:nowrap">derivatives,
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:8838.37px;white-space:nowrap">accounts
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:6104.88px;white-space:nowrap">custodian/counterparty
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</div>

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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7908.64px;left:6270.56px;white-space:nowrap">non-performance.
</div>

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</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:9032.52px;white-space:nowrap">contracts
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:7411.03px;white-space:nowrap">gain </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:8838.64px;left:5590.02px;letter-spacing:-4.97px;white-space:nowrap">A
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:6350.45px;white-space:nowrap">contract
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:7470.97px;white-space:nowrap">agreement
</div>

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</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:7521.42px;white-space:nowrap">sell </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:8922.22px;text-rendering:optimizeLegibility;white-space:nowrap">specified
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:9682.65px;white-space:nowrap">price </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:6130.63px;white-space:nowrap">date. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:6580.99px;white-space:nowrap">Required
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:7361.46px;white-space:nowrap">initial </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:7821.65px;white-space:nowrap">margins </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:5220px;white-space:nowrap">Fund, </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:5220px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:5370.12px;white-space:nowrap">variation
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:7591.29px;white-space:nowrap">receivable
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:8952.1px;white-space:nowrap">Statement
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:5220px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:5410.2px;white-space:nowrap">Assets </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:6000.38px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:6350.71px;white-space:nowrap">Liabilities.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:7191.12px;white-space:nowrap">Futures
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:7851.36px;white-space:nowrap">contracts
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:8631.65px;white-space:nowrap">outstanding
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:5420.13px;white-space:nowrap">period </div>

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</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:7668.11px;white-space:nowrap">in </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:8158.45px;white-space:nowrap">Fund&#39;s
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:8743.1px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:9543.69px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:5220px;white-space:nowrap">Investments.</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:5220px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:5580.18px;white-space:nowrap">Fund&#160;entered
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:6700.96px;white-space:nowrap">into </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:7041.18px;white-space:nowrap">OTC </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:7471.14px;white-space:nowrap">forward
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:8121.36px;white-space:nowrap">exchange
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:8952.01px;white-space:nowrap">contracts
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:5220px;white-space:nowrap">primarily </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:6850.63px;white-space:nowrap">and/or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:7411.03px;white-space:nowrap">gain&#160;exposure
</div>

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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:9382.24px;white-space:nowrap">foreign
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:5220px;white-space:nowrap">currencies.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:6140.39px;letter-spacing:-4.97px;white-space:nowrap">A
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:6300.53px;white-space:nowrap">forward
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:6950.74px;white-space:nowrap">exchange
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:7781.4px;white-space:nowrap">contract
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:8901.91px;white-space:nowrap">agreement
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:5220px;white-space:nowrap">between </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:7211.51px;white-space:nowrap">counterparty
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:8462.2px;white-space:nowrap">buy </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:8802.42px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:9012.48px;white-space:nowrap">sell </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:9482.7px;white-space:nowrap">foreign </div></div>
</div>

<div style="height:80.74px;left:0px;position:absolute;top:0px;transform:translate(35.999px,120.643px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:243.00px">

<div style="width:4860px;height:1338.41px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.28px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:0px;letter-spacing:-0.89px;white-space:nowrap">1.
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:210.36px;letter-spacing:-3.69px;white-space:nowrap">Organization
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1436.2px;letter-spacing:-3px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1831.33px;text-rendering:optimizeLegibility;letter-spacing:-3.33px;white-space:nowrap">Significant
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:2857.74px;letter-spacing:-3.64px;white-space:nowrap">Accounting
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:3969.21px;letter-spacing:-3.5px;white-space:nowrap">Policies</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:250.14px;left:0px;letter-spacing:-2.91px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:657.54px;left:0px;white-space:nowrap">d.
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:657.54px;left:221.64px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:657.54px;left:1182.68px;white-space:nowrap">Purchased
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:657.54px;left:2206.99px;white-space:nowrap">on
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:657.54px;left:2491.89px;white-space:nowrap">a
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:657.54px;left:2650.35px;white-space:nowrap">When-Issued,
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:917.54px;left:0px;white-space:nowrap">Forward&#160;Commitment&#160;or
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:917.54px;left:2259.03px;white-space:nowrap">Delayed
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:917.54px;left:3040.56px;white-space:nowrap">Delivery
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:917.54px;left:3832.75px;white-space:nowrap">Basis
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:917.54px;left:4392.54px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:1177.54px;left:0px;letter-spacing:-1.76px;white-space:nowrap">TBA
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:1177.54px;left:436.22px;white-space:nowrap">Basis
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1202.94px;left:996.02px;white-space:nowrap">(continued)</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:1161.0px;width:891.0px;transform-origin:top left;transform:scale(1.5,1.5)">

<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:6453.14px;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:7127.45px;letter-spacing:10.29px;white-space:nowrap">Master
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7794.58px;letter-spacing:10.34px;white-space:nowrap">Intermediate
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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:7461.73px;letter-spacing:10px;white-space:nowrap">Notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8019.91px;letter-spacing:7.24px;white-space:nowrap">to
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<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
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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">45</div></div>
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5653.45px;white-space:nowrap">Annual
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6098.45px;white-space:nowrap">Report</div></div>
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</div>

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</div>

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</div>

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</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:10088.64px;left:7907.96px;white-space:nowrap">option,
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:8798.64px;white-space:nowrap">acquisition
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:5220px;white-space:nowrap">cost </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:6280.4px;white-space:nowrap">proceeds
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:7070.89px;white-space:nowrap">of </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:7571.25px;white-space:nowrap">underlying
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:8451.83px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:9372.22px;white-space:nowrap">is </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:5220px;white-space:nowrap">adjusted </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:6530.89px;white-space:nowrap">premium
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:7281.04px;white-space:nowrap">received
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:8011.41px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:8221.46px;white-space:nowrap">paid. </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:9142.12px;white-space:nowrap">expiration
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:5220px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:5420.13px;white-space:nowrap">an </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:5670.35px;white-space:nowrap">option,
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:6601.03px;white-space:nowrap">premium
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:7351.17px;white-space:nowrap">received
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:8081.54px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:8291.6px;white-space:nowrap">paid </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:8681.92px;white-space:nowrap">is </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:8861.92px;white-space:nowrap">recorded
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:9622.35px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:5220px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:5370.12px;white-space:nowrap">realized
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:6050.48px;white-space:nowrap">gain </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:6440.8px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:6650.86px;white-space:nowrap">loss. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:7070.98px;white-space:nowrap">Upon </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:7551.3px;white-space:nowrap">closing </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:8161.61px;white-space:nowrap">an </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:8411.84px;white-space:nowrap">option </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:8952.28px;white-space:nowrap">other </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:9412.56px;white-space:nowrap">than </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:5220px;white-space:nowrap">through </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:5880.5px;white-space:nowrap">expiration
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:6710.98px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:6921.04px;white-space:nowrap">exercise,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:7691.31px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:7991.54px;text-rendering:optimizeLegibility;white-space:nowrap">difference
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:8828.17px;white-space:nowrap">between
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:9558.72px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:5220px;white-space:nowrap">premium </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:5970.15px;white-space:nowrap">received
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:6700.52px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:6910.58px;white-space:nowrap">paid </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:7300.9px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:7651.23px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:7951.46px;white-space:nowrap">cost </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:8331.59px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:8531.72px;white-space:nowrap">close </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:9001.93px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:9302.17px;white-space:nowrap">position
</div></div> </div>

<div style="height:54.74px;left:0px;position:absolute;top:0px;transform:translate(54.000px,120.643px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:243.00px">

<div style="width:4860px;height:818.41px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.28px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:0px;letter-spacing:-0.89px;white-space:nowrap">1.
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:210.36px;letter-spacing:-3.69px;white-space:nowrap">Organization
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1436.2px;letter-spacing:-3px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1831.33px;text-rendering:optimizeLegibility;letter-spacing:-3.33px;white-space:nowrap">Significant
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:2857.74px;letter-spacing:-3.64px;white-space:nowrap">Accounting
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:3969.21px;letter-spacing:-3.5px;white-space:nowrap">Policies</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:250.14px;left:0px;letter-spacing:-2.91px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:657.54px;left:0px;white-space:nowrap">e.
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:657.54px;left:211.25px;white-space:nowrap">Derivative
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:657.54px;left:1172.38px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:657.54px;left:2048.72px;white-space:nowrap">Instruments
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:682.94px;left:3188.9px;white-space:nowrap">(continued)</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:1161.0px;width:891.0px;transform-origin:top left;transform:scale(1.5,1.5)">

<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:10.29px;white-space:nowrap">Master
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1341.44px;letter-spacing:10.34px;white-space:nowrap">Intermediate
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2500.95px;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:3143.94px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:0px;letter-spacing:10px;white-space:nowrap">Notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:558.17px;letter-spacing:7.24px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:810.66px;letter-spacing:10.32px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:1647.53px;letter-spacing:8.88px;white-space:nowrap">Statements</div></div>
</div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(36.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

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

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(36.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:36.48px;white-space:nowrap">46</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="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(80.389px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:324.61px">

<div style="width:6492.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div></div>
</div>

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

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

<div style="height:51.74px;left:0px;position:absolute;top:0px;transform:translate(36.000px,74.175px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:866.04px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,7.44px) rotate(0deg) scale(0.05)">
</div> </div>

<div style="height:612.65px;left:0px;position:absolute;top:0px;transform:translate(35.999px,121.116px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12117.6px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.8px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:0px;white-space:nowrap">is </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:180px;white-space:nowrap">recorded </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:940.43px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:1180.55px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:1330.66px;white-space:nowrap">realized </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:2011.03px;white-space:nowrap">gain </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:2401.35px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:2611.41px;white-space:nowrap">loss. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:3031.52px;white-space:nowrap">Option </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:3611.87px;white-space:nowrap">contracts </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1238px;left:0px;white-space:nowrap">outstanding </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1238px;left:980.77px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1238px;left:1180.9px;white-space:nowrap">period </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1238px;left:1731.27px;white-space:nowrap">end, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1238px;left:2131.61px;white-space:nowrap">if </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1238px;left:2271.62px;letter-spacing:-2.67px;white-space:nowrap">any,
</div>

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</div>

<div style="height:54.74px;left:0px;position:absolute;top:0px;transform:translate(35.999px,120.643px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:243.00px">

<div style="width:4860px;height:818.41px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.28px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:0px;letter-spacing:-0.89px;white-space:nowrap">1.
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:210.36px;letter-spacing:-3.69px;white-space:nowrap">Organization
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1436.2px;letter-spacing:-3px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1831.33px;text-rendering:optimizeLegibility;letter-spacing:-3.33px;white-space:nowrap">Significant
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:2857.74px;letter-spacing:-3.64px;white-space:nowrap">Accounting
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:3969.21px;letter-spacing:-3.5px;white-space:nowrap">Policies</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:250.14px;left:0px;letter-spacing:-2.91px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:657.54px;left:0px;white-space:nowrap">e.
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:657.54px;left:211.25px;white-space:nowrap">Derivative
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:657.54px;left:1172.38px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:657.54px;left:2048.72px;white-space:nowrap">Instruments
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:682.94px;left:3188.9px;white-space:nowrap">(continued)</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:1161.0px;width:891.0px;transform-origin:top left;transform:scale(1.5,1.5)">

<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:6453.14px;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:7127.45px;letter-spacing:10.29px;white-space:nowrap">Master
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7794.58px;letter-spacing:10.34px;white-space:nowrap">Intermediate
</div>

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:7461.73px;letter-spacing:10px;white-space:nowrap">Notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8019.91px;letter-spacing:7.24px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8272.39px;letter-spacing:10.32px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:9109.27px;letter-spacing:8.88px;white-space:nowrap">Statements</div></div>
</div>

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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">47</div></div>
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<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5653.45px;white-space:nowrap">Annual
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rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12117.6px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.8px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:0px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:460.28px;white-space:nowrap">enters </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:1010.57px;white-space:nowrap">into </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:1350.79px;white-space:nowrap">contracts </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:2131.08px;white-space:nowrap">with </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:2501.19px;white-space:nowrap">service </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:3121.35px;white-space:nowrap">providers </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5870.48px;text-rendering:optimizeLegibility;white-space:nowrap">indemnification
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7121.16px;white-space:nowrap">clauses. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7828.24px;white-space:nowrap">The&#160;Fund&#39;s
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:5220px;white-space:nowrap">the&#160;Fund
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</div>

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<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1571.07px;left:0px;letter-spacing:-0.89px;white-space:nowrap">2.
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<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1571.07px;left:210.36px;letter-spacing:-3.43px;white-space:nowrap">Shares
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1938.8px;left:1450.81px;white-space:nowrap">2025, </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3368.8px;left:4034.88px;white-space:nowrap">Repurchases
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3618.8px;left:1611.12px;white-space:nowrap">therefore
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3618.8px;left:2381.57px;white-space:nowrap">increase </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3618.8px;left:3111.94px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3618.8px;left:3412.18px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3618.8px;left:3712.41px;white-space:nowrap">asset </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3618.8px;left:4192.65px;white-space:nowrap">value </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3618.8px;left:4672.97px;white-space:nowrap">per </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3618.8px;left:4983.13px;white-space:nowrap">share </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3618.8px;left:5483.41px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3618.8px;left:5683.54px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3618.8px;left:5983.77px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3618.8px;left:6570.79px;white-space:nowrap">remaining
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3618.8px;left:7411.2px;white-space:nowrap">shares.&#160;During
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3618.8px;left:8631.74px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3618.8px;left:8931.97px;white-space:nowrap">year </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3618.8px;left:9332.14px;white-space:nowrap">ended </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3868.8px;left:0px;white-space:nowrap">September </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3868.8px;left:930.5px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3868.8px;left:1230.73px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3868.8px;left:1731.18px;white-space:nowrap">there </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3868.8px;left:2191.46px;white-space:nowrap">were </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3868.8px;left:2631.62px;white-space:nowrap">no </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3868.8px;left:2881.85px;white-space:nowrap">shares </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3868.8px;left:3472.12px;white-space:nowrap">repurchased.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3868.8px;left:4569.52px;letter-spacing:-0.51px;white-space:nowrap">Transactions
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3868.8px;left:5643.28px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3868.8px;left:5833.39px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3868.8px;left:6133.62px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3868.8px;left:6720.64px;white-space:nowrap">shares </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3868.8px;left:7310.92px;white-space:nowrap">were </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3868.8px;left:7751.07px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3868.8px;left:7991.19px;white-space:nowrap">follows:</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6139.26px;left:0px;letter-spacing:-0.89px;white-space:nowrap">3.
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6139.26px;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:6139.26px;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:6139.26px;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:6507px;left:0px;white-space:nowrap">Franklin </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6507px;left:690.21px;white-space:nowrap">Resources, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6507px;left:1650.59px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6507px;left:1990.72px;white-space:nowrap">is </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6507px;left:2170.72px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6507px;left:2470.96px;white-space:nowrap">holding </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6507px;left:3101.48px;white-space:nowrap">company </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6507px;left:3881.87px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6507px;left:4141.93px;white-space:nowrap">various </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6507px;left:4772.2px;white-space:nowrap">subsidiaries
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6507px;left:5772.66px;white-space:nowrap">that </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6507px;left:6122.9px;white-space:nowrap">together </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6507px;left:6833.41px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6507px;left:7143.57px;white-space:nowrap">referred </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6507px;left:7823.85px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6507px;left:8023.97px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6507px;left:8264.09px;white-space:nowrap">Franklin </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6507px;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:6757px;left:0px;white-space:nowrap">Certain </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6757px;left:630.26px;text-rendering:optimizeLegibility;white-space:nowrap">officers
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6757px;left:1255.96px;white-space:nowrap">and&#160;trustees
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6757px;left:2296.58px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6757px;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:6757px;left:3567.39px;white-space:nowrap">also </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6757px;left:3947.61px;text-rendering:optimizeLegibility;white-space:nowrap">officers
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6757px;left:4573.3px;white-space:nowrap">and/or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6757px;left:5133.69px;white-space:nowrap">directors </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6757px;left:5873.91px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6757px;left:6074.03px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6757px;left:6374.27px;white-space:nowrap">following </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6757px;left:7124.68px;white-space:nowrap">subsidiaries:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4334.22px;left:6404.26px;letter-spacing:-1.77px;white-space:nowrap">Year
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4334.22px;left:6786.84px;white-space:nowrap">Ended</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4526.22px;left:6092.89px;white-space:nowrap">September
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4526.22px;left:6964.3px;white-space:nowrap">30,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4526.22px;left:7231.17px;white-space:nowrap">2025</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4334.22px;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:4334.22px;left:8946.84px;white-space:nowrap">Ended</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4526.22px;left:8252.89px;white-space:nowrap">September
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4526.22px;left:9124.3px;white-space:nowrap">30,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4526.22px;left:9391.17px;white-space:nowrap">2024</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4786.71px;left:6033.16px;white-space:nowrap">Shares</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4786.71px;left:7077.85px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4786.71px;left:8193.16px;white-space:nowrap">Shares</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4786.71px;left:9237.85px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5128.65px;left:0px;white-space:nowrap">Shares </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5128.65px;left:551.41px;white-space:nowrap">repurchased</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5128.65px;left:1494.61px;letter-spacing:49.25px;white-space:nowrap">.............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5128.65px;left:6751.02px;white-space:nowrap">&#8211;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5128.65px;left:7742.03px;white-space:nowrap">$&#8211;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5128.65px;left:8421.64px;white-space:nowrap">375,175</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5128.65px;left:9279.22px;white-space:nowrap">$1,179,070</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5389.13px;left:0px;letter-spacing:-0.32px;white-space:nowrap">Weighted
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5389.13px;left:717.5px;white-space:nowrap">average </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5389.13px;left:1340.16px;white-space:nowrap">discount
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5389.13px;left:1980.55px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5389.13px;left:2158.44px;white-space:nowrap">cost </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5389.13px;left:2496.33px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5389.13px;left:2674.22px;white-space:nowrap">repurchase
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5389.13px;left:3519.14px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5389.13px;left:3697.03px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5389.13px;left:3963.91px;white-space:nowrap">asset </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5389.13px;left:4390.78px;white-space:nowrap">value </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5389.13px;left:4817.73px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5389.13px;left:4995.63px;white-space:nowrap">shares </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5581.13px;left:144px;white-space:nowrap">repurchased</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5581.13px;left:1120.96px;letter-spacing:49.22px;white-space:nowrap">.................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5581.13px;left:7688.75px;white-space:nowrap">&#8211;%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5581.13px;left:9626.33px;white-space:nowrap">7.84%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7230.41px;left:0px;white-space:nowrap">Subsidiary</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7230.41px;left:5040px;text-rendering:optimizeLegibility;white-space:nowrap">Affiliation</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7506.9px;left:0px;white-space:nowrap">Franklin </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7506.9px;left:604.69px;white-space:nowrap">Advisers, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7506.9px;left:1307.11px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7506.9px;left:1609.45px;white-space:nowrap">(Advisers)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7506.9px;left:5040px;white-space:nowrap">Investment </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7506.9px;left:5867.03px;white-space:nowrap">manager</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7783.38px;left:0px;white-space:nowrap">Franklin </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7783.38px;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:7783.38px;left:1393.28px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7783.38px;left:2220.31px;white-space:nowrap">Management
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7783.38px;left:3198.67px;white-space:nowrap">Limited </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7783.38px;left:3758.91px;white-space:nowrap">(FTIML)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7783.38px;left:5040px;white-space:nowrap">Subadvisor</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8059.87px;left:0px;white-space:nowrap">Putnam </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8059.87px;left:595.86px;white-space:nowrap">Investments
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8059.87px;left:1502.89px;white-space:nowrap">Limited </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8059.87px;left:2063.13px;white-space:nowrap">(PIL)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8059.87px;left:5040px;white-space:nowrap">Subadvisor</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8336.35px;left:0px;white-space:nowrap">Putnam </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8336.35px;left:595.86px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8336.35px;left:1422.89px;white-space:nowrap">Management,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8336.35px;left:2445.7px;white-space:nowrap">LLC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8336.35px;left:2783.67px;white-space:nowrap">(Putnam </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8336.35px;left:3432.81px;white-space:nowrap">Management)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8336.35px;left:5040px;white-space:nowrap">Subadvisor</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8612.84px;left:0px;white-space:nowrap">Franklin </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8612.84px;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:8612.84px;left:1393.28px;white-space:nowrap">Services,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8612.84px;left:2095.7px;white-space:nowrap">LLC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8612.84px;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:8612.84px;left:2723.98px;white-space:nowrap">Services)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8612.84px;left:5040px;white-space:nowrap">Administrative
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8612.84px;left:6089.22px;white-space:nowrap">manager</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8889.32px;left:0px;white-space:nowrap">Franklin </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8889.32px;left:613.52px;white-space:nowrap">Distributors,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8889.32px;left:1511.48px;white-space:nowrap">LLC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8889.32px;left:1849.45px;white-space:nowrap">(Distributors)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8889.32px;left:5040px;white-space:nowrap">Principal </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8889.32px;left:5698.05px;white-space:nowrap">underwriter</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9165.81px;left:0px;white-space:nowrap">Putnam </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9165.81px;left:595.86px;white-space:nowrap">Investor </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9165.81px;left:1209.45px;white-space:nowrap">Services,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9165.81px;left:1911.88px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9165.81px;left:2214.22px;letter-spacing:-0.32px;white-space:nowrap">(PSERV)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9165.81px;left:5040px;letter-spacing:-0.66px;white-space:nowrap">Transfer
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9165.81px;left:5674.22px;white-space:nowrap">agent</div></div>
</div>

<div style="height:54.74px;left:0px;position:absolute;top:0px;transform:translate(54.000px,120.643px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:243.00px">

<div style="width:4860px;height:818.41px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.28px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:0px;letter-spacing:-0.89px;white-space:nowrap">1.
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:210.36px;letter-spacing:-3.69px;white-space:nowrap">Organization
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1436.2px;letter-spacing:-3px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1831.33px;text-rendering:optimizeLegibility;letter-spacing:-3.33px;white-space:nowrap">Significant
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:2857.74px;letter-spacing:-3.64px;white-space:nowrap">Accounting
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:3969.21px;letter-spacing:-3.5px;white-space:nowrap">Policies</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:250.14px;left:0px;letter-spacing:-2.91px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:657.54px;left:0px;white-space:nowrap">j.
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:657.54px;left:158.36px;white-space:nowrap">Guarantees
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:657.54px;left:1256.62px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:657.54px;left:1647.19px;text-rendering:optimizeLegibility;white-space:nowrap">Indemnifications
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:682.94px;left:3209.59px;white-space:nowrap">(continued)</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:1161.0px;width:891.0px;transform-origin:top left;transform:scale(1.5,1.5)">

<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:10.29px;white-space:nowrap">Master
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1341.44px;letter-spacing:10.34px;white-space:nowrap">Intermediate
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2500.95px;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:3143.94px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:0px;letter-spacing:10px;white-space:nowrap">Notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:558.17px;letter-spacing:7.24px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:810.66px;letter-spacing:10.32px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:1647.53px;letter-spacing:8.88px;white-space:nowrap">Statements</div></div>
</div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(36.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

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

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(36.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:36.48px;white-space:nowrap">48</div></div>
</div>

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

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

<div style="height:17.16px;left:0px;position:absolute;top:0px;transform:translate(405.000px,743.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:254.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(80.389px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:324.61px">

<div style="width:6492.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div></div>
</div>

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

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

<div style="height:51.74px;left:0px;position:absolute;top:0px;transform:translate(36.000px,74.175px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:866.04px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,7.44px) rotate(0deg) scale(0.05)">
</div> </div>

<div 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:190px;font-weight:bold;position:absolute;top:417.54px;left:0px;white-space:nowrap">a.
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:417.54px;left:211.25px;white-space:nowrap">Management
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:417.54px;left:1425.37px;white-space:nowrap">Fees</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:0px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:360.18px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:820.46px;letter-spacing:-0.55px;white-space:nowrap">pays&#160;Advisers&#160;for
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:2241.04px;white-space:nowrap">management </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:3341.69px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:3692.02px;white-space:nowrap">investment </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:4612.41px;white-space:nowrap">advisory </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:5332.68px;white-space:nowrap">services </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:6042.83px;white-space:nowrap">quarterly </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:6793.15px;white-space:nowrap">based </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:7333.59px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:7583.82px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:7884.05px;white-space:nowrap">average </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:8584.54px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:8884.78px;white-space:nowrap">assets </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:0px;white-space:nowrap">(including </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:820.46px;white-space:nowrap">assets, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:1440.7px;white-space:nowrap">but </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:1740.94px;white-space:nowrap">excluding </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:2551.46px;white-space:nowrap">liabilities,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:3331.76px;white-space:nowrap">attributable
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:4272.36px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:4472.49px;white-space:nowrap">leverage </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:5212.97px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:5473.04px;white-space:nowrap">investment </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:6393.43px;white-space:nowrap">purposes) </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:7243.86px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:7443.98px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:7744.22px;white-space:nowrap">Fund. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:8251.26px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:8611.44px;white-space:nowrap">fee </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:8911.67px;white-space:nowrap">is </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:9091.67px;white-space:nowrap">based </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1248px;left:0px;white-space:nowrap">the </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7870.27px;left:736.44px;white-space:nowrap">November </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7870.27px;left:1816.88px;white-space:nowrap">2024, </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8370.27px;left:0px;white-space:nowrap">expense </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8370.27px;left:2371.38px;white-space:nowrap">November
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8370.27px;left:3251.69px;white-space:nowrap">1, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8370.27px;left:3451.82px;white-space:nowrap">2024, </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8370.27px;left:4265.77px;white-space:nowrap">provided
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8370.27px;left:7737.54px;text-rendering:optimizeLegibility;white-space:nowrap">Effective
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8370.27px;left:8473.97px;white-space:nowrap">November
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8370.27px;left:9354.29px;white-space:nowrap">1, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8370.27px;left:9554.41px;white-space:nowrap">2024, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8620.27px;left:0px;letter-spacing:-1.67px;white-space:nowrap">PIL
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8620.27px;left:313.51px;white-space:nowrap">merged </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8620.27px;left:973.83px;white-space:nowrap">into </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8620.27px;left:1314.05px;white-space:nowrap">FTIML, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8620.27px;left:1934.03px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8620.27px;left:2284.37px;letter-spacing:-1.67px;white-space:nowrap">PIL
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8620.27px;left:2597.87px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8620.27px;left:3518.26px;white-space:nowrap">professionals
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8620.27px;left:4628.85px;white-space:nowrap">became </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8620.27px;left:5319.23px;white-space:nowrap">employees
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8620.27px;left:6239.71px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8620.27px;left:6439.83px;white-space:nowrap">FTIML.</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:9123.8px;left:0px;white-space:nowrap">b.
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:9123.8px;left:214.58px;white-space:nowrap">Administrative
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:9123.8px;left:1587.17px;white-space:nowrap">Fees</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9454.27px;left:0px;white-space:nowrap">Under </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9454.27px;left:540.26px;white-space:nowrap">an </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9454.27px;left:790.49px;white-space:nowrap">agreement
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9454.27px;left:1701.04px;white-space:nowrap">with </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9454.27px;left:2061.21px;white-space:nowrap">Advisers,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9454.27px;left:2851.44px;letter-spacing:-1.08px;white-space:nowrap">FT
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9454.27px;left:3118.1px;white-space:nowrap">Services </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9454.27px;left:3858.31px;white-space:nowrap">provides
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9454.27px;left:4588.68px;white-space:nowrap">administrative
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9454.27px;left:5749.1px;white-space:nowrap">services </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9454.27px;left:6459.26px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9454.27px;left:6659.38px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9454.27px;left:6959.62px;white-space:nowrap">Fund. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9454.27px;left:7466.66px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9454.27px;left:7826.84px;white-space:nowrap">fee </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9454.27px;left:8127.07px;white-space:nowrap">is </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9454.27px;left:8307.07px;white-space:nowrap">paid </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9454.27px;left:8697.39px;letter-spacing:-0.83px;white-space:nowrap">by&#160;Advisers
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9704.27px;left:0px;white-space:nowrap">based </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9704.27px;left:540.44px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9704.27px;left:790.66px;white-space:nowrap">the&#160;Fund&#39;s
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9704.27px;left:1675.55px;white-space:nowrap">average </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9704.27px;left:2376.04px;white-space:nowrap">daily </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9704.27px;left:2796.24px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9704.27px;left:3096.47px;white-space:nowrap">assets, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9704.27px;left:3716.72px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9704.27px;left:4067.05px;white-space:nowrap">is </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9704.27px;left:4247.05px;white-space:nowrap">not </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9704.27px;left:4547.29px;white-space:nowrap">an </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9704.27px;left:4797.51px;white-space:nowrap">additional
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9704.27px;left:5618.14px;white-space:nowrap">expense </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9704.27px;left:6348.69px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9704.27px;left:6548.82px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9704.27px;left:6849.05px;white-space:nowrap">Fund.</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10134.27px;left:0px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10134.27px;left:360.18px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10134.27px;left:820.46px;white-space:nowrap">reimburses
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10134.27px;left:1750.78px;white-space:nowrap">Advisers
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10134.27px;left:2491px;white-space:nowrap">an </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10134.27px;left:2741.22px;white-space:nowrap">allocated
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10134.27px;left:3511.76px;white-space:nowrap">amount </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10134.27px;left:4162.15px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10134.27px;left:4422.22px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10134.27px;left:4722.45px;white-space:nowrap">compensation
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10134.27px;left:5893.15px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10134.27px;left:6243.49px;white-space:nowrap">related
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10134.27px;left:6843.87px;white-space:nowrap">expenses
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10134.27px;left:7664.41px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10134.27px;left:7864.54px;white-space:nowrap">certain
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10134.27px;left:8454.81px;text-rendering:optimizeLegibility;white-space:nowrap">officers
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10134.27px;left:9080.51px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10134.27px;left:9280.63px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10384.27px;left:0px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10384.27px;left:460.28px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10384.27px;left:810.62px;white-space:nowrap">their </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10384.27px;left:1210.78px;text-rendering:optimizeLegibility;white-space:nowrap">staff
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10384.27px;left:1597.06px;white-space:nowrap">who </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10384.27px;left:1977.28px;white-space:nowrap">provide
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10384.27px;left:2617.65px;white-space:nowrap">administrative
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10384.27px;left:3778.07px;white-space:nowrap">services
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10384.27px;left:4488.22px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10384.27px;left:4688.35px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10384.27px;left:4988.58px;white-space:nowrap">Fund. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10384.27px;left:5495.63px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10384.27px;left:5855.8px;white-space:nowrap">aggregate
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10384.27px;left:6716.51px;white-space:nowrap">amount </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10384.27px;left:7366.9px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10384.27px;left:7567.03px;white-space:nowrap">all </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10384.27px;left:7797.13px;white-space:nowrap">such </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10384.27px;left:8227.35px;white-space:nowrap">reimbursements
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10384.27px;left:9567.77px;white-space:nowrap">is </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10634.27px;left:0px;white-space:nowrap">determined </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10634.27px;left:950.54px;white-space:nowrap">annually
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10634.27px;left:1671.06px;white-space:nowrap">by </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10634.27px;left:1911.18px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10634.27px;left:2208.16px;letter-spacing:-0.67px;white-space:nowrap">Trustees.
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1721.42px;left:0px;white-space:nowrap">Annualized
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1721.42px;left:897.81px;white-space:nowrap">Fee
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1721.42px;left:1217.97px;white-space:nowrap">Rate</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1721.42px;left:2880px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1721.42px;left:3176.33px;white-space:nowrap">Assets</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1997.91px;left:0px;white-space:nowrap">0.750%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1997.91px;left:2880px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1997.91px;left:3057.89px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1997.91px;left:3324.77px;text-rendering:optimizeLegibility;white-space:nowrap">first
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1997.91px;left:3626.95px;white-space:nowrap">$500 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1997.91px;left:4027.34px;white-space:nowrap">million </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1997.91px;left:4525.23px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1997.91px;left:4703.13px;white-space:nowrap">average </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1997.91px;left:5325.78px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1997.91px;left:5592.66px;white-space:nowrap">assets,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2274.39px;left:0px;white-space:nowrap">0.650%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2274.39px;left:2880px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2274.39px;left:3057.89px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2274.39px;left:3324.77px;white-space:nowrap">next </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2274.39px;left:3671.64px;white-space:nowrap">$500 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2274.39px;left:4072.03px;white-space:nowrap">million </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2274.39px;left:4569.92px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2274.39px;left:4747.81px;white-space:nowrap">average </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2274.39px;left:5370.47px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2274.39px;left:5637.34px;white-space:nowrap">assets,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2550.87px;left:0px;white-space:nowrap">0.600%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2550.87px;left:2880px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2550.87px;left:3057.89px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2550.87px;left:3324.77px;white-space:nowrap">next </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2550.87px;left:3671.64px;white-space:nowrap">$500 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2550.87px;left:4072.03px;white-space:nowrap">million </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2550.87px;left:4569.92px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2550.87px;left:4747.81px;white-space:nowrap">average </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2550.87px;left:5370.47px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2550.87px;left:5637.34px;white-space:nowrap">assets,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2827.36px;left:0px;white-space:nowrap">0.550%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2827.36px;left:2880px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2827.36px;left:3057.89px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2827.36px;left:3324.77px;white-space:nowrap">next </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2827.36px;left:3671.64px;white-space:nowrap">$5 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2827.36px;left:3894.06px;white-space:nowrap">billion </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2827.36px;left:4347.66px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2827.36px;left:4525.55px;white-space:nowrap">average </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2827.36px;left:5148.2px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2827.36px;left:5415.08px;white-space:nowrap">assets,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3103.84px;left:0px;white-space:nowrap">0.525%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3103.84px;left:2880px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3103.84px;left:3057.89px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3103.84px;left:3324.77px;white-space:nowrap">next </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3103.84px;left:3671.64px;white-space:nowrap">$5 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3103.84px;left:3894.06px;white-space:nowrap">billion </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3103.84px;left:4347.66px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3103.84px;left:4525.55px;white-space:nowrap">average </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3103.84px;left:5148.2px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3103.84px;left:5415.08px;white-space:nowrap">assets,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3380.33px;left:0px;white-space:nowrap">0.505%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3380.33px;left:2880px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3380.33px;left:3057.89px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3380.33px;left:3324.77px;white-space:nowrap">next </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3380.33px;left:3671.64px;white-space:nowrap">$5 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3380.33px;left:3894.06px;white-space:nowrap">billion </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3380.33px;left:4347.66px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3380.33px;left:4525.55px;white-space:nowrap">average </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3380.33px;left:5148.2px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3380.33px;left:5415.08px;white-space:nowrap">assets,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3656.81px;left:0px;white-space:nowrap">0.490%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3656.81px;left:2880px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3656.81px;left:3057.89px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3656.81px;left:3324.77px;white-space:nowrap">next </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3656.81px;left:3671.64px;white-space:nowrap">$5 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3656.81px;left:3894.06px;white-space:nowrap">billion </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3656.81px;left:4347.66px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3656.81px;left:4525.55px;white-space:nowrap">average </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3656.81px;left:5148.2px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3656.81px;left:5415.08px;white-space:nowrap">assets,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3933.3px;left:0px;white-space:nowrap">0.480%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3933.3px;left:2880px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3933.3px;left:3057.89px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3933.3px;left:3324.77px;white-space:nowrap">next </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3933.3px;left:3671.64px;white-space:nowrap">$5 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3933.3px;left:3894.06px;white-space:nowrap">billion </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3933.3px;left:4347.66px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3933.3px;left:4525.55px;white-space:nowrap">average </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3933.3px;left:5148.2px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3933.3px;left:5415.08px;white-space:nowrap">assets,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4209.78px;left:0px;white-space:nowrap">0.470%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4209.78px;left:2880px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4209.78px;left:3057.89px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4209.78px;left:3324.77px;white-space:nowrap">next </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4209.78px;left:3671.64px;white-space:nowrap">$5 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4209.78px;left:3894.06px;white-space:nowrap">billion </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4209.78px;left:4347.66px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4209.78px;left:4525.55px;white-space:nowrap">average </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4209.78px;left:5148.2px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4209.78px;left:5415.08px;white-space:nowrap">assets,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4486.26px;left:0px;white-space:nowrap">0.460%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4486.26px;left:2880px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4486.26px;left:3057.89px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4486.26px;left:3324.77px;white-space:nowrap">next </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4486.26px;left:3671.64px;white-space:nowrap">$5 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4486.26px;left:3894.06px;white-space:nowrap">billion </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4486.26px;left:4347.66px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4486.26px;left:4525.55px;white-space:nowrap">average </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4486.26px;left:5148.2px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4486.26px;left:5415.08px;white-space:nowrap">assets,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4762.75px;left:0px;white-space:nowrap">0.450%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4762.75px;left:2880px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4762.75px;left:3057.89px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4762.75px;left:3324.77px;white-space:nowrap">next </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4762.75px;left:3671.64px;white-space:nowrap">$5 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4762.75px;left:3894.06px;white-space:nowrap">billion </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4762.75px;left:4347.66px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4762.75px;left:4525.55px;white-space:nowrap">average </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4762.75px;left:5148.2px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4762.75px;left:5415.08px;white-space:nowrap">assets,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5039.23px;left:0px;white-space:nowrap">0.440%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5039.23px;left:2880px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5039.23px;left:3057.89px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5039.23px;left:3324.77px;white-space:nowrap">next </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5039.23px;left:3671.64px;white-space:nowrap">$5 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5039.23px;left:3894.06px;white-space:nowrap">billion </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5039.23px;left:4347.66px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5039.23px;left:4525.55px;white-space:nowrap">average </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5039.23px;left:5148.2px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5039.23px;left:5415.08px;white-space:nowrap">assets,</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5315.72px;left:0px;white-space:nowrap">0.430%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5315.72px;left:2880px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5315.72px;left:3057.89px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5315.72px;left:3324.77px;white-space:nowrap">next </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5315.72px;left:3671.64px;white-space:nowrap">$8.5 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5315.72px;left:4027.5px;white-space:nowrap">billion </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5315.72px;left:4481.09px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5315.72px;left:4658.98px;white-space:nowrap">average </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5315.72px;left:5281.64px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5315.72px;left:5548.52px;white-space:nowrap">assets </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5315.72px;left:6055.39px;white-space:nowrap">and</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5592.2px;left:0px;white-space:nowrap">0.420%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5592.2px;left:2880px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5592.2px;left:3057.89px;white-space:nowrap">any </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5592.2px;left:3360.31px;white-space:nowrap">excess </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5592.2px;left:3902.73px;letter-spacing:-0.8px;white-space:nowrap">thereafter.</div></div>
</div>

<div style="height:26.28px;left:0px;position:absolute;top:0px;transform:translate(35.999px,120.643px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:145.61px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.28px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:0px;letter-spacing:-0.89px;white-space:nowrap">3.
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:210.36px;letter-spacing:-4.54px;white-space:nowrap">Transactions
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1447.72px;letter-spacing:-3.2px;white-space:nowrap">with
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1875.77px;text-rendering:optimizeLegibility;letter-spacing:-3.2px;white-space:nowrap">Affiliates</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10.14px;left:2724.28px;letter-spacing:-2.91px;white-space:nowrap">(continued)</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:1161.0px;width:891.0px;transform-origin:top left;transform:scale(1.5,1.5)">

<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:6453.14px;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:7127.45px;letter-spacing:10.29px;white-space:nowrap">Master
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7794.58px;letter-spacing:10.34px;white-space:nowrap">Intermediate
</div>

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:7461.73px;letter-spacing:10px;white-space:nowrap">Notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8019.91px;letter-spacing:7.24px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8272.39px;letter-spacing:10.32px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:9109.27px;letter-spacing:8.88px;white-space:nowrap">Statements</div></div>
</div>

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">49</div></div>
</div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(54.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

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

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

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

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(53.999px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

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

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(189.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:324.61px">

<div style="width:6492.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6098.45px;white-space:nowrap">Report</div></div>
</div>

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(513.610px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

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

<div style="height:51.74px;left:0px;position:absolute;top:0px;transform:translate(53.999px,74.175px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:866.04px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,7.44px) rotate(0deg) scale(0.05)">
</div> </div>

<div style="height:607.88px;left:0px;position:absolute;top:0px;transform:translate(54.000px,123.919px) 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">c.
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<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
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<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
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<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,
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<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,
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1678px;left:8540.77px;white-space:nowrap">October </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1678px;left:9231.06px;white-space:nowrap">13, </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7776px;left:7890.12px;white-space:nowrap">Statement </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7776px;left:8760.59px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7776px;left:8960.71px;white-space:nowrap">Operations,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8026px;left:0px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8026px;left:190.11px;white-space:nowrap">an </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8026px;left:440.33px;white-space:nowrap">amount </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8026px;left:1090.72px;white-space:nowrap">not </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8026px;left:1390.96px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8026px;left:1591.08px;white-space:nowrap">exceed </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8026px;left:2221.52px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8026px;left:2521.76px;white-space:nowrap">management </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8026px;left:3622.41px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8026px;left:3972.74px;white-space:nowrap">administrative
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8026px;left:5133.16px;white-space:nowrap">fees, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8026px;left:5573.41px;white-space:nowrap">if </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8026px;left:5713.42px;white-space:nowrap">applicable,&#160;paid
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8026px;left:7014.38px;white-space:nowrap">directly </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8026px;left:7634.53px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8026px;left:7844.59px;white-space:nowrap">indirectly </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8026px;left:8604.84px;white-space:nowrap">by </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8026px;left:8844.96px;white-space:nowrap">each </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8026px;left:9285.29px;text-rendering:optimizeLegibility;white-space:nowrap">affiliate.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8276px;left:0px;white-space:nowrap">During </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8276px;left:580.25px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8276px;left:880.49px;white-space:nowrap">year </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8276px;left:1280.65px;white-space:nowrap">ended </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8276px;left:1831.2px;white-space:nowrap">September </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8276px;left:2761.7px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8276px;left:3061.93px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8276px;left:3562.38px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8276px;left:3862.62px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8276px;left:4322.9px;white-space:nowrap">held </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8276px;left:4713.22px;white-space:nowrap">investments
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8276px;left:5723.61px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8276px;left:5913.72px;text-rendering:optimizeLegibility;white-space:nowrap">affiliated
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8276px;left:6629.68px;white-space:nowrap">management </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8276px;left:7730.33px;white-space:nowrap">investment </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8276px;left:8650.72px;white-space:nowrap">companies </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8276px;left:9571.2px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8526px;left:0px;white-space:nowrap">follows:</div></div>
</div>

<div style="height:26.28px;left:0px;position:absolute;top:0px;transform:translate(54.000px,120.643px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:145.61px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.28px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:0px;letter-spacing:-0.89px;white-space:nowrap">3.
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:210.36px;letter-spacing:-4.54px;white-space:nowrap">Transactions
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1447.72px;letter-spacing:-3.2px;white-space:nowrap">with
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1875.77px;text-rendering:optimizeLegibility;letter-spacing:-3.2px;white-space:nowrap">Affiliates</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10.14px;left:2724.28px;letter-spacing:-2.91px;white-space:nowrap">(continued)</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:1161.0px;width:891.0px;transform-origin:top left;transform:scale(1.5,1.5)">

<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:10.29px;white-space:nowrap">Master
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1341.44px;letter-spacing:10.34px;white-space:nowrap">Intermediate
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2500.95px;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:3143.94px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:0px;letter-spacing:10px;white-space:nowrap">Notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:558.17px;letter-spacing:7.24px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:810.66px;letter-spacing:10.32px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:1647.53px;letter-spacing:8.88px;white-space:nowrap">Statements</div></div>
</div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(36.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

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

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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">50</div></div>
</div>

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

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

<div style="height:17.16px;left:0px;position:absolute;top:0px;transform:translate(405.000px,743.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:254.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
</div>

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<div style="width:6492.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div></div>
</div>

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

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

<div style="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:200px;font-weight:bold;position:absolute;top:4504.22px;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:4504.22px;left:210.36px;letter-spacing:-3.5px;white-space:nowrap">Expense
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4504.22px;left:1056.59px;text-rendering:optimizeLegibility;letter-spacing:-2.86px;white-space:nowrap">Offset
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4504.22px;left:1653.68px;letter-spacing:-3.64px;white-space:nowrap">Arrangement</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4871.96px;left:0px;white-space:nowrap">The&#160;Fund&#160;has&#160;entered
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4871.96px;left:1821.18px;white-space:nowrap">into&#160;arrangements
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4871.96px;left:3322px;white-space:nowrap">with </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4871.96px;left:3692.11px;letter-spacing:-0.54px;white-space:nowrap">PSERV
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4871.96px;left:4349.09px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4871.96px;left:4699.42px;white-space:nowrap">its </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4871.96px;left:4929.43px;white-space:nowrap">custodian
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4871.96px;left:5749.98px;white-space:nowrap">whereby </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4871.96px;left:6480.35px;white-space:nowrap">credits </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4871.96px;left:7060.52px;white-space:nowrap">realized
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4871.96px;left:7740.88px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4871.96px;left:7981px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4871.96px;left:8131.11px;white-space:nowrap">result </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4871.96px;left:8621.28px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4871.96px;left:8821.41px;white-space:nowrap">uninvested
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5121.96px;left:0px;white-space:nowrap">cash </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5121.96px;left:430.22px;white-space:nowrap">balances </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5121.96px;left:1200.76px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5121.96px;left:1510.93px;white-space:nowrap">used </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5121.96px;left:1951.26px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5121.96px;left:2151.39px;white-space:nowrap">reduce </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5121.96px;left:2751.77px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5121.96px;left:2901.88px;white-space:nowrap">portion </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5121.96px;left:3502.27px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5121.96px;left:3702.39px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5121.96px;left:4002.63px;white-space:nowrap">Fund&#39;s
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5121.96px;left:4587.28px;white-space:nowrap">transfer
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5121.96px;left:5247.51px;white-space:nowrap">agent </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5121.96px;left:5747.96px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5121.96px;left:6098.29px;white-space:nowrap">custodian
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5121.96px;left:6918.84px;white-space:nowrap">fees, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5121.96px;left:7359.08px;letter-spacing:-0.95px;white-space:nowrap">respectively.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5121.96px;left:8396.1px;white-space:nowrap">During </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5121.96px;left:8976.36px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5121.96px;left:9276.59px;white-space:nowrap">year </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5371.96px;left:0px;white-space:nowrap">ended </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5371.96px;left:550.55px;white-space:nowrap">September
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5371.96px;left:1481.04px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5371.96px;left:1781.28px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5371.96px;left:2281.73px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5371.96px;left:2581.96px;white-space:nowrap">fees </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5371.96px;left:2972.2px;white-space:nowrap">were </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5371.96px;left:3412.35px;white-space:nowrap">reduced </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5371.96px;left:4112.84px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5371.96px;left:4352.96px;white-space:nowrap">noted </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5371.96px;left:4853.41px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5371.96px;left:5043.52px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5371.96px;left:5343.75px;white-space:nowrap">Statement
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5371.96px;left:6214.22px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5371.96px;left:6414.35px;white-space:nowrap">Operations.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5371.96px;left:7394.85px;text-rendering:optimizeLegibility;white-space:nowrap">Effective
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5371.96px;left:8121.36px;white-space:nowrap">April </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5371.96px;left:8531.46px;white-space:nowrap">14, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5371.96px;left:8831.69px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5371.96px;left:9332.14px;white-space:nowrap">earned </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5621.96px;left:0px;white-space:nowrap">credits </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5621.96px;left:580.17px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5621.96px;left:830.39px;white-space:nowrap">custodian
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5621.96px;left:1650.94px;white-space:nowrap">fees, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5621.96px;left:2091.18px;white-space:nowrap">if </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5621.96px;left:2231.19px;letter-spacing:-2.67px;white-space:nowrap">any,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5621.96px;left:2608.07px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5621.96px;left:2918.23px;white-space:nowrap">recognized
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5621.96px;left:3848.82px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5621.96px;left:4088.94px;white-space:nowrap">income.</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6205.02px;left:0px;letter-spacing:-0.89px;white-space:nowrap">5.
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6205.02px;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:6205.02px;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:6572.76px;left:0px;white-space:nowrap">For </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6572.76px;left:320.01px;white-space:nowrap">tax </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6572.76px;left:610.14px;white-space:nowrap">purposes,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6572.76px;left:1450.63px;white-space:nowrap">capital </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6572.76px;left:2020.96px;white-space:nowrap">losses </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6572.76px;left:2581.17px;white-space:nowrap">may </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6572.76px;left:2971.23px;white-space:nowrap">be </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6572.76px;left:3221.46px;white-space:nowrap">carried </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6572.76px;left:3821.66px;white-space:nowrap">over </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6572.76px;left:4221.83px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6572.76px;left:4421.95px;text-rendering:optimizeLegibility;white-space:nowrap">offset
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6572.76px;left:4908.34px;white-space:nowrap">future </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6572.76px;left:5418.63px;white-space:nowrap">capital </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6572.76px;left:5988.96px;white-space:nowrap">gains.</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7002.76px;left:0px;white-space:nowrap">At </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7002.76px;left:220.08px;white-space:nowrap">September
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7002.76px;left:1150.58px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7002.76px;left:1450.81px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7002.76px;left:1951.26px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7002.76px;left:2251.49px;white-space:nowrap">capital </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7002.76px;left:2821.82px;white-space:nowrap">loss </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7002.76px;left:3191.92px;white-space:nowrap">carryforwards
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7002.76px;left:4332.13px;white-space:nowrap">were </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7002.76px;left:4772.29px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7002.76px;left:5012.4px;white-space:nowrap">follows:</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8664.7px;left:0px;white-space:nowrap">During </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8664.7px;left:580.25px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8664.7px;left:880.49px;white-space:nowrap">year </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8664.7px;left:1280.65px;white-space:nowrap">ended </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8664.7px;left:1831.2px;white-space:nowrap">September </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8664.7px;left:2761.7px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8664.7px;left:3061.93px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8664.7px;left:3562.38px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8664.7px;left:3862.62px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8664.7px;left:4322.9px;white-space:nowrap">utilized </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8664.7px;left:4933.21px;white-space:nowrap">$1,448,121
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8664.7px;left:5884.1px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8664.7px;left:6084.23px;white-space:nowrap">capital </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8664.7px;left:6654.55px;white-space:nowrap">loss </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8664.7px;left:7024.66px;white-space:nowrap">carryforwards.</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9094.7px;left:0px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9094.7px;left:360.18px;white-space:nowrap">tax </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9094.7px;left:650.3px;white-space:nowrap">character </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9094.7px;left:1450.63px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9094.7px;left:1650.76px;white-space:nowrap">distributions
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9094.7px;left:2661.24px;white-space:nowrap">paid </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9094.7px;left:3051.56px;white-space:nowrap">during </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9094.7px;left:3601.93px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9094.7px;left:3902.17px;white-space:nowrap">years </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9094.7px;left:4392.33px;white-space:nowrap">ended </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9094.7px;left:4942.88px;white-space:nowrap">September
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9094.7px;left:5873.38px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9094.7px;left:6173.61px;white-space:nowrap">2025 </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9094.7px;left:6624.05px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9094.7px;left:6974.38px;white-space:nowrap">2024, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9094.7px;left:7474.83px;white-space:nowrap">was </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9094.7px;left:7844.94px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9094.7px;left:8085.06px;white-space:nowrap">follows:</div>

<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1395.95px;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:1011.95px;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:1011.95px;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:1203.95px;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:1395.95px;left:2516.69px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1395.95px;left:2674.73px;letter-spacing:-1.8px;white-space:nowrap">Year</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1395.95px;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:1395.95px;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:1203.95px;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:1203.95px;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:1395.95px;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:819.95px;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:819.95px;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:819.95px;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:1011.95px;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:1203.95px;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:1395.95px;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:1011.95px;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:1203.95px;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:1203.95px;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:1395.95px;left:7915.69px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1395.95px;left:8073.73px;letter-spacing:-1.8px;white-space:nowrap">Year</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:819.95px;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:819.95px;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:1011.95px;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:1011.95px;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:1203.95px;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:1203.95px;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:1395.95px;left:8851.69px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1395.95px;left:9009.73px;letter-spacing:-1.8px;white-space:nowrap">Year</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1203.95px;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:1395.95px;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:1644.51px;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:1644.51px;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:1644.51px;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:1644.51px;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:1644.51px;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:1644.51px;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:1644.51px;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:1644.51px;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:1743.72px;left:0px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1743.72px;left:517.58px;white-space:nowrap">Master
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1743.72px;left:976.95px;white-space:nowrap">Intermediate
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1743.72px;left:1793.59px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:1743.72px;left:2289.45px;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:2004.2px;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:2004.2px;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:2232.69px;left:9646.91px;white-space:nowrap">Dividends</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2507.73px;left:0px;white-space:nowrap">Franklin
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2507.73px;left:503.13px;white-space:nowrap">Ultra
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2507.73px;left:816.56px;white-space:nowrap">Short
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2507.73px;left:1166.64px;white-space:nowrap">Bond
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2507.73px;left:1509.53px;white-space:nowrap">ETF</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2507.73px;left:1794.33px;letter-spacing:64.22px;white-space:nowrap">.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2507.73px;left:2747.86px;white-space:nowrap">$&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2507.73px;left:3389.28px;white-space:nowrap">$4,152,125</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2507.73px;left:4978.86px;white-space:nowrap">$&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2507.73px;left:5986.86px;white-space:nowrap">$&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2507.73px;left:6796.7px;white-space:nowrap">$39,123</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2507.73px;left:7694.28px;white-space:nowrap">$4,191,248</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2507.73px;left:8765.7px;white-space:nowrap">166,982</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2507.73px;left:9675.73px;white-space:nowrap">$104,055</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2768.22px;left:0px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2768.22px;left:488.67px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2768.22px;left:1247.19px;white-space:nowrap">Money
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2960.22px;left:0px;white-space:nowrap">Market
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2960.22px;left:437.5px;white-space:nowrap">Fund,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2960.22px;left:809.53px;white-space:nowrap">Class
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2960.22px;left:1174.06px;letter-spacing:-5.6px;white-space:nowrap">P,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2960.22px;left:1317.73px;white-space:nowrap">3.959%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2960.22px;left:1794.33px;letter-spacing:64.22px;white-space:nowrap">.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2960.22px;left:2295.28px;white-space:nowrap">18,697,139</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2960.22px;left:3389.28px;white-space:nowrap">37,382,542</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2960.22px;left:4438.94px;white-space:nowrap">(50,256,710)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2960.22px;left:6059.83px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2960.22px;left:7139.83px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2960.22px;left:7767.25px;white-space:nowrap">5,822,971</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2960.22px;left:8656.25px;letter-spacing:0px;white-space:nowrap">5,822,971</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2960.22px;left:9748.7px;white-space:nowrap">372,646</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3220.7px;left:0px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3220.7px;left:488.67px;white-space:nowrap">Short
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3220.7px;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:3220.7px;left:1164.53px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3412.7px;left:0px;white-space:nowrap">Fund,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3412.7px;left:372.03px;white-space:nowrap">Class
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3412.7px;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:3412.7px;left:880.23px;white-space:nowrap">4.364%</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3412.7px;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:3412.7px;left:2295.28px;white-space:nowrap">14,161,617</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3412.7px;left:3462.25px;white-space:nowrap">6,228,309</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3412.7px;left:4438.94px;white-space:nowrap">(12,100,937)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3412.7px;left:6059.83px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3412.7px;left:7139.83px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3412.7px;left:7767.25px;white-space:nowrap">8,288,989</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3412.7px;left:8656.25px;letter-spacing:0px;white-space:nowrap">8,288,989</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3412.7px;left:9748.7px;white-space:nowrap">474,417</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3673.19px;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:3673.19px;left:340.31px;white-space:nowrap">Non-Controlled
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3673.19px;left:1326.64px;text-rendering:optimizeLegibility;white-space:nowrap">Affiliates</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3673.19px;left:2222.31px;white-space:nowrap">$32,858,756</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3673.19px;left:3316.31px;white-space:nowrap">$47,762,976</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3673.19px;left:4365.97px;white-space:nowrap">$(62,357,647)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3673.19px;left:5986.86px;white-space:nowrap">$&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3673.19px;left:6796.7px;white-space:nowrap">$39,123</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3673.19px;left:7621.31px;white-space:nowrap">$18,303,208</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3673.19px;left:9685.34px;letter-spacing:-1.2px;white-space:nowrap">$951,118</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;font-weight:bold;position:absolute;top:3933.67px;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:3933.67px;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:3933.67px;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:3933.67px;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:3933.67px;left:2222.31px;white-space:nowrap">$32,858,756</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3933.67px;left:3316.31px;white-space:nowrap">$47,762,976</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3933.67px;left:4365.97px;white-space:nowrap">$(62,357,647)</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3933.67px;left:5986.86px;white-space:nowrap">$&#8212;</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3933.67px;left:6796.7px;white-space:nowrap">$39,123</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3933.67px;left:7621.31px;white-space:nowrap">$18,303,208</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3933.67px;left:9685.34px;letter-spacing:-1.2px;white-space:nowrap">$951,118</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7468.18px;left:0px;white-space:nowrap">Capital </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7468.18px;left:542.5px;white-space:nowrap">loss </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7468.18px;left:871.48px;white-space:nowrap">carryforwards
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7468.18px;left:1885px;white-space:nowrap">not </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7468.18px;left:2151.88px;white-space:nowrap">subject </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7468.18px;left:2703.28px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7468.18px;left:2881.17px;white-space:nowrap">expiration:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7728.66px;left:144px;white-space:nowrap">Short </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7728.66px;left:570.88px;white-space:nowrap">term</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7728.66px;left:934.13px;letter-spacing:49.46px;white-space:nowrap">................................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7728.66px;left:9190.23px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7728.66px;left:9279.22px;white-space:nowrap">39,718,215</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7989.15px;left:144px;white-space:nowrap">Long </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7989.15px;left:544.39px;white-space:nowrap">term</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7989.15px;left:934.13px;letter-spacing:49.46px;white-space:nowrap">................................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7989.15px;left:9279.22px;white-space:nowrap">68,340,068</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.63px;left:288px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.63px;left:670.42px;white-space:nowrap">capital </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.63px;left:1177.38px;white-space:nowrap">loss </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.63px;left:1506.36px;white-space:nowrap">carryforwards</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.63px;left:2522.15px;letter-spacing:49.59px;white-space:nowrap">...............................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.63px;left:9101.25px;white-space:nowrap">$108,058,283</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9560.11px;left:7526.03px;white-space:nowrap">2025</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9560.11px;left:9110.03px;white-space:nowrap">2024</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9870.05px;left:0px;white-space:nowrap">Distributions </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9870.05px;left:924.77px;white-space:nowrap">paid </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9870.05px;left:1271.72px;white-space:nowrap">from:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10130.54px;left:144px;white-space:nowrap">Ordinary </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10130.54px;left:801.97px;white-space:nowrap">income</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10130.54px;left:1401.2px;letter-spacing:49.72px;white-space:nowrap">..........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10130.54px;left:7695.22px;white-space:nowrap">$8,257,362</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10130.54px;left:9279.22px;white-space:nowrap">$8,296,682</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10391.02px;left:144px;white-space:nowrap">Return </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10391.02px;left:668.69px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10391.02px;left:846.58px;white-space:nowrap">capital</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10391.02px;left:1309.08px;letter-spacing:49.7px;white-space:nowrap">...........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10391.02px;left:7784.2px;white-space:nowrap">4,463,304</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10391.02px;left:9368.2px;white-space:nowrap">4,454,489</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10651.51px;left:7606.23px;white-space:nowrap">$12,720,666</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10651.51px;left:9190.23px;white-space:nowrap">$12,751,171</div></div>
</div>

<div style="height:42.74px;left:0px;position:absolute;top:0px;transform:translate(35.999px,120.643px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:578.41px;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">3.
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:210.36px;letter-spacing:-4.54px;white-space:nowrap">Transactions
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1447.72px;letter-spacing:-3.2px;white-space:nowrap">with
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1875.77px;text-rendering:optimizeLegibility;letter-spacing:-3.2px;white-space:nowrap">Affiliates</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10.14px;left:2724.28px;letter-spacing:-2.91px;white-space:nowrap">(continued)</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:417.54px;left:0px;white-space:nowrap">e.
</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">Investments
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:417.54px;left:1372.77px;white-space:nowrap">in
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:417.54px;left:1587.35px;text-rendering:optimizeLegibility;white-space:nowrap">Affiliated
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:417.54px;left:2447.83px;white-space:nowrap">Management
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:417.54px;left:3661.95px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:417.54px;left:4717.81px;white-space:nowrap">Companies
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:442.94px;left:5794.72px;white-space:nowrap">(continued)</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:1161.0px;width:891.0px;transform-origin:top left;transform:scale(1.5,1.5)">

<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:6453.14px;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:7127.45px;letter-spacing:10.29px;white-space:nowrap">Master
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7794.58px;letter-spacing:10.34px;white-space:nowrap">Intermediate
</div>

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:7461.73px;letter-spacing:10px;white-space:nowrap">Notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8019.91px;letter-spacing:7.24px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8272.39px;letter-spacing:10.32px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:9109.27px;letter-spacing:8.88px;white-space:nowrap">Statements</div></div>
</div>

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">51</div></div>
</div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(54.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

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

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

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

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(53.999px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

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

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(189.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:324.61px">

<div style="width:6492.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6098.45px;white-space:nowrap">Report</div></div>
</div>

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(513.610px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

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

<div style="height:51.74px;left:0px;position:absolute;top:0px;transform:translate(53.999px,74.175px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:866.04px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,7.44px) rotate(0deg) scale(0.05)">
</div> </div>

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

<div style="width:10080px;height:12117.6px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:0px;white-space:nowrap">At </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:220.08px;white-space:nowrap">September </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1150.58px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1450.81px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1951.26px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:2251.49px;white-space:nowrap">cost </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:2631.62px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:2831.75px;white-space:nowrap">investments </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:3842.14px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:4192.47px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:4492.71px;white-space:nowrap">unrealized </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:5373.28px;white-space:nowrap">appreciation
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:6403.97px;white-space:nowrap">(depreciation)&#160;for
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:7814.62px;white-space:nowrap">income </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:8444.88px;white-space:nowrap">tax </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:8735.01px;white-space:nowrap">purposes </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:9525.5px;white-space:nowrap">were </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:0px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:240.12px;white-space:nowrap">follows:</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2517.96px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">Differences
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2517.96px;left:956.51px;white-space:nowrap">between </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2517.96px;left:1687.06px;white-space:nowrap">income </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2517.96px;left:2317.32px;white-space:nowrap">and/or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2517.96px;left:2877.71px;white-space:nowrap">capital </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2517.96px;left:3448.04px;white-space:nowrap">gains </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2517.96px;left:3928.36px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2517.96px;left:4168.48px;white-space:nowrap">determined
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2517.96px;left:5119.01px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2517.96px;left:5369.24px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2517.96px;left:5519.36px;white-space:nowrap">book </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2517.96px;left:5959.69px;white-space:nowrap">basis </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2517.96px;left:6429.9px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2517.96px;left:6780.23px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2517.96px;left:6930.35px;white-space:nowrap">tax </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2517.96px;left:7220.48px;white-space:nowrap">basis </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2517.96px;left:7690.69px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2517.96px;left:8000.86px;white-space:nowrap">primarily
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2517.96px;left:8730.88px;white-space:nowrap">due </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2517.96px;left:9081.21px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2517.96px;left:9281.34px;text-rendering:optimizeLegibility;white-space:nowrap">differing
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2767.96px;left:0px;white-space:nowrap">treatments </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2767.96px;left:900.35px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2767.96px;left:1100.48px;white-space:nowrap">defaulted
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2767.96px;left:1891.14px;white-space:nowrap">securities,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2767.96px;left:2751.42px;white-space:nowrap">foreign </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2767.96px;left:3351.8px;white-space:nowrap">currency </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2767.96px;left:4092.01px;white-space:nowrap">transactions
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2767.96px;left:5112.51px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2767.96px;left:5462.84px;white-space:nowrap">derivative
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2767.96px;left:6283.21px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2767.96px;left:6993.63px;white-space:nowrap">instruments.</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3351.02px;left:0px;letter-spacing:-2.67px;white-space:nowrap">6.
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3351.02px;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:3351.02px;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:3718.76px;left:0px;white-space:nowrap">Purchases </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3718.76px;left:900.44px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3718.76px;left:1250.77px;white-space:nowrap">sales </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3718.76px;left:1720.99px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3718.76px;left:1921.11px;white-space:nowrap">investments&#160;(excluding
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3718.76px;left:3801.97px;white-space:nowrap">short </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3718.76px;left:4252.15px;white-space:nowrap">term </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3718.76px;left:4662.16px;white-space:nowrap">securities)&#160;for
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3718.76px;left:5792.43px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3718.76px;left:6092.67px;white-space:nowrap">year </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3718.76px;left:6492.83px;white-space:nowrap">ended </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3718.76px;left:7043.38px;white-space:nowrap">September
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3718.76px;left:7973.88px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3718.76px;left:8274.11px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3718.76px;left:8774.56px;white-space:nowrap">aggregated
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3968.76px;left:0px;white-space:nowrap">$780,383,621&#160;and
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3968.76px;left:1501.44px;white-space:nowrap">$767,272,828,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3968.76px;left:2702.55px;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:4551.82px;left:0px;letter-spacing:-0.89px;white-space:nowrap">7.
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4551.82px;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:4551.82px;left:815.76px;letter-spacing:-3px;white-space:nowrap">Risk</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4919.56px;left:0px;white-space:nowrap">At </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4919.56px;left:220.08px;white-space:nowrap">September
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4919.56px;left:1150.58px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4919.56px;left:1450.81px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4919.56px;left:1951.26px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4919.56px;left:2251.49px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4919.56px;left:2711.78px;white-space:nowrap">had&#160;35.0%
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4919.56px;left:3622.5px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4919.56px;left:3822.63px;white-space:nowrap">its </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4919.56px;left:4052.64px;white-space:nowrap">portfolio
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4919.56px;left:4743.02px;white-space:nowrap">invested
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4919.56px;left:5463.46px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4919.56px;left:5653.56px;white-space:nowrap">high </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4919.56px;left:6043.89px;white-space:nowrap">yield </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4919.56px;left:6464.09px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4919.56px;left:6674.15px;white-space:nowrap">other </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4919.56px;left:7134.43px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4919.56px;left:7944.7px;white-space:nowrap">rated </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4919.56px;left:8404.98px;white-space:nowrap">below </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4919.56px;left:8925.29px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5169.56px;left:0px;white-space:nowrap">grade </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5169.56px;left:510.38px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5169.56px;left:860.71px;white-space:nowrap">unrated </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5169.56px;left:1521.21px;white-space:nowrap">securities.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5169.56px;left:2378.23px;white-space:nowrap">These </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5169.56px;left:2928.52px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5169.56px;left:3738.78px;white-space:nowrap">may </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5169.56px;left:4128.84px;white-space:nowrap">be </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5169.56px;left:4379.06px;white-space:nowrap">more </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5169.56px;left:4839.17px;white-space:nowrap">sensitive
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5169.56px;left:5589.49px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5169.56px;left:5789.62px;white-space:nowrap">economic
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5169.56px;left:6609.99px;white-space:nowrap">conditions
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5169.56px;left:7470.53px;white-space:nowrap">causing </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5169.56px;left:8140.96px;white-space:nowrap">greater </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5169.56px;left:8761.29px;white-space:nowrap">price </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5169.56px;left:9201.45px;white-space:nowrap">volatility
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5419.56px;left:0px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5419.56px;left:350.33px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5419.56px;left:660.5px;white-space:nowrap">potentially
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5419.56px;left:1521.04px;white-space:nowrap">subject </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5419.56px;left:2141.37px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5419.56px;left:2341.49px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5419.56px;left:2491.61px;white-space:nowrap">greater </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5419.56px;left:3111.94px;white-space:nowrap">risk </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5419.56px;left:3441.88px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5419.56px;left:3642.01px;white-space:nowrap">loss </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5419.56px;left:4012.12px;white-space:nowrap">due </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5419.56px;left:4362.45px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5419.56px;left:4562.58px;white-space:nowrap">default </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5419.56px;left:5153.03px;white-space:nowrap">than </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5419.56px;left:5553.37px;white-space:nowrap">higher </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5419.56px;left:6103.74px;white-space:nowrap">rated </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5419.56px;left:6564.02px;white-space:nowrap">securities.</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5849.56px;left:0px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5849.56px;left:360.18px;white-space:nowrap">Fund&#160;held
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5849.56px;left:1210.78px;white-space:nowrap">defaulted
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5849.56px;left:2001.45px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5849.56px;left:2811.71px;white-space:nowrap">and/or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5849.56px;left:3372.1px;white-space:nowrap">other </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5849.56px;left:3832.38px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5849.56px;left:4642.65px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5849.56px;left:4902.71px;white-space:nowrap">which </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5849.56px;left:5412.92px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5849.56px;left:5713.15px;white-space:nowrap">income </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5849.56px;left:6343.42px;white-space:nowrap">has </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5849.56px;left:6683.64px;white-space:nowrap">been </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5849.56px;left:7134.08px;white-space:nowrap">deemed </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5849.56px;left:7834.57px;white-space:nowrap">uncollectible.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5849.56px;left:8915.27px;white-space:nowrap">At </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5849.56px;left:9135.35px;white-space:nowrap">September
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6099.56px;left:0px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6099.56px;left:300.23px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6099.56px;left:800.68px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6099.56px;left:1100.92px;white-space:nowrap">aggregate
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6099.56px;left:1961.63px;white-space:nowrap">value </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6099.56px;left:2441.95px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6099.56px;left:2642.08px;white-space:nowrap">these </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6099.56px;left:3132.42px;white-space:nowrap">securities&#160;represents
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6099.56px;left:4843.13px;white-space:nowrap">less </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6099.56px;left:5213.23px;white-space:nowrap">than </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6099.56px;left:5613.57px;white-space:nowrap">0.1%&#160;of
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6099.56px;left:6273.98px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6099.56px;left:6574.22px;white-space:nowrap">Fund&#39;s
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6099.56px;left:7158.87px;white-space:nowrap">net </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6099.56px;left:7459.1px;white-space:nowrap">assets. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6099.56px;left:8076.09px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6099.56px;left:8436.27px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6099.56px;left:8896.55px;white-space:nowrap">discontinues
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6349.56px;left:0px;white-space:nowrap">accruing </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6349.56px;left:730.37px;white-space:nowrap">income </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6349.56px;left:1360.63px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6349.56px;left:1610.86px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6349.56px;left:2421.12px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6349.56px;left:2681.19px;white-space:nowrap">which </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6349.56px;left:3191.4px;white-space:nowrap">income </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6349.56px;left:3821.66px;white-space:nowrap">has </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6349.56px;left:4612.32px;white-space:nowrap">deemed </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6349.56px;left:5312.81px;white-space:nowrap">uncollectible
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6349.56px;left:6353.44px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6349.56px;left:6703.77px;white-space:nowrap">provides
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6349.56px;left:7684.37px;white-space:nowrap">estimate
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6349.56px;left:8414.65px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6349.56px;left:8674.72px;white-space:nowrap">losses </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6349.56px;left:9234.93px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6349.56px;left:9485.16px;white-space:nowrap">interest
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6599.56px;left:0px;white-space:nowrap">receivable. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6599.56px;left:917.23px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6599.56px;left:1277.4px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6599.56px;left:2087.67px;white-space:nowrap">have </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6599.56px;left:2528px;white-space:nowrap">been </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6599.56px;left:2978.44px;text-rendering:optimizeLegibility;white-space:nowrap">identified
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6599.56px;left:3748.97px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6599.56px;left:3939.08px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6599.56px;left:4239.32px;white-space:nowrap">accompanying&#160;Schedule
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6599.56px;left:6250.61px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6599.56px;left:6450.73px;white-space:nowrap">Investments.</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7182.62px;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:7182.62px;left:210.36px;letter-spacing:-3.56px;white-space:nowrap">Unfunded
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7182.62px;left:1163.04px;letter-spacing:-3.2px;white-space:nowrap">Loan
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7182.62px;left:1676.34px;letter-spacing:-3.64px;white-space:nowrap">Commitments</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7550.36px;left:0px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7550.36px;left:360.18px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7550.36px;left:820.46px;white-space:nowrap">enters </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7550.36px;left:1370.74px;white-space:nowrap">into </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7550.36px;left:1710.97px;white-space:nowrap">certain </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7550.36px;left:2301.24px;white-space:nowrap">credit </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7550.36px;left:2791.41px;white-space:nowrap">agreements,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7550.36px;left:3841.96px;white-space:nowrap">all </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7550.36px;left:4072.06px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7550.36px;left:4282.12px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7550.36px;left:4432.24px;white-space:nowrap">portion </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7550.36px;left:5032.62px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7550.36px;left:5232.74px;white-space:nowrap">which </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7550.36px;left:5742.95px;white-space:nowrap">may </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7550.36px;left:6133.01px;white-space:nowrap">be </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7550.36px;left:6383.23px;white-space:nowrap">unfunded.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7550.36px;left:7230.76px;white-space:nowrap">The&#160;Fund
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7550.36px;left:8051.22px;white-space:nowrap">is </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7550.36px;left:8231.22px;white-space:nowrap">obligated
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7550.36px;left:9011.87px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7550.36px;left:9211.99px;white-space:nowrap">fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7550.36px;left:9612.33px;white-space:nowrap">these </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7800.36px;left:0px;white-space:nowrap">loan </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7800.36px;left:390.32px;white-space:nowrap">commitments
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7800.36px;left:1510.49px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7800.36px;left:1710.62px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7800.36px;left:2010.85px;letter-spacing:-0.61px;white-space:nowrap">borrowers&#8217;
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7800.36px;left:2894.41px;white-space:nowrap">discretion.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7800.36px;left:3764.79px;white-space:nowrap">Unfunded
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7800.36px;left:4595.45px;white-space:nowrap">loan </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7800.36px;left:4985.77px;white-space:nowrap">commitments
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7800.36px;left:6105.94px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7800.36px;left:6456.27px;white-space:nowrap">funded </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7800.36px;left:7056.83px;white-space:nowrap">portions
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7800.36px;left:7747.21px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7800.36px;left:7947.33px;white-space:nowrap">credit </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7800.36px;left:8437.5px;white-space:nowrap">agreements
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7800.36px;left:9438.05px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8050.36px;left:0px;white-space:nowrap">marked </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8050.36px;left:650.21px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8050.36px;left:850.34px;white-space:nowrap">market </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8050.36px;left:1450.46px;white-space:nowrap">daily </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8050.36px;left:1870.66px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8050.36px;left:2221px;white-space:nowrap">any </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8050.36px;left:2561.22px;white-space:nowrap">unrealized
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8050.36px;left:3441.8px;white-space:nowrap">appreciation
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8050.36px;left:4472.49px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8050.36px;left:4682.55px;white-space:nowrap">depreciation
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8050.36px;left:5713.24px;white-space:nowrap">is </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8050.36px;left:5893.24px;white-space:nowrap">included
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8050.36px;left:6613.77px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8050.36px;left:6803.88px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8050.36px;left:7104.11px;white-space:nowrap">Statement
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8050.36px;left:7974.58px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8050.36px;left:8164.78px;white-space:nowrap">Assets </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8050.36px;left:8754.96px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8050.36px;left:9105.29px;white-space:nowrap">Liabilities
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8300.36px;left:0px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8300.36px;left:350.33px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8300.36px;left:650.57px;white-space:nowrap">Statement
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8300.36px;left:1521.04px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8300.36px;left:1721.16px;white-space:nowrap">Operations.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8300.36px;left:2701.67px;white-space:nowrap">Funded </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8300.36px;left:3362.17px;white-space:nowrap">portions
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8300.36px;left:4052.55px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8300.36px;left:4252.68px;white-space:nowrap">credit </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8300.36px;left:4742.84px;white-space:nowrap">agreements
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8300.36px;left:5743.39px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8300.36px;left:6053.55px;white-space:nowrap">presented
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8300.36px;left:6904.16px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8300.36px;left:7094.27px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8300.36px;left:7394.5px;white-space:nowrap">Schedule </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8300.36px;left:8195.1px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8300.36px;left:8395.22px;white-space:nowrap">Investments.</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8730.36px;left:0px;white-space:nowrap">At </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8730.36px;left:220.08px;white-space:nowrap">September
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8730.36px;left:1150.58px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8730.36px;left:1450.81px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8730.36px;left:1951.26px;white-space:nowrap">unfunded
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8730.36px;left:2752.03px;white-space:nowrap">commitments
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8730.36px;left:3872.2px;white-space:nowrap">were </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8730.36px;left:4312.35px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8730.36px;left:4552.47px;white-space:nowrap">follows:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1027.42px;left:0px;white-space:nowrap">Cost </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1027.42px;left:373.44px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1027.42px;left:551.33px;white-space:nowrap">investments</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1027.42px;left:1494.61px;letter-spacing:49.5px;white-space:nowrap">..........................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1027.42px;left:9101.25px;white-space:nowrap">$209,212,720</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1433.36px;left:0px;white-space:nowrap">Unrealized </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1433.36px;left:809.3px;white-space:nowrap">appreciation</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1433.36px;left:1681.44px;letter-spacing:49.51px;white-space:nowrap">........................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1433.36px;left:9190.23px;white-space:nowrap">$10,354,310</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1693.85px;left:0px;white-space:nowrap">Unrealized </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1693.85px;left:809.3px;white-space:nowrap">depreciation</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1693.85px;left:1681.44px;letter-spacing:49.51px;white-space:nowrap">........................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1693.85px;left:9172.66px;white-space:nowrap">(27,890,190)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1954.33px;left:0px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1954.33px;left:293.44px;white-space:nowrap">unrealized
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1954.33px;left:1076.17px;white-space:nowrap">appreciation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1954.33px;left:1992.34px;white-space:nowrap">(depreciation)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1954.33px;left:2989.22px;letter-spacing:49.65px;white-space:nowrap">..........................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1954.33px;left:9083.67px;white-space:nowrap">$(17,535,880)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9163.78px;left:0px;white-space:nowrap">Borrower</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9163.78px;left:8311.25px;white-space:nowrap">Unfunded
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9163.78px;left:9102.19px;white-space:nowrap">Commitment</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9360.26px;left:0px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9360.26px;left:631.17px;white-space:nowrap">Master
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9360.26px;left:1191.41px;white-space:nowrap">Intermediate
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9360.26px;left:2187.27px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9360.26px;left:2791.88px;letter-spacing:-1.77px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9556.74px;left:0px;white-space:nowrap">Clydesdale </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9556.74px;left:827.19px;white-space:nowrap">Acquisition
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9556.74px;left:1645.39px;white-space:nowrap">Holdings,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9556.74px;left:2356.88px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9556.74px;left:9590.63px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9556.74px;left:9679.61px;white-space:nowrap">3,333</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9753.23px;left:0px;white-space:nowrap">Pinnacle </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9753.23px;left:658.2px;white-space:nowrap">Buyer </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9753.23px;left:1120.63px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9753.23px;left:9590.63px;white-space:nowrap">15,174</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9949.71px;left:9501.64px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9949.71px;left:9590.63px;white-space:nowrap">18,507</div></div>
</div>

<div style="height:22.54px;left:0px;position:absolute;top:0px;transform:translate(54.000px,120.643px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:145.61px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.28px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:0px;letter-spacing:-0.89px;white-space:nowrap">5.
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:210.36px;letter-spacing:-3.43px;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:-6.97px;white-space:nowrap">Taxes</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10.14px;left:1511.62px;letter-spacing:-2.91px;white-space:nowrap">(continued)</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:1161.0px;width:891.0px;transform-origin:top left;transform:scale(1.5,1.5)">

<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:10.29px;white-space:nowrap">Master
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1341.44px;letter-spacing:10.34px;white-space:nowrap">Intermediate
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2500.95px;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:3143.94px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:0px;letter-spacing:10px;white-space:nowrap">Notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:558.17px;letter-spacing:7.24px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:810.66px;letter-spacing:10.32px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:1647.53px;letter-spacing:8.88px;white-space:nowrap">Statements</div></div>
</div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(36.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

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

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(36.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:36.48px;white-space:nowrap">52</div></div>
</div>

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

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

<div style="height:17.16px;left:0px;position:absolute;top:0px;transform:translate(405.000px,743.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:254.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(80.389px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:324.61px">

<div style="width:6492.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div></div>
</div>

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

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

<div style="height:51.74px;left:0px;position:absolute;top:0px;transform:translate(36.000px,74.175px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:866.04px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,7.44px) rotate(0deg) scale(0.05)">
</div> </div>

<div 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:-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:-3.64px;white-space:nowrap">Information</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:0px;white-space:nowrap">At </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:220.08px;white-space:nowrap">September </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1150.58px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1450.81px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1951.26px;white-space:nowrap">investments </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:2961.65px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:3151.76px;white-space:nowrap">derivative </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:3972.13px;white-space:nowrap">contracts </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:4752.42px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:5062.59px;text-rendering:optimizeLegibility;white-space:nowrap">reflected
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:5802.98px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:5993.09px;white-space:nowrap">the&#160;Statement&#160;of
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:7353.98px;white-space:nowrap">Assets </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:7944.17px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:8294.5px;white-space:nowrap">Liabilities </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:9084.9px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:9325.02px;white-space:nowrap">follows:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:823.98px;left:3508.93px;white-space:nowrap">Asset
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:823.98px;left:3989.16px;white-space:nowrap">Derivatives</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:823.98px;left:7456.55px;white-space:nowrap">Liability
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:823.98px;left:8105.54px;white-space:nowrap">Derivatives</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1084.47px;left:0px;white-space:nowrap">Derivative
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1084.47px;left:809.38px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1276.47px;left:0px;white-space:nowrap">Not
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1276.47px;left:305.08px;white-space:nowrap">Accounted
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1276.47px;left:1176.25px;white-space:nowrap">for
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1276.47px;left:1433.98px;white-space:nowrap">as</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1468.47px;left:0px;white-space:nowrap">Hedging
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1468.47px;left:684.38px;white-space:nowrap">Instruments</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1084.47px;left:2304px;white-space:nowrap">Statement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1084.47px;left:3121.97px;white-space:nowrap">of</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1276.47px;left:2304px;white-space:nowrap">Assets
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1276.47px;left:2873.22px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1276.47px;left:3202.13px;white-space:nowrap">Liabilities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1468.47px;left:2304px;white-space:nowrap">Location</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1468.47px;left:5292.06px;white-space:nowrap">Fair
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1468.47px;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:1084.47px;left:6408px;white-space:nowrap">Statement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1084.47px;left:7225.97px;white-space:nowrap">of</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1276.47px;left:6408px;white-space:nowrap">Assets
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1276.47px;left:6977.22px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1276.47px;left:7306.13px;white-space:nowrap">Liabilities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1468.47px;left:6408px;white-space:nowrap">Location</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1468.47px;left:9324.06px;white-space:nowrap">Fair
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1468.47px;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:1784.23px;left:0px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1784.23px;left:631.17px;white-space:nowrap">Master
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1784.23px;left:1191.41px;white-space:nowrap">Intermediate
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1784.23px;left:2187.27px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1784.23px;left:2791.88px;letter-spacing:-1.77px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2044.72px;left:0px;white-space:nowrap">Interest </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2044.72px;left:578.05px;white-space:nowrap">rate </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2044.72px;left:898.2px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2044.72px;left:1588.02px;letter-spacing:50.83px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2305.2px;left:2304px;letter-spacing:-1.19px;white-space:nowrap">Variation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2305.2px;left:2968.06px;white-space:nowrap">margin </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2305.2px;left:3501.58px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2305.2px;left:3724px;white-space:nowrap">futures </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2497.2px;left:2448px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2305.2px;left:5417.76px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2305.2px;left:5506.75px;white-space:nowrap">58,505</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2308.41px;left:5996.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2305.2px;left:6336px;letter-spacing:-1.19px;white-space:nowrap">Variation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2305.2px;left:7000.06px;white-space:nowrap">margin </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2305.2px;left:7533.58px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2305.2px;left:7756px;white-space:nowrap">futures </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2497.2px;left:6480px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2305.2px;left:9538.75px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2305.2px;left:9627.73px;white-space:nowrap">9,959</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2308.41px;left:10028.12px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2757.68px;left:2304px;letter-spacing:-1.19px;white-space:nowrap">Variation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2757.68px;left:2968.06px;white-space:nowrap">margin </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2757.68px;left:3501.58px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2757.68px;left:3724px;white-space:nowrap">centrally </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2949.68px;left:2448px;white-space:nowrap">cleared </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2949.68px;left:3017.22px;white-space:nowrap">swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2949.68px;left:3435.19px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2757.68px;left:5308.08px;letter-spacing:-2.64px;white-space:nowrap">1,191,111</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2760.89px;left:5996.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2757.68px;left:6336px;letter-spacing:-1.19px;white-space:nowrap">Variation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2757.68px;left:7000.06px;white-space:nowrap">margin </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2757.68px;left:7533.58px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2757.68px;left:7756px;white-space:nowrap">centrally </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2949.68px;left:6480px;white-space:nowrap">cleared </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2949.68px;left:7049.22px;white-space:nowrap">swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2949.68px;left:7467.19px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2757.68px;left:9316.33px;white-space:nowrap">1,235,457</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2760.89px;left:10028.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3210.17px;left:2304px;white-space:nowrap">Unrealized </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3210.17px;left:3113.3px;white-space:nowrap">appreciation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3210.17px;left:4029.47px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3402.17px;left:2448px;white-space:nowrap">forward </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3402.17px;left:3025.97px;white-space:nowrap">premium </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3402.17px;left:3692.77px;white-space:nowrap">swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3402.17px;left:4110.73px;white-space:nowrap">option </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3594.17px;left:2448px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3210.17px;left:5443.64px;white-space:nowrap">868,678</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3210.17px;left:6336px;white-space:nowrap">Unrealized </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3210.17px;left:7145.3px;white-space:nowrap">depreciation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3210.17px;left:8061.47px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3402.17px;left:6480px;white-space:nowrap">forward </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3402.17px;left:7057.97px;white-space:nowrap">premium </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3402.17px;left:7724.77px;white-space:nowrap">swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3402.17px;left:8142.73px;white-space:nowrap">option </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3594.17px;left:6480px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3210.17px;left:9475.64px;white-space:nowrap">869,684</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3854.65px;left:0px;white-space:nowrap">Foreign </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3854.65px;left:586.95px;white-space:nowrap">exchange </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3854.65px;left:1325.31px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3854.65px;left:2055.09px;letter-spacing:55.52px;white-space:nowrap">..</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4115.14px;left:2304px;white-space:nowrap">Unrealized </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4115.14px;left:3113.3px;white-space:nowrap">appreciation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4115.14px;left:4029.47px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4115.14px;left:4251.89px;white-space:nowrap">OTC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4307.14px;left:2448px;white-space:nowrap">forward </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4307.14px;left:3025.97px;white-space:nowrap">exchange
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4307.14px;left:3764.33px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4115.14px;left:5558.63px;white-space:nowrap">97,454</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4115.14px;left:6336px;white-space:nowrap">Unrealized </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4115.14px;left:7145.3px;white-space:nowrap">depreciation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4115.14px;left:8061.47px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4115.14px;left:8283.89px;white-space:nowrap">OTC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4307.14px;left:6480px;white-space:nowrap">forward </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4307.14px;left:7057.97px;white-space:nowrap">exchange
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4307.14px;left:7796.33px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4115.14px;left:9590.63px;white-space:nowrap">26,513</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4567.62px;left:0px;white-space:nowrap">Credit </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4567.62px;left:471.25px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4567.62px;left:1120.96px;letter-spacing:50.05px;white-space:nowrap">............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4828.11px;left:2304px;letter-spacing:-1.19px;white-space:nowrap">Variation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4828.11px;left:2968.06px;white-space:nowrap">margin </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4828.11px;left:3501.58px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4828.11px;left:3724px;white-space:nowrap">centrally </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5020.11px;left:2448px;white-space:nowrap">cleared </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5020.11px;left:3017.22px;white-space:nowrap">swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5020.11px;left:3435.19px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4828.11px;left:5417.76px;white-space:nowrap">292,961</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4831.32px;left:5996.12px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4828.11px;left:6336px;letter-spacing:-1.19px;white-space:nowrap">Variation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4828.11px;left:7000.06px;white-space:nowrap">margin </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4828.11px;left:7533.58px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4828.11px;left:7756px;white-space:nowrap">centrally </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5020.11px;left:6480px;white-space:nowrap">cleared </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5020.11px;left:7049.22px;white-space:nowrap">swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5020.11px;left:7467.19px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4828.11px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5280.59px;left:2304px;white-space:nowrap">OTC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5280.59px;left:2686.19px;white-space:nowrap">swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5280.59px;left:3104.16px;white-space:nowrap">contracts
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5280.59px;left:3797.75px;white-space:nowrap">(upfront
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5472.59px;left:2448px;white-space:nowrap">payments)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5280.59px;left:5322.08px;letter-spacing:-1.32px;white-space:nowrap">1,117,539</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5280.59px;left:6336px;white-space:nowrap">OTC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5280.59px;left:6718.19px;white-space:nowrap">swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5280.59px;left:7136.16px;white-space:nowrap">contracts
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5280.59px;left:7829.75px;white-space:nowrap">(upfront
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5472.59px;left:6480px;white-space:nowrap">receipts)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5280.59px;left:9475.64px;white-space:nowrap">336,643</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5733.07px;left:2304px;white-space:nowrap">Unrealized </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5733.07px;left:3113.3px;white-space:nowrap">appreciation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5733.07px;left:4029.47px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5733.07px;left:4251.89px;white-space:nowrap">OTC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5925.07px;left:2448px;white-space:nowrap">swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5925.07px;left:2865.97px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5733.07px;left:5443.64px;white-space:nowrap">358,010</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5733.07px;left:6336px;white-space:nowrap">Unrealized </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5733.07px;left:7145.3px;white-space:nowrap">depreciation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5733.07px;left:8061.47px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5733.07px;left:8283.89px;white-space:nowrap">OTC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5925.07px;left:6480px;white-space:nowrap">swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5925.07px;left:6897.97px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5733.07px;left:9487.52px;letter-spacing:-1.7px;white-space:nowrap">209,114</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6185.56px;left:0px;letter-spacing:-3.55px;white-space:nowrap">Total</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6185.56px;left:373.65px;letter-spacing:49.62px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6185.56px;left:5221.22px;white-space:nowrap">$3,984,258</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6185.56px;left:9253.22px;white-space:nowrap">$2,687,370</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:6685.84px;left:0px;white-space:nowrap">a</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6681.62px;left:42.54px;white-space:nowrap">This</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6681.62px;left:326.92px;white-space:nowrap">amount
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6681.62px;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:6681.62px;left:1260.51px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6681.62px;left:1479.42px;white-space:nowrap">cumulative
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6681.62px;left:2143.09px;white-space:nowrap">appreciation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6681.62px;left:2894.42px;white-space:nowrap">(depreciation)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6681.62px;left:3733.09px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6681.62px;left:3879.02px;white-space:nowrap">futures
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6681.62px;left:4316.68px;white-space:nowrap">contracts
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6681.62px;left:4885.59px;white-space:nowrap">as
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6681.62px;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:6681.62px;left:5585.82px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6681.62px;left:5724.42px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6681.62px;left:5943.32px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6681.62px;left:6526.92px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6681.62px;left:6672.85px;white-space:nowrap">Investments.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6681.62px;left:7453.32px;white-space:nowrap">Only
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6681.62px;left:7759.65px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6681.62px;left:7978.56px;white-space:nowrap">variation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6681.62px;left:8510.98px;white-space:nowrap">margin
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6681.62px;left:8948.48px;white-space:nowrap">receivable/payable
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6873.62px;left:0px;white-space:nowrap">at </div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6873.62px;left:145.94px;white-space:nowrap">year
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6873.62px;left:437.66px;white-space:nowrap">end
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6873.62px;left:693.05px;white-space:nowrap">is
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6873.62px;left:824.3px;white-space:nowrap">separately
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6873.62px;left:1466.17px;white-space:nowrap">reported
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6873.62px;left:1991.33px;white-space:nowrap">within
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6873.62px;left:2363.2px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6873.62px;left:2582.11px;white-space:nowrap">Statement
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6873.62px;left:3216.72px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6873.62px;left:3355.47px;white-space:nowrap">Assets
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6873.62px;left:3785.78px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6873.62px;left:4041.17px;white-space:nowrap">Liabilities.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6873.62px;left:4653.83px;white-space:nowrap">Prior
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6873.62px;left:4967.27px;white-space:nowrap">variation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6873.62px;left:5499.69px;white-space:nowrap">margin
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6873.62px;left:5937.19px;white-space:nowrap">movements
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6873.62px;left:6651.88px;white-space:nowrap">were
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6873.62px;left:6972.66px;white-space:nowrap">recorded
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6873.62px;left:7526.95px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6873.62px;left:7672.89px;white-space:nowrap">cash
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6873.62px;left:7986.56px;white-space:nowrap">upon
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6873.62px;left:8314.92px;white-space:nowrap">receipt
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6873.62px;left:8745.23px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6873.62px;left:8898.36px;white-space:nowrap">payment.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:7074.33px;left:0px;white-space:nowrap">b</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7070.11px;left:42.54px;white-space:nowrap">This</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7070.11px;left:326.92px;white-space:nowrap">amount
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7070.11px;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:7070.11px;left:1260.51px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7070.11px;left:1479.42px;white-space:nowrap">cumulative
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7070.11px;left:2143.09px;white-space:nowrap">appreciation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7070.11px;left:2894.42px;white-space:nowrap">(depreciation)
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7070.11px;left:3733.09px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7070.11px;left:3879.02px;white-space:nowrap">centrally
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7070.11px;left:4404.1px;white-space:nowrap">cleared
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7070.11px;left:4870.9px;letter-spacing:0px;white-space:nowrap">swap
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7070.11px;left:5213.63px;white-space:nowrap">contracts
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7070.11px;left:5782.54px;white-space:nowrap">as
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7070.11px;left:5957.62px;white-space:nowrap">reported
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7070.11px;left:6482.77px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7070.11px;left:6621.37px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7070.11px;left:6840.27px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7070.11px;left:7423.87px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7070.11px;left:7569.81px;white-space:nowrap">Investments.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7070.11px;left:8350.27px;white-space:nowrap">Only
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7070.11px;left:8656.6px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7070.11px;left:8875.51px;white-space:nowrap">variation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7070.11px;left:9407.93px;white-space:nowrap">margin
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7262.11px;left:0px;white-space:nowrap">receivable/payable
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7262.11px;left:1130.63px;white-space:nowrap">at
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7262.11px;left:1276.56px;white-space:nowrap">year
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7262.11px;left:1568.28px;white-space:nowrap">end
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7262.11px;left:1823.67px;white-space:nowrap">is
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7262.11px;left:1954.92px;white-space:nowrap">separately
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7262.11px;left:2596.8px;white-space:nowrap">reported
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7262.11px;left:3121.95px;white-space:nowrap">within
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7262.11px;left:3493.83px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7262.11px;left:3712.73px;white-space:nowrap">Statement
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7262.11px;left:4347.34px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7262.11px;left:4486.09px;white-space:nowrap">Assets
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7262.11px;left:4916.41px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7262.11px;left:5171.8px;white-space:nowrap">Liabilities.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7262.11px;left:5784.45px;white-space:nowrap">Prior
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7262.11px;left:6097.89px;white-space:nowrap">variation
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7262.11px;left:6630.31px;white-space:nowrap">margin
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7262.11px;left:7067.81px;white-space:nowrap">movements
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7262.11px;left:7782.5px;white-space:nowrap">were
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7262.11px;left:8103.28px;white-space:nowrap">recorded
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7262.11px;left:8657.58px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7262.11px;left:8803.52px;white-space:nowrap">cash
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7262.11px;left:9117.19px;white-space:nowrap">upon
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7262.11px;left:9445.55px;white-space:nowrap">receipt
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7262.11px;left:9875.86px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:7454.11px;left:0px;white-space:nowrap">payment.</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:1161.0px;width:891.0px;transform-origin:top left;transform:scale(1.5,1.5)">

<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:6453.14px;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:7127.45px;letter-spacing:10.29px;white-space:nowrap">Master
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7794.58px;letter-spacing:10.34px;white-space:nowrap">Intermediate
</div>

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:7461.73px;letter-spacing:10px;white-space:nowrap">Notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8019.91px;letter-spacing:7.24px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8272.39px;letter-spacing:10.32px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:9109.27px;letter-spacing:8.88px;white-space:nowrap">Statements</div></div>
</div>

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">53</div></div>
</div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(54.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

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

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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:844px;left:0px;white-space:nowrap">For </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:320.01px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:620.24px;white-space:nowrap">year </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:1020.41px;white-space:nowrap">ended </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:1570.96px;white-space:nowrap">September </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:2501.46px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:2801.69px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:3302.14px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:3602.37px;text-rendering:optimizeLegibility;white-space:nowrap">effect
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:4088.76px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:4288.89px;white-space:nowrap">derivative </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:5109.26px;white-space:nowrap">contracts </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:5889.55px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:6079.66px;white-space:nowrap">the&#160;Statement
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:7250.36px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:7450.49px;white-space:nowrap">Operations </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:8380.99px;white-space:nowrap">was </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:8751.09px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:8991.21px;white-space:nowrap">follows:</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6739.29px;left:0px;white-space:nowrap">For </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6739.29px;left:320.01px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6739.29px;left:620.24px;white-space:nowrap">year</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6739.29px;left:1020.41px;white-space:nowrap">ended </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6739.29px;left:1570.96px;white-space:nowrap">September
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6739.29px;left:2501.46px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6739.29px;left:2801.69px;white-space:nowrap">2025</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6739.29px;left:3202.12px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6739.29px;left:3302.14px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6739.29px;left:3602.37px;white-space:nowrap">average </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6739.29px;left:4302.86px;white-space:nowrap">month </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6739.29px;left:4853.14px;white-space:nowrap">end </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6739.29px;left:5203.48px;white-space:nowrap">notional
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6739.29px;left:5884.01px;white-space:nowrap">amount </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6739.29px;left:6534.4px;white-space:nowrap">of</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6739.29px;left:6734.53px;white-space:nowrap">futures </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6739.29px;left:7334.82px;white-space:nowrap">contracts,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6739.29px;left:8165.13px;white-space:nowrap">swap </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6739.29px;left:8635.34px;white-space:nowrap">contracts
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6739.29px;left:9415.63px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6989.29px;left:0px;white-space:nowrap">options, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6989.29px;left:680.45px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6989.29px;left:1030.78px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6989.29px;left:1331.02px;white-space:nowrap">average&#160;month
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6989.29px;left:2581.79px;white-space:nowrap">end </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6989.29px;left:2932.12px;white-space:nowrap">contract
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6989.29px;left:3622.41px;white-space:nowrap">value </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6989.29px;left:4102.73px;white-space:nowrap">for&#160;forward
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6989.29px;left:5013.02px;white-space:nowrap">exchange
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6989.29px;left:5843.67px;white-space:nowrap">contracts,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6989.29px;left:6673.97px;white-space:nowrap">were&#160;as
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6989.29px;left:7354.25px;white-space:nowrap">follows:</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8965.71px;left:0px;white-space:nowrap">At </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8965.71px;left:220.08px;white-space:nowrap">September
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8965.71px;left:1150.58px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8965.71px;left:1450.81px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8965.71px;left:1951.26px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8965.71px;left:2251.49px;white-space:nowrap">Fund&#39;s
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8965.71px;left:2836.14px;white-space:nowrap">OTC </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8965.71px;left:3266.1px;white-space:nowrap">derivative
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8965.71px;left:4086.47px;white-space:nowrap">assets </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8965.71px;left:4656.71px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8965.71px;left:5007.04px;white-space:nowrap">liabilities
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8965.71px;left:5737.32px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8965.71px;left:6047.49px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8965.71px;left:6287.61px;white-space:nowrap">follows:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1693.42px;left:0px;white-space:nowrap">Derivative
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1693.42px;left:809.38px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1885.42px;left:0px;white-space:nowrap">Not
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1885.42px;left:305.08px;white-space:nowrap">Accounted
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1885.42px;left:1176.25px;white-space:nowrap">for
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1885.42px;left:1433.98px;white-space:nowrap">as</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2077.42px;left:0px;white-space:nowrap">Hedging
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2077.42px;left:684.38px;white-space:nowrap">Instruments</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1885.42px;left:2592px;white-space:nowrap">Statement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1885.42px;left:3409.97px;white-space:nowrap">of</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2077.42px;left:2592px;white-space:nowrap">Operations
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2077.42px;left:3481.06px;white-space:nowrap">Location</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1693.42px;left:5240.59px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1693.42px;left:5542.86px;white-space:nowrap">Realized
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1885.42px;left:5054.19px;white-space:nowrap">Gain
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1885.42px;left:5454.27px;white-space:nowrap">(Loss)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1885.42px;left:5978.72px;white-space:nowrap">for
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2077.42px;left:5572.31px;white-space:nowrap">the
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2077.42px;left:5853.88px;letter-spacing:-2.21px;white-space:nowrap">Year</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1885.42px;left:6480px;white-space:nowrap">Statement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1885.42px;left:7297.97px;white-space:nowrap">of</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2077.42px;left:6480px;white-space:nowrap">Operations
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2077.42px;left:7369.06px;white-space:nowrap">Location</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1309.42px;left:9004.38px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1309.42px;left:9306.64px;white-space:nowrap">Change
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1309.42px;left:9937.81px;white-space:nowrap">in</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1501.42px;left:9270.86px;white-space:nowrap">Unrealized</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1693.42px;left:9102.11px;white-space:nowrap">Appreciation</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1885.42px;left:9004.3px;white-space:nowrap">(Depreciation)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2077.42px;left:9202.58px;white-space:nowrap">for
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2077.42px;left:9460.31px;white-space:nowrap">the
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2077.42px;left:9741.88px;letter-spacing:-2.21px;white-space:nowrap">Year</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2400.47px;left:0px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2400.47px;left:631.17px;white-space:nowrap">Master
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2400.47px;left:1191.41px;white-space:nowrap">Intermediate
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2400.47px;left:2187.27px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2400.47px;left:2791.88px;letter-spacing:-1.77px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2628.95px;left:2592px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2628.95px;left:2885.44px;white-space:nowrap">realized
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2628.95px;left:3490.2px;white-space:nowrap">gain </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2628.95px;left:3837.16px;white-space:nowrap">(loss) </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2628.95px;left:4272.7px;white-space:nowrap">from:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2628.95px;left:6480px;white-space:nowrap">Net </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2628.95px;left:6773.44px;white-space:nowrap">change </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2628.95px;left:7342.81px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2628.95px;left:7511.8px;white-space:nowrap">unrealized</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2820.95px;left:6480px;white-space:nowrap">&#160;&#160;appreciation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2820.95px;left:7485.08px;white-space:nowrap">(depreciation)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2820.95px;left:8507.81px;white-space:nowrap">on:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3226.89px;left:0px;white-space:nowrap">Interest </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3226.89px;left:578.05px;white-space:nowrap">rate </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3226.89px;left:898.2px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3226.89px;left:1588.02px;letter-spacing:51.05px;white-space:nowrap">..........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3487.38px;left:2592px;white-space:nowrap">Futures </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3487.38px;left:3178.88px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3487.38px;left:5418.09px;white-space:nowrap">$(353,667)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3487.38px;left:6480px;white-space:nowrap">Futures </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3487.38px;left:7066.88px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3487.38px;left:9501.64px;white-space:nowrap">$78,737</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3747.86px;left:2592px;white-space:nowrap">Swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3747.86px;left:3036.69px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3747.86px;left:5480.2px;white-space:nowrap">1,940,072</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3747.86px;left:6480px;white-space:nowrap">Swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3747.86px;left:6924.69px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3747.86px;left:9484.06px;white-space:nowrap">(85,052)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4008.34px;left:2592px;white-space:nowrap">Forward </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4008.34px;left:3223.25px;white-space:nowrap">premium </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4008.34px;left:3890.05px;white-space:nowrap">swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4008.34px;left:4308.02px;white-space:nowrap">option </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4200.34px;left:2592px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4200.34px;left:5507.08px;white-space:nowrap">(614,348)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4008.34px;left:6480px;white-space:nowrap">Forward </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4008.34px;left:7111.25px;white-space:nowrap">premium </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4008.34px;left:7778.05px;white-space:nowrap">swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4008.34px;left:8196.02px;white-space:nowrap">option </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4200.34px;left:6480px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4200.34px;left:9395.08px;white-space:nowrap">(628,149)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4460.83px;left:0px;white-space:nowrap">Foreign </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4460.83px;left:586.95px;white-space:nowrap">exchange </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4460.83px;left:1325.31px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4460.83px;left:2055.09px;letter-spacing:53.14px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4721.31px;left:2592px;white-space:nowrap">Forward </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4721.31px;left:3223.25px;white-space:nowrap">exchange
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4721.31px;left:3961.61px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4721.31px;left:5507.08px;white-space:nowrap">(322,681)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4721.31px;left:6480px;white-space:nowrap">Forward </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4721.31px;left:7111.25px;white-space:nowrap">exchange
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4721.31px;left:7849.61px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4721.31px;left:9501.64px;white-space:nowrap">197,001</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4981.8px;left:0px;white-space:nowrap">Credit </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4981.8px;left:471.25px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4981.8px;left:1120.96px;letter-spacing:50.35px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5242.28px;left:2592px;white-space:nowrap">Swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5242.28px;left:3036.69px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5242.28px;left:5613.64px;white-space:nowrap">404,861</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5242.28px;left:6480px;white-space:nowrap">Swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5242.28px;left:6924.69px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5242.28px;left:9501.64px;white-space:nowrap">456,590</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5502.77px;left:0px;letter-spacing:-3.55px;white-space:nowrap">Total</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5502.77px;left:373.65px;letter-spacing:49.87px;white-space:nowrap">.......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5502.77px;left:5391.22px;white-space:nowrap">$1,054,237</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5502.77px;left:9501.64px;white-space:nowrap">$19,127</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7422.71px;left:8933.05px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7422.71px;left:9564.22px;white-space:nowrap">Master
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7614.71px;left:8523.98px;white-space:nowrap">Intermediate
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7614.71px;left:9519.84px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7806.71px;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:8003.19px;left:0px;white-space:nowrap">Futures </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8003.19px;left:586.88px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8003.19px;left:1307.78px;letter-spacing:50.08px;white-space:nowrap">..........................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8003.19px;left:9190.23px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8003.19px;left:9279.22px;white-space:nowrap">26,670,895</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8199.67px;left:0px;white-space:nowrap">Swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8199.67px;left:444.69px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8199.67px;left:1120.96px;letter-spacing:50.05px;white-space:nowrap">............................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8199.67px;left:9190.23px;white-space:nowrap">508,652,713</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8396.16px;left:0px;white-space:nowrap">Forwards </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8396.16px;left:711.25px;white-space:nowrap">exchange </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8396.16px;left:1449.61px;white-space:nowrap">contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8396.16px;left:2148.5px;letter-spacing:50.23px;white-space:nowrap">.................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8396.16px;left:9279.22px;white-space:nowrap">13,828,693</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8592.64px;left:0px;white-space:nowrap">Options</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8592.64px;left:560.48px;letter-spacing:49.97px;white-space:nowrap">..................................................................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8592.64px;left:9190.23px;white-space:nowrap">244,240,837</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9431.13px;left:6865.16px;white-space:nowrap">Gross
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9431.13px;left:7366.09px;white-space:nowrap">Amounts
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9431.13px;left:8103.83px;white-space:nowrap">of</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9623.13px;left:6332.89px;white-space:nowrap">Assets
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9623.13px;left:6902.11px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9623.13px;left:7231.02px;white-space:nowrap">Liabilities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9623.13px;left:8013.44px;white-space:nowrap">Presented</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9815.13px;left:6002.66px;white-space:nowrap">in
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9815.13px;left:6189.3px;white-space:nowrap">the
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9815.13px;left:6473.75px;white-space:nowrap">Statement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9815.13px;left:7291.72px;white-space:nowrap">of
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9815.13px;left:7481.25px;white-space:nowrap">Assets
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9815.13px;left:8050.47px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9815.13px;left:8379.38px;white-space:nowrap">Liabilities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10090.17px;left:6011.68px;white-space:nowrap">Assets</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:10093.38px;left:6536.44px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10090.17px;left:8425.08px;white-space:nowrap">Liabilities</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:10093.38px;left:9163.05px;white-space:nowrap">a</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10452.5px;left:0px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10452.5px;left:631.17px;white-space:nowrap">Master
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10452.5px;left:1191.41px;white-space:nowrap">Intermediate
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10452.5px;left:2187.27px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10452.5px;left:2791.88px;letter-spacing:-1.77px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10683.98px;left:144px;white-space:nowrap">Forward </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10683.98px;left:775.25px;white-space:nowrap">Exchange
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10683.98px;left:1531.34px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10683.98px;left:2241.91px;letter-spacing:50.34px;white-space:nowrap">.............................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10683.98px;left:6981.64px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10683.98px;left:7070.63px;white-space:nowrap">97,454</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10683.98px;left:9501.64px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10683.98px;left:9590.63px;white-space:nowrap">26,513</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10886.47px;left:144px;white-space:nowrap">Forward </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10886.47px;left:775.25px;white-space:nowrap">Premium </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10886.47px;left:1459.78px;white-space:nowrap">Swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10886.47px;left:1904.47px;white-space:nowrap">Option </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10886.47px;left:2420.33px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10886.47px;left:3176.05px;letter-spacing:51.07px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10886.47px;left:6981.64px;white-space:nowrap">868,678</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10886.47px;left:9501.64px;white-space:nowrap">869,684</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11088.95px;left:144px;white-space:nowrap">Swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11088.95px;left:588.69px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11088.95px;left:1307.78px;letter-spacing:49.99px;white-space:nowrap">.......................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11088.95px;left:6848.2px;white-space:nowrap">1,475,549</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11088.95px;left:9501.64px;white-space:nowrap">545,757</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11320.44px;left:288px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11320.44px;left:747.3px;letter-spacing:49.85px;white-space:nowrap">.............................................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11320.44px;left:6759.22px;white-space:nowrap">$2,441,681</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11320.44px;left:9279.22px;white-space:nowrap">$1,441,954</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:11820.72px;left:0px;white-space:nowrap">a</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11816.5px;left:42.54px;white-space:nowrap">Absent</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11816.5px;left:487.54px;white-space:nowrap">an
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11816.5px;left:669.96px;white-space:nowrap">event
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11816.5px;left:1027.46px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11816.5px;left:1173.4px;white-space:nowrap">default
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11816.5px;left:1603.87px;white-space:nowrap">or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11816.5px;left:1756.99px;white-space:nowrap">early
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11816.5px;left:2077.85px;white-space:nowrap">termination,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11816.5px;left:2799.88px;white-space:nowrap">OTC
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11816.5px;left:3113.32px;white-space:nowrap">derivative
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11816.5px;left:3711.37px;white-space:nowrap">assets
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11816.5px;left:4127.15px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11816.5px;left:4382.54px;white-space:nowrap">liabilities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11816.5px;left:4914.88px;white-space:nowrap">are
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11816.5px;left:5140.98px;white-space:nowrap">presented
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11816.5px;left:5761.06px;white-space:nowrap">gross
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11816.5px;left:6118.4px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11816.5px;left:6373.79px;white-space:nowrap">not
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11816.5px;left:6592.7px;letter-spacing:-0.32px;white-space:nowrap">offset
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11816.5px;left:6947.93px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11816.5px;left:7086.52px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11816.5px;left:7305.43px;white-space:nowrap">Statement
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11816.5px;left:7940.04px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11816.5px;left:8078.79px;white-space:nowrap">Assets
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11816.5px;left:8509.1px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:11816.5px;left:8764.49px;white-space:nowrap">Liabilities.</div></div>
</div>

<div style="height:22.54px;left:0px;position:absolute;top:0px;transform:translate(54.000px,120.643px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:145.61px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.28px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:0px;letter-spacing:-2.67px;white-space:nowrap">9.
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:210.36px;letter-spacing:-3.33px;white-space:nowrap">Other
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:775.33px;letter-spacing:-3.64px;white-space:nowrap">Derivative
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1743.05px;letter-spacing:-4px;white-space:nowrap">Information</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10.14px;left:2840.2px;letter-spacing:-2.91px;white-space:nowrap">(continued)</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:1161.0px;width:891.0px;transform-origin:top left;transform:scale(1.5,1.5)">

<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:10.29px;white-space:nowrap">Master
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1341.44px;letter-spacing:10.34px;white-space:nowrap">Intermediate
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2500.95px;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:3143.94px;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>

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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:594px;left:0px;white-space:nowrap">At </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:220.08px;white-space:nowrap">September </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:1150.58px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:1450.81px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:1951.26px;white-space:nowrap">OTC </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:2381.22px;white-space:nowrap">derivative </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:3201.59px;white-space:nowrap">assets, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:3821.84px;white-space:nowrap">which </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:4332.04px;white-space:nowrap">may </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:4722.1px;white-space:nowrap">be </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:4972.32px;text-rendering:optimizeLegibility;white-space:nowrap">offset
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:5458.71px;white-space:nowrap">against </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:6089.15px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:6389.38px;white-space:nowrap">Fund&#39;s </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:6974.03px;white-space:nowrap">OTC </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:7403.99px;white-space:nowrap">derivative </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:8224.37px;white-space:nowrap">liabilities </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:8954.65px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:9304.98px;white-space:nowrap">collateral </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:0px;white-space:nowrap">received </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:730.37px;white-space:nowrap">from </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:1140.38px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:1440.62px;letter-spacing:-0.95px;white-space:nowrap">counterparty,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:2527.82px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:2837.99px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:3078.11px;white-space:nowrap">follows:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1309.42px;left:5706.9px;white-space:nowrap">Amounts
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1309.42px;left:6444.63px;white-space:nowrap">Not
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1309.42px;left:6755.65px;text-rendering:optimizeLegibility;white-space:nowrap">Offset
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1309.42px;left:7258.46px;white-space:nowrap">in
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1309.42px;left:7445.1px;white-space:nowrap">the</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1501.42px;left:5374.2px;white-space:nowrap">Statement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1501.42px;left:6192.17px;white-space:nowrap">of
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1501.42px;left:6381.7px;white-space:nowrap">Assets
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1501.42px;left:6950.92px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1501.42px;left:7279.83px;white-space:nowrap">Liabilities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1761.91px;left:3857.58px;white-space:nowrap">Gross</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1953.91px;left:3431.25px;white-space:nowrap">Amounts
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1953.91px;left:4168.98px;white-space:nowrap">of</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2145.91px;left:2790.47px;white-space:nowrap">Assets
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2145.91px;left:3359.69px;white-space:nowrap">Presented
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2145.91px;left:4177.81px;white-space:nowrap">in</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2337.91px;left:3066.56px;white-space:nowrap">the
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2337.91px;left:3351.02px;white-space:nowrap">Statement
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2337.91px;left:4168.98px;white-space:nowrap">of</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2529.91px;left:2683.91px;white-space:nowrap">Assets
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2529.91px;left:3253.13px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2529.91px;left:3582.03px;white-space:nowrap">Liabilities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1953.91px;left:5066.48px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2145.91px;left:4844.3px;white-space:nowrap">Instruments
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2337.91px;left:4805.63px;letter-spacing:-0.59px;white-space:nowrap">Available
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2337.91px;left:5546.72px;white-space:nowrap">for
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2529.91px;left:5301.64px;text-rendering:optimizeLegibility;white-space:nowrap">Offset</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1953.91px;left:6506.48px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2145.91px;left:6284.3px;white-space:nowrap">Instruments
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2337.91px;left:6470.86px;white-space:nowrap">Collateral
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2529.91px;left:6362.57px;white-space:nowrap">Received</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:2533.12px;left:7065.23px;white-space:nowrap">a,b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2145.91px;left:8248.75px;white-space:nowrap">Cash</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2337.91px;left:7910.86px;white-space:nowrap">Collateral</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2529.91px;left:7880.36px;white-space:nowrap">Received</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:2533.12px;left:8583.02px;white-space:nowrap">b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2145.91px;left:9179.38px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2145.91px;left:9475.7px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2337.91px;left:9404.3px;white-space:nowrap">(Not
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2337.91px;left:9768.59px;white-space:nowrap">less</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2529.91px;left:9315.55px;white-space:nowrap">than
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2529.91px;left:9697.73px;white-space:nowrap">zero)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2871.85px;left:0px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2871.85px;left:631.17px;white-space:nowrap">Master
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2871.85px;left:1191.41px;white-space:nowrap">Intermediate
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2871.85px;left:2187.27px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2871.85px;left:2791.88px;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:3132.33px;left:0px;white-space:nowrap">Counterparty</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3392.81px;left:144px;letter-spacing:-0.72px;white-space:nowrap">BNDP</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3392.81px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3392.81px;left:3741.64px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3392.81px;left:3830.63px;white-space:nowrap">80,195</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3392.81px;left:5075.08px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3392.81px;left:5164.06px;white-space:nowrap">(32,359)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3392.81px;left:6951.02px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3392.81px;left:7040px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3392.81px;left:8391.02px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3392.81px;left:8480px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3392.81px;left:9501.64px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3392.81px;left:9590.63px;white-space:nowrap">47,836</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3653.3px;left:144px;letter-spacing:-4.41px;white-space:nowrap">BOFA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3653.3px;left:561.97px;letter-spacing:51.07px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3653.3px;left:3919.61px;white-space:nowrap">9,167</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3653.3px;left:5253.05px;white-space:nowrap">(9,167)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3653.3px;left:7040px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3653.3px;left:8480px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3653.3px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3913.78px;left:144px;white-space:nowrap">BZWS</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3913.78px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3913.78px;left:3919.61px;white-space:nowrap">2,181</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3913.78px;left:5386.48px;white-space:nowrap">(616)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3913.78px;left:7040px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3913.78px;left:8480px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3913.78px;left:9679.61px;white-space:nowrap">1,565</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4174.27px;left:144px;white-space:nowrap">CITI</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4174.27px;left:467.07px;letter-spacing:50.97px;white-space:nowrap">.....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4174.27px;left:3741.64px;white-space:nowrap">738,137</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4174.27px;left:5075.08px;white-space:nowrap">(302,520)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4174.27px;left:7040px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4174.27px;left:7955.08px;white-space:nowrap">(435,617)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4174.27px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4434.75px;left:144px;white-space:nowrap">DBAB</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4434.75px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4434.75px;left:4160px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4434.75px;left:5600px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4434.75px;left:7040px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4434.75px;left:8480px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4434.75px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4695.24px;left:144px;white-space:nowrap">GSCO</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4695.24px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4695.24px;left:3741.64px;white-space:nowrap">292,551</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4695.24px;left:5075.08px;white-space:nowrap">(100,550)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4695.24px;left:7040px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4695.24px;left:7955.08px;white-space:nowrap">(130,000)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4695.24px;left:9590.63px;white-space:nowrap">62,001</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4955.72px;left:144px;white-space:nowrap">HSBK</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4955.72px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4955.72px;left:3830.63px;white-space:nowrap">40,809</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4955.72px;left:5386.48px;white-space:nowrap">(216)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4955.72px;left:7040px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4955.72px;left:8480px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4955.72px;left:9590.63px;white-space:nowrap">40,593</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5216.21px;left:144px;white-space:nowrap">JPHQ</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5216.21px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5216.21px;left:3741.64px;white-space:nowrap">541,995</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5216.21px;left:5075.08px;white-space:nowrap">(390,104)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5216.21px;left:7040px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5216.21px;left:7955.08px;white-space:nowrap">(151,891)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5216.21px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5476.69px;left:144px;white-space:nowrap">MCM</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5476.69px;left:560.48px;letter-spacing:51.07px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5476.69px;left:3830.63px;white-space:nowrap">24,616</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5476.69px;left:5164.06px;white-space:nowrap">(24,616)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5476.69px;left:7040px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5476.69px;left:8480px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5476.69px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5737.17px;left:144px;white-space:nowrap">MLCO</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5737.17px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5737.17px;left:3741.64px;white-space:nowrap">168,798</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5737.17px;left:5164.06px;white-space:nowrap">(64,296)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5737.17px;left:6515.08px;white-space:nowrap">(104,502)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5737.17px;left:8480px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5737.17px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5997.66px;left:144px;white-space:nowrap">MSCO</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5997.66px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5997.66px;left:3741.64px;white-space:nowrap">341,458</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5997.66px;left:5075.08px;white-space:nowrap">(174,386)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5997.66px;left:7040px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5997.66px;left:7955.08px;white-space:nowrap">(140,000)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5997.66px;left:9590.63px;white-space:nowrap">27,072</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6258.14px;left:144px;letter-spacing:-2.97px;white-space:nowrap">NATW</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6258.14px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6258.14px;left:4160px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6258.14px;left:5600px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6258.14px;left:7040px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6258.14px;left:8480px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6258.14px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6518.63px;left:144px;white-space:nowrap">TDOM</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6518.63px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6518.63px;left:3919.61px;white-space:nowrap">7,501</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6518.63px;left:5253.05px;white-space:nowrap">(1,378)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6518.63px;left:7040px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6518.63px;left:8480px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6518.63px;left:9679.61px;white-space:nowrap">6,123</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6779.11px;left:144px;white-space:nowrap">UBSW</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6779.11px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6779.11px;left:3741.64px;white-space:nowrap">187,946</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6779.11px;left:5075.08px;white-space:nowrap">(107,541)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6779.11px;left:7040px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6779.11px;left:8044.06px;white-space:nowrap">(80,405)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6779.11px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7039.6px;left:144px;letter-spacing:-2.97px;white-space:nowrap">WPAC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7039.6px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7039.6px;left:3919.61px;white-space:nowrap">6,327</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7039.6px;left:5475.47px;white-space:nowrap">(44)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7039.6px;left:7040px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7039.6px;left:8480px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7039.6px;left:9679.61px;white-space:nowrap">6,283</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7300.08px;left:288px;letter-spacing:-3.55px;white-space:nowrap">Total</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7300.08px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7300.08px;left:3519.22px;white-space:nowrap">$2,441,681</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7300.08px;left:4852.66px;white-space:nowrap">$(1,207,793)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7300.08px;left:6426.09px;white-space:nowrap">$(104,502)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7300.08px;left:7866.09px;white-space:nowrap">$(937,913)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7300.08px;left:9412.66px;white-space:nowrap">$191,473</div>

<div style="font-family:Arial, sans-serif;font-size:10px;position:absolute;top:7702.13px;left:7338.44px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:10px;position:absolute;top:7702.13px;left:8562.44px;white-space:nowrap">1</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:8065.41px;left:0px;white-space:nowrap">a</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8061.19px;left:42.54px;white-space:nowrap">At</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8061.19px;left:203.01px;white-space:nowrap">September
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8061.19px;left:881.29px;white-space:nowrap">30,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8061.19px;left:1100.2px;white-space:nowrap">2025,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8061.19px;left:1465.04px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8061.19px;left:1683.95px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8061.19px;left:2019.49px;white-space:nowrap">received
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8061.19px;left:2551.92px;white-space:nowrap">U.S
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8061.19px;left:2804.81px;letter-spacing:-0.53px;white-space:nowrap">Treasury
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8061.19px;left:3354.18px;white-space:nowrap">Bills,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8061.19px;left:3667.7px;white-space:nowrap">Bonds
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8061.19px;left:4076.21px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8061.19px;left:4331.6px;white-space:nowrap">Notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8061.19px;left:4710.82px;white-space:nowrap">as
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8061.19px;left:4885.9px;letter-spacing:0px;white-space:nowrap">collateral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8061.19px;left:5447.46px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8061.19px;left:5637.07px;white-space:nowrap">derivatives.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:8261.89px;left:0px;white-space:nowrap">b</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8257.67px;left:42.54px;white-space:nowrap">In</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8257.67px;left:188.48px;white-space:nowrap">some
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8257.67px;left:545.82px;white-space:nowrap">instances,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8257.67px;left:1173.17px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8257.67px;left:1392.07px;white-space:nowrap">collateral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8257.67px;left:1953.63px;white-space:nowrap">amounts
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8257.67px;left:2493.4px;white-space:nowrap">disclosed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8257.67px;left:3076.92px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8257.67px;left:3215.51px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8257.67px;left:3434.42px;white-space:nowrap">table
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8257.67px;left:3755.43px;white-space:nowrap">above
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8257.67px;left:4149.42px;white-space:nowrap">were
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8257.67px;left:4470.2px;white-space:nowrap">adjusted
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8257.67px;left:5002.77px;letter-spacing:0px;white-space:nowrap">due
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8257.67px;left:5258.17px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8257.67px;left:5404.1px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8257.67px;left:5623.01px;white-space:nowrap">requirement
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8257.67px;left:6359.57px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8257.67px;left:6505.51px;white-space:nowrap">limit
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8257.67px;left:6775.2px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8257.67px;left:6994.1px;white-space:nowrap">collateral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8257.67px;left:7555.67px;white-space:nowrap">amounts
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8257.67px;left:8095.43px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8257.67px;left:8241.37px;white-space:nowrap">avoid
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8257.67px;left:8591.52px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8257.67px;left:8810.43px;letter-spacing:-0.32px;white-space:nowrap">effect
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8257.67px;left:9165.67px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8449.67px;left:0px;white-space:nowrap">overcollateralization.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8449.67px;left:1225.39px;white-space:nowrap">Actual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8449.67px;left:1626.56px;white-space:nowrap">collateral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8449.67px;left:2188.13px;white-space:nowrap">received
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8449.67px;left:2720.55px;white-space:nowrap">and/or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8449.67px;left:3129.06px;white-space:nowrap">pledged
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8449.67px;left:3632.5px;white-space:nowrap">may
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8449.67px;left:3916.88px;white-space:nowrap">be
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8449.67px;left:4099.3px;white-space:nowrap">more
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8449.67px;left:4434.69px;white-space:nowrap">than
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8449.67px;left:4726.56px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8449.67px;left:4945.47px;white-space:nowrap">amounts
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8449.67px;left:5485.23px;white-space:nowrap">disclosed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8449.67px;left:6068.75px;white-space:nowrap">herein.</div></div>
</div>

<div style="height:22.54px;left:0px;position:absolute;top:0px;transform:translate(35.999px,120.643px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:145.61px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.28px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:0px;letter-spacing:-2.67px;white-space:nowrap">9.
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:210.36px;letter-spacing:-3.33px;white-space:nowrap">Other
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:775.33px;letter-spacing:-3.64px;white-space:nowrap">Derivative
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1743.05px;letter-spacing:-4px;white-space:nowrap">Information</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10.14px;left:2840.2px;letter-spacing:-2.91px;white-space:nowrap">(continued)</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:1161.0px;width:891.0px;transform-origin:top left;transform:scale(1.5,1.5)">

<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:6453.14px;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:7127.45px;letter-spacing:10.29px;white-space:nowrap">Master
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7794.58px;letter-spacing:10.34px;white-space:nowrap">Intermediate
</div>

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:7461.73px;letter-spacing:10px;white-space:nowrap">Notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8019.91px;letter-spacing:7.24px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8272.39px;letter-spacing:10.32px;white-space:nowrap">Financial
</div>

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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:594px;left:0px;white-space:nowrap">At </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:220.08px;white-space:nowrap">September </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:1150.58px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:1450.81px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:1951.26px;white-space:nowrap">OTC </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:2381.22px;white-space:nowrap">derivative </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:3201.59px;white-space:nowrap">liabilities,
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:3981.88px;white-space:nowrap">which </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:4492.09px;white-space:nowrap">may </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:5132.37px;text-rendering:optimizeLegibility;white-space:nowrap">offset
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:6549.43px;white-space:nowrap">Fund&#39;s </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:0px;white-space:nowrap">pledged </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:1191.01px;letter-spacing:-0.95px;white-space:nowrap">counterparty,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:2278.21px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:2588.38px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:2828.5px;white-space:nowrap">follows:</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8887.57px;left:0px;white-space:nowrap">See </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8887.57px;left:370.28px;white-space:nowrap">Note </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8887.57px;left:800.51px;white-space:nowrap">1(e)&#160;regarding
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8887.57px;left:1981.14px;white-space:nowrap">derivative
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8887.57px;left:2801.51px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8887.57px;left:3511.93px;white-space:nowrap">instruments.&#160;</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9317.57px;left:0px;white-space:nowrap">See </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9317.57px;left:360.35px;white-space:nowrap">Abbreviations
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9317.57px;left:1751.22px;white-space:nowrap">page </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9317.57px;left:2201.66px;white-space:nowrap">58.</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9900.64px;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:9900.64px;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:9900.64px;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:9900.64px;left:1274.08px;letter-spacing:-3.67px;white-space:nowrap">Measurements</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:10268.37px;left:6313.36px;white-space:nowrap">obtained
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.37px;left:7464.02px;white-space:nowrap">independent
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.37px;left:0px;white-space:nowrap">(observable </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.37px;left:990.53px;white-space:nowrap">inputs) </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.37px;left:1580.8px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.37px;left:1931.13px;white-space:nowrap">the&#160;Fund&#39;s
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.37px;left:2816.02px;white-space:nowrap">own </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.37px;left:3796.35px;white-space:nowrap">assumptions
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.37px;left:4856.84px;white-space:nowrap">(unobservable
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.37px;left:6047.58px;white-space:nowrap">inputs).
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.37px;left:6684.61px;white-space:nowrap">These </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.37px;left:7234.89px;white-space:nowrap">inputs </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.37px;left:7765.22px;white-space:nowrap">are </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.37px;left:8705.83px;white-space:nowrap">determining
</div>

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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.37px;left:2275.75px;white-space:nowrap">instruments
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.37px;left:3916.58px;white-space:nowrap">summarized
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.37px;left:4946.84px;white-space:nowrap">in </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.37px;left:5437.18px;white-space:nowrap">following
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.37px;left:6187.59px;white-space:nowrap">fair </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.37px;left:6487.65px;white-space:nowrap">value </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.37px;left:6967.97px;white-space:nowrap">hierarchy:</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11198.37px;left:604.8px;white-space:nowrap">Level </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11198.37px;left:1085.12px;white-space:nowrap">1 </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11198.37px;left:1235.24px;white-space:nowrap">&#8211;
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11198.37px;left:1385.36px;white-space:nowrap">quoted </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11198.37px;left:4176.59px;white-space:nowrap">identical
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11198.37px;left:4887.01px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11198.37px;left:5597.43px;white-space:nowrap">instruments</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11628.37px;left:604.8px;white-space:nowrap">Level </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11628.37px;left:1085.12px;white-space:nowrap">2 </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11628.37px;left:1235.24px;white-space:nowrap">&#8211;
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11628.37px;left:1385.36px;white-space:nowrap">other </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11628.37px;left:1845.64px;text-rendering:optimizeLegibility;white-space:nowrap">significant
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11628.37px;left:2696.07px;white-space:nowrap">observable
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11628.37px;left:3626.66px;white-space:nowrap">inputs </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11628.37px;left:4156.99px;white-space:nowrap">(including
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11628.37px;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:11628.37px;left:6368.23px;white-space:nowrap">similar
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11628.37px;left:6938.2px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11628.37px;left:7648.62px;white-space:nowrap">instruments,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11628.37px;left:8678.96px;white-space:nowrap">interest
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11628.37px;left:9319.24px;white-space:nowrap">rates, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11878.37px;left:604.8px;white-space:nowrap">prepayment
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11878.37px;left:1605.35px;white-space:nowrap">speed, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11878.37px;left:2195.8px;white-space:nowrap">credit </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11878.37px;left:2685.96px;white-space:nowrap">risk, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11878.37px;left:3065.91px;white-space:nowrap">etc.)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1309.42px;left:5706.9px;white-space:nowrap">Amounts
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1309.42px;left:6444.63px;white-space:nowrap">Not
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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1309.42px;left:7258.46px;white-space:nowrap">in
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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1501.42px;left:5374.2px;white-space:nowrap">Statement
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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1501.42px;left:6192.17px;white-space:nowrap">of
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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1501.42px;left:6950.92px;white-space:nowrap">and
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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1501.42px;left:7279.83px;white-space:nowrap">Liabilities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1761.91px;left:3857.58px;white-space:nowrap">Gross</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1953.91px;left:3431.25px;white-space:nowrap">Amounts
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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1953.91px;left:4168.98px;white-space:nowrap">of</div>

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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2337.91px;left:3359.69px;white-space:nowrap">Presented
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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2721.91px;left:3253.13px;white-space:nowrap">and
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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2721.91px;left:3582.03px;white-space:nowrap">Liabilities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2145.91px;left:5066.48px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2337.91px;left:4844.3px;white-space:nowrap">Instruments
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2529.91px;left:4805.63px;letter-spacing:-0.59px;white-space:nowrap">Available
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2529.91px;left:5546.72px;white-space:nowrap">for
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2721.91px;left:5301.64px;text-rendering:optimizeLegibility;white-space:nowrap">Offset</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2145.91px;left:6506.48px;white-space:nowrap">Financial</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2337.91px;left:6284.3px;white-space:nowrap">Instruments</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2529.91px;left:6470.86px;white-space:nowrap">Collateral</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2721.91px;left:6442.88px;white-space:nowrap">Pledged</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:2725.12px;left:7065.23px;white-space:nowrap">a,b</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2337.91px;left:8248.75px;white-space:nowrap">Cash</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2529.91px;left:7910.86px;white-space:nowrap">Collateral</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2721.91px;left:8017.66px;white-space:nowrap">Pledged</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2337.91px;left:9179.38px;white-space:nowrap">Net
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2337.91px;left:9475.7px;white-space:nowrap">Amount
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2529.91px;left:9404.3px;white-space:nowrap">(Not
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2529.91px;left:9768.59px;white-space:nowrap">less
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2721.91px;left:9315.55px;white-space:nowrap">than
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2721.91px;left:9697.73px;white-space:nowrap">zero)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3063.85px;left:0px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3063.85px;left:631.17px;white-space:nowrap">Master
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3063.85px;left:1191.41px;white-space:nowrap">Intermediate
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3063.85px;left:2187.27px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3063.85px;left:2791.88px;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:3324.33px;left:0px;white-space:nowrap">Counterparty</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3584.81px;left:144px;letter-spacing:-0.72px;white-space:nowrap">BNDP</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3584.81px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3584.81px;left:3741.64px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3584.81px;left:3830.63px;white-space:nowrap">32,359</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3584.81px;left:5075.08px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3584.81px;left:5164.06px;white-space:nowrap">(32,359)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3584.81px;left:6951.02px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3584.81px;left:7040px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3584.81px;left:8391.02px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3584.81px;left:8480px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3584.81px;left:9831.02px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3584.81px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3845.3px;left:144px;letter-spacing:-4.41px;white-space:nowrap">BOFA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3845.3px;left:561.97px;letter-spacing:51.07px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3845.3px;left:3741.64px;white-space:nowrap">183,824</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3845.3px;left:5253.05px;white-space:nowrap">(9,167)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3845.3px;left:6526.95px;letter-spacing:-1.32px;white-space:nowrap">(113,987)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3845.3px;left:8480px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3845.3px;left:9590.63px;white-space:nowrap">60,670</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4105.78px;left:144px;white-space:nowrap">BZWS</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4105.78px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4105.78px;left:4053.05px;white-space:nowrap">616</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4105.78px;left:5386.48px;white-space:nowrap">(616)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4105.78px;left:7040px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4105.78px;left:8480px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4105.78px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4366.27px;left:144px;white-space:nowrap">CITI</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4366.27px;left:467.07px;letter-spacing:50.97px;white-space:nowrap">.....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4366.27px;left:3741.64px;white-space:nowrap">302,520</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4366.27px;left:5075.08px;white-space:nowrap">(302,520)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4366.27px;left:7040px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4366.27px;left:8480px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4366.27px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4626.75px;left:144px;white-space:nowrap">DBAB</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4626.75px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4626.75px;left:3830.63px;white-space:nowrap">17,927</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4626.75px;left:5600px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4626.75px;left:6604.06px;white-space:nowrap">(12,999)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4626.75px;left:8480px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4626.75px;left:9679.61px;white-space:nowrap">4,928</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4887.24px;left:144px;white-space:nowrap">GSCO</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4887.24px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4887.24px;left:3741.64px;white-space:nowrap">100,550</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4887.24px;left:5075.08px;white-space:nowrap">(100,550)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4887.24px;left:7040px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4887.24px;left:8480px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4887.24px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5147.72px;left:144px;white-space:nowrap">HSBK</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5147.72px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5147.72px;left:4053.05px;white-space:nowrap">216</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5147.72px;left:5386.48px;white-space:nowrap">(216)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5147.72px;left:7040px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5147.72px;left:8480px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5147.72px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5408.21px;left:144px;white-space:nowrap">JPHQ</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5408.21px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5408.21px;left:3741.64px;white-space:nowrap">390,104</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5408.21px;left:5075.08px;white-space:nowrap">(390,104)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5408.21px;left:7040px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5408.21px;left:8480px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5408.21px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5668.69px;left:144px;white-space:nowrap">MCM</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5668.69px;left:560.48px;letter-spacing:51.07px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5668.69px;left:3830.63px;white-space:nowrap">54,545</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5668.69px;left:5164.06px;white-space:nowrap">(24,616)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5668.69px;left:7040px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5668.69px;left:8480px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5668.69px;left:9590.63px;white-space:nowrap">29,929</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5929.17px;left:144px;white-space:nowrap">MLCO</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5929.17px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5929.17px;left:3830.63px;white-space:nowrap">64,296</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5929.17px;left:5164.06px;white-space:nowrap">(64,296)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5929.17px;left:7040px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5929.17px;left:8480px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5929.17px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6189.66px;left:144px;white-space:nowrap">MSCO</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6189.66px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6189.66px;left:3741.64px;white-space:nowrap">174,386</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6189.66px;left:5075.08px;white-space:nowrap">(174,386)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6189.66px;left:7040px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6189.66px;left:8480px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6189.66px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6450.14px;left:144px;letter-spacing:-2.97px;white-space:nowrap">NATW</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6450.14px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6450.14px;left:3842.5px;letter-spacing:-1.98px;white-space:nowrap">11,648</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6450.14px;left:5600px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6450.14px;left:7040px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6450.14px;left:8480px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6450.14px;left:9602.5px;letter-spacing:-1.98px;white-space:nowrap">11,648</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6710.63px;left:144px;white-space:nowrap">TDOM</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6710.63px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6710.63px;left:3919.61px;white-space:nowrap">1,378</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6710.63px;left:5253.05px;white-space:nowrap">(1,378)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6710.63px;left:7040px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6710.63px;left:8480px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6710.63px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6971.11px;left:144px;white-space:nowrap">UBSW</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6971.11px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6971.11px;left:3741.64px;white-space:nowrap">107,541</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6971.11px;left:5075.08px;white-space:nowrap">(107,541)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6971.11px;left:7040px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6971.11px;left:8480px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6971.11px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7231.6px;left:144px;letter-spacing:-2.97px;white-space:nowrap">WPAC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7231.6px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7231.6px;left:4142.03px;white-space:nowrap">44</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7231.6px;left:5475.47px;white-space:nowrap">(44)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7231.6px;left:7040px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7231.6px;left:8480px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7231.6px;left:9920px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7492.08px;left:288px;letter-spacing:-3.55px;white-space:nowrap">Total</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7492.08px;left:653.89px;letter-spacing:51.19px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7492.08px;left:3519.22px;white-space:nowrap">$1,441,954</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7492.08px;left:4852.66px;white-space:nowrap">$(1,207,793)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7492.08px;left:6426.09px;white-space:nowrap">$(126,986)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7492.08px;left:8391.02px;white-space:nowrap">$&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7492.08px;left:9412.66px;white-space:nowrap">$107,175</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:8127.82px;left:0px;white-space:nowrap">a</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8123.6px;left:42.54px;white-space:nowrap">See</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8123.6px;left:312.46px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8123.6px;left:531.37px;white-space:nowrap">accompanying
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8123.6px;left:1413.95px;white-space:nowrap">Schedule
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8123.6px;left:1997.54px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8123.6px;left:2143.48px;white-space:nowrap">Investments
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8123.6px;left:2887.46px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8123.6px;left:3077.07px;white-space:nowrap">securities
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8123.6px;left:3667.77px;white-space:nowrap">pledged
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8123.6px;left:4171.21px;white-space:nowrap">as
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8123.6px;left:4346.29px;white-space:nowrap">collateral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8123.6px;left:4907.85px;white-space:nowrap">for
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8123.6px;left:5097.46px;letter-spacing:0px;white-space:nowrap">derivatives.</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:8324.3px;left:0px;white-space:nowrap">b</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8320.08px;left:42.54px;white-space:nowrap">In</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8320.08px;left:188.48px;white-space:nowrap">some
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8320.08px;left:545.82px;white-space:nowrap">instances,
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8320.08px;left:1173.17px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8320.08px;left:1392.07px;white-space:nowrap">collateral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8320.08px;left:1953.63px;white-space:nowrap">amounts
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8320.08px;left:2493.4px;white-space:nowrap">disclosed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8320.08px;left:3076.92px;white-space:nowrap">in
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8320.08px;left:3215.51px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8320.08px;left:3434.42px;white-space:nowrap">table
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8320.08px;left:3755.43px;white-space:nowrap">above
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8320.08px;left:4149.42px;white-space:nowrap">were
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8320.08px;left:4470.2px;white-space:nowrap">adjusted
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8320.08px;left:5002.77px;letter-spacing:0px;white-space:nowrap">due
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8320.08px;left:5258.17px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8320.08px;left:5404.1px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8320.08px;left:5623.01px;white-space:nowrap">requirement
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8320.08px;left:6359.57px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8320.08px;left:6505.51px;white-space:nowrap">limit
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8320.08px;left:6775.2px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8320.08px;left:6994.1px;white-space:nowrap">collateral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8320.08px;left:7555.67px;white-space:nowrap">amounts
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8320.08px;left:8095.43px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8320.08px;left:8241.37px;white-space:nowrap">avoid
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8320.08px;left:8591.52px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8320.08px;left:8810.43px;letter-spacing:-0.32px;white-space:nowrap">effect
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8320.08px;left:9165.67px;white-space:nowrap">of
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8512.08px;left:0px;white-space:nowrap">overcollateralization.
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8512.08px;left:1225.39px;white-space:nowrap">Actual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8512.08px;left:1626.56px;white-space:nowrap">collateral
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8512.08px;left:2188.13px;white-space:nowrap">received
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8512.08px;left:2720.55px;white-space:nowrap">and/or
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8512.08px;left:3129.06px;white-space:nowrap">pledged
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8512.08px;left:3632.5px;white-space:nowrap">may
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8512.08px;left:3916.88px;white-space:nowrap">be
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8512.08px;left:4099.3px;white-space:nowrap">more
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8512.08px;left:4434.69px;white-space:nowrap">than
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8512.08px;left:4726.56px;white-space:nowrap">the
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8512.08px;left:4945.47px;white-space:nowrap">amounts
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8512.08px;left:5485.23px;white-space:nowrap">disclosed
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:8512.08px;left:6068.75px;white-space:nowrap">herein.</div></div>
</div>

<div style="height:22.54px;left:0px;position:absolute;top:0px;transform:translate(54.000px,120.643px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:145.61px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.28px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:0px;letter-spacing:-2.67px;white-space:nowrap">9.
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:210.36px;letter-spacing:-3.33px;white-space:nowrap">Other
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:775.33px;letter-spacing:-3.64px;white-space:nowrap">Derivative
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1743.05px;letter-spacing:-4px;white-space:nowrap">Information</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10.14px;left:2840.2px;letter-spacing:-2.91px;white-space:nowrap">(continued)</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:1161.0px;width:891.0px;transform-origin:top left;transform:scale(1.5,1.5)">

<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:10.29px;white-space:nowrap">Master
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1341.44px;letter-spacing:10.34px;white-space:nowrap">Intermediate
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2500.95px;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:3143.94px;letter-spacing:9.15px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:0px;letter-spacing:10px;white-space:nowrap">Notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:558.17px;letter-spacing:7.24px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:810.66px;letter-spacing:10.32px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:1647.53px;letter-spacing:8.88px;white-space:nowrap">Statements</div></div>
</div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(36.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

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

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(36.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:35.86px">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:36.48px;white-space:nowrap">56</div></div>
</div>

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

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

<div style="height:17.16px;left:0px;position:absolute;top:0px;transform:translate(405.000px,743.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:254.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(80.389px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:324.61px">

<div style="width:6492.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div></div>
</div>

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

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

<div style="height:51.74px;left:0px;position:absolute;top:0px;transform:translate(36.000px,74.175px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:866.04px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,7.44px) rotate(0deg) scale(0.05)">
</div> </div>

<div style="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:604.8px;white-space:nowrap">Level </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1085.12px;white-space:nowrap">3 </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1235.24px;white-space:nowrap">&#8211; </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1385.36px;text-rendering:optimizeLegibility;white-space:nowrap">significant
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:2235.79px;white-space:nowrap">unobservable
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:3366.59px;white-space:nowrap">inputs </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:3896.92px;white-space:nowrap">(including </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:4717.38px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:5017.61px;white-space:nowrap">Fund&#39;s </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:5602.26px;white-space:nowrap">own </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:5982.48px;white-space:nowrap">assumptions </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:7042.96px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:7233.07px;white-space:nowrap">determining </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:8223.6px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:8523.83px;white-space:nowrap">fair </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:8823.89px;white-space:nowrap">value </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:9304.21px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:604.8px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:1315.22px;white-space:nowrap">instruments)</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1024px;left:0px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1024px;left:360.18px;white-space:nowrap">input </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1024px;left:800.51px;white-space:nowrap">levels </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1024px;left:1310.71px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1024px;left:1620.88px;white-space:nowrap">not </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1024px;left:1921.11px;white-space:nowrap">necessarily
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1024px;left:2871.47px;white-space:nowrap">an </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1024px;left:3121.7px;white-space:nowrap">indication </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1024px;left:3932.23px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1024px;left:4132.35px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1024px;left:4432.59px;white-space:nowrap">risk </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1024px;left:4762.53px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1024px;left:4972.59px;white-space:nowrap">liquidity </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1024px;left:5622.89px;white-space:nowrap">associated </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1024px;left:6533.44px;white-space:nowrap">with </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1024px;left:6903.54px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1024px;left:7613.96px;white-space:nowrap">instruments
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1024px;left:8594.3px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1024px;left:8794.42px;white-space:nowrap">that </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1024px;left:9144.67px;white-space:nowrap">level. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1454px;left:0px;letter-spacing:-4.97px;white-space:nowrap">A
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1454px;left:160.14px;white-space:nowrap">summary </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1454px;left:950.19px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1454px;left:1150.31px;white-space:nowrap">inputs </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1454px;left:1680.64px;white-space:nowrap">used </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1454px;left:2120.98px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1454px;left:2361.09px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1454px;left:2561.22px;white-space:nowrap">September </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1454px;left:3491.72px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1454px;left:3791.95px;white-space:nowrap">2025, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1454px;left:4292.4px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1454px;left:4482.51px;white-space:nowrap">valuing </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1454px;left:5102.93px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1454px;left:5403.16px;white-space:nowrap">Fund&#39;s&#160;assets
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1454px;left:6558.05px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1454px;left:6908.38px;white-space:nowrap">liabilities&#160;carried
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1454px;left:8238.87px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1454px;left:8438.99px;white-space:nowrap">fair </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1454px;left:8739.05px;white-space:nowrap">value, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1454px;left:9269.38px;white-space:nowrap">is </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1454px;left:9449.38px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1704px;left:0px;white-space:nowrap">follows: </div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9134.13px;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:9134.13px;left:306.56px;letter-spacing:-3.71px;white-space:nowrap">Distributions
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9134.13px;left:1539.43px;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:9134.13px;left:2673.36px;letter-spacing:-2.67px;white-space:nowrap">to
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9134.13px;left:2905.69px;letter-spacing:-3.6px;white-space:nowrap">September
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9134.13px;left:3954.95px;letter-spacing:-3px;white-space:nowrap">30,
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9134.13px;left:4272.54px;letter-spacing:-3px;white-space:nowrap">2025</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9501.86px;left:0px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9501.86px;left:360.18px;white-space:nowrap">following
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9501.86px;left:1110.59px;white-space:nowrap">distributions
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9501.86px;left:2121.06px;white-space:nowrap">have </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9501.86px;left:2561.4px;white-space:nowrap">been </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9501.86px;left:3011.84px;white-space:nowrap">declared
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9501.86px;left:3752.31px;white-space:nowrap">by </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9501.86px;left:3992.43px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9501.86px;left:4292.67px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9501.86px;left:4879.69px;white-space:nowrap">Board </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9501.86px;left:5410.02px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9501.86px;left:5760.35px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9501.86px;left:6070.52px;white-space:nowrap">payable </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9501.86px;left:6751.05px;white-space:nowrap">subsequent
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9501.86px;left:7731.83px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9501.86px;left:7931.95px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9501.86px;left:8232.19px;white-space:nowrap">period </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9501.86px;left:8782.56px;white-space:nowrap">end </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9501.86px;left:9132.89px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9501.86px;left:9333.02px;white-space:nowrap">this </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9751.86px;left:0px;white-space:nowrap">report.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2151.98px;left:4785.42px;white-space:nowrap">Level
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2151.98px;left:5239.02px;white-space:nowrap">1</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2151.98px;left:6369.42px;white-space:nowrap">Level
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2151.98px;left:6823.02px;white-space:nowrap">2</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2151.98px;left:7953.42px;white-space:nowrap">Level
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2151.98px;left:8407.02px;white-space:nowrap">3</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2151.98px;left:9709.69px;letter-spacing:-2.37px;white-space:nowrap">Total</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2482.31px;left:0px;white-space:nowrap">Putnam
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2482.31px;left:631.17px;white-space:nowrap">Master
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2482.31px;left:1191.41px;white-space:nowrap">Intermediate
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2482.31px;left:2187.27px;white-space:nowrap">Income
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2482.31px;left:2791.88px;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:2693.35px;left:0px;white-space:nowrap">Assets:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2889.84px;left:144px;white-space:nowrap">Investments </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2889.84px;left:1051.03px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2889.84px;left:1220.02px;white-space:nowrap">Securities:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3086.32px;left:288px;white-space:nowrap">Management </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3086.32px;left:1266.36px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3086.32px;left:2093.39px;white-space:nowrap">Companies</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3086.32px;left:2989.22px;letter-spacing:49.97px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3086.32px;left:4527.22px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3086.32px;left:4616.2px;white-space:nowrap">4,191,248</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3086.32px;left:6663.02px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3086.32px;left:6752px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3086.32px;left:8247.02px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3086.32px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3086.32px;left:9279.22px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3086.32px;left:9368.2px;white-space:nowrap">4,191,248</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3282.8px;left:288px;white-space:nowrap">Convertible </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3282.8px;left:1141.75px;white-space:nowrap">Bonds</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3282.8px;left:1681.44px;letter-spacing:49.36px;white-space:nowrap">.......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3282.8px;left:5168px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3282.8px;left:6200.2px;white-space:nowrap">4,975,551</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3282.8px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3282.8px;left:9368.2px;white-space:nowrap">4,975,551</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3479.29px;left:288px;white-space:nowrap">Corporate </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3479.29px;left:1043.94px;white-space:nowrap">Bonds</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3479.29px;left:1588.02px;letter-spacing:49.34px;white-space:nowrap">........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3479.29px;left:5168px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3479.29px;left:6111.22px;white-space:nowrap">47,817,401</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3479.29px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3479.29px;left:9279.22px;white-space:nowrap">47,817,401</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3675.77px;left:288px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3675.77px;left:794.95px;white-space:nowrap">Floating </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3675.77px;left:1408.63px;white-space:nowrap">Rate </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3675.77px;left:1791.05px;white-space:nowrap">Interests</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3675.77px;left:2428.74px;letter-spacing:49.57px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3675.77px;left:5168px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3675.77px;left:6111.22px;white-space:nowrap">10,834,739</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3675.77px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3675.77px;left:9279.22px;white-space:nowrap">10,834,739</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3872.26px;left:288px;white-space:nowrap">Foreign </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3872.26px;left:874.95px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3872.26px;left:1799.8px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3872.26px;left:2102.38px;white-space:nowrap">Agency </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3872.26px;left:2680.5px;white-space:nowrap">Securities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3872.26px;left:3456.29px;letter-spacing:51.24px;white-space:nowrap">....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3872.26px;left:5168px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3872.26px;left:6111.22px;white-space:nowrap">18,727,699</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3872.26px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3872.26px;left:9279.22px;white-space:nowrap">18,727,699</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4068.74px;left:288px;white-space:nowrap">U.S. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4068.74px;left:643.63px;white-space:nowrap">Government
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4068.74px;left:1568.47px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4068.74px;left:1871.05px;white-space:nowrap">Agency </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4068.74px;left:2449.17px;white-space:nowrap">Securities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4068.74px;left:3176.05px;letter-spacing:50.26px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4068.74px;left:5168px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4068.74px;left:6333.64px;white-space:nowrap">141,725</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4068.74px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4068.74px;left:9501.64px;white-space:nowrap">141,725</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4265.23px;left:288px;white-space:nowrap">Asset-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4265.23px;left:1319.56px;white-space:nowrap">Securities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4265.23px;left:2055.09px;letter-spacing:49.44px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4265.23px;left:5168px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4265.23px;left:6200.2px;white-space:nowrap">3,638,310</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4265.23px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4265.23px;left:9368.2px;white-space:nowrap">3,638,310</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4461.71px;left:288px;white-space:nowrap">Commercial </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4461.71px;left:1185.89px;white-space:nowrap">Mortgage-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4461.71px;left:2493.23px;white-space:nowrap">Securities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4461.71px;left:3269.46px;letter-spacing:50.48px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4461.71px;left:5168px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4461.71px;left:6111.22px;white-space:nowrap">16,663,602</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4461.71px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4461.71px;left:9279.22px;white-space:nowrap">16,663,602</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4658.2px;left:288px;white-space:nowrap">Mortgage-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4658.2px;left:1595.34px;white-space:nowrap">Securities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4658.2px;left:2335.33px;letter-spacing:49.53px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4658.2px;left:5168px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4658.2px;left:6111.22px;white-space:nowrap">32,014,462</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4658.2px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4658.2px;left:9279.22px;white-space:nowrap">32,014,462</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4854.68px;left:288px;white-space:nowrap">Residential </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4854.68px;left:1124.02px;white-space:nowrap">Mortgage-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4854.68px;left:2431.36px;white-space:nowrap">Securities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4854.68px;left:3176.05px;letter-spacing:50.26px;white-space:nowrap">.......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4854.68px;left:5168px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4854.68px;left:6111.22px;white-space:nowrap">16,603,664</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4854.68px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4854.68px;left:9279.22px;white-space:nowrap">16,603,664</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5051.16px;left:288px;white-space:nowrap">Agency </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5051.16px;left:866.13px;white-space:nowrap">Commercial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5051.16px;left:1764.02px;white-space:nowrap">Mortgage-Backed
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5051.16px;left:3071.36px;white-space:nowrap">Securities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5051.16px;left:5168px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5051.16px;left:6111.22px;white-space:nowrap">20,183,062</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5051.16px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5051.16px;left:9279.22px;white-space:nowrap">20,183,062</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5247.65px;left:288px;white-space:nowrap">Short </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5247.65px;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:5247.65px;left:1111.98px;white-space:nowrap">Investments</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5247.65px;left:2055.09px;letter-spacing:49.44px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5247.65px;left:4550.97px;letter-spacing:-2.37px;white-space:nowrap">14,111,960</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5247.65px;left:6200.2px;white-space:nowrap">6,842,039</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5247.65px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5247.65px;left:9279.22px;white-space:nowrap">20,953,999</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5444.13px;left:576px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5444.13px;left:958.42px;white-space:nowrap">Investments
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5444.13px;left:1865.45px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5444.13px;left:2034.44px;white-space:nowrap">Securities</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5444.13px;left:2802.39px;letter-spacing:49.79px;white-space:nowrap">...........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5444.13px;left:4438.23px;white-space:nowrap">$18,303,208</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5444.13px;left:5933.25px;white-space:nowrap">$178,442,254</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5444.13px;left:8247.02px;white-space:nowrap">$&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5444.13px;left:9101.25px;white-space:nowrap">$196,745,462</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5736.63px;left:144px;white-space:nowrap">Other </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5736.63px;left:588.61px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5736.63px;left:1273.38px;white-space:nowrap">Instruments:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5933.12px;left:288px;white-space:nowrap">Forward </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5933.12px;left:919.25px;white-space:nowrap">Exchange </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5933.12px;left:1675.34px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5933.12px;left:2428.74px;letter-spacing:49.57px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5933.12px;left:5079.02px;white-space:nowrap">$&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5933.12px;left:6333.64px;white-space:nowrap">$97,454</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5933.12px;left:8247.02px;white-space:nowrap">$&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5933.12px;left:9501.64px;white-space:nowrap">$97,454</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6129.6px;left:288px;white-space:nowrap">Forward </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6129.6px;left:919.25px;white-space:nowrap">Premium </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6129.6px;left:1603.78px;white-space:nowrap">Swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6129.6px;left:2048.47px;white-space:nowrap">Option </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6129.6px;left:2564.33px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6129.6px;left:3362.87px;letter-spacing:50.78px;white-space:nowrap">.....</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6129.6px;left:5168px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6129.6px;left:6333.64px;white-space:nowrap">868,678</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6129.6px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6129.6px;left:9501.64px;white-space:nowrap">868,678</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6326.09px;left:288px;white-space:nowrap">Futures </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6326.09px;left:874.88px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6326.09px;left:1681.44px;letter-spacing:49.36px;white-space:nowrap">.......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6326.09px;left:4838.63px;white-space:nowrap">58,505</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6326.09px;left:6752px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6326.09px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6326.09px;left:9590.62px;white-space:nowrap">58,505</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6522.57px;left:288px;white-space:nowrap">Swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6522.57px;left:732.69px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6522.57px;left:1494.61px;letter-spacing:49.32px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6522.57px;left:5168px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6522.57px;left:6200.2px;white-space:nowrap">1,842,082</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6522.57px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6522.57px;left:9368.2px;white-space:nowrap">1,842,082</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6719.06px;left:288px;white-space:nowrap">Unfunded </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6719.06px;left:1026.36px;white-space:nowrap">Loan </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6719.06px;left:1426.75px;white-space:nowrap">Commitments</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6719.06px;left:2522.15px;letter-spacing:49.61px;white-space:nowrap">..............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6719.06px;left:5168px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6719.06px;left:6734.03px;white-space:nowrap">74</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6719.06px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6719.06px;left:9902.03px;white-space:nowrap">74</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6915.54px;left:576px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6915.54px;left:958.42px;white-space:nowrap">Other </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6915.54px;left:1403.03px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6915.54px;left:2087.8px;white-space:nowrap">Instruments</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6915.54px;left:2989.22px;letter-spacing:49.97px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6915.54px;left:4749.64px;white-space:nowrap">$58,505</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6915.54px;left:6111.22px;white-space:nowrap">$2,808,288</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6915.54px;left:8247.02px;white-space:nowrap">$&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6915.54px;left:9279.22px;white-space:nowrap">$2,866,793</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7208.04px;left:0px;white-space:nowrap">Liabilities:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7419.09px;left:144px;white-space:nowrap">Other </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7419.09px;left:588.61px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7419.09px;left:1273.38px;white-space:nowrap">Instruments:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7615.57px;left:288px;letter-spacing:-2.21px;white-space:nowrap">TBA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7615.57px;left:634.8px;white-space:nowrap">Sale </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7615.57px;left:999.48px;white-space:nowrap">Commitments</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7615.57px;left:2055.09px;letter-spacing:49.44px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7615.57px;left:5079.02px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7615.57px;left:5168px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7615.57px;left:6111.22px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7615.57px;left:6200.2px;white-space:nowrap">6,925,061</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7615.57px;left:8247.02px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7615.57px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7615.57px;left:9279.22px;white-space:nowrap">$</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7615.57px;left:9368.2px;white-space:nowrap">6,925,061</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7812.05px;left:288px;white-space:nowrap">Forward </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7812.05px;left:919.25px;white-space:nowrap">Exchange </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7812.05px;left:1675.34px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7812.05px;left:2428.74px;letter-spacing:49.57px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7812.05px;left:5168px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7812.05px;left:6422.62px;white-space:nowrap">26,513</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7812.05px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7812.05px;left:9590.62px;white-space:nowrap">26,513</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8008.54px;left:288px;white-space:nowrap">Forward </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8008.54px;left:919.25px;white-space:nowrap">Premium </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8008.54px;left:1603.78px;white-space:nowrap">Swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8008.54px;left:2048.47px;white-space:nowrap">Option </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8008.54px;left:2564.33px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8008.54px;left:3269.46px;letter-spacing:50.48px;white-space:nowrap">......</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8008.54px;left:5168px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8008.54px;left:6333.64px;white-space:nowrap">869,684</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8008.54px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8008.54px;left:9501.64px;white-space:nowrap">869,684</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8205.02px;left:288px;white-space:nowrap">Futures </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8205.02px;left:874.88px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8205.02px;left:1588.02px;letter-spacing:49.34px;white-space:nowrap">........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8205.02px;left:4927.61px;white-space:nowrap">9,959</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8205.02px;left:6752px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8205.02px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8205.02px;left:9679.61px;white-space:nowrap">9,959</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8401.51px;left:288px;white-space:nowrap">Swap </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8401.51px;left:732.69px;white-space:nowrap">Contracts</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8401.51px;left:1494.61px;letter-spacing:49.32px;white-space:nowrap">.........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8401.51px;left:5168px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8401.51px;left:6200.2px;white-space:nowrap">1,444,571</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8401.51px;left:8336px;white-space:nowrap">&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8401.51px;left:9368.2px;white-space:nowrap">1,444,571</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8597.99px;left:576px;letter-spacing:-2.96px;white-space:nowrap">Total
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8597.99px;left:958.42px;white-space:nowrap">Other </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8597.99px;left:1403.03px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8597.99px;left:2087.8px;white-space:nowrap">Instruments</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8597.99px;left:2989.22px;letter-spacing:49.97px;white-space:nowrap">.........</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8597.99px;left:4838.63px;white-space:nowrap">$9,959</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8597.99px;left:6111.22px;white-space:nowrap">$9,265,829</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8597.99px;left:8247.02px;white-space:nowrap">$&#8212;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8597.99px;left:9279.22px;white-space:nowrap">$9,275,788</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:10182.9px;left:10px;white-space:nowrap">Record
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:10182.9px;left:680.17px;white-space:nowrap">Date</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:10182.9px;left:1450px;white-space:nowrap">Payable
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:10182.9px;left:2180.46px;white-space:nowrap">Date</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:10182.9px;left:2890px;white-space:nowrap">Amount</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10425.95px;left:10px;white-space:nowrap">10/17/2025</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10425.95px;left:1450px;white-space:nowrap">10/31/2025</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10425.95px;left:2890px;white-space:nowrap">$0.0220</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10636.99px;left:10px;letter-spacing:-1.34px;white-space:nowrap">11/17/2025</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10636.99px;left:1450px;letter-spacing:-1.34px;white-space:nowrap">11/28/2025</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10636.99px;left:2890px;white-space:nowrap">$0.0220</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10848.04px;left:10px;white-space:nowrap">12/15/2025</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10848.04px;left:1450px;white-space:nowrap">12/31/2025</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10848.04px;left:2890px;white-space:nowrap">$0.0220</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11059.08px;left:10px;white-space:nowrap">1/23/2026</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11059.08px;left:1450px;white-space:nowrap">1/30/2026</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11059.08px;left:2890px;white-space:nowrap">$0.0220</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11270.13px;left:10px;white-space:nowrap">2/20/2026</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11270.13px;left:1450px;white-space:nowrap">2/27/2026</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11270.13px;left:2890px;white-space:nowrap">$0.0220</div></div>
</div>

<div style="height:22.54px;left:0px;position:absolute;top:0px;transform:translate(35.999px,120.643px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:145.61px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.28px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:0px;letter-spacing:-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:1161.0px;width:891.0px;transform-origin:top left;transform:scale(1.5,1.5)">

<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:6453.14px;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:7127.45px;letter-spacing:10.29px;white-space:nowrap">Master
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7794.58px;letter-spacing:10.34px;white-space:nowrap">Intermediate
</div>

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:7461.73px;letter-spacing:10px;white-space:nowrap">Notes
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8019.91px;letter-spacing:7.24px;white-space:nowrap">to
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:8272.39px;letter-spacing:10.32px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:9109.27px;letter-spacing:8.88px;white-space:nowrap">Statements</div></div>
</div>

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">57</div></div>
</div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(54.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

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

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

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

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(53.999px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

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

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(189.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:324.61px">

<div style="width:6492.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6098.45px;white-space:nowrap">Report</div></div>
</div>

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(513.610px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

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

<div style="height:51.74px;left:0px;position:absolute;top:0px;transform:translate(53.999px,74.175px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:866.04px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,7.44px) rotate(0deg) scale(0.05)">
</div> </div>

<div style="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:-3px;white-space:nowrap">12.
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:317.59px;letter-spacing:-3.6px;white-space:nowrap">Operating
</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1277.69px;letter-spacing:-3.5px;white-space:nowrap">Segments</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:0px;white-space:nowrap">The&#160;Fund&#160;operates
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1570.96px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1811.07px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1961.19px;white-space:nowrap">single </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:2481.5px;white-space:nowrap">operating </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:3282.1px;white-space:nowrap">segment, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:4072.5px;white-space:nowrap">which </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:4582.71px;white-space:nowrap">is </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:4762.71px;white-space:nowrap">an </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:5012.93px;white-space:nowrap">investment </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:5933.32px;white-space:nowrap">portfolio. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:6670.46px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:7030.63px;white-space:nowrap">portfolio </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:7721.02px;white-space:nowrap">managers </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:8571.45px;white-space:nowrap">assigned </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:9341.98px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:9542.11px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:0px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:460.28px;white-space:nowrap">within </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:970.49px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:1270.72px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:1857.74px;white-space:nowrap">Investment </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:2788.15px;white-space:nowrap">manager&#160;serve
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:4038.75px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:4278.87px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:4579.1px;white-space:nowrap">Chief </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:5049.32px;white-space:nowrap">Operating </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:5889.81px;white-space:nowrap">Decision </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:6630.12px;white-space:nowrap">Maker </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:7180.22px;white-space:nowrap">(&#8220;CODM&#8221;)
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:8019.93px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:8370.26px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:8680.43px;white-space:nowrap">responsible </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:0px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:260.07px;white-space:nowrap">evaluating </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:1130.71px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:1430.95px;white-space:nowrap">Fund&#39;s </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:2015.6px;white-space:nowrap">operating </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:2816.19px;white-space:nowrap">results </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:3396.36px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:3746.69px;white-space:nowrap">allocating </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:4557.22px;white-space:nowrap">resources </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:5397.54px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:5587.65px;white-space:nowrap">accordance </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:6568.24px;white-space:nowrap">with </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:6938.35px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:7238.58px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:7825.61px;white-space:nowrap">investment </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:8746px;letter-spacing:-1.34px;white-space:nowrap">strategy.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094px;left:0px;white-space:nowrap">Internal </div>

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<div style="page-break-after:always;margin:-8px;position:relative;height:1161.0px;width:891.0px;transform-origin:top left;transform:scale(1.5,1.5)">

<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:10.29px;white-space:nowrap">Master
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1341.44px;letter-spacing:10.34px;white-space:nowrap">Intermediate
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2500.95px;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:178.59px;left:0px;letter-spacing:10px;white-space:nowrap">Notes
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:36.48px;white-space:nowrap">58</div></div>
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<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAGUlEQVQYV2NkYGBIY2BgYGBigIJRxrBhAAAhIwDQQq1CEgAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

<div style="height:17.16px;left:0px;position:absolute;top:0px;transform:translate(405.000px,743.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

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

<div style="width:10080px;height:12117.6px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.28px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:0px;letter-spacing:-3.69px;white-space:nowrap">Abbreviations</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:377.05px;left:0px;white-space:nowrap">Counterparty</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:652.09px;left:0px;letter-spacing:-0.81px;white-space:nowrap">BNDP</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:669.03px;left:1116px;letter-spacing:-0.72px;white-space:nowrap">BNP
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:669.03px;left:1486.55px;white-space:nowrap">Paribas </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:669.03px;left:2073.5px;letter-spacing:-4.41px;white-space:nowrap">SA</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:927.14px;left:0px;letter-spacing:-4.15px;white-space:nowrap">BOFA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:944.07px;left:1116px;white-space:nowrap">Bank </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:944.07px;left:1525.14px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:944.07px;left:1694.2px;white-space:nowrap">America </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:944.07px;left:2325.45px;letter-spacing:-4.41px;white-space:nowrap">NA</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:1202.18px;left:0px;white-space:nowrap">BZWS</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1219.12px;left:1116px;white-space:nowrap">Barclays </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1219.12px;left:1773.97px;white-space:nowrap">Bank </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1219.12px;left:2183.11px;white-space:nowrap">plc</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:1477.23px;left:0px;white-space:nowrap">CITI</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1494.16px;left:1116px;white-space:nowrap">Citibank </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1494.16px;left:1738.5px;letter-spacing:-4.41px;white-space:nowrap">NA</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:1752.27px;left:0px;white-space:nowrap">DBAB</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1769.21px;left:1116px;white-space:nowrap">Deutsche </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1769.21px;left:1836.39px;white-space:nowrap">Bank </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1769.21px;left:2236.7px;white-space:nowrap">AG</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:2027.32px;left:0px;white-space:nowrap">GSCO</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2044.25px;left:1116px;white-space:nowrap">Goldman </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2044.25px;left:1809.67px;white-space:nowrap">Sachs </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2044.25px;left:2298.81px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2044.25px;left:2832.41px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:2302.36px;left:0px;white-space:nowrap">HSBK</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2319.3px;left:1116px;white-space:nowrap">HSBC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2319.3px;left:1604.98px;white-space:nowrap">Bank </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2319.3px;left:2014.13px;white-space:nowrap">plc</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:2577.41px;left:0px;white-space:nowrap">JPHQ</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2594.34px;left:1116px;white-space:nowrap">JPMorgan </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2594.34px;left:1889.67px;white-space:nowrap">Chase </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2594.34px;left:2396.63px;white-space:nowrap">Bank </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2594.34px;left:2805.77px;letter-spacing:-4.41px;white-space:nowrap">NA</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:2852.45px;left:0px;white-space:nowrap">MCM</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2869.39px;left:1116px;white-space:nowrap">Mizuho </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2869.39px;left:1676.23px;white-space:nowrap">Capital </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2869.39px;left:2218.73px;white-space:nowrap">Markets </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2869.39px;left:2832.17px;white-space:nowrap">LLC</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:3127.5px;left:0px;white-space:nowrap">MLCO</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3144.43px;left:1116px;white-space:nowrap">Merrill </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3144.43px;left:1595.92px;letter-spacing:-0.99px;white-space:nowrap">Lynch
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3144.43px;left:2061.39px;white-space:nowrap">International
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3144.43px;left:2986.47px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3144.43px;left:3137.64px;white-space:nowrap">Co.</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:3402.54px;left:0px;white-space:nowrap">MSCO</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3419.48px;left:1116px;white-space:nowrap">Morgan </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3419.48px;left:1702.95px;white-space:nowrap">Stanley</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:3677.59px;left:0px;letter-spacing:-3.34px;white-space:nowrap">NATW</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3694.52px;left:1116px;white-space:nowrap">Natwest</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3694.52px;left:1738.42px;white-space:nowrap">Markets </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3694.52px;left:2351.86px;white-space:nowrap">plc</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:3952.63px;left:0px;white-space:nowrap">TDOM</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3969.57px;left:1116px;letter-spacing:-2.22px;white-space:nowrap">Toronto
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3969.57px;left:1694.13px;white-space:nowrap">Dominion
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3969.57px;left:2414.44px;white-space:nowrap">Bank</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:4227.68px;left:0px;white-space:nowrap">UBSW</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4244.61px;left:1116px;white-space:nowrap">UBS </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4244.61px;left:1480.61px;white-space:nowrap">AG</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:4502.72px;left:0px;letter-spacing:-3.34px;white-space:nowrap">WPAC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4519.66px;left:1116px;letter-spacing:-0.36px;white-space:nowrap">Westpac
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4519.66px;left:1779.98px;white-space:nowrap">Banking </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4519.66px;left:2402.64px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:5037.77px;left:0px;white-space:nowrap">Cu</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:5037.77px;left:239.94px;white-space:nowrap">r</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:5037.77px;left:309.99px;white-space:nowrap">rency</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:5312.81px;left:0px;white-space:nowrap">AUD</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5329.75px;left:1108px;white-space:nowrap">Australian </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5329.75px;left:1863.94px;white-space:nowrap">Dollar</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:5587.86px;left:0px;white-space:nowrap">CAD</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5604.79px;left:1108px;white-space:nowrap">Canadian </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5604.79px;left:1837.45px;white-space:nowrap">Dollar</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:5862.9px;left:0px;white-space:nowrap">CHF</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5879.84px;left:1108px;white-space:nowrap">Swiss </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5879.84px;left:1570.27px;white-space:nowrap">Franc</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:6137.95px;left:0px;white-space:nowrap">EUR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6154.88px;left:1108px;white-space:nowrap">Euro</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:6412.99px;left:0px;letter-spacing:-1.08px;white-space:nowrap">GBP</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6429.92px;left:1108px;white-space:nowrap">British </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6429.92px;left:1596.98px;white-space:nowrap">Pound</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:6688.04px;left:0px;white-space:nowrap">NOK</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6704.97px;left:1108px;white-space:nowrap">Norwegian </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6704.97px;left:1917.3px;white-space:nowrap">Krone</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:6963.08px;left:0px;white-space:nowrap">NZD</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6980.01px;left:1108px;white-space:nowrap">New </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6980.01px;left:1472.53px;white-space:nowrap">Zealand </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6980.01px;left:2095.19px;white-space:nowrap">Dollar</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:7238.13px;left:0px;white-space:nowrap">SEK</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7255.06px;left:1108px;white-space:nowrap">Swedish </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7255.06px;left:1757.22px;white-space:nowrap">Krona</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:7773.17px;left:0px;white-space:nowrap">Index</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:8048.22px;left:0px;letter-spacing:-2px;white-space:nowrap">CDX.NA.HY.</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:8264.22px;left:0px;white-space:nowrap">Series
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:8264.22px;left:590.45px;white-space:nowrap">number</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8281.15px;left:1368px;white-space:nowrap">CDX </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8281.15px;left:1750.27px;white-space:nowrap">North </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8281.15px;left:2177.14px;white-space:nowrap">America </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8281.15px;left:2808.39px;white-space:nowrap">High </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8281.15px;left:3179.02px;letter-spacing:-0.99px;white-space:nowrap">Yield
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8281.15px;left:3573.31px;white-space:nowrap">Index</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:8539.26px;left:0px;white-space:nowrap">CMBX.NA.</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:8755.26px;left:0px;white-space:nowrap">Series
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:8755.26px;left:590.45px;white-space:nowrap">number</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8772.19px;left:1368px;white-space:nowrap">CMBX </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8772.19px;left:1874.72px;white-space:nowrap">North </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8772.19px;left:2301.59px;white-space:nowrap">America </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8772.19px;left:2932.84px;white-space:nowrap">Index</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:377.05px;left:5220px;white-space:nowrap">Selected
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:377.05px;left:6010.4px;white-space:nowrap">Portfolio</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:652.09px;left:5220px;white-space:nowrap">BBR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:669.03px;left:6336px;white-space:nowrap">Bank </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:669.03px;left:6745.14px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:669.03px;left:6923.03px;white-space:nowrap">England </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:669.03px;left:7554.67px;white-space:nowrap">Base </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:669.03px;left:7963.81px;white-space:nowrap">Rate</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:927.14px;left:5220px;white-space:nowrap">CLO</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:944.07px;left:6336px;white-space:nowrap">Collateralized
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:944.07px;left:7349.83px;white-space:nowrap">Loan </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:944.07px;left:7750.22px;white-space:nowrap">Obligation</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:1379.62px;left:5220px;white-space:nowrap">CMT</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1204.56px;left:6336px;white-space:nowrap">Constant </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1204.56px;left:7020.84px;white-space:nowrap">Monthly </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1204.56px;left:7625.53px;white-space:nowrap">U.S. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1204.56px;left:7978.27px;letter-spacing:-0.66px;white-space:nowrap">Treasury
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1204.56px;left:8648.03px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1204.56px;left:9392.09px;letter-spacing:-0.99px;white-space:nowrap">Yield
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1396.56px;left:6336px;white-space:nowrap">Curve </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1396.56px;left:6807.25px;white-space:nowrap">Rate </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1396.56px;left:7189.67px;white-space:nowrap">Index</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:1654.67px;left:5220px;white-space:nowrap">ETF</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1671.6px;left:6336px;letter-spacing:-0.37px;white-space:nowrap">Exchange-Traded
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1671.6px;left:7646.39px;white-space:nowrap">Fund</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:1929.71px;left:5220px;white-space:nowrap">EURIBOR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1946.65px;left:6336px;white-space:nowrap">Euro </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1946.65px;left:6718.42px;white-space:nowrap">Inter-Bank
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1946.65px;left:7501px;text-rendering:optimizeLegibility;white-space:nowrap">Offer
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1946.65px;left:7897.64px;white-space:nowrap">Rate</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:2204.76px;left:5220px;white-space:nowrap">FHLMC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2221.69px;left:6336px;white-space:nowrap">Federal </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2221.69px;left:6922.95px;white-space:nowrap">Home </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2221.69px;left:7394.2px;white-space:nowrap">Loan </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2221.69px;left:7794.59px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2221.69px;left:8514.98px;white-space:nowrap">Corp.</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:2479.8px;left:5220px;letter-spacing:-1.67px;white-space:nowrap">FNMA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2496.74px;left:6336px;white-space:nowrap">Federal </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2496.74px;left:6922.95px;white-space:nowrap">National
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2496.74px;left:7554.44px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2496.74px;left:8266px;white-space:nowrap">Association</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:2754.85px;left:5220px;white-space:nowrap">FRN</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2771.78px;left:6336px;white-space:nowrap">Floating </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2771.78px;left:6949.67px;white-space:nowrap">Rate </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2771.78px;left:7332.09px;white-space:nowrap">Note</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:3029.89px;left:5220px;letter-spacing:-1.67px;white-space:nowrap">GNMA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3046.83px;left:6336px;white-space:nowrap">Government </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3046.83px;left:7260.84px;white-space:nowrap">National
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3046.83px;left:7892.33px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3046.83px;left:8603.89px;white-space:nowrap">Association</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:3304.94px;left:5220px;white-space:nowrap">PIK</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3321.87px;left:6336px;white-space:nowrap">Payment-In-Kind</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:3579.98px;left:5220px;white-space:nowrap">REIT</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3596.92px;left:6336px;white-space:nowrap">Real </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3596.92px;left:6709.52px;white-space:nowrap">Estate </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3596.92px;left:7207.56px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3596.92px;left:8031.7px;letter-spacing:-1.19px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:3855.03px;left:5220px;white-space:nowrap">REMIC</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3871.96px;left:6336px;white-space:nowrap">Real </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3871.96px;left:6709.52px;white-space:nowrap">Estate </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3871.96px;left:7207.56px;white-space:nowrap">Mortgage
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3871.96px;left:7927.95px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3871.96px;left:8754.98px;white-space:nowrap">Conduit</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:4130.07px;left:5220px;white-space:nowrap">SARON</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4147.01px;left:6336px;white-space:nowrap">Swiss </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4147.01px;left:6789.44px;letter-spacing:-0.36px;white-space:nowrap">Average
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4147.01px;left:7426.94px;white-space:nowrap">Rate </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4147.01px;left:7809.36px;white-space:nowrap">Overnight</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:4405.12px;left:5220px;white-space:nowrap">SOFR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4422.05px;left:6336px;white-space:nowrap">Secured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4422.05px;left:6976.39px;white-space:nowrap">Overnight
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4422.05px;left:7714.52px;white-space:nowrap">Financing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4422.05px;left:8452.72px;white-space:nowrap">Rate</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:4680.16px;left:5220px;letter-spacing:-1.34px;white-space:nowrap">SONIA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4697.09px;left:6336px;white-space:nowrap">Sterling </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4697.09px;left:6922.95px;white-space:nowrap">Overnight
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4697.09px;left:7661.08px;white-space:nowrap">Index </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4697.09px;left:8088.11px;letter-spacing:-0.41px;white-space:nowrap">Average</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:4955.21px;left:5220px;letter-spacing:-2.67px;white-space:nowrap">STACR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4972.14px;left:6336px;white-space:nowrap">Structured </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4972.14px;left:7109.75px;white-space:nowrap">Agency </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4972.14px;left:7687.88px;white-space:nowrap">Credit </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4972.14px;left:8159.13px;white-space:nowrap">Risk</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:5230.25px;left:5220px;letter-spacing:-2.23px;white-space:nowrap">TBA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5247.18px;left:6336px;letter-spacing:-1.18px;white-space:nowrap">To-Be-Announced</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:5505.3px;left:5220px;white-space:nowrap">TBD</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5522.23px;left:6336px;letter-spacing:-5.91px;white-space:nowrap">To
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5522.23px;left:6549.44px;white-space:nowrap">Be </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5522.23px;left:6789.59px;white-space:nowrap">Determined</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6044.34px;left:5220px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6044.34px;left:5580.18px;white-space:nowrap">following
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6044.34px;left:6330.59px;white-space:nowrap">reference
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6044.34px;left:7141.03px;white-space:nowrap">rates, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6044.34px;left:7641.21px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6044.34px;left:7991.54px;white-space:nowrap">their </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6044.34px;left:8391.71px;white-space:nowrap">values </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6044.34px;left:8962.03px;white-space:nowrap">as </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6044.34px;left:9202.15px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6044.34px;left:9402.28px;white-space:nowrap">period </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6260.34px;left:5220px;white-space:nowrap">end, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6260.34px;left:5620.34px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6260.34px;left:5930.51px;white-space:nowrap">used </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6260.34px;left:6370.84px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6260.34px;left:6630.91px;white-space:nowrap">security
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6260.34px;left:7301.07px;white-space:nowrap">descriptions:</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:6552.84px;left:5220px;white-space:nowrap">Reference
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:6552.84px;left:6140.48px;white-space:nowrap">Index</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:6552.84px;left:8625.37px;white-space:nowrap">Reference
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:6552.84px;left:9545.85px;white-space:nowrap">Rate</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6853.54px;left:5220px;white-space:nowrap">1-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6853.54px;left:5664.69px;letter-spacing:-0.88px;white-space:nowrap">REPO_CORRA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6853.54px;left:6808.02px;letter-spacing:51.96px;white-space:nowrap">.................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6853.54px;left:9482.33px;white-space:nowrap">2.56%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7050.02px;left:5220px;white-space:nowrap">1-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7050.02px;left:5664.69px;white-space:nowrap">SARON</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7050.02px;left:6247.54px;letter-spacing:51.18px;white-space:nowrap">.......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7050.02px;left:9375.77px;white-space:nowrap">(0.05)%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7246.51px;left:5220px;white-space:nowrap">1-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7246.51px;left:5664.69px;white-space:nowrap">SOFR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7246.51px;left:6154.13px;letter-spacing:51.08px;white-space:nowrap">........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7246.51px;left:9482.33px;white-space:nowrap">4.24%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7442.99px;left:5220px;white-space:nowrap">1-day </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7442.99px;left:5664.69px;letter-spacing:-1.77px;white-space:nowrap">SONIA</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7442.99px;left:6154.13px;letter-spacing:51.08px;white-space:nowrap">........................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7442.99px;left:9482.33px;white-space:nowrap">3.97%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7639.48px;left:5220px;white-space:nowrap">3-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7639.48px;left:5842.58px;white-space:nowrap">AUD </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7639.48px;left:6224.84px;white-space:nowrap">BBR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7639.48px;left:6621.2px;letter-spacing:51.64px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7639.48px;left:9482.33px;white-space:nowrap">3.58%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7835.96px;left:5220px;white-space:nowrap">3-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7835.96px;left:5851.41px;white-space:nowrap">STIBOR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7835.96px;left:6527.78px;letter-spacing:51.51px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7835.96px;left:9482.33px;white-space:nowrap">1.89%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8032.45px;left:5220px;white-space:nowrap">6-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8032.45px;left:5842.58px;white-space:nowrap">AUD </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8032.45px;left:6224.84px;white-space:nowrap">BBR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8032.45px;left:6621.2px;letter-spacing:51.64px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8032.45px;left:9482.33px;white-space:nowrap">3.75%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8228.93px;left:5220px;white-space:nowrap">6-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8228.93px;left:5851.41px;white-space:nowrap">EURIBOR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8228.93px;left:6621.2px;letter-spacing:51.64px;white-space:nowrap">...................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8228.93px;left:9482.33px;white-space:nowrap">2.10%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8425.42px;left:5220px;white-space:nowrap">6-month </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8425.42px;left:5851.41px;white-space:nowrap">NIBOR</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8425.42px;left:6434.37px;letter-spacing:51.39px;white-space:nowrap">.....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8425.42px;left:9482.33px;white-space:nowrap">4.23%</div></div>
</div> </div></div>

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

<div style="height:25.92px;left:0px;position:absolute;top:0px;transform:translate(53.999px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:421.09px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:6453.14px;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:7127.45px;letter-spacing:10.29px;white-space:nowrap">Master
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7794.58px;letter-spacing:10.34px;white-space:nowrap">Intermediate
</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>
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<div style="height:25.70px;left:0px;position:absolute;top:0px;transform:translate(53.999px,76.568px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:393.02px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">

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

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:852.62px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1141.69px;white-space:nowrap">Independent
</div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:2659.79px;white-space:nowrap">Registered
</div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:3989.38px;white-space:nowrap">Public </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:4755.41px;white-space:nowrap">Accounting
</div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:6114.06px;white-space:nowrap">Firm</div></div>
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:0px;letter-spacing:-6.65px;white-space:nowrap">To
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2361.45px;white-space:nowrap">Shareholders
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3682.27px;white-space:nowrap">Putnam </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4952.72px;white-space:nowrap">Intermediate
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6003.28px;white-space:nowrap">Income </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6640.31px;letter-spacing:-1.34px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:200px;font-style:italic;font-weight:bold;position:absolute;top:401.71px;left:0px;white-space:nowrap">Opinion
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<div style="font-family:Arial, sans-serif;font-size:200px;font-style:italic;font-weight:bold;position:absolute;top:401.71px;left:1466.41px;white-space:nowrap">Financial
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<div style="font-family:Arial, sans-serif;font-size:200px;font-style:italic;font-weight:bold;position:absolute;top:401.71px;left:2388.87px;white-space:nowrap">Statements</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">Annual
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</div>

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

<div style="width:10080px;height:12590.62px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.8px) rotate(0deg) scale(0.05)">

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

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:260.07px;letter-spacing:-0.95px;white-space:nowrap">mid-February,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1416.97px;white-space:nowrap">tax </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1707.1px;white-space:nowrap">information
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2647.53px;white-space:nowrap">related </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3247.91px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3448.04px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3598.15px;white-space:nowrap">shareholder&#39;s
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4723.15px;white-space:nowrap">proportionate
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5833.92px;white-space:nowrap">share </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6334.19px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6534.32px;white-space:nowrap">distributions
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7544.79px;white-space:nowrap">paid </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7935.12px;white-space:nowrap">during </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8485.49px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8785.72px;white-space:nowrap">preceding
</div>

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

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:740.48px;white-space:nowrap">year </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1140.64px;white-space:nowrap">will </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1440.62px;white-space:nowrap">be </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1690.84px;white-space:nowrap">received,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2471.22px;white-space:nowrap">if </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2611.23px;white-space:nowrap">applicable.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3521.87px;white-space:nowrap">Please </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:4122.25px;white-space:nowrap">also </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:4502.46px;white-space:nowrap">refer </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:4922.58px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5122.71px;letter-spacing:-0.38px;white-space:nowrap">www.franklintempleton.com
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7363.56px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7623.63px;white-space:nowrap">per </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7933.8px;white-space:nowrap">share </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8434.07px;white-space:nowrap">tax </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8724.2px;white-space:nowrap">information
</div>

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

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:600.38px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:800.51px;white-space:nowrap">any </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1140.73px;white-space:nowrap">distributions
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:4973.2px;letter-spacing:-1.66px;white-space:nowrap">year.
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5413.45px;white-space:nowrap">Shareholders
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:0px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:260.07px;white-space:nowrap">further </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:830.3px;white-space:nowrap">information
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3822.01px;white-space:nowrap">amounts </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:5502.92px;white-space:nowrap">returns.</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:1138.64px;left:3361.73px;white-space:nowrap">is </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1138.64px;left:3541.73px;white-space:nowrap">required
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1138.64px;left:4702.5px;white-space:nowrap">furnished
</div>

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</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1138.64px;left:7994.27px;white-space:nowrap">income </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1138.64px;left:8624.53px;white-space:nowrap">earned </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1388.64px;left:0px;white-space:nowrap">distributions </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1388.64px;left:1010.48px;white-space:nowrap">paid </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1388.64px;left:1400.8px;white-space:nowrap">during </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1388.64px;left:2181.18px;text-rendering:optimizeLegibility;white-space:nowrap">fiscal
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1388.64px;left:2641.29px;letter-spacing:-1.99px;white-space:nowrap">year.</div>

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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1798.64px;left:3081.71px;white-space:nowrap">amounts,
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1798.64px;left:4222.18px;white-space:nowrap">subsequently
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1798.64px;left:5332.94px;white-space:nowrap">determined
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1798.64px;left:7780.61px;white-space:nowrap">maximum </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1798.64px;left:8610.64px;white-space:nowrap">allowable
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2048.64px;left:0px;white-space:nowrap">amounts, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2048.64px;left:790.4px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2048.64px;left:1050.47px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2048.64px;left:1350.7px;text-rendering:optimizeLegibility;white-space:nowrap">fiscal
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2048.64px;left:1810.81px;white-space:nowrap">year </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2048.64px;left:2210.98px;white-space:nowrap">ended </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2048.64px;left:2761.52px;white-space:nowrap">September
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2048.64px;left:3692.02px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2048.64px;left:3992.26px;white-space:nowrap">2025:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2462.06px;left:5760px;white-space:nowrap">Pursuant
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2462.06px;left:6497.89px;white-space:nowrap">to:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2462.06px;left:8728.98px;white-space:nowrap">Amount
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2462.06px;left:9377.73px;white-space:nowrap">Reported</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2663.54px;left:0px;white-space:nowrap">Income </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2663.54px;left:569.14px;white-space:nowrap">Eligible </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2663.54px;left:1129.45px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2663.54px;left:1360.63px;white-space:nowrap">Dividends
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2663.54px;left:2107.66px;white-space:nowrap">Received
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2663.54px;left:2819.14px;white-space:nowrap">Deduction
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2663.54px;left:3584.06px;white-space:nowrap">(DRD)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2663.54px;left:5760px;white-space:nowrap">&#167;854(b)(1)(A)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2663.54px;left:9590.63px;white-space:nowrap">$2,437</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2860.03px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">Qualified
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2860.03px;left:675.94px;white-space:nowrap">Dividend </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2860.03px;left:1342.97px;white-space:nowrap">Income </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2860.03px;left:1912.11px;white-space:nowrap">Earned </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2860.03px;left:2472.5px;white-space:nowrap">(QDI)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2860.03px;left:5760px;white-space:nowrap">&#167;854(b)(1)(B)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2860.03px;left:9590.63px;white-space:nowrap">$2,437</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3056.51px;left:0px;white-space:nowrap">Section </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3056.51px;left:578.13px;white-space:nowrap">163(j) </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3056.51px;left:1031.64px;white-space:nowrap">Interest
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3056.51px;left:1609.69px;white-space:nowrap">Earned</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3056.51px;left:5760px;white-space:nowrap">&#167;163(j)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3056.51px;left:9279.22px;white-space:nowrap">$8,647,775</div></div>
</div> </div></div>

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

<div style="height:25.92px;left:0px;position:absolute;top:0px;transform:translate(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:6453.14px;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:7127.45px;letter-spacing:10.29px;white-space:nowrap">Master
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7794.58px;letter-spacing:10.34px;white-space:nowrap">Intermediate
</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>
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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:571.18px;white-space:nowrap">61</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>
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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:5653.45px;white-space:nowrap">Annual
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6098.45px;white-space:nowrap">Report</div></div>
</div>

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(513.610px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

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

<div style="height:55.43px;left:0px;position:absolute;top:0px;transform:translate(53.999px,74.175px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:866.04px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,7.44px) rotate(0deg) scale(0.05)">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:1329.26px;white-space:nowrap">Information
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:2888.26px;white-space:nowrap">to
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:3216.62px;white-space:nowrap">Shareholders
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:5054.59px;white-space:nowrap">(unaudited)</div></div>
</div>

<div style="height:610.83px;left:0px;position:absolute;top:0px;transform:translate(54.000px,120.971px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12117.6px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.95px) rotate(0deg) scale(0.05)">

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

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:-21.36px;left:550.28px;white-space:nowrap">Repurchase
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<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:-21.36px;left:1630.72px;white-space:nowrap">Program</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:374.64px;left:0px;white-space:nowrap">In </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:374.64px;left:200.13px;white-space:nowrap">September </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:374.64px;left:1130.63px;white-space:nowrap">2025, </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:374.64px;left:1928.06px;letter-spacing:-0.74px;white-space:nowrap">Trustees
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:590.64px;left:3621.8px;white-space:nowrap">Fund </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:806.64px;left:0px;white-space:nowrap">repurchase, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:806.64px;left:1000.55px;white-space:nowrap">beginning
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:806.64px;left:1831.29px;white-space:nowrap">October </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:806.64px;left:2521.58px;white-space:nowrap">1, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:806.64px;left:2721.71px;white-space:nowrap">2025, </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:1738.64px;left:0px;white-space:nowrap">Information
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<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:1738.64px;left:1039.92px;white-space:nowrap">about
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<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:1738.64px;left:1579.83px;white-space:nowrap">the
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<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:1738.64px;left:1899.84px;letter-spacing:-0.95px;white-space:nowrap">Fund&#8217;s
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<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:1738.64px;left:2533.1px;white-space:nowrap">goal,
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<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:1738.64px;left:3003.13px;white-space:nowrap">investment
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<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:1988.64px;left:0px;white-space:nowrap">strategies,
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<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:1988.64px;left:950.45px;white-space:nowrap">principal
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<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:1988.64px;left:2641.03px;white-space:nowrap">fundamental
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10388.64px;left:1590.56px;letter-spacing:-1.08px;white-space:nowrap">We
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</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:0px;white-space:nowrap">&#8212; </div>

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

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2011.03px;white-space:nowrap">perceptions
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3241.76px;text-rendering:optimizeLegibility;white-space:nowrap">specific
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4102.03px;white-space:nowrap">general </div>

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

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:650.13px;white-space:nowrap">economic, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1520.51px;letter-spacing:-1.34px;white-space:nowrap">industry,
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2237.43px;white-space:nowrap">political,
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2937.74px;letter-spacing:-1.11px;white-space:nowrap">regulatory,
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3824.82px;white-space:nowrap">geopolitical,
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:0px;white-space:nowrap">environmental, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1230.64px;white-space:nowrap">public </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1750.96px;white-space:nowrap">health, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:2341.41px;white-space:nowrap">and </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3152.02px;white-space:nowrap">conditions.
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:4052.64px;letter-spacing:-4.97px;white-space:nowrap">A
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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:2591.19px;white-space:nowrap">debt, </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:3797.23px;white-space:nowrap">instruments
</div>

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</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:3282.1px;white-space:nowrap">investments
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</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:1570.87px;white-space:nowrap">life </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:1850.98px;white-space:nowrap">of </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:2351.34px;white-space:nowrap">investment.</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:530.16px;white-space:nowrap">ratings </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:8518.64px;left:5333.03px;white-space:nowrap">Derivatives.</div>

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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: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">

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<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)">

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:8467.91px;white-space:nowrap">Commercial
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</div> </div>

<div style="height:610.78px;left:0px;position:absolute;top:0px;transform:translate(36.000px,121.116px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12117.6px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.8px) rotate(0deg) scale(0.05)">

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

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1140.64px;white-space:nowrap">actions </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1760.98px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1971.04px;white-space:nowrap">intervention,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3001.64px;white-space:nowrap">actions </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3621.97px;white-space:nowrap">taken </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4112.31px;white-space:nowrap">by </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4352.43px;white-space:nowrap">the </div>

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

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:400.08px;white-space:nowrap">Federal </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1060.4px;white-space:nowrap">Reserve </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1780.66px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1990.72px;white-space:nowrap">foreign </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2591.1px;white-space:nowrap">central </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3181.38px;white-space:nowrap">banks, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3761.72px;white-space:nowrap">market </div>

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

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:920.48px;white-space:nowrap">caused </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1550.92px;white-space:nowrap">by </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1791.04px;white-space:nowrap">trade </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:2251.32px;white-space:nowrap">disputes,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3021.77px;white-space:nowrap">labor </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3472.03px;white-space:nowrap">strikes </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:4042.09px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:4252.15px;white-space:nowrap">other </div>

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

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:640.2px;white-space:nowrap">political </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:1290.5px;white-space:nowrap">developments,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2511.21px;white-space:nowrap">armed </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3071.43px;text-rendering:optimizeLegibility;white-space:nowrap">conflicts,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3821.66px;white-space:nowrap">economic </div>

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

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:810.44px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:1160.77px;white-space:nowrap">countermeasures
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:2601.47px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:2791.58px;white-space:nowrap">response </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:3582.07px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:3782.2px;white-space:nowrap">sanctions,
</div>

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

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:500.1px;white-space:nowrap">cybersecurity
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:1610.42px;white-space:nowrap">events, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:2240.77px;white-space:nowrap">the </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:3421.76px;white-space:nowrap">domestic
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">effects
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:576.39px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:776.51px;white-space:nowrap">widespread
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:1747.09px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:1957.15px;white-space:nowrap">local </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:2377.35px;white-space:nowrap">health, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:2967.8px;white-space:nowrap">weather </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:3658.18px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:3868.24px;white-space:nowrap">climate </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:0px;white-space:nowrap">events, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:630.35px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:980.68px;white-space:nowrap">other </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:1440.97px;white-space:nowrap">factors </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:2381.4px;white-space:nowrap">may </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:3922.03px;white-space:nowrap">related </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:200.13px;white-space:nowrap">the </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:1230.64px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:1530.88px;white-space:nowrap">security
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:2201.04px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:2411.1px;white-space:nowrap">other </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:2871.39px;white-space:nowrap">asset. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:3401.63px;white-space:nowrap">Economies
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:4342.06px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:710.42px;white-space:nowrap">markets </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:1400.54px;white-space:nowrap">throughout
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:2311.26px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:2611.49px;white-space:nowrap">world </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:3091.64px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:3401.81px;white-space:nowrap">increasingly
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:0px;white-space:nowrap">interconnected.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:1280.83px;white-space:nowrap">Economic,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:2171.16px;text-rendering:optimizeLegibility;white-space:nowrap">financial
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:2881.58px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:3091.64px;white-space:nowrap">political
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:3741.94px;white-space:nowrap">events, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:0px;white-space:nowrap">trading </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:600.38px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:950.71px;text-rendering:optimizeLegibility;white-space:nowrap">tariff
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:1346.92px;white-space:nowrap">arrangements,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:2557.53px;white-space:nowrap">public </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:3077.84px;white-space:nowrap">health </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:3618.28px;white-space:nowrap">events, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:0px;white-space:nowrap">terrorism, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:810px;white-space:nowrap">wars, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:1290.06px;white-space:nowrap">natural </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:1890.44px;white-space:nowrap">disasters
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:2660.71px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:3011.04px;white-space:nowrap">other </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:3471.33px;white-space:nowrap">circumstances
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:0px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:190.11px;white-space:nowrap">one </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:540.44px;white-space:nowrap">country </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:1180.72px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:1390.78px;white-space:nowrap">region </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:1941.15px;white-space:nowrap">could </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:2421.47px;white-space:nowrap">have </div>

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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:3622.41px;white-space:nowrap">impacts </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:4292.58px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:0px;white-space:nowrap">global </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:530.42px;white-space:nowrap">economies
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:1660.96px;white-space:nowrap">markets.
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:2391.15px;white-space:nowrap">As </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:2651.22px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:2801.34px;white-space:nowrap">result, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:3341.51px;white-space:nowrap">whether </div>

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</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:3821.84px;white-space:nowrap">directly
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4978.64px;left:5520.23px;text-rendering:optimizeLegibility;white-space:nowrap">definition
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4978.64px;left:8702.05px;white-space:nowrap">Section </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4978.64px;left:9352.44px;white-space:nowrap">3(c)(5)</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5228.64px;left:5220px;white-space:nowrap">(A) </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5228.64px;left:5720.01px;white-space:nowrap">(B) </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5228.64px;left:6510.32px;white-space:nowrap">1940 </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5478.64px;left:5220px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5728.64px;left:6891.15px;white-space:nowrap">17d-1(d)(5)
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6978.64px;left:9067.94px;white-space:nowrap">general,
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</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8228.64px;left:6070.43px;white-space:nowrap">investment
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8228.64px;left:7981.26px;white-space:nowrap">(iii) </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8228.64px;left:9251.46px;white-space:nowrap">than </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8228.64px;left:9651.8px;white-space:nowrap">10% </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:1771.08px;white-space:nowrap">Cybersecurity
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:510.29px;white-space:nowrap">cybersecurity
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:1620.62px;white-space:nowrap">incidents.
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</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8378.64px;left:7521.33px;white-space:nowrap">transactions
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9058.64px;left:5220px;white-space:nowrap">5. </div>

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</div>

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</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:10058.64px;left:5220px;white-space:nowrap">agreements,
</div>

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</div>

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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10058.64px;left:8271.65px;white-space:nowrap">securities.</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10488.64px;left:5220px;white-space:nowrap">6. </div>

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</div>

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</div>

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</div>

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<div style="width:10080px;height:912.36px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:6453.14px;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:7127.45px;letter-spacing:10.29px;white-space:nowrap">Master
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<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMklEQVR4Xu3KMREAMAgEsKdi8S8BCWw9hmROJekAAAAAAAAAABzytgAAAAAAAAAA8NsA62AAavnASnkAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100.00%;min-width:100%;width:100.00%;left:0px;position:absolute;top:0px"></div></div>

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

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(53.999px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:5653.45px;white-space:nowrap">Annual
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6098.45px;white-space:nowrap">Report</div></div>
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<div style="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:12117.6px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.8px) rotate(0deg) scale(0.05)">

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

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1588.64px;left:0px;white-space:nowrap">8. </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1838.64px;left:1597.59px;white-space:nowrap">(Securities
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<div style="page-break-after:always;margin:-8px;position:relative;height:1161.0px;width:891.0px;transform-origin:top left;transform:scale(1.5,1.5)">

<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:10.29px;white-space:nowrap">Master
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1341.44px;letter-spacing:10.34px;white-space:nowrap">Intermediate
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2500.95px;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:3143.94px;letter-spacing:9.15px;white-space:nowrap">Trust</div></div>
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<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
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:2461.99px;white-space:nowrap">Shareholders:
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:5038.42px;white-space:nowrap">25,
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:5530.96px;white-space:nowrap">2025
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:6269.77px;white-space:nowrap">(unaudited)</div></div>
</div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(36.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

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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">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3472.29px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3932.58px;white-space:nowrap">was </div>

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<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3380.14px;left:0px;white-space:nowrap">Nisha </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3380.14px;left:453.52px;white-space:nowrap">Kumar</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3377.72px;left:940.84px;letter-spacing:58.61px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3572.14px;left:0px;white-space:nowrap">Peter </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3572.14px;left:426.88px;white-space:nowrap">Mason</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3569.72px;left:940.84px;letter-spacing:58.61px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3764.14px;left:0px;white-space:nowrap">Hillary </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3764.14px;left:480.08px;white-space:nowrap">A. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3764.14px;left:675.7px;white-space:nowrap">Sale</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:3761.72px;left:1034.93px;letter-spacing:58.68px;white-space:nowrap">...............</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3956.14px;left:0px;white-space:nowrap">Jane </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3956.14px;left:391.41px;white-space:nowrap">E. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3956.14px;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:3953.72px;left:942.66px;letter-spacing:58.61px;white-space:nowrap">................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2614.54px;left:2811.09px;letter-spacing:-1.19px;white-space:nowrap">36,730,311</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2806.54px;left:2799.22px;white-space:nowrap">36,820,252</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2998.54px;left:2799.22px;white-space:nowrap">36,741,372</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3190.54px;left:2799.22px;white-space:nowrap">36,678,261</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3382.54px;left:2799.22px;white-space:nowrap">36,721,825</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3574.54px;left:2799.22px;white-space:nowrap">36,755,400</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3766.54px;left:2799.22px;white-space:nowrap">36,820,528</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3958.54px;left:2799.22px;white-space:nowrap">36,718,255</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2614.54px;left:4137.34px;white-space:nowrap">97.78%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2806.54px;left:4137.34px;white-space:nowrap">98.02%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2998.54px;left:4137.34px;white-space:nowrap">97.81%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3190.54px;left:4137.34px;white-space:nowrap">97.64%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3382.54px;left:4137.34px;white-space:nowrap">97.76%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3574.54px;left:4137.34px;white-space:nowrap">97.85%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3766.54px;left:4137.34px;white-space:nowrap">98.02%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3958.54px;left:4137.34px;white-space:nowrap">97.75%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2614.54px;left:5217.34px;white-space:nowrap">76.33%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2806.54px;left:5217.34px;white-space:nowrap">76.52%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2998.54px;left:5217.34px;white-space:nowrap">76.35%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3190.54px;left:5217.34px;white-space:nowrap">76.22%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3382.54px;left:5217.34px;white-space:nowrap">76.31%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3574.54px;left:5217.34px;white-space:nowrap">76.38%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3766.54px;left:5217.34px;white-space:nowrap">76.52%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3958.54px;left:5217.34px;white-space:nowrap">76.31%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2614.54px;left:6261.64px;white-space:nowrap">833,316</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2806.54px;left:6261.64px;white-space:nowrap">743,375</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2998.54px;left:6261.64px;white-space:nowrap">822,255</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3190.54px;left:6261.64px;white-space:nowrap">885,366</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3382.54px;left:6261.64px;white-space:nowrap">841,802</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3574.54px;left:6261.64px;white-space:nowrap">808,227</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3766.54px;left:6261.64px;white-space:nowrap">743,099</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3958.54px;left:6261.64px;white-space:nowrap">845,372</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2614.54px;left:7466.33px;white-space:nowrap">2.22%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2806.54px;left:7466.33px;white-space:nowrap">1.98%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2998.54px;left:7466.33px;white-space:nowrap">2.19%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3190.54px;left:7466.33px;white-space:nowrap">2.36%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3382.54px;left:7466.33px;white-space:nowrap">2.24%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3574.54px;left:7466.33px;white-space:nowrap">2.15%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3766.54px;left:7466.33px;white-space:nowrap">1.98%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3958.54px;left:7466.33px;white-space:nowrap">2.25%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2614.54px;left:8546.33px;white-space:nowrap">1.73%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2806.54px;left:8546.33px;white-space:nowrap">1.54%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2998.54px;left:8546.33px;white-space:nowrap">1.71%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3190.54px;left:8546.33px;white-space:nowrap">1.84%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3382.54px;left:8546.33px;white-space:nowrap">1.75%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3574.54px;left:8546.33px;white-space:nowrap">1.68%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3766.54px;left:8546.33px;white-space:nowrap">1.54%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3958.54px;left:8546.33px;white-space:nowrap">1.76%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5527.43px;left:3066.33px;white-space:nowrap">Shares
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5719.43px;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:5335.43px;left:4342.27px;white-space:nowrap">%
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5335.43px;left:4528.98px;white-space:nowrap">of</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5527.43px;left:4146.33px;white-space:nowrap">Shares</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5719.43px;left:4093.05px;white-space:nowrap">Present</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5335.43px;left:5422.27px;white-space:nowrap">%
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5335.43px;left:5608.98px;white-space:nowrap">of</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5527.43px;left:4817.89px;white-space:nowrap">Outstanding</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5719.43px;left:5226.33px;white-space:nowrap">Shares</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5922.31px;left:0px;white-space:nowrap">For</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:5919.89px;left:282.25px;letter-spacing:58.3px;white-space:nowrap">.......................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6114.31px;left:0px;white-space:nowrap">Against</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6111.89px;left:564.51px;letter-spacing:58.41px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6306.31px;left:0px;white-space:nowrap">Abstain</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:6303.89px;left:564.51px;letter-spacing:58.41px;white-space:nowrap">....................</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5922.31px;left:2799.22px;white-space:nowrap">36,513,225</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6114.31px;left:3021.64px;white-space:nowrap">482,767</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6306.31px;left:3021.64px;white-space:nowrap">567,629</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5922.31px;left:4137.34px;white-space:nowrap">97.20%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6114.31px;left:4226.33px;white-space:nowrap">1.29%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6306.31px;left:4226.33px;white-space:nowrap">1.51%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5922.31px;left:5217.34px;white-space:nowrap">75.88%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6114.31px;left:5306.33px;white-space:nowrap">1.00%</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6306.31px;left:5306.33px;white-space:nowrap">1.18%</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:1161.0px;width:891.0px;transform-origin:top left;transform:scale(1.5,1.5)">

<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:6453.14px;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:7127.45px;letter-spacing:10.29px;white-space:nowrap">Master
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7794.58px;letter-spacing:10.34px;white-space:nowrap">Intermediate
</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">71</div></div>
</div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(54.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

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

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

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

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(53.999px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

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

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(189.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:324.61px">

<div style="width:6492.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6098.45px;white-space:nowrap">Report</div></div>
</div>

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(513.610px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

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

<div style="height:55.43px;left:0px;position:absolute;top:0px;transform:translate(53.999px,74.175px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:866.04px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,7.44px) rotate(0deg) scale(0.05)">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:1230.64px;white-space:nowrap">Reinvestment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:3117.66px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:3692.29px;white-space:nowrap">Cash
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:4463.44px;white-space:nowrap">Purchase
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:5792.7px;white-space:nowrap">Plan
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:6465.59px;white-space:nowrap">(unaudited)</div></div>
</div>

<div style="height:611.48px;left:0px;position:absolute;top:0px;transform:translate(54.000px,120.315px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12117.6px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,4.6px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:220px;font-weight:bold;position:absolute;top:-26.1px;left:0px;white-space:nowrap">Summary
</div>

<div style="font-family:Arial, sans-serif;font-size:220px;font-weight:bold;position:absolute;top:-26.1px;left:1063.8px;white-space:nowrap">of
</div>

<div style="font-family:Arial, sans-serif;font-size:220px;font-weight:bold;position:absolute;top:-26.1px;left:1332.57px;white-space:nowrap">Putnam
</div>

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<div style="page-break-after:always;margin:-8px;position:relative;height:1161.0px;width:891.0px;transform-origin:top left;transform:scale(1.5,1.5)">

<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:10.29px;white-space:nowrap">Master
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1341.44px;letter-spacing:10.34px;white-space:nowrap">Intermediate
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2500.95px;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:3143.94px;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">Dividend
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:771.2px;letter-spacing:10.9px;white-space:nowrap">Reinvestment
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:1981.89px;letter-spacing:9px;white-space:nowrap">and
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:2343.25px;letter-spacing:9.6px;white-space:nowrap">Cash
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:2804.11px;letter-spacing:10.67px;white-space:nowrap">Purchase
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:3677.34px;letter-spacing:9.6px;white-space:nowrap">Plan
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:4116.48px;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:0px;white-space:nowrap">72</div></div>
</div>

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

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Annual
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<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:-21.36px;left:0px;white-space:nowrap">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
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4031.19px;white-space:nowrap">dividend </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4751.72px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5102.05px;white-space:nowrap">capital </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5672.37px;white-space:nowrap">gain </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6062.7px;white-space:nowrap">distributions
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7073.17px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7263.28px;white-space:nowrap">shares </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1410.73px;white-space:nowrap">obligations,
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2371.38px;white-space:nowrap">which </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6213.43px;white-space:nowrap">distributions.
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7620.91px;white-space:nowrap">Agent </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:9141.86px;white-space:nowrap">information
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<div style="page-break-after:always;margin:-8px;position:relative;height:1161.0px;width:891.0px;transform-origin:top left;transform:scale(1.5,1.5)">

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

<div style="height:26.46px;left:0px;position:absolute;top:0px;transform:translate(53.999px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:6453.14px;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:7794.58px;letter-spacing:10.34px;white-space:nowrap">Intermediate
</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="height:40.84px;left:0px;position:absolute;top:0px;transform:translate(54.000px,75.357px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:3856.11px;white-space:nowrap">(unaudited)</div></div>
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<div style="width:717.12px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">73</div></div>
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<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(54.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

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

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

<div style="width:10080px;height:12312px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.8px) rotate(0deg) scale(0.05)">

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

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:360.18px;white-space:nowrap">business </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1120.61px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1470.94px;text-rendering:optimizeLegibility;white-space:nowrap">affairs
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2007.25px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2207.37px;white-space:nowrap">Putnam </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2877.71px;white-space:nowrap">Master </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3477.83px;white-space:nowrap">Intermediate
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4528.39px;white-space:nowrap">Income </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5165.42px;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:5618.76px;white-space:nowrap">(the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5978.94px;white-space:nowrap">&#8220;Fund&#8221;)
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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3048.54px;left:471.02px;white-space:nowrap">1950)</div>

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<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2856.54px;left:4076.69px;white-space:nowrap">2025</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2856.54px;left:5348px;white-space:nowrap">21</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2856.54px;left:7514px;white-space:nowrap">None</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3436.49px;left:0px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3436.49px;left:720.23px;white-space:nowrap">Occupation(s)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3436.49px;left:1840.31px;white-space:nowrap">During
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3436.49px;left:2400.23px;white-space:nowrap">the
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3436.49px;left:2684.69px;white-space:nowrap">Past
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3436.49px;left:3067.11px;white-space:nowrap">Five
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3436.49px;left:3428.83px;letter-spacing:-1.47px;white-space:nowrap">Years:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3642.97px;left:0px;white-space:nowrap">Member </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3642.97px;left:631.25px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3642.97px;left:809.14px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3642.97px;left:1067.19px;white-space:nowrap">Advisory
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3642.97px;left:1725.16px;white-space:nowrap">Committee
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3642.97px;left:2543.13px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3642.97px;left:2721.02px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3642.97px;left:2987.89px;white-space:nowrap">Dispute </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3642.97px;left:3574.84px;white-space:nowrap">Resolution
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3642.97px;left:4375.31px;white-space:nowrap">Research
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3642.97px;left:5104.53px;white-space:nowrap">Center </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3642.97px;left:5629.22px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3642.97px;left:5807.11px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3642.97px;left:6073.98px;white-space:nowrap">Kellogg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3642.97px;left:6652.19px;white-space:nowrap">Graduate
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3642.97px;left:7363.75px;white-space:nowrap">School </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3642.97px;left:7897.42px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3642.97px;left:8075.31px;white-space:nowrap">Business,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3642.97px;left:8813.44px;white-space:nowrap">Northwestern
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3834.97px;left:0px;white-space:nowrap">University </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3834.97px;left:746.8px;white-space:nowrap">(2002 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3834.97px;left:1200.47px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3834.97px;left:1378.36px;white-space:nowrap">2016); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3834.97px;left:1876.48px;white-space:nowrap">formerly</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3834.97px;left:2516.72px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3834.97px;left:2605.63px;white-space:nowrap">Deputy </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3834.97px;left:3157.03px;white-space:nowrap">General </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3834.97px;left:3770.7px;white-space:nowrap">Counsel </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3834.97px;left:4402.19px;white-space:nowrap">responsible
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3834.97px;left:5264.92px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3834.97px;left:5496.09px;white-space:nowrap">western </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3834.97px;left:6100.78px;white-space:nowrap">hemisphere
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3834.97px;left:6981.25px;white-space:nowrap">matters </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3834.97px;left:7559.14px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3834.97px;left:7790.31px;letter-spacing:-0.96px;white-space:nowrap">BP
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3834.97px;left:8045.31px;white-space:nowrap">PLC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3834.97px;left:8401.02px;white-space:nowrap">(1999 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3834.97px;left:8854.69px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3834.97px;left:9032.58px;white-space:nowrap">2001); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4026.97px;left:0px;white-space:nowrap">Associate </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4026.97px;left:738.13px;white-space:nowrap">General </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4026.97px;left:1351.8px;white-space:nowrap">Counsel </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4026.97px;left:1983.28px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4026.97px;left:2152.34px;white-space:nowrap">Amoco </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4026.97px;left:2694.77px;white-space:nowrap">Corporation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4026.97px;left:3575.23px;white-space:nowrap">responsible
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4026.97px;left:4437.97px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4026.97px;left:4669.14px;white-space:nowrap">corporate,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4026.97px;left:5433.98px;white-space:nowrap">chemical,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4026.97px;left:6154.22px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4026.97px;left:6465.63px;text-rendering:optimizeLegibility;white-space:nowrap">refining
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4026.97px;left:7034.84px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4026.97px;left:7346.25px;white-space:nowrap">marketing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4026.97px;left:8093.2px;white-space:nowrap">matters </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4026.97px;left:8671.09px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4026.97px;left:8982.5px;white-space:nowrap">special </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4218.97px;left:0px;white-space:nowrap">assignments </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4218.97px;left:942.66px;white-space:nowrap">(1993 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4218.97px;left:1396.33px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4218.97px;left:1574.22px;white-space:nowrap">1998) </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4218.97px;left:2027.89px;white-space:nowrap">(Amoco </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4218.97px;left:2623.59px;white-space:nowrap">merged </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4218.97px;left:3210.55px;white-space:nowrap">with </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4218.97px;left:3539.53px;white-space:nowrap">British </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4218.97px;left:4028.52px;white-space:nowrap">Petroleum
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4218.97px;left:4802.19px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4218.97px;left:4971.17px;white-space:nowrap">1998 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4218.97px;left:5371.56px;white-space:nowrap">forming </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4218.97px;left:5949.53px;letter-spacing:-0.96px;white-space:nowrap">BP
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4218.97px;left:6204.53px;white-space:nowrap">PLC)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4690.45px;left:0px;white-space:nowrap">Carol
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4690.45px;left:453.44px;white-space:nowrap">L.
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4690.45px;left:640.08px;white-space:nowrap">Colman
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4882.45px;left:0px;white-space:nowrap">(Born
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4882.45px;left:471.02px;white-space:nowrap">1946)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4690.45px;left:2316px;letter-spacing:-0.85px;white-space:nowrap">Trustee</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4690.45px;left:3632px;white-space:nowrap">Since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4690.45px;left:4076.69px;white-space:nowrap">2025</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4690.45px;left:5348px;white-space:nowrap">21</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4690.45px;left:7514px;white-space:nowrap">None</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5270.39px;left:0px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5270.39px;left:720.23px;white-space:nowrap">Occupation(s)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5270.39px;left:1840.31px;white-space:nowrap">During
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5270.39px;left:2400.23px;white-space:nowrap">the
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5270.39px;left:2684.69px;white-space:nowrap">Past
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5270.39px;left:3067.11px;white-space:nowrap">Five
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5270.39px;left:3428.83px;letter-spacing:-1.47px;white-space:nowrap">Years:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5476.88px;left:0px;white-space:nowrap">President, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5476.88px;left:764.84px;white-space:nowrap">Colman </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5476.88px;left:1360.63px;white-space:nowrap">Consulting
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5476.88px;left:2161.09px;white-space:nowrap">Co.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5948.36px;left:0px;white-space:nowrap">Anthony
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5948.36px;left:693.2px;white-space:nowrap">Grillo</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6140.36px;left:0px;white-space:nowrap">(Born
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6140.36px;left:471.02px;white-space:nowrap">1955)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5948.36px;left:2316px;letter-spacing:-0.85px;white-space:nowrap">Trustee</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5948.36px;left:3632px;white-space:nowrap">Since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5948.36px;left:4076.69px;white-space:nowrap">2025</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5948.36px;left:5348px;white-space:nowrap">21</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5948.36px;left:7514px;white-space:nowrap">Director </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5948.36px;left:8118.53px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5948.36px;left:8296.42px;white-space:nowrap">Littelfuse,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5948.36px;left:9025.72px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6140.36px;left:7514px;white-space:nowrap">(electronics
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6140.36px;left:8376.5px;white-space:nowrap">manufacturing)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6332.36px;left:7514px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6332.36px;left:7985.25px;white-space:nowrap">1991); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6332.36px;left:8483.38px;white-space:nowrap">formerly</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6332.36px;left:9123.61px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6332.36px;left:9212.52px;white-space:nowrap">Director
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6524.36px;left:7514px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6524.36px;left:7691.89px;white-space:nowrap">Oaktree </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6524.36px;left:8296.66px;white-space:nowrap">Acquisition
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6524.36px;left:9114.86px;white-space:nowrap">Corp. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6524.36px;left:9550.56px;white-space:nowrap">II </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6716.36px;left:7514px;white-space:nowrap">(2020 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6716.36px;left:7967.67px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6716.36px;left:8145.56px;white-space:nowrap">2022); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6716.36px;left:8643.69px;white-space:nowrap">Director
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6716.36px;left:9248.22px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6716.36px;left:9426.11px;white-space:nowrap">Oaktree </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6908.36px;left:7514px;white-space:nowrap">Acquisition
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6908.36px;left:8332.2px;white-space:nowrap">Corp. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6908.36px;left:8767.91px;white-space:nowrap">(2019 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6908.36px;left:9221.58px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6908.36px;left:9399.47px;white-space:nowrap">2021)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7114.85px;left:0px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7114.85px;left:720.23px;white-space:nowrap">Occupation(s)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7114.85px;left:1840.31px;white-space:nowrap">During
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7114.85px;left:2400.23px;white-space:nowrap">the
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7114.85px;left:2684.69px;white-space:nowrap">Past
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7114.85px;left:3067.11px;white-space:nowrap">Five
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7114.85px;left:3428.83px;letter-spacing:-1.47px;white-space:nowrap">Years:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7321.33px;left:0px;white-space:nowrap">Retired; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7321.33px;left:604.69px;letter-spacing:-0.98px;white-space:nowrap">Founder,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7321.33px;left:1280.7px;white-space:nowrap">Managing </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7321.33px;left:2027.89px;white-space:nowrap">Director
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7321.33px;left:2632.42px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7321.33px;left:2943.83px;white-space:nowrap">Partner </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7321.33px;left:3512.97px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7321.33px;left:3682.03px;white-space:nowrap">American
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7321.33px;left:4402.27px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7321.33px;left:5149.22px;white-space:nowrap">Opportunity
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7321.33px;left:6020.78px;white-space:nowrap">Funds </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7321.33px;left:6509.92px;white-space:nowrap">(private
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7321.33px;left:7087.89px;white-space:nowrap">equity </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7321.33px;left:7559.3px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7321.33px;left:7870.7px;white-space:nowrap">credit </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7321.33px;left:8306.41px;text-rendering:optimizeLegibility;white-space:nowrap">firm)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7321.33px;left:8670.7px;white-space:nowrap">(2006 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7321.33px;left:9124.38px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7321.33px;left:9302.27px;white-space:nowrap">2018); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7513.33px;left:0px;white-space:nowrap">formerly</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7513.33px;left:640.23px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7513.33px;left:729.14px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7513.33px;left:1236.09px;white-space:nowrap">Managing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7513.33px;left:1983.28px;white-space:nowrap">Director
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7513.33px;left:2587.81px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7513.33px;left:2765.7px;white-space:nowrap">Evercore </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7513.33px;left:3450.39px;white-space:nowrap">Partners
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7513.33px;left:4099.53px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7513.33px;left:4401.88px;white-space:nowrap">(investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7513.33px;left:5273.28px;white-space:nowrap">banking)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7513.33px;left:5931.48px;white-space:nowrap">(2001 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7513.33px;left:6385.16px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7513.33px;left:6563.05px;white-space:nowrap">2004); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7513.33px;left:7061.17px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7513.33px;left:7568.13px;white-space:nowrap">Managing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7513.33px;left:8315.31px;white-space:nowrap">Director
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7513.33px;left:8919.84px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7513.33px;left:9097.73px;white-space:nowrap">Joseph </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7705.33px;left:0px;white-space:nowrap">Littlejohn </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7705.33px;left:684.92px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7705.33px;left:836.09px;letter-spacing:-1.98px;white-space:nowrap">Levy,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7705.33px;left:1251.09px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7705.33px;left:1553.44px;white-space:nowrap">(private
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7705.33px;left:2131.41px;white-space:nowrap">equity </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7705.33px;left:2602.81px;text-rendering:optimizeLegibility;white-space:nowrap">firm)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7705.33px;left:2967.11px;white-space:nowrap">(1999 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7705.33px;left:3420.78px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7705.33px;left:3598.67px;white-space:nowrap">2001); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7705.33px;left:4096.8px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7705.33px;left:4603.75px;white-space:nowrap">Managing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7705.33px;left:5350.94px;white-space:nowrap">Director
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7705.33px;left:5955.47px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7705.33px;left:6130.47px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7705.33px;left:6450.63px;white-space:nowrap">Blackstone
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7705.33px;left:7277.73px;white-space:nowrap">Group </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7705.33px;left:7766.88px;letter-spacing:-4.12px;white-space:nowrap">L.P.
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7705.33px;left:8075.31px;white-space:nowrap">(private
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7705.33px;left:8653.28px;white-space:nowrap">equity </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7705.33px;left:9124.69px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7705.33px;left:9436.09px;white-space:nowrap">credit </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7897.33px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">firm)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7897.33px;left:364.3px;white-space:nowrap">(1991 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7897.33px;left:817.97px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7897.33px;left:995.86px;white-space:nowrap">1999)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8368.82px;left:0px;white-space:nowrap">Eileen
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8368.82px;left:509.84px;white-space:nowrap">A.
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8368.82px;left:714.3px;white-space:nowrap">Kamerick</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8560.82px;left:0px;white-space:nowrap">(Born
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8560.82px;left:471.02px;white-space:nowrap">1958)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8368.82px;left:2316px;letter-spacing:-0.49px;white-space:nowrap">Trustee
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8560.82px;left:2316px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8560.82px;left:2627.41px;white-space:nowrap">Chair</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8368.82px;left:3632px;white-space:nowrap">Since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8368.82px;left:4076.69px;white-space:nowrap">2025</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8368.82px;left:5348px;white-space:nowrap">21</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8368.82px;left:7514px;letter-spacing:-0.88px;white-space:nowrap">Director,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8368.82px;left:8154.16px;letter-spacing:-1.98px;white-space:nowrap">VALIC
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8368.82px;left:8649.16px;white-space:nowrap">Company </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8368.82px;left:9378.38px;white-space:nowrap">I </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8368.82px;left:9467.28px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8560.82px;left:7514px;white-space:nowrap">October </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8560.82px;left:8127.59px;white-space:nowrap">2022); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8560.82px;left:8625.72px;white-space:nowrap">Director
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8560.82px;left:9230.25px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8560.82px;left:9399.31px;white-space:nowrap">ACV </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8752.82px;left:7514px;white-space:nowrap">Auctions </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8752.82px;left:8172.13px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8752.82px;left:8474.47px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8752.82px;left:8945.72px;white-space:nowrap">2021); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8752.82px;left:9443.84px;white-space:nowrap">Director
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8944.82px;left:7514px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8944.82px;left:7683.06px;white-space:nowrap">Associated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8944.82px;left:8510.17px;white-space:nowrap">Banc-Corp
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8944.82px;left:9319.39px;text-rendering:optimizeLegibility;white-space:nowrap">(financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9136.82px;left:7514px;white-space:nowrap">services </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9136.82px;left:8145.25px;white-space:nowrap">company)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9136.82px;left:8892.2px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9136.82px;left:9363.45px;white-space:nowrap">2007); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9328.82px;left:7514px;white-space:nowrap">formerly</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9328.82px;left:8154.23px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9328.82px;left:8243.14px;white-space:nowrap">Director
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9328.82px;left:8847.67px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9328.82px;left:9025.56px;white-space:nowrap">Hochschild
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9520.82px;left:7514px;white-space:nowrap">Mining </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9520.82px;left:8029.78px;white-space:nowrap">plc </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9520.82px;left:8278.77px;white-space:nowrap">(precious
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9520.82px;left:8981.27px;white-space:nowrap">metals </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9712.82px;left:7514px;white-space:nowrap">company) </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9712.82px;left:8260.95px;white-space:nowrap">(2016-2023);
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9712.82px;left:9221.58px;white-space:nowrap">formerly</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9712.82px;left:9861.81px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9904.82px;left:7514px;letter-spacing:-0.74px;white-space:nowrap">Trustee
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9904.82px;left:8094.94px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9904.82px;left:8264px;white-space:nowrap">AIG </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9904.82px;left:8584.08px;white-space:nowrap">Funds </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9904.82px;left:9073.22px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9904.82px;left:9375.8px;white-space:nowrap">Anchor </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10096.82px;left:7514px;white-space:nowrap">Series </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10096.82px;left:8009.08px;letter-spacing:-0.99px;white-space:nowrap">Trust
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10096.82px;left:8412.05px;white-space:nowrap">(2018 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10096.82px;left:8865.72px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10096.82px;left:9043.61px;white-space:nowrap">2021)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10303.3px;left:0px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10303.3px;left:720.23px;white-space:nowrap">Occupation(s)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10303.3px;left:1840.31px;white-space:nowrap">During
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10303.3px;left:2400.23px;white-space:nowrap">the
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10303.3px;left:2684.69px;white-space:nowrap">Past
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10303.3px;left:3067.11px;white-space:nowrap">Five
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10303.3px;left:3428.83px;letter-spacing:-1.47px;white-space:nowrap">Years:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10509.79px;left:0px;white-space:nowrap">Chief </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10509.79px;left:417.97px;white-space:nowrap">Executive
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10509.79px;left:1156.09px;text-rendering:optimizeLegibility;letter-spacing:-0.98px;white-space:nowrap">Officer,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10509.79px;left:1700.47px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10509.79px;left:2020.63px;white-space:nowrap">Governance
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10509.79px;left:2936.72px;white-space:nowrap">Partners,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10509.79px;left:3630.31px;white-space:nowrap">LLC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10509.79px;left:3968.28px;white-space:nowrap">(consulting
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10509.79px;left:4786.48px;text-rendering:optimizeLegibility;white-space:nowrap">firm)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10509.79px;left:5150.78px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10509.79px;left:5622.03px;white-space:nowrap">2015); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10509.79px;left:6120.16px;white-space:nowrap">National
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10509.79px;left:6742.81px;white-space:nowrap">Association
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10509.79px;left:7605.47px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10509.79px;left:7783.36px;white-space:nowrap">Corporate
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10509.79px;left:8539.3px;white-space:nowrap">Directors
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10509.79px;left:9223.83px;white-space:nowrap">Board </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10701.79px;left:0px;white-space:nowrap">Leadership </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10701.79px;left:836.17px;white-space:nowrap">Fellow </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10701.79px;left:1342.97px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10701.79px;left:1814.22px;white-space:nowrap">2016, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10701.79px;left:2259.06px;white-space:nowrap">with </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10701.79px;left:2588.05px;white-space:nowrap">Directorship
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10701.79px;left:3486.09px;text-rendering:optimizeLegibility;white-space:nowrap">Certification
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10701.79px;left:4375.31px;white-space:nowrap">since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10701.79px;left:4793.28px;white-space:nowrap">2019) </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10701.79px;left:5246.95px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10701.79px;left:5558.36px;white-space:nowrap">NACD </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10701.79px;left:6056.17px;white-space:nowrap">2022 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10701.79px;left:6456.56px;white-space:nowrap">Directorship
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10701.79px;left:7354.61px;white-space:nowrap">100 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10701.79px;left:7666.02px;white-space:nowrap">honoree;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10701.79px;left:8333.28px;white-space:nowrap">Adjunct
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10701.79px;left:8911.41px;letter-spacing:-0.8px;white-space:nowrap">Professor,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10893.79px;left:0px;white-space:nowrap">Georgetown </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10893.79px;left:916.09px;white-space:nowrap">University
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10893.79px;left:1662.89px;white-space:nowrap">Law </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10893.79px;left:2000.86px;white-space:nowrap">Center </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10893.79px;left:2525.55px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10893.79px;left:2996.8px;white-space:nowrap">2021); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10893.79px;left:3486.09px;white-space:nowrap">Adjunct
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10893.79px;left:4064.22px;letter-spacing:-0.8px;white-space:nowrap">Professor,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10893.79px;left:4826.09px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10893.79px;left:5146.25px;white-space:nowrap">University
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10893.79px;left:5893.05px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10893.79px;left:6070.94px;white-space:nowrap">Chicago
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10893.79px;left:6702.42px;white-space:nowrap">Law </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10893.79px;left:7040.39px;white-space:nowrap">School </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10893.79px;left:7574.06px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10893.79px;left:8045.31px;white-space:nowrap">2018); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10893.79px;left:8534.61px;white-space:nowrap">Adjunct
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10893.79px;left:9112.73px;letter-spacing:-0.8px;white-space:nowrap">Professor,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11085.79px;left:0px;white-space:nowrap">University </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11085.79px;left:746.8px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11085.79px;left:924.69px;white-space:nowrap">Iowa </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11085.79px;left:1307.11px;white-space:nowrap">College
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11085.79px;left:1894.14px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11085.79px;left:2072.03px;white-space:nowrap">Law </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11085.79px;left:2410px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11085.79px;left:2881.25px;white-space:nowrap">2007); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11085.79px;left:3379.38px;white-space:nowrap">formerly</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11085.79px;left:4019.61px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11085.79px;left:4108.52px;white-space:nowrap">Chief </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11085.79px;left:4526.48px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11085.79px;left:5211.25px;text-rendering:optimizeLegibility;letter-spacing:-0.98px;white-space:nowrap">Officer,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11085.79px;left:5758.52px;white-space:nowrap">Press </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11085.79px;left:6211.95px;white-space:nowrap">Ganey </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11085.79px;left:6718.98px;white-space:nowrap">Associates
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11085.79px;left:7537.11px;white-space:nowrap">(health
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11085.79px;left:8070.78px;white-space:nowrap">care </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11085.79px;left:8426.48px;white-space:nowrap">informatics
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11085.79px;left:9244.45px;white-space:nowrap">company)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11277.79px;left:0px;white-space:nowrap">(2012 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11277.79px;left:453.67px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11277.79px;left:631.56px;white-space:nowrap">2014); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11277.79px;left:1129.69px;white-space:nowrap">Managing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11277.79px;left:1876.88px;white-space:nowrap">Director
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11277.79px;left:2481.41px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11277.79px;left:2792.81px;white-space:nowrap">Chief </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11277.79px;left:3210.78px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11277.79px;left:3895.55px;text-rendering:optimizeLegibility;letter-spacing:-0.98px;white-space:nowrap">Officer,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11277.79px;left:4442.81px;white-space:nowrap">Houlihan
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11277.79px;left:5118.83px;white-space:nowrap">Lokey </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11277.79px;left:5590.23px;white-space:nowrap">(international
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11277.79px;left:6559.69px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11277.79px;left:7377.81px;white-space:nowrap">bank) </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11277.79px;left:7822.5px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11277.79px;left:8133.91px;white-space:nowrap">President,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11277.79px;left:8898.75px;white-space:nowrap">Houlihan
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11277.79px;left:9574.77px;white-space:nowrap">Lokey </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11469.79px;left:0px;white-space:nowrap">Foundation </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11469.79px;left:845.08px;white-space:nowrap">(2010 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11469.79px;left:1298.75px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11469.79px;left:1476.64px;white-space:nowrap">2012)</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:1161.0px;width:891.0px;transform-origin:top left;transform:scale(1.5,1.5)">

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

<div style="height:47.41px;left:0px;position:absolute;top:0px;transform:translate(35.999px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:850.91px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1341.44px;letter-spacing:10.34px;white-space:nowrap">Intermediate
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2500.95px;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:3143.94px;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:36.48px;white-space:nowrap">74</div></div>
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<div style="background-color:transparent;height:12.71px;left:0px;position:absolute;top:0px;transform:translate(66.240px,744.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:1.00px">

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

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
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<div style="width:6492.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div></div>
</div>

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

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

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

<div style="width:10080px;height:12901.09px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:532.3px;left:0px;white-space:nowrap">Name
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:532.3px;left:480.23px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:724.3px;left:0px;letter-spacing:-1.77px;white-space:nowrap">Year
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:724.3px;left:382.58px;white-space:nowrap">of
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:724.3px;left:578.05px;white-space:nowrap">Birth</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:532.3px;left:2316px;white-space:nowrap">Position(s)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:532.3px;left:3187.09px;white-space:nowrap">with
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:724.3px;left:2316px;letter-spacing:-1.77px;white-space:nowrap">Trust</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:340.3px;left:3632px;letter-spacing:-2.37px;white-space:nowrap">Term
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:340.3px;left:4055.83px;white-space:nowrap">of
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:340.3px;left:4251.3px;text-rendering:optimizeLegibility;white-space:nowrap">Office
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:532.3px;left:3632px;white-space:nowrap">and
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:532.3px;left:3958.02px;letter-spacing:-1.77px;white-space:nowrap">Year
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:532.3px;left:4340.59px;white-space:nowrap">Service
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:724.3px;left:3632px;white-space:nowrap">Began*</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:340.3px;left:5348px;white-space:nowrap">Number
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:340.3px;left:5996.98px;white-space:nowrap">of
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:340.3px;left:6192.45px;white-space:nowrap">Portfolios
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:340.3px;left:6983.55px;white-space:nowrap">in
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:532.3px;left:5348px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:532.3px;left:5783.39px;white-space:nowrap">Complex
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:532.3px;left:6503.55px;white-space:nowrap">Overseen
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:724.3px;left:5348px;white-space:nowrap">by
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:724.3px;left:5579.17px;white-space:nowrap">Board
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:724.3px;left:6085.89px;white-space:nowrap">Member**</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:532.3px;left:7514px;white-space:nowrap">Other
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:532.3px;left:7985.17px;white-space:nowrap">Directorships
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:532.3px;left:9061.03px;white-space:nowrap">Held
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:532.3px;left:9452.2px;white-space:nowrap">During
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:724.3px;left:7514px;white-space:nowrap">at
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:724.3px;left:7700.72px;white-space:nowrap">Least
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:724.3px;left:8163.14px;white-space:nowrap">the
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:724.3px;left:8447.59px;white-space:nowrap">Past
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:724.3px;left:8830.02px;white-space:nowrap">5
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:724.3px;left:8960.56px;letter-spacing:-1.77px;white-space:nowrap">Years</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1020.79px;left:0px;white-space:nowrap">Nisha
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1020.79px;left:480.16px;white-space:nowrap">Kumar</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1212.79px;left:0px;white-space:nowrap">(Born
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1212.79px;left:471.02px;white-space:nowrap">1970)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1020.79px;left:2316px;letter-spacing:-0.85px;white-space:nowrap">Trustee</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1020.79px;left:3632px;white-space:nowrap">Since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1020.79px;left:4076.69px;white-space:nowrap">2025</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1020.79px;left:5348px;white-space:nowrap">21</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1020.79px;left:7514px;white-space:nowrap">Director </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1020.79px;left:8118.53px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1020.79px;left:8296.42px;white-space:nowrap">Stonepeak-Plus
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1212.79px;left:7514px;white-space:nowrap">Infrastructure
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1212.79px;left:8501.03px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1212.79px;left:8910.17px;letter-spacing:-0.96px;white-space:nowrap">LP
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1212.79px;left:9147.44px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1212.79px;left:9618.69px;white-space:nowrap">2025); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1404.79px;left:7514px;white-space:nowrap">Director </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1404.79px;left:8118.53px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1404.79px;left:8296.42px;white-space:nowrap">Birkenstock
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1404.79px;left:9167.83px;white-space:nowrap">Holding </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1404.79px;left:9754.86px;white-space:nowrap">plc </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1596.79px;left:7514px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1596.79px;left:7985.25px;white-space:nowrap">2023); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1596.79px;left:8483.38px;white-space:nowrap">Director
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1596.79px;left:9087.91px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1596.79px;left:9262.91px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1596.79px;left:9583.06px;white-space:nowrap">India </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1788.79px;left:7514px;white-space:nowrap">Fund, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1788.79px;left:7967.59px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1788.79px;left:8269.94px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1788.79px;left:8741.19px;white-space:nowrap">2016); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1788.79px;left:9239.31px;white-space:nowrap">formerly</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1788.79px;left:9879.55px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1980.79px;left:7514px;white-space:nowrap">Director </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1980.79px;left:8118.53px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1980.79px;left:8287.59px;white-space:nowrap">Aberdeen</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2172.79px;left:7514px;white-space:nowrap">Income </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2172.79px;left:8083.14px;white-space:nowrap">Credit </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2172.79px;left:8554.39px;white-space:nowrap">Strategies
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2172.79px;left:9319.23px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2364.79px;left:7514px;white-space:nowrap">(2017 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2364.79px;left:7967.67px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2364.79px;left:8145.56px;white-space:nowrap">2018); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2364.79px;left:8643.69px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2364.79px;left:8955.09px;white-space:nowrap">Director
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2364.79px;left:9559.63px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2364.79px;left:9734.63px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.79px;left:7514px;white-space:nowrap">Asia </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.79px;left:7866.81px;letter-spacing:-0.85px;white-space:nowrap">Tigers
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.79px;left:8349.86px;white-space:nowrap">Fund, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.79px;left:8803.45px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.79px;left:9105.8px;white-space:nowrap">(2016 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2556.79px;left:9559.47px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2748.79px;left:7514px;white-space:nowrap">2018)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2955.27px;left:0px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2955.27px;left:720.23px;white-space:nowrap">Occupation(s)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2955.27px;left:1840.31px;white-space:nowrap">During
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2955.27px;left:2400.23px;white-space:nowrap">the
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2955.27px;left:2684.69px;white-space:nowrap">Past
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2955.27px;left:3067.11px;white-space:nowrap">Five
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2955.27px;left:3428.83px;letter-spacing:-1.47px;white-space:nowrap">Years:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:0px;letter-spacing:-1.19px;white-space:nowrap">Formerly,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:708.13px;white-space:nowrap">Managing </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:1455.31px;white-space:nowrap">Director
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:2059.84px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:2371.25px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:2638.13px;white-space:nowrap">Chief </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:3056.09px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:3740.86px;text-rendering:optimizeLegibility;white-space:nowrap">Officer
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:4252.5px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:4563.91px;white-space:nowrap">Chief </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:4981.88px;white-space:nowrap">Compliance
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:5871.17px;text-rendering:optimizeLegibility;white-space:nowrap">Officer
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:6382.81px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:6560.7px;white-space:nowrap">Greenbriar
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:7369.92px;white-space:nowrap">Equity </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:7859.06px;white-space:nowrap">Group, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:8392.66px;letter-spacing:-0.96px;white-space:nowrap">LP
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3161.76px;left:8629.92px;letter-spacing:-0.91px;white-space:nowrap">(2011-2021);
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3353.76px;left:0px;white-space:nowrap">formerly</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3353.76px;left:640.23px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3353.76px;left:729.14px;white-space:nowrap">Chief </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3353.76px;left:1147.11px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3353.76px;left:1831.88px;text-rendering:optimizeLegibility;white-space:nowrap">Officer
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3353.76px;left:2343.52px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3353.76px;left:2654.92px;white-space:nowrap">Chief </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3353.76px;left:3064.06px;white-space:nowrap">Administrative
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3353.76px;left:4113.28px;text-rendering:optimizeLegibility;white-space:nowrap">Officer
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3353.76px;left:4624.92px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3353.76px;left:4802.81px;white-space:nowrap">Rent </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3353.76px;left:5185.23px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3353.76px;left:5452.11px;letter-spacing:-1.48px;white-space:nowrap">Runway,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3353.76px;left:6107.19px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3353.76px;left:6409.53px;letter-spacing:-1.48px;white-space:nowrap">(2011);
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3353.76px;left:6949.06px;white-space:nowrap">Executive
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3353.76px;left:7687.19px;letter-spacing:-0.58px;white-space:nowrap">Vice
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3353.76px;left:8040px;white-space:nowrap">President </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3353.76px;left:8760.39px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3353.76px;left:9071.8px;white-space:nowrap">Chief </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3545.76px;left:0px;white-space:nowrap">Financial </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3545.76px;left:684.77px;text-rendering:optimizeLegibility;white-space:nowrap">Officer
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3545.76px;left:1196.41px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3545.76px;left:1365.47px;letter-spacing:-1.48px;white-space:nowrap">AOL
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3545.76px;left:1724.14px;white-space:nowrap">LLC, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3545.76px;left:2106.56px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3545.76px;left:2240px;white-space:nowrap">subsidiary </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3545.76px;left:3004.77px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3545.76px;left:3179.77px;letter-spacing:-1.19px;white-space:nowrap">Time
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3545.76px;left:3573.83px;letter-spacing:-0.85px;white-space:nowrap">Warner
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3545.76px;left:4136.88px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3545.76px;left:4439.22px;white-space:nowrap">(2007 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3545.76px;left:4892.89px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3545.76px;left:5070.78px;white-space:nowrap">2009). </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3545.76px;left:5568.91px;white-space:nowrap">Member </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3545.76px;left:6200.16px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3545.76px;left:6378.05px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3545.76px;left:6644.92px;white-space:nowrap">Council </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3545.76px;left:7222.97px;white-space:nowrap">on </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3545.76px;left:7445.39px;white-space:nowrap">Foreign </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3545.76px;left:8032.34px;white-space:nowrap">Relations</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4017.24px;left:0px;white-space:nowrap">Peter
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4017.24px;left:444.69px;white-space:nowrap">Mason</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4209.24px;left:0px;white-space:nowrap">(Born
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4209.24px;left:471.02px;white-space:nowrap">1959)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4017.24px;left:2316px;letter-spacing:-0.85px;white-space:nowrap">Trustee</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4017.24px;left:3632px;white-space:nowrap">Since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4017.24px;left:4076.69px;white-space:nowrap">2025</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4017.24px;left:5348px;white-space:nowrap">21</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4017.24px;left:7514px;white-space:nowrap">Chairman </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4017.24px;left:8252.05px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4017.24px;left:8429.94px;white-space:nowrap">University
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4017.24px;left:9176.73px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4017.24px;left:9354.63px;white-space:nowrap">Sydney </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4209.24px;left:7514px;letter-spacing:-2.21px;white-space:nowrap">USA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4209.24px;left:7878.61px;white-space:nowrap">Foundation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4209.24px;left:8723.69px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4209.24px;left:9194.94px;white-space:nowrap">2020); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4401.24px;left:7514px;white-space:nowrap">Director </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4401.24px;left:8118.53px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4401.24px;left:8296.42px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4401.24px;left:8563.3px;white-space:nowrap">Radio </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4401.24px;left:9025.8px;letter-spacing:-0.32px;white-space:nowrap">Workshop
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4401.24px;left:9787.59px;white-space:nowrap">US, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4593.24px;left:7514px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4593.24px;left:7816.34px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4593.24px;left:8287.59px;white-space:nowrap">2023)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4799.72px;left:0px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4799.72px;left:720.23px;white-space:nowrap">Occupation(s)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4799.72px;left:1840.31px;white-space:nowrap">During
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4799.72px;left:2400.23px;white-space:nowrap">the
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4799.72px;left:2684.69px;white-space:nowrap">Past
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4799.72px;left:3067.11px;white-space:nowrap">Five
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4799.72px;left:3428.83px;letter-spacing:-1.47px;white-space:nowrap">Years:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5006.21px;left:0px;white-space:nowrap">Arbitrator </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5006.21px;left:702.42px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5006.21px;left:1013.83px;white-space:nowrap">Mediator
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5006.21px;left:1680.78px;white-space:nowrap">(self-employed)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5006.21px;left:2827.81px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5006.21px;left:3299.06px;white-space:nowrap">2021); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5006.21px;left:3797.19px;white-space:nowrap">formerly</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5006.21px;left:4437.42px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5006.21px;left:4526.33px;white-space:nowrap">Global </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5006.21px;left:5033.28px;white-space:nowrap">General </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5006.21px;left:5646.95px;white-space:nowrap">Counsel </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5006.21px;left:6278.44px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5006.21px;left:6456.33px;white-space:nowrap">UNICEF </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5006.21px;left:7096.33px;white-space:nowrap">(intergovernmental
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5006.21px;left:8474.77px;white-space:nowrap">organization)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5006.21px;left:9444.22px;white-space:nowrap">(1998-</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5198.21px;left:0px;white-space:nowrap">2021)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5669.69px;left:0px;white-space:nowrap">Hillary
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5669.69px;left:527.66px;white-space:nowrap">A.
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5669.69px;left:732.11px;white-space:nowrap">Sale</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5861.69px;left:0px;white-space:nowrap">(Born
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5861.69px;left:471.02px;white-space:nowrap">1961)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5669.69px;left:2316px;letter-spacing:-0.85px;white-space:nowrap">Trustee</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5669.69px;left:3632px;white-space:nowrap">Since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5669.69px;left:4076.69px;white-space:nowrap">2025</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5669.69px;left:5348px;white-space:nowrap">21</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5669.69px;left:7514px;white-space:nowrap">Director </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5669.69px;left:8118.53px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5669.69px;left:8296.42px;white-space:nowrap">CBOE </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5669.69px;left:8794.31px;white-space:nowrap">U.S. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5669.69px;left:9149.94px;white-space:nowrap">Securities
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5861.69px;left:7514px;white-space:nowrap">Exchanges, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5861.69px;left:8394.55px;white-space:nowrap">CBOE </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5861.69px;left:8892.44px;white-space:nowrap">Futures </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6053.69px;left:7514px;white-space:nowrap">Exchange, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6053.69px;left:8314.55px;white-space:nowrap">and</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6245.69px;left:7514px;white-space:nowrap">CBOE </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6245.69px;left:8011.89px;letter-spacing:-3.55px;white-space:nowrap">SEF,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6245.69px;left:8394.23px;white-space:nowrap">Director
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6245.69px;left:8998.77px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6437.69px;left:7514px;white-space:nowrap">2022); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6437.69px;left:8003.3px;white-space:nowrap">Advisory </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6437.69px;left:8661.27px;white-space:nowrap">Board </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6437.69px;left:9132.67px;white-space:nowrap">Member </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6629.69px;left:7514px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6629.69px;left:7691.89px;white-space:nowrap">Foundation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6629.69px;left:8536.97px;white-space:nowrap">Press </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6629.69px;left:8990.41px;white-space:nowrap">(academic
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6821.69px;left:7514px;white-space:nowrap">book </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6821.69px;left:7905.41px;white-space:nowrap">publisher)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6821.69px;left:8652.44px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6821.69px;left:9123.69px;white-space:nowrap">2019); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6821.69px;left:9621.81px;white-space:nowrap">Chair </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7013.69px;left:7514px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7013.69px;left:7691.89px;letter-spacing:-0.24px;white-space:nowrap">DirectWomen
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7013.69px;left:8702.52px;white-space:nowrap">Board </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7013.69px;left:9173.92px;white-space:nowrap">Institute
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7205.69px;left:7514px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7205.69px;left:7985.25px;white-space:nowrap">2019); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7205.69px;left:8483.38px;white-space:nowrap">formerly</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7205.69px;left:9123.61px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7205.69px;left:9212.52px;white-space:nowrap">Member </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7205.69px;left:9843.77px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7397.69px;left:7514px;letter-spacing:-0.24px;white-space:nowrap">DirectWomen
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7397.69px;left:8524.63px;text-rendering:optimizeLegibility;white-space:nowrap">(nonprofit)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7397.69px;left:9298.3px;white-space:nowrap">(2007-</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7589.69px;left:7514px;white-space:nowrap">2022)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7796.18px;left:0px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7796.18px;left:720.23px;white-space:nowrap">Occupation(s)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7796.18px;left:1840.31px;white-space:nowrap">During
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7796.18px;left:2400.23px;white-space:nowrap">the
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7796.18px;left:2684.69px;white-space:nowrap">Past
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7796.18px;left:3067.11px;white-space:nowrap">Five
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7796.18px;left:3428.83px;letter-spacing:-1.47px;white-space:nowrap">Years:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8002.66px;left:0px;white-space:nowrap">Agnes </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8002.66px;left:498.13px;white-space:nowrap">Williams </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8002.66px;left:1138.05px;white-space:nowrap">Sesquicentennial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8002.66px;left:2401.17px;white-space:nowrap">Professor
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8002.66px;left:3130.31px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8002.66px;left:3308.2px;white-space:nowrap">Leadership
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8002.66px;left:4144.38px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8002.66px;left:4455.78px;white-space:nowrap">Corporate
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8002.66px;left:5211.72px;white-space:nowrap">Governance,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8002.66px;left:6172.27px;white-space:nowrap">Georgetown
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8002.66px;left:7088.36px;white-space:nowrap">Law </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8002.66px;left:7426.33px;white-space:nowrap">Center; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8002.66px;left:7995.47px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8002.66px;left:8306.88px;white-space:nowrap">Professor
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8002.66px;left:9036.02px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8194.66px;left:0px;white-space:nowrap">Management, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8194.66px;left:1022.81px;white-space:nowrap">McDonough
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8194.66px;left:1930px;white-space:nowrap">School </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8194.66px;left:2463.67px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8194.66px;left:2641.56px;white-space:nowrap">Business
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8194.66px;left:3335.23px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8194.66px;left:3806.48px;white-space:nowrap">2018); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8194.66px;left:4304.61px;white-space:nowrap">formerly</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8194.66px;left:4944.84px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8194.66px;left:5024.92px;white-space:nowrap">Associate
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8194.66px;left:5763.05px;white-space:nowrap">Dean </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8194.66px;left:6190px;white-space:nowrap">for </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8194.66px;left:6421.17px;letter-spacing:-1.19px;white-space:nowrap">Strategy,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8194.66px;left:7094.06px;white-space:nowrap">Georgetown
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8194.66px;left:8010.16px;white-space:nowrap">Law </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8194.66px;left:8348.13px;white-space:nowrap">Center </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8194.66px;left:8872.81px;white-space:nowrap">(2020-2023);
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8386.66px;left:0px;white-space:nowrap">National </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8386.66px;left:622.66px;white-space:nowrap">Association
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8386.66px;left:1485.31px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8386.66px;left:1663.2px;white-space:nowrap">Corporate
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8386.66px;left:2419.14px;white-space:nowrap">Directors
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8386.66px;left:3103.67px;white-space:nowrap">Board </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8386.66px;left:3575.08px;white-space:nowrap">Faculty </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8386.66px;left:4135.23px;white-space:nowrap">Member </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8386.66px;left:4766.48px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8386.66px;left:5237.73px;white-space:nowrap">2021); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8386.66px;left:5735.86px;white-space:nowrap">formerly</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8386.66px;left:6376.09px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8386.66px;left:6465px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8386.66px;left:6598.44px;white-space:nowrap">Member </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8386.66px;left:7229.69px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8386.66px;left:7407.58px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8386.66px;left:7674.45px;white-space:nowrap">Board </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8386.66px;left:8145.86px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8386.66px;left:8323.75px;white-space:nowrap">Governors
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8386.66px;left:9115.16px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8386.66px;left:9293.05px;letter-spacing:-1.47px;white-space:nowrap">FINRA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8578.66px;left:0px;white-space:nowrap">(2016-2022)</div></div>
</div>

<div style="height:23.01px;left:0px;position:absolute;top:0px;transform:translate(35.999px,80.695px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:189.29px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">

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

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1518.11px;white-space:nowrap">Board </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:2284.14px;white-space:nowrap">Members</div>

<div style="font-family:Arial, sans-serif;font-size:151.6px;position:absolute;top:-25.63px;left:3367.69px;white-space:nowrap">#</div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:3451.99px;white-space:nowrap">: </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:53.82px;left:3596.46px;white-space:nowrap">(continued)</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:1161.0px;width:891.0px;transform-origin:top left;transform:scale(1.5,1.5)">

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

<div style="height:51.66px;left:0px;position:absolute;top:0px;transform:translate(54.000px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:936px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:6453.14px;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:7127.45px;letter-spacing:10.29px;white-space:nowrap">Master
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7794.58px;letter-spacing:10.34px;white-space:nowrap">Intermediate
</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">75</div></div>
</div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(54.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

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

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

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

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(53.999px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

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

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(189.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:324.61px">

<div style="width:6492.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6098.45px;white-space:nowrap">Report</div></div>
</div>

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(513.610px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

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

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

<div style="width:10080px;height:12816px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">

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

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1228.53px;white-space:nowrap">Board </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1994.56px;white-space:nowrap">Members </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:3150.34px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:3656.38px;text-rendering:optimizeLegibility;white-space:nowrap">Officers:</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:376.88px;left:0px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:376.88px;left:360.18px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:376.88px;left:947.2px;white-space:nowrap">executive </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:376.88px;left:1757.64px;text-rendering:optimizeLegibility;white-space:nowrap">officers
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:376.88px;left:2383.33px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:376.88px;left:2693.5px;white-space:nowrap">elected </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:376.88px;left:3323.94px;white-space:nowrap">each </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:376.88px;left:3764.27px;white-space:nowrap">year </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:376.88px;left:4164.43px;white-space:nowrap">at </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:376.88px;left:4364.56px;white-space:nowrap">a </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:376.88px;left:4514.68px;white-space:nowrap">regular </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:376.88px;left:5124.99px;white-space:nowrap">meeting </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:376.88px;left:5815.37px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:376.88px;left:6015.5px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:376.88px;left:6315.73px;white-space:nowrap">Board </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:376.88px;left:6846.06px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:376.88px;left:7046.19px;white-space:nowrap">hold </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:376.88px;left:7436.51px;text-rendering:optimizeLegibility;white-space:nowrap">office
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:376.88px;left:7912.27px;white-space:nowrap">until </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:376.88px;left:8292.48px;white-space:nowrap">their </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:376.88px;left:8692.65px;white-space:nowrap">respective
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:626.88px;left:0px;white-space:nowrap">successors </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:626.88px;left:950.27px;white-space:nowrap">are </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:626.88px;left:1260.44px;white-space:nowrap">duly </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:626.88px;left:3391.96px;text-rendering:optimizeLegibility;white-space:nowrap">Officers
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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1770.3px;left:3632px;letter-spacing:-2.37px;white-space:nowrap">Term
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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1770.3px;left:4055.83px;white-space:nowrap">of
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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1962.3px;left:3958.02px;letter-spacing:-1.77px;white-space:nowrap">Year
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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1962.3px;left:9061.03px;white-space:nowrap">Held
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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2450.79px;left:889.22px;letter-spacing:-2.94px;white-space:nowrap">CFA</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:2454px;left:1209.22px;white-space:nowrap">&#8224;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2642.79px;left:0px;white-space:nowrap">(Born
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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2642.79px;left:471.02px;white-space:nowrap">1962)</div>

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<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2642.79px;left:2316px;white-space:nowrap">President </div>

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<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2834.79px;left:2316px;white-space:nowrap">Chief </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2834.79px;left:2733.97px;white-space:nowrap">Executive
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3026.79px;left:2316px;text-rendering:optimizeLegibility;white-space:nowrap">Officer</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2450.79px;left:3632px;white-space:nowrap">Since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2450.79px;left:4076.69px;white-space:nowrap">2024</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2450.79px;left:5348px;letter-spacing:-0.35px;white-space:nowrap">Trustee/Director
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2450.79px;left:6533.47px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2450.79px;left:6711.36px;white-space:nowrap">Franklin
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2642.79px;left:5348px;letter-spacing:-1.77px;white-space:nowrap">Templeton
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2642.79px;left:6130.66px;white-space:nowrap">funds </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2642.79px;left:6566.52px;white-space:nowrap">consisting
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<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2834.79px;left:5348px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2834.79px;left:5525.89px;letter-spacing:-0.99px;white-space:nowrap">119
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2834.79px;left:5825.42px;white-space:nowrap">portfolios;
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<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3026.79px;left:6637.3px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3026.79px;left:6815.19px;white-space:nowrap">Funds </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3218.79px;left:5348px;white-space:nowrap">consisting </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3218.79px;left:6103.94px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3218.79px;left:6281.83px;white-space:nowrap">105 </div>

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<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2450.79px;left:7514px;white-space:nowrap">None</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3606.73px;left:0px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3606.73px;left:720.23px;white-space:nowrap">Occupation(s)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3606.73px;left:1840.31px;white-space:nowrap">During
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<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3606.73px;left:2400.23px;white-space:nowrap">the
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3606.73px;left:2684.69px;white-space:nowrap">Past
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3606.73px;left:3067.11px;white-space:nowrap">Five
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3606.73px;left:3428.83px;letter-spacing:-1.47px;white-space:nowrap">Years:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3813.21px;left:0px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3813.21px;left:506.95px;letter-spacing:-0.58px;white-space:nowrap">Vice
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3813.21px;left:859.77px;white-space:nowrap">President,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3813.21px;left:1624.61px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3813.21px;left:2033.75px;white-space:nowrap">Board </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3813.21px;left:2505.16px;white-space:nowrap">Management,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3813.21px;left:3527.97px;white-space:nowrap">Franklin
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3813.21px;left:4138.59px;letter-spacing:-1.77px;white-space:nowrap">Templeton
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3813.21px;left:4921.25px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3813.21px;left:5392.5px;white-space:nowrap">2020); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3813.21px;left:5890.63px;text-rendering:optimizeLegibility;white-space:nowrap">Officer
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3813.21px;left:6402.27px;white-space:nowrap">and/or </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3813.21px;left:6897.5px;letter-spacing:-0.35px;white-space:nowrap">Trustee/Director
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3813.21px;left:8082.97px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3813.21px;left:8260.86px;letter-spacing:-0.99px;white-space:nowrap">119
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3813.21px;left:8560.39px;white-space:nowrap">funds </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3813.21px;left:8996.25px;white-space:nowrap">associated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:0px;white-space:nowrap">with </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:328.98px;letter-spacing:-3.53px;white-space:nowrap">FTFA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:755.7px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:942.42px;white-space:nowrap">its </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:1146.88px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:1774.3px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:2245.55px;white-space:nowrap">2015); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:2740.78px;letter-spacing:-0.74px;white-space:nowrap">Trustee
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:3321.72px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:3499.61px;white-space:nowrap">Putnam </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:4095.47px;white-space:nowrap">Family </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:4611.02px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:4788.91px;white-space:nowrap">Funds </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:5278.05px;white-space:nowrap">consisting
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:6033.98px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:6211.88px;white-space:nowrap">105 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:6523.28px;white-space:nowrap">Portfolios;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:7279.14px;white-space:nowrap">President
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:7999.53px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:8310.94px;white-space:nowrap">Chief </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:8728.91px;white-space:nowrap">Executive
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4005.21px;left:9467.03px;text-rendering:optimizeLegibility;white-space:nowrap">Officer
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:0px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:177.89px;letter-spacing:-3.53px;white-space:nowrap">FTFA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:604.61px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:1075.86px;white-space:nowrap">2015); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4197.21px;left:1573.98px;white-space:nowrap">formerly</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:2214.22px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:2303.13px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:2810.08px;white-space:nowrap">Managing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:3557.27px;white-space:nowrap">Director
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:4161.8px;white-space:nowrap">(2018 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:4615.47px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:4793.36px;white-space:nowrap">2020) </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:5247.03px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:5558.44px;white-space:nowrap">Managing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:6305.63px;white-space:nowrap">Director
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:6910.16px;white-space:nowrap">(2016 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:7363.83px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:7541.72px;white-space:nowrap">2018) </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:7995.39px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:8173.28px;white-space:nowrap">Legg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:8573.67px;white-space:nowrap">Mason </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:9098.36px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:9249.53px;white-space:nowrap">Co., </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4197.21px;left:9587.42px;white-space:nowrap">LLC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4389.21px;left:0px;white-space:nowrap">(&#8220;Legg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4389.21px;left:506.95px;white-space:nowrap">Mason </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4389.21px;left:1031.64px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4389.21px;left:1182.81px;white-space:nowrap">Co.&#8221;)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4389.21px;left:1582.81px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4389.21px;left:1894.22px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4389.21px;left:2401.17px;letter-spacing:-0.58px;white-space:nowrap">Vice
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4389.21px;left:2753.98px;white-space:nowrap">President
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4389.21px;left:3474.38px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4389.21px;left:3652.27px;letter-spacing:-3.53px;white-space:nowrap">FTFA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4389.21px;left:4078.98px;white-space:nowrap">(2015)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4860.7px;left:0px;white-space:nowrap">Fred
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4860.7px;left:391.17px;white-space:nowrap">Jensen</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5052.7px;left:0px;white-space:nowrap">(Born
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5052.7px;left:471.02px;white-space:nowrap">1963)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4860.7px;left:2316px;white-space:nowrap">Chief</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5052.7px;left:2316px;white-space:nowrap">Compliance</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5244.7px;left:2316px;text-rendering:optimizeLegibility;white-space:nowrap">Officer</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4860.7px;left:3632px;white-space:nowrap">Since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4860.7px;left:4076.69px;white-space:nowrap">2025</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4860.7px;left:5348px;white-space:nowrap">Not </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4860.7px;left:5632.61px;white-space:nowrap">Applicable</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4860.7px;left:7514px;white-space:nowrap">None </div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5632.64px;left:0px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5632.64px;left:720.23px;white-space:nowrap">Occupation(s)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5632.64px;left:1840.31px;white-space:nowrap">During
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5632.64px;left:2400.23px;white-space:nowrap">the
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5632.64px;left:2684.69px;white-space:nowrap">Past
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5632.64px;left:3067.11px;white-space:nowrap">Five
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5632.64px;left:3428.83px;letter-spacing:-1.47px;white-space:nowrap">Years:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5839.12px;left:0px;white-space:nowrap">Director </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5839.12px;left:604.53px;white-space:nowrap">- </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5839.12px;left:702.27px;white-space:nowrap">Global </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5839.12px;left:1209.22px;white-space:nowrap">Compliance
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5839.12px;left:2098.52px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5839.12px;left:2276.41px;white-space:nowrap">Franklin
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5839.12px;left:2887.03px;letter-spacing:-1.77px;white-space:nowrap">Templeton
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5839.12px;left:3669.69px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5839.12px;left:4140.94px;white-space:nowrap">2020); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5839.12px;left:4639.06px;white-space:nowrap">Managing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5839.12px;left:5386.25px;white-space:nowrap">Director
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5839.12px;left:5990.78px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5839.12px;left:6168.67px;white-space:nowrap">Legg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5839.12px;left:6569.06px;white-space:nowrap">Mason </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5839.12px;left:7093.75px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5839.12px;left:7244.92px;white-space:nowrap">Co. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5839.12px;left:7538.36px;white-space:nowrap">(2006 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5839.12px;left:7992.03px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5839.12px;left:8169.92px;white-space:nowrap">2020); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5839.12px;left:8668.05px;white-space:nowrap">Director
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5839.12px;left:9272.58px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6031.12px;left:0px;white-space:nowrap">Compliance, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6031.12px;left:933.75px;white-space:nowrap">Legg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6031.12px;left:1334.14px;white-space:nowrap">Mason </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6031.12px;left:1858.83px;text-rendering:optimizeLegibility;white-space:nowrap">Office
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6031.12px;left:2317.19px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6031.12px;left:2495.08px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6031.12px;left:2761.95px;white-space:nowrap">Chief </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6031.12px;left:3179.92px;white-space:nowrap">Compliance
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6031.12px;left:4069.22px;text-rendering:optimizeLegibility;white-space:nowrap">Officer
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6031.12px;left:4580.86px;white-space:nowrap">(2006 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6031.12px;left:5034.53px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6031.12px;left:5212.42px;white-space:nowrap">2020); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6031.12px;left:5710.55px;white-space:nowrap">formerly</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6031.12px;left:6350.78px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6031.12px;left:6439.69px;white-space:nowrap">Chief </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6031.12px;left:6857.66px;white-space:nowrap">Compliance
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6031.12px;left:7746.95px;text-rendering:optimizeLegibility;white-space:nowrap">Officer
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6031.12px;left:8258.59px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6031.12px;left:8436.48px;white-space:nowrap">Legg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6031.12px;left:8836.88px;white-space:nowrap">Mason </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6031.12px;left:9361.56px;white-space:nowrap">Global </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6223.12px;left:0px;white-space:nowrap">Asset </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6223.12px;left:435.78px;white-space:nowrap">Allocation
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6223.12px;left:1173.98px;white-space:nowrap">(prior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6223.12px;left:1591.8px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6223.12px;left:1769.69px;white-space:nowrap">2014); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6223.12px;left:2267.81px;white-space:nowrap">Chief </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6223.12px;left:2685.78px;white-space:nowrap">Compliance
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6223.12px;left:3575.08px;text-rendering:optimizeLegibility;white-space:nowrap">Officer
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6223.12px;left:4086.72px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6223.12px;left:4264.61px;white-space:nowrap">Legg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6223.12px;left:4665px;white-space:nowrap">Mason </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6223.12px;left:5189.69px;white-space:nowrap">Private </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6223.12px;left:5732.11px;white-space:nowrap">Portfolio
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6223.12px;left:6363.52px;white-space:nowrap">Group </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6223.12px;left:6852.66px;white-space:nowrap">(prior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6223.12px;left:7270.47px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6223.12px;left:7448.36px;white-space:nowrap">2013); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6223.12px;left:7946.48px;white-space:nowrap">formerly</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6223.12px;left:8586.72px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6223.12px;left:8675.63px;white-space:nowrap">Chief </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6223.12px;left:9093.59px;white-space:nowrap">Compliance
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6415.12px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">Officer
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6415.12px;left:511.64px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6415.12px;left:686.64px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6415.12px;left:1006.8px;white-space:nowrap">Reserve </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6415.12px;left:1647.03px;white-space:nowrap">Funds </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6415.12px;left:2136.17px;white-space:nowrap">(investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6415.12px;left:3007.58px;letter-spacing:-0.98px;white-space:nowrap">adviser,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6415.12px;left:3603.44px;white-space:nowrap">funds </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6415.12px;left:4039.3px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6415.12px;left:4350.7px;white-space:nowrap">broker-dealer)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6415.12px;left:5400px;white-space:nowrap">(2004) </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6415.12px;left:5906.95px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6415.12px;left:6209.53px;white-space:nowrap">Ambac </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6415.12px;left:6751.95px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6415.12px;left:7436.72px;white-space:nowrap">Group </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6415.12px;left:7925.86px;white-space:nowrap">(investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6415.12px;left:8797.27px;letter-spacing:-0.98px;white-space:nowrap">adviser,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6415.12px;left:9393.13px;white-space:nowrap">funds </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6607.12px;left:0px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6607.12px;left:311.41px;white-space:nowrap">broker-dealer)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6607.12px;left:1360.7px;white-space:nowrap">(2000 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6607.12px;left:1814.38px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6607.12px;left:1992.27px;white-space:nowrap">2003)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7078.61px;left:0px;white-space:nowrap">Marc
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7078.61px;left:412.03px;white-space:nowrap">A.
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7078.61px;left:616.48px;white-space:nowrap">De
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7078.61px;left:865.47px;white-space:nowrap">Oliveira</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7270.61px;left:0px;white-space:nowrap">(Born
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7270.61px;left:471.02px;white-space:nowrap">1971)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7078.61px;left:2316px;white-space:nowrap">Secretary </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7078.61px;left:3045.14px;white-space:nowrap">and</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7270.61px;left:2316px;white-space:nowrap">Chief </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7270.61px;left:2733.97px;white-space:nowrap">Legal</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7462.61px;left:2316px;text-rendering:optimizeLegibility;white-space:nowrap">Officer</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7078.61px;left:3632px;white-space:nowrap">Since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7078.61px;left:4076.69px;white-space:nowrap">2025</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7078.61px;left:5348px;white-space:nowrap">Not </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7078.61px;left:5632.61px;white-space:nowrap">Applicable</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7078.61px;left:7514px;white-space:nowrap">None </div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7850.55px;left:0px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7850.55px;left:720.23px;white-space:nowrap">Occupation(s)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7850.55px;left:1840.31px;white-space:nowrap">During
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7850.55px;left:2400.23px;white-space:nowrap">the
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7850.55px;left:2684.69px;white-space:nowrap">Past
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7850.55px;left:3067.11px;white-space:nowrap">Five
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7850.55px;left:3428.83px;letter-spacing:-1.47px;white-space:nowrap">Years:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8057.03px;left:0px;white-space:nowrap">Associate </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8057.03px;left:738.13px;white-space:nowrap">General </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8057.03px;left:1351.8px;white-space:nowrap">Counsel </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8057.03px;left:1983.28px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8057.03px;left:2161.17px;white-space:nowrap">Franklin
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8057.03px;left:2771.8px;letter-spacing:-1.77px;white-space:nowrap">Templeton
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8057.03px;left:3554.45px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8057.03px;left:4025.7px;white-space:nowrap">2020); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8057.03px;left:4523.83px;white-space:nowrap">Secretary
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8057.03px;left:5252.97px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8057.03px;left:5564.38px;white-space:nowrap">Chief </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8057.03px;left:5982.34px;white-space:nowrap">Legal </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8057.03px;left:6418.28px;text-rendering:optimizeLegibility;white-space:nowrap">Officer
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8057.03px;left:6929.92px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8057.03px;left:7107.81px;white-space:nowrap">certain </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8057.03px;left:7632.5px;white-space:nowrap">funds </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8057.03px;left:8068.36px;white-space:nowrap">associated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8057.03px;left:8877.73px;white-space:nowrap">with </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8057.03px;left:9206.72px;white-space:nowrap">Legg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.03px;left:0px;white-space:nowrap">Mason </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.03px;left:524.69px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.03px;left:675.86px;white-space:nowrap">Co. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.03px;left:969.3px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.03px;left:1156.02px;white-space:nowrap">its </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.03px;left:1360.47px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.03px;left:1987.89px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.03px;left:2459.14px;white-space:nowrap">2020); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.03px;left:2948.44px;white-space:nowrap">Assistant
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.03px;left:3642.03px;white-space:nowrap">Secretary
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.03px;left:4371.17px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.03px;left:4549.06px;white-space:nowrap">certain </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.03px;left:5073.75px;white-space:nowrap">funds </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.03px;left:5509.61px;white-space:nowrap">associated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.03px;left:6318.98px;white-space:nowrap">with </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.03px;left:6647.97px;white-space:nowrap">Legg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.03px;left:7048.36px;white-space:nowrap">Mason </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.03px;left:7573.05px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.03px;left:7724.22px;white-space:nowrap">Co. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.03px;left:8017.66px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.03px;left:8204.38px;white-space:nowrap">its </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.03px;left:8408.83px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.03px;left:9036.25px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8249.03px;left:9507.5px;white-space:nowrap">2006); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8441.03px;left:0px;white-space:nowrap">formerly</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441.03px;left:640.23px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441.03px;left:729.14px;white-space:nowrap">Managing </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441.03px;left:1476.33px;white-space:nowrap">Director
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441.03px;left:2080.86px;white-space:nowrap">(2016 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441.03px;left:2534.53px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441.03px;left:2712.42px;white-space:nowrap">2020) </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441.03px;left:3166.09px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441.03px;left:3468.67px;white-space:nowrap">Associate
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441.03px;left:4206.8px;white-space:nowrap">General </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441.03px;left:4820.47px;white-space:nowrap">Counsel </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441.03px;left:5451.95px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441.03px;left:5629.84px;white-space:nowrap">Legg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441.03px;left:6030.23px;white-space:nowrap">Mason </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441.03px;left:6554.92px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441.03px;left:6706.09px;white-space:nowrap">Co. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441.03px;left:6999.53px;white-space:nowrap">(2005 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441.03px;left:7453.2px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8441.03px;left:7631.09px;white-space:nowrap">2020)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8912.51px;left:0px;white-space:nowrap">Thomas
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8912.51px;left:657.89px;white-space:nowrap">C.
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8912.51px;left:862.34px;white-space:nowrap">Mandia</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9104.51px;left:0px;white-space:nowrap">(Born
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9104.51px;left:471.02px;white-space:nowrap">1962)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8912.51px;left:2316px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8912.51px;left:2822.95px;letter-spacing:-0.58px;white-space:nowrap">Vice
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9104.51px;left:2316px;white-space:nowrap">President</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8912.51px;left:3632px;white-space:nowrap">Since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8912.51px;left:4076.69px;white-space:nowrap">2025</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8912.51px;left:5348px;white-space:nowrap">Not </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8912.51px;left:5632.61px;white-space:nowrap">Applicable</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8912.51px;left:7514px;white-space:nowrap">None </div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9492.46px;left:0px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9492.46px;left:720.23px;white-space:nowrap">Occupation(s)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9492.46px;left:1840.31px;white-space:nowrap">During
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9492.46px;left:2400.23px;white-space:nowrap">the
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9492.46px;left:2684.69px;white-space:nowrap">Past
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9492.46px;left:3067.11px;white-space:nowrap">Five
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9492.46px;left:3428.83px;letter-spacing:-1.47px;white-space:nowrap">Years:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9698.94px;left:0px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9698.94px;left:498.13px;white-space:nowrap">Associate
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9698.94px;left:1236.25px;white-space:nowrap">General </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9698.94px;left:1849.92px;white-space:nowrap">Counsel </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9698.94px;left:2481.41px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9698.94px;left:2659.3px;white-space:nowrap">Franklin </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9698.94px;left:3269.92px;letter-spacing:-1.77px;white-space:nowrap">Templeton
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9698.94px;left:4052.58px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9698.94px;left:4523.83px;white-space:nowrap">2020); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9698.94px;left:5021.95px;white-space:nowrap">Secretary
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9698.94px;left:5751.09px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9698.94px;left:5928.98px;letter-spacing:-3.53px;white-space:nowrap">FTFA
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9698.94px;left:6355.7px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9698.94px;left:6826.95px;white-space:nowrap">2006); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9698.94px;left:7325.08px;white-space:nowrap">Secretary
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9698.94px;left:8054.22px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9698.94px;left:8232.11px;white-space:nowrap">LM </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9698.94px;left:8490px;white-space:nowrap">Asset </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9698.94px;left:8934.61px;white-space:nowrap">Services,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9698.94px;left:9637.03px;white-space:nowrap">LLC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9890.94px;left:0px;white-space:nowrap">(&#8220;LMAS&#8221;)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9890.94px;left:693.28px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9890.94px;left:1164.53px;white-space:nowrap">2002) </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9890.94px;left:1618.2px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9890.94px;left:1929.61px;white-space:nowrap">Legg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9890.94px;left:2330px;white-space:nowrap">Mason </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9890.94px;left:2854.69px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9890.94px;left:3255px;white-space:nowrap">Asset </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9890.94px;left:3699.61px;white-space:nowrap">Management,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9890.94px;left:4722.42px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9890.94px;left:5024.77px;letter-spacing:-0.88px;white-space:nowrap">(&#8220;LMFAM&#8221;)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9890.94px;left:5833.52px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9890.94px;left:6304.77px;white-space:nowrap">2013) </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9890.94px;left:6758.44px;white-space:nowrap">(</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9890.94px;left:6811.72px;white-space:nowrap">formerly</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9890.94px;left:7496.41px;white-space:nowrap">registered
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9890.94px;left:8252.34px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9890.94px;left:9070.47px;white-space:nowrap">advisers);
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10082.94px;left:0px;white-space:nowrap">formerly</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10082.94px;left:640.23px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10082.94px;left:729.14px;white-space:nowrap">Managing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10082.94px;left:1476.33px;white-space:nowrap">Director
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10082.94px;left:2080.86px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10082.94px;left:2392.27px;white-space:nowrap">Deputy </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10082.94px;left:2943.67px;white-space:nowrap">General
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10082.94px;left:3557.34px;white-space:nowrap">Counsel
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10082.94px;left:4188.83px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10082.94px;left:4366.72px;white-space:nowrap">Legg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10082.94px;left:4767.11px;white-space:nowrap">Mason </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10082.94px;left:5291.8px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10082.94px;left:5442.97px;white-space:nowrap">Co. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10082.94px;left:5736.41px;white-space:nowrap">(2005 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10082.94px;left:6190.08px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10082.94px;left:6367.97px;white-space:nowrap">2020) </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10082.94px;left:6821.64px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10082.94px;left:7124.22px;white-space:nowrap">Assistant
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10082.94px;left:7817.81px;white-space:nowrap">Secretary
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10082.94px;left:8546.95px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10082.94px;left:8724.84px;white-space:nowrap">certain
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10082.94px;left:9249.53px;white-space:nowrap">funds </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10082.94px;left:9685.39px;white-space:nowrap">in </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10082.94px;left:9854.38px;white-space:nowrap">the </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10274.94px;left:0px;white-space:nowrap">fund </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10274.94px;left:355.86px;white-space:nowrap">complex </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10274.94px;left:996.09px;white-space:nowrap">(2006 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10274.94px;left:1449.77px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10274.94px;left:1627.66px;white-space:nowrap">2022)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10746.42px;left:0px;white-space:nowrap">Jeanne
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10746.42px;left:595.86px;white-space:nowrap">M.
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10746.42px;left:818.05px;white-space:nowrap">Kelly</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10938.42px;left:0px;white-space:nowrap">(Born
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10938.42px;left:471.02px;white-space:nowrap">1951)</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10746.42px;left:2316px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10746.42px;left:2822.95px;letter-spacing:-0.58px;white-space:nowrap">Vice
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10938.42px;left:2316px;white-space:nowrap">President</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10746.42px;left:3632px;white-space:nowrap">Since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10746.42px;left:4076.69px;white-space:nowrap">2025</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10746.42px;left:5348px;white-space:nowrap">Not </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10746.42px;left:5632.61px;white-space:nowrap">Applicable</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10746.42px;left:7514px;white-space:nowrap">None </div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11326.36px;left:0px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11326.36px;left:720.23px;white-space:nowrap">Occupation(s)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11326.36px;left:1840.31px;white-space:nowrap">During
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11326.36px;left:2400.23px;white-space:nowrap">the
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11326.36px;left:2684.69px;white-space:nowrap">Past
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11326.36px;left:3067.11px;white-space:nowrap">Five
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11326.36px;left:3428.83px;letter-spacing:-1.47px;white-space:nowrap">Years:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11532.85px;left:0px;white-space:nowrap">U.S. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11532.85px;left:355.63px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11532.85px;left:764.77px;white-space:nowrap">Board </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11532.85px;left:1233.28px;letter-spacing:-3.55px;white-space:nowrap">Team
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11532.85px;left:1668.98px;letter-spacing:-0.98px;white-space:nowrap">Manager,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11532.85px;left:2380.55px;white-space:nowrap">Franklin
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11532.85px;left:2991.17px;letter-spacing:-1.77px;white-space:nowrap">Templeton
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11532.85px;left:3773.83px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11532.85px;left:4245.08px;white-space:nowrap">2020); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11532.85px;left:4743.2px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11532.85px;left:5250.16px;letter-spacing:-0.58px;white-space:nowrap">Vice
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11532.85px;left:5602.97px;white-space:nowrap">President
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11532.85px;left:6323.36px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11532.85px;left:6501.25px;white-space:nowrap">certain
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11532.85px;left:7025.94px;white-space:nowrap">funds </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11532.85px;left:7461.8px;white-space:nowrap">associated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11532.85px;left:8271.17px;white-space:nowrap">with </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11532.85px;left:8600.16px;white-space:nowrap">Legg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11532.85px;left:9000.55px;white-space:nowrap">Mason </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11532.85px;left:9525.23px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:0px;white-space:nowrap">Co. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:293.44px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:480.16px;white-space:nowrap">its </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:684.61px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:1312.03px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:1783.28px;white-space:nowrap">2007); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:2281.41px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:2788.36px;letter-spacing:-0.58px;white-space:nowrap">Vice
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:3141.17px;white-space:nowrap">President
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:3861.56px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:4039.45px;white-space:nowrap">Franklin
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:4650.08px;letter-spacing:-1.77px;white-space:nowrap">Templeton
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:5432.73px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:5833.05px;letter-spacing:-0.98px;white-space:nowrap">Adviser,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:6446.64px;white-space:nowrap">LLC </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:6784.61px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:7255.86px;white-space:nowrap">2006); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:7753.98px;white-space:nowrap">President
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:8474.38px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:8785.78px;white-space:nowrap">Chief </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11724.85px;left:9203.75px;white-space:nowrap">Executive
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">Officer
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:511.64px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:689.53px;white-space:nowrap">LMAS </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:1169.69px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:1481.09px;letter-spacing:-1.47px;white-space:nowrap">LMFAM
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:2076.72px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:2547.97px;white-space:nowrap">2015); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11916.85px;left:3046.09px;white-space:nowrap">formerly</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:3686.33px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:3775.23px;white-space:nowrap">Managing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:4522.42px;white-space:nowrap">Director
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:5126.95px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:5304.84px;white-space:nowrap">Legg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:5705.23px;white-space:nowrap">Mason </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:6229.92px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:6381.09px;white-space:nowrap">Co. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:6674.53px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:7145.78px;white-space:nowrap">2005 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:7546.17px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:7724.06px;white-space:nowrap">2020); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:8222.19px;white-space:nowrap">Senior </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:8729.14px;letter-spacing:-0.58px;white-space:nowrap">Vice
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:9081.95px;white-space:nowrap">President
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11916.85px;left:9802.34px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12108.85px;left:0px;letter-spacing:-1.47px;white-space:nowrap">LMFAM
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12108.85px;left:595.63px;white-space:nowrap">(2013 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12108.85px;left:1049.3px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12108.85px;left:1227.19px;white-space:nowrap">2015)</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:1161.0px;width:891.0px;transform-origin:top left;transform:scale(1.5,1.5)">

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

<div style="height:47.41px;left:0px;position:absolute;top:0px;transform:translate(35.999px,32.136px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:850.91px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,3.86px) rotate(0deg) scale(0.05)">

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:1341.44px;letter-spacing:10.34px;white-space:nowrap">Intermediate
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:2500.95px;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:3143.94px;letter-spacing:9.15px;white-space:nowrap">Trust</div></div>
</div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(36.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

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

<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">76</div></div>
</div>

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

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

<div style="height:17.16px;left:0px;position:absolute;top:0px;transform:translate(405.000px,743.855px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:254.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
</div>

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(80.389px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:324.61px">

<div style="width:6492.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:445px;white-space:nowrap">Report</div></div>
</div>

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

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

<div 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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2908.75px;left:0px;white-space:nowrap"># </div>

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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2908.75px;left:3858.83px;white-space:nowrap">meaning
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2908.75px;left:4544.53px;white-space:nowrap">Section
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2908.75px;left:5018.67px;white-space:nowrap">2(a)(19)
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:2908.75px;left:6207.73px;white-space:nowrap">Act.</div>

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<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1059.74px;left:3048.03px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1251.74px;left:2316px;white-space:nowrap">Principal </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1443.74px;left:2316px;white-space:nowrap">Financial </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1443.74px;left:3000.77px;text-rendering:optimizeLegibility;white-space:nowrap">Officer</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1059.74px;left:3632px;white-space:nowrap">Since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1059.74px;left:4076.69px;white-space:nowrap">2025</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1059.74px;left:5348px;white-space:nowrap">Not </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1059.74px;left:5632.61px;white-space:nowrap">Applicable</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1059.74px;left:7514px;white-space:nowrap">None</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1831.68px;left:0px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1831.68px;left:720.23px;white-space:nowrap">Occupation(s)
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1831.68px;left:1840.31px;white-space:nowrap">During
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1831.68px;left:2400.23px;white-space:nowrap">the
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1831.68px;left:2684.69px;white-space:nowrap">Past
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1831.68px;left:3067.11px;white-space:nowrap">Five
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1831.68px;left:3428.83px;letter-spacing:-1.47px;white-space:nowrap">Years:</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2038.17px;left:0px;letter-spacing:-0.58px;white-space:nowrap">Vice
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2038.17px;left:352.81px;white-space:nowrap">President,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2038.17px;left:1117.66px;white-space:nowrap">Fund </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2038.17px;left:1517.97px;white-space:nowrap">Administration
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2038.17px;left:2576.17px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2038.17px;left:2887.58px;white-space:nowrap">Reporting,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2038.17px;left:3670.23px;white-space:nowrap">Franklin
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2038.17px;left:4280.86px;letter-spacing:-1.77px;white-space:nowrap">Templeton
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2038.17px;left:5063.52px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2038.17px;left:5534.77px;white-space:nowrap">2020); </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2038.17px;left:6030px;letter-spacing:-0.59px;white-space:nowrap">Treasurer
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2038.17px;left:6762.03px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2038.17px;left:7233.28px;white-space:nowrap">2010) </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2038.17px;left:7686.95px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2038.17px;left:7998.36px;white-space:nowrap">Principal
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2038.17px;left:8656.41px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2038.17px;left:9341.17px;text-rendering:optimizeLegibility;white-space:nowrap">Officer
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2230.17px;left:0px;white-space:nowrap">(since </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2230.17px;left:471.25px;white-space:nowrap">2019) </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2230.17px;left:924.92px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2230.17px;left:1102.81px;white-space:nowrap">certain </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2230.17px;left:1627.5px;white-space:nowrap">funds </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2230.17px;left:2063.36px;white-space:nowrap">associated
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2230.17px;left:2872.73px;white-space:nowrap">with </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2230.17px;left:3201.72px;white-space:nowrap">Legg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2230.17px;left:3602.11px;white-space:nowrap">Mason </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2230.17px;left:4126.8px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2230.17px;left:4277.97px;white-space:nowrap">Co. </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2230.17px;left:4571.41px;white-space:nowrap">or </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2230.17px;left:4758.13px;white-space:nowrap">its </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2230.17px;left:4962.58px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates;
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2230.17px;left:5634.45px;white-space:nowrap">formerly</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2230.17px;left:6274.69px;white-space:nowrap">, </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2230.17px;left:6363.59px;white-space:nowrap">Managing
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2230.17px;left:7110.78px;white-space:nowrap">Director
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2230.17px;left:7715.31px;white-space:nowrap">(2020), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2230.17px;left:8266.72px;white-space:nowrap">Director
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2230.17px;left:8871.25px;white-space:nowrap">(2015 </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2230.17px;left:9324.92px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2230.17px;left:9502.81px;white-space:nowrap">2020), </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2422.17px;left:0px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2422.17px;left:311.41px;letter-spacing:-0.58px;white-space:nowrap">Vice
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2422.17px;left:664.22px;white-space:nowrap">President
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2422.17px;left:1384.61px;letter-spacing:-1.98px;white-space:nowrap">(2011
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2422.17px;left:1826.41px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2422.17px;left:2004.3px;white-space:nowrap">2015) </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2422.17px;left:2457.97px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2422.17px;left:2635.86px;white-space:nowrap">Legg </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2422.17px;left:3036.25px;white-space:nowrap">Mason </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2422.17px;left:3560.94px;white-space:nowrap">&amp; </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2422.17px;left:3712.11px;white-space:nowrap">Co.</div></div>
</div>

<div style="height:24.96px;left:0px;position:absolute;top:0px;transform:translate(35.999px,80.695px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:189.29px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">

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

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1228.53px;white-space:nowrap">Board </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1994.56px;white-space:nowrap">Members </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:3150.34px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:3656.38px;text-rendering:optimizeLegibility;white-space:nowrap">Officers:
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:53.82px;left:4690.03px;white-space:nowrap">(continued)</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:1161.0px;width:891.0px;transform-origin:top left;transform:scale(1.5,1.5)">

<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:6453.14px;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:7127.45px;letter-spacing:10.29px;white-space:nowrap">Master
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7794.58px;letter-spacing:10.34px;white-space:nowrap">Intermediate
</div>

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

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

<div style="height:40.02px;left:0px;position:absolute;top:0px;transform:translate(54.000px,74.175px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:631.64px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,7.44px) rotate(0deg) scale(0.05)">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:1690.31px;white-space:nowrap">Information</div></div>
</div>

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">77</div></div>
</div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(54.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

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

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

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

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(53.999px,743.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:135.00px">

<div style="width:2700px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

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

<div style="height:17.41px;left:0px;position:absolute;top:0px;transform:translate(189.000px,743.729px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:324.61px">

<div style="width:6492.2px;height:259.2px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,1px) rotate(0deg) scale(0.05)">

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:6098.45px;white-space:nowrap">Report</div></div>
</div>

<div style="height:12.96px;left:0px;position:absolute;top:0px;transform:translate(513.610px,744.730px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:8.53px">

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

<div style="height:623.65px;left:0px;position:absolute;top:0px;transform:translate(54.000px,108.150px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

<div style="width:10080px;height:12352px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,5.05px) rotate(0deg) scale(0.05)">

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

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:751.69px;white-space:nowrap">Approval </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1850.09px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:2139.16px;white-space:nowrap">Management
</div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:3728.99px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:4235.03px;white-space:nowrap">Sub-</div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:289.15px;left:0px;white-space:nowrap">Advisory </div>

<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:289.15px;left:1054.85px;white-space:nowrap">Agreements</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:664.48px;left:0px;white-space:nowrap">(unaudited)</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:1094.48px;left:0px;white-space:nowrap">PUTNAM
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:1094.48px;left:819.93px;white-space:nowrap">MASTER
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:1094.48px;left:1629.93px;letter-spacing:-1.03px;white-space:nowrap">INTERMEDIATE
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:1094.48px;left:3016.58px;white-space:nowrap">INCOME
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:1094.48px;left:3786.59px;white-space:nowrap">TRUST
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:1344.48px;left:0px;white-space:nowrap">(PIM)</div>

<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:1774.48px;left:0px;white-space:nowrap">Background</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2024.48px;left:0px;white-space:nowrap">The </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2024.48px;left:360.18px;white-space:nowrap">Investment
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2024.48px;left:1290.59px;white-space:nowrap">Company </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2024.48px;left:2101.03px;white-space:nowrap">Act </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2024.48px;left:2411.1px;white-space:nowrap">of </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2024.48px;left:2611.23px;white-space:nowrap">1940, </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:5220px;white-space:nowrap">and </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:6510.5px;white-space:nowrap">sub-advisory
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:7580.92px;white-space:nowrap">services
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:8291.07px;white-space:nowrap">pursuant
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:5220px;white-space:nowrap">Advisory </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:5950.28px;white-space:nowrap">Agreements.
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:6240.5px;white-space:nowrap">and </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:6590.83px;white-space:nowrap">administrative
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:7751.25px;white-space:nowrap">functions
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:9012.13px;white-space:nowrap">rendered
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:5520.23px;letter-spacing:-1.1px;white-space:nowrap">Manager,
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:5220px;white-space:nowrap">Management
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:6310.72px;white-space:nowrap">Agreement,
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:7291.23px;white-space:nowrap">and </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:7941.8px;white-space:nowrap">investment
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:8862.19px;white-space:nowrap">sub-advisory
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:5220px;white-space:nowrap">functions </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:5990.45px;white-space:nowrap">being </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:6480.88px;white-space:nowrap">rendered
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:7791.77px;white-space:nowrap">Sub-Advisers
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:8912.2px;white-space:nowrap">pursuant
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:5520.23px;white-space:nowrap">Sub-Advisory
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:6630.73px;white-space:nowrap">Agreements.</div></div>
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<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Annual
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<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:478.64px;left:0px;white-space:nowrap">Board
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<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:478.64px;left:2756.95px;white-space:nowrap">Agreement
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</div>

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</div>

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</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:11198.64px;left:6310.72px;white-space:nowrap">Agreement
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11198.64px;left:9002.29px;white-space:nowrap">Agreements
</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11448.64px;left:5660.16px;letter-spacing:-1.03px;white-space:nowrap">satisfactory.</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:1161.0px;width:891.0px;transform-origin:top left;transform:scale(1.5,1.5)">

<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(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: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:6453.14px;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:7127.45px;letter-spacing:10.29px;white-space:nowrap">Master
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:-21.41px;left:7794.58px;letter-spacing:10.34px;white-space:nowrap">Intermediate
</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:7872.25px;letter-spacing:11px;white-space:nowrap">Shareholder
</div>

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;text-transform:uppercase;position:absolute;top:178.59px;left:9051.25px;letter-spacing:10.04px;white-space:nowrap">Information</div></div>
</div>

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

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

<div style="font-family:Arial, Helvetica, sans-serif;font-size:130px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">79</div></div>
</div>

<div style="background-color:transparent;height:1.00px;left:0px;position:absolute;top:0px;transform:translate(54.000px,744.480px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:504.00px">

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

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

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

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<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:-21.36px;left:0px;white-space:nowrap">Fund
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<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:-21.36px;left:489.81px;white-space:nowrap">Performance</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3842.23px;white-space:nowrap">regarding
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1570.78px;white-space:nowrap">including
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:2331.3px;white-space:nowrap">information
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3622.06px;white-space:nowrap">analyses </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:4382.49px;white-space:nowrap">(the </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:0px;white-space:nowrap">&#8220;Broadridge
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:990.53px;white-space:nowrap">Performance
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:1840.69px;white-space:nowrap">Broadridge
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:2771.28px;white-space:nowrap">Financial
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:3541.64px;white-space:nowrap">Solutions,
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:0px;white-space:nowrap">Inc. </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:340.14px;white-space:nowrap">(&#8220;Broadridge&#8221;),
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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, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:893.85px;text-rendering:optimizeLegibility;white-space:nowrap">fiscal
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:1353.96px;white-space:nowrap">years </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:2394.67px;white-space:nowrap">September
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:3325.17px;white-space:nowrap">30, </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:3625.4px;white-space:nowrap">2024 </div>

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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:1230.73px;white-space:nowrap">2023. </div>

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</div>

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<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:8518.64px;left:0px;white-space:nowrap">Economies
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<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:0px;white-space:nowrap">asked </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:530.33px;white-space:nowrap">them </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:980.51px;white-space:nowrap">to </div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:1180.63px;white-space:nowrap">perform.</div></div>
</div> </div></div>

<div style="page-break-after:always;margin:-8px;position:relative;height:1161.0px;width:891.0px;transform-origin:top left;transform:scale(1.5,1.5)">

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

<div style="height:10.19px;left:0px;position:absolute;top:0px;transform:translate(477.359px,737.290px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:80.64px">

<div style="width:1612.8px;height:100.8px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.87px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:120px;position:absolute;top:-14.24px;left:841px;letter-spacing:-0.83px;white-space:nowrap">38925-A
</div>

<div style="font-family:Arial, sans-serif;font-size:120px;position:absolute;top:-14.24px;left:1321.41px;letter-spacing:-1.78px;white-space:nowrap">11/25</div></div>
</div>

<div style="height:10.19px;left:0px;position:absolute;top:0px;transform:translate(36.000px,737.290px) rotate(0.000deg) skew(0.000deg) scale(1.000,1.000);transform-origin:0% 0%;width:338.40px">

<div style="width:6768px;height:100.8px;position:absolute;top:0px;left:0px;transform-origin:0% 0%;transform:translate(0px,2.87px) rotate(0deg) scale(0.05)">

<div style="font-family:Arial, sans-serif;font-size:120px;position:absolute;top:-14.24px;left:0px;white-space:nowrap">&#169; </div>

<div style="font-family:Arial, sans-serif;font-size:120px;position:absolute;top:-14.24px;left:121.76px;white-space:nowrap">2025 </div>

<div style="font-family:Arial, sans-serif;font-size:120px;position:absolute;top:-14.24px;left:422.05px;white-space:nowrap">Franklin </div>

<div style="font-family:Arial, sans-serif;font-size:120px;position:absolute;top:-14.24px;left:880.02px;letter-spacing:-1.33px;white-space:nowrap">Templeton
</div>

<div style="font-family:Arial, sans-serif;font-size:120px;position:absolute;top:-14.24px;left:1467.01px;white-space:nowrap">Investments.
</div>

<div style="font-family:Arial, sans-serif;font-size:120px;position:absolute;top:-14.24px;left:2174px;white-space:nowrap">All </div>

<div style="font-family:Arial, sans-serif;font-size:120px;position:absolute;top:-14.24px;left:2340.7px;white-space:nowrap">rights </div>

<div style="font-family:Arial, sans-serif;font-size:120px;position:absolute;top:-14.24px;left:2667.48px;white-space:nowrap">reserved.</div></div>
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0ZhLly4wfdp0fty4oUi1h8+rWjXvQhxPz4LfdjfEpbQz3t4Vjd6GL1OmjMHHTUlNS2Pu3HmcP38u97HZc+czbeqUYruN/ZSbq+mfr2MJPzdNKV3adMlCqVKlTI7nV/16dejcpSsbN6wzGff5+HGULevGe/37mozLrzIupalfv2FuAuvu7o5nzp1DgUCg90YlsOnpGazb8CPfr1lF/wHvM2ToUKwsLTl3/jyREZE0adqEcWNHU9rZmZTUVHbs2sv5c2eJjorC28eHru+8Q5PGjSjvXs7cpzJLJrNCJrOitLMzjRvpZwyTU1IJCAziypUr/PTTT2zS6WjUuAmdO3Wkd89u9O7ZjfMXLnHq1Cn8/f1p0aIF02fO5OTJk0yfMpm/Tp5i0qQJ1Kjua+az/7tZW1ubCymUPr17s2HdWmJjY0lPK1wCW1wGDnyfzT//ZLSO7+TJ41y4eLlApRKFcfOWP3/+aXr1/KmTJ19KAuvh4U6NGjVNJrAAB/bvZbabW7HVHtrZ5T1HGdeCJ5aGWFhYYGVVsAtjc1Z++Q1bf9uS+/GSZSuYOX2qiSNKzqtMYM1VvllYFF/5TdVq+Xs9njJxAmXd3IqlxMVaZo3Nc89tzwpeODsVT1IuEPxbvDEJ7I1b/qxYvoLMjAwWLF5CtWrVCAoK4k7QHarXqMFHwz7Azc2VqOgY1v/4E5cvXkQskdC8eQvGfzaeKpV8zH2KInMq5UirFm/TqsXbJCen4Hf1OsePH2PWzJlUr1mTHj2607J5M1o2b8bZ8xc4ceIEbm5l6dq1KzVr1mLXju0MHTyYiVOmMmSQ4QUa/wU6rdZcSKHUrFmdDh07s/W3LSQlJZKdrXxpdaYv8q1ahQ6dOvPLz5uMxly9erXEE9gjh4+aXS1/7Ohh7j+YRCWfkl3t7GBvj0yWv4uXTT9uwNXVjSUGFp4VlIODPTKZLLf+1tzsXn6ZS7IKauOmX/IstFuybAXTp04xcUTJsrbJ3+/qVXAqxmQvv7O5EZERxVbiIpVK8iwEdS1bFguLotc1CwT/Jm9EArvlt99ZumghPXr1oUvXLqhUKg4dOoyDgz3jPhlLlUo+xCcksn7jJk4cO46TszO9evehY/s2xd4CKL+cnErRpVN7unRqj39AIHv37GPBvPnUqFWLAQMG0Lplc+rXrcPvf27j0MFDNGnahPGff86xY8eZ+PmnBAUF8sXkSQVeQSswzkIqpXGTpmz9bQtyuRyVWvXKElixWEz1GqZXuIc/eoRWqy2xOsPY2DgOHzwAYLJW88GDB5w993eJJ7AFTfiWLllI2XLlGP/JGHOhJslkMhwdHXMTWCenkq33LYwDh44wZeLnuR9//8MGPhn7sYkjSp6ugLXob6qCPC8vXbrAzBkzWb9+HWWLUOIikUjy3IlydnbGyvLVvFYJBK+r1zqBzcjIYOVXq9i/dzefTZxMo0YNuH07gCeRT2jXri3t27ZGo9GwZ99Btv35ByKRiMFDh9CpQ7tXlrgaUrd2LerWrsUt/wC2bd/O7JkzadWmDR8MHcKYj0dy7cYtjh8/jqOjIz16dMfHx4eN637gfmgo8+bPp2aN/N3CEpjXr29v6tWri7t7OaxlL7/f6vO8vEzXWmZlZaFWa7C0LJkE9sSp07kL0mbNmcelCxc4fvyowdhTJ08wdMjAYttC0xwXFxcGvD+Ytd+vMRk3acJ43N3LFanEwdHBAReXMrmlC6/qosaYS35X+WTMaNIz9GUv336/7pUnr/9VgwYPJT09nQP79xqN2bd3Ny4uZVi9umglLk7P7WYmlUqF9RECwQtK5p2xGMTExvH5hMlcv3qFmbPnUKtmDY4ePYZKpWb06FG0b9uakNAwZs+dz8b163ir2dt8//239O3d87VKXp9Xr25tli1ZxNTp0wkKDGTGjFlcvHyFRg3qMXb0x1hb23Ds6DE8PSswfdYsVGo1o0aO5NRfZ82dWpBPHuXdad2yOVUq+bzyNwRjuy69DFqtlhPH9TsvVfCowPCPPqRRE+Nb6546eZw7d+8ZHS9uKSkpDB4ymG9Wf2syTq1WM/Gz8Zy/cMlknCkvLr4rqRrswggMusvkiRNza6UXL11e5BlnQeF5eXuzaNEiqlU1XSLw06YNLFu2Eo1GYzLOFLHo2duzwyusNxYIXlevZQIbHBLG6NFjyMrKZMy4cchkMvbvP0CtWrUYO3okZd1c2XfgEDNnzCQtLY3FS5cy4bNPinX/7ZLUrk0rvv/uW2rVrs2iBQtYv3ETVjIrhn84lGZvN+PQwUMoFNmMHTeOKlWr8v6A/vyxzXQvQsG/j4WFBRJJyfyJ+t8OZP8+/SzSO9174lnBg9atWxmNj42N5cSJU0bHi5tarUaj0TDx8/F8PNp0e6KIyAjmzJxJcEiYyThjHB0d8tQ52rwmtZ33Hzxk2tSpXLp0AdAnr7NmTDNzlKAkybPk1K1TixVffW0ulKVLFrJ23QZzYUbZ2dvn/ttSKB8QCP6hZN4di+DajVuMGf0xpV1cGDFyJElJyRw+dJg+ffvQt3dPUtPS+OqbNWzauJG27duzfOmSYunZ+LI5OZVi2heTGDHqY44dPcrChUt4GP6YTh3aMWrUSM6eOUNwcAgffvQR/d99n0Hvv8svm81vbyh4c6hUSpPj7uXLl9gs8cFDh3L70LZt1w6Ahg3q0bZtO6PHnDtzmsysLKPjxe1pTe6CBfPp0cN0icDZc2eYPn06cXHxJuMMsbSwzLNApgAljyUmOiaWaVOncfjwQUC/YEtIXl8fvXp0Y813P5gL4/Pxn7B9525zYQbZPld+8Do8JwWC183LKWjLp2s3bvHZp59Ss1YtBg8ZQlDQHfxv3WTChM+pUd2XxxGRfPfdWqKjo/h84sRi3+LyaW/XqKgYEpOS0Kg1ZMnlZGdno9VqsLCwwNraBisrS+xsbSnlVIrSTk5FWmjVv28vfKtVZd369cybO49PPv2Upo0bMnPmdFas/JK0tFQGDnwfKysrhn/4ASkpqUz8/FNzpxU8R6PREBsXj1qtxtnZqUh1acUpMjLS5HgTE7f0iyIhMYlTx/WN+xs1bEzrVi0AKO3szFtvN+f06b8MHnfgwD6u37hFqxZvGxwvKWXdXFm2fDnRUVFcu37VaNzePbtwdXXlm2++Mrkb2ot0hegrXJKiY2KZNGkyu3btAGD+wiWvrFWWwLixY0bxODycr79aYTJu4ufjC9VeqyCLxwSC/6LXJoG9duMWn4wZQ41atfhg2DBu3rzFzRvXmTNnNj4VvbkdGMT3332PWCxh1qxZVPfN23y8MDIyMohPSCQ4JIzQ0FCio6OIi40jISEejVqNNKePo0QiQSwSI5aIqebri1RqQXRUFK5ubigUcqysrGjSpAleXp6FatdVq2Z15s2dw7p1G/hq5UqGDhtGz+7vsHDBPObMmcfJU3/x3oD30KHL3f5USGLzLy4+gV49ehIcfI/tu3bTpVMHc4e8FMHBwUbHmjRuSvO33zI6XhQnT53m7LkzALTv2CnPaun27duzbInxrWNPnjj50hNYgJo1fFm4ZAk9u79jsu3Xxg3rcHVzY9GCeUZjXmdR0TFMmfIFf/6h78075YvpTJ0yycxRglfBQipl7pxZREdH8ftW43fHoqKimPbFF/xvyxaqVa1sNE4gEBTMa5HA3rjlz/hx4/Dy9mboBx8QGBjEFb/LLFy4AJ+K3ly7fpNVq1bh4VGBCRM+o5yJ3ZDMUSpVhD14wK1b/oSEhBAbE0tKSjKZGRmUcXWjbLlyNGrSGFsbW+zt7bGxsUYsFiNChFyhwMrKEi/PCgTduUt2thIPj/IcPHCQW7f8uXXLH7FYzDtdu+BbrYq5LyUP1zIuTJkykc1btvLr5s1kZmYxcEB/li1bwrRpMzl16i8GvPce2YpsJk0YT6lSjnw0bKi50wqA0NCw3Jk7bQn1mC2oxxGRnDUy0wnwwUfDi/Q8N0aj0XD0yOHcj9t3aJ9nvGGDenTu3JVjxwzvznXuzGkSkz59JfXmXTt3ZO26jYweNdxk3OKF83FzK8un40abjHvdRMfEMmXKF/zx+28ATJsxm7lzZmJt/Wq7ZQiMc3CwZ9GihcRER/PXXyeNxl32u8SMGTNY98PaYttBTiD4r3vlCeyDh4+YPnUapZycGD5yFI8fR3Di+DGWLFmCT0VvLl+5xrdr1lC5SlUmT/ocRwcHc6c0KDtbSUDQHc6dO8+9u3fIzMxErVaj02rxqliRJk2aUrmSD2XKuCASiZBKJOgAEXk3LtVoNCiVSurUrkW2UolYJOa9Ae+SlJSMm6srh48cYcWKFTRq3JiBA94rUHmBrY0No0cNx97enl07tqNSKflgyCCWLFnIF19M46K1NYMGDyIrK5OPRw7HwcGhSO2D/itOnny2+Ci/272WtO07dhIUFGhw7KPhI/lw2BCDY0UVdPceu3fqb0137NiZJo0b5hkv5ehIs+YtjCawZ8+d4eKlK/To1sXgeEn7eORHREZEsGih6RnW8Z+MoWzZsvTv+2b8fdx/8JBZs2az7c/fcx9r2rQpNq9RRwSBYT4VvVm4eDGh7wUb3VkPYM/unbi4uLBm9SrhokQgKAavdBFXSmoqM2fOIirqCSNGfUx2toJdO7Yzddo0qvtW5cq166xZvRqfSpWKlLxGRcewfeduft/6OzeuX8tNXm3t7Ojdty8jR4yg2VtN8PAoj421NRZSKVqdDp1Oh1qjQaPR5M7ciUQiLC0tsbS0xMbaBgsLKU6lSuFT0RsLCwv69OnNhx99REJCIgsWLeba9Zumv7gXSCQShg5+n159+nDo4EH+3L6L0s7OzJ8/j8sXL3D37j2GjxjBO916MPGz8Vy85GfulP86BWlzdPT4SbZs/sVc2Ev198XLfLVyucGxd98dwKJFCwtUw1kQhw4dye0n2qZdO4N/U23atP7HY887ddL4TNPLMPWLSXz40QhzYXw+flyR2muVtKfbzB49fpJRI0fmSV4Bvl39DY8jTNdJC14PzZs15ctvVpsL48eN61m2fKW5MIFAkA+vbAZWo9GwcNESjh09wtLlK3F1LcOqb77hw+HDeatJIwIC7/Ddt99TwdOTSRMKn7zeuOXPmTPnCA9/hEQioZy7O4mJiZR1cqJf3764u7sjlUqwtbVFq9WgVKnQ6XSIRSIkUinPT9jpdDm3oHU6tDodIpEakYicf4uQSqVoNBrKlSvL0CGDuHM3mF9++YVH4Y8LPBM0dPBAVCo1O7dvw8rKkj69ejB7zhzmzJ5N6Y+GM3zECBY+DmfWzBn8/MsvVPQ23RT/3+Tc2XPExcUZHVep1MTGxnLv3l1+3fyL2a1SXya/q9eZOX1abtP854379DPmzJ5VpB18TElOTuHEczOrHTsYrgWuV7c2Xbt248iRQwbHjx4+SMTkiVTwKG9wvKTZ2dnl3rY9evRZOcSLoqKimDNzJus3bixwSc/LEBgYwKzbt1m6ZKHB8TNnTrNkyVK++3YNlpbCNqKvuwHv9uXxV9+YrVletHAerm5ub1yJi0DwunllCez6jZtY9fWXzJw1l8aNG7F+3Xrebt6cfn168TD8Md+vXYujoyNTCrmdqkKRzcm/znDnzh2USiU+PpVITk4iJjqGcmXL8e67/Sld2hkLCwtsbWxQqpRoNFrEIhGIxUgk4jwtjMQiMTp0aLU6NBoNIp0OrVaLTqdDp9HPzkokYjQaDWqVisyMTLw8KzBo8GB27thJZmYmw4YOMvblGvThB4PJyEhny+bNuLi40LJ5M4aPHMmWzZuZOHEio8aMZfwnY1m4cBHffbfmtVldX9LM3T5+VSRiCTKZlcGxyCdR7Nq9l29Xf82DBw/yjLVt244PPhzO0MHvl1jbLIC/zpzN7TDQr9+71KppeCtbRwcH2rRrbzSBDQ4J5tRfZ/jwg8EGx18Gj/LuLFqyhPDwR9y9e8do3NP2Whs3rMfVtYzRuFdhyaIF5kLYuGEdtevUFZKdN8Tn4z8lIiKC79asMhk3/pMxuLm58W6/3ibjBAKBca8kgT1/4RKzZ85g4KAhdO/RnSNHjiIWi/h03FiSkpLZsvlXdFotkyZNwLWMi7nT/UNGRga79+4nIiICd3d35HIFd+/cISU5GcdSpejTtw8uLqWRyWRYWlig1mgQIUIiEet3PxGJEIn05QISsRiRWKxvaaLTodNp9LOuOfuAi0QidDotKrUai5zt/p42Yc/MyoPPPEMAACAASURBVEKn09GnT28OHznK739uZ9D775n56p8Ri8WMGP4hiYmJ/LplC46ODvTp1YPg4GB+/fVXxowdy6TJU1m5Yim+1Wsw7QthtfKrFBMTzS+bf0UsliASgVqtISEhgfthofhdvoS//6088dWqVmP8hEn07dOrRBZsPU+r1XL40LPZyjbt2pusw2vZsgVSqdTo7PWZ03/xwZCBiMWvrgqpUYN6LF2+kj69upuM27d3d257rdfpIq9z565kZKRz4cLfJuPmzJpB3bp1aNm8mck4watnaWnBgnlziYqMzG2DZsz0qZNxdy9H82Yl0y5PIPi3e+kJbFx8AsuXLsXLy4vBQ4bw4MFDLpw/x+o1a9ChY/vOXSQmJTJm7Bh8KnqbO90/pKalseXX34mLi8XT05OsLDmBAQFkK7PR6rT07tObCuXdEYnFWFlaotZo0Gm16NAhFutnv0QikEokiMRiJGIJOp0OjU5DTg6rbyqdUzYA+n59Oq0OjUabM0urRavTolaryc7ORqVS06ZNG06dPIm9vT09unU18R3kZWtjw+iPR7Fu/Qa2b9+BS+nSjB3zMePHf87x4yfo268vDx8+YPbMadStW5cunfKuKv836t//Pcq4uhpt7q3VaYmLjSUw4DZhYaGGg0rAyZPHOXnyuLmwXGKJhK5dOpV48goQeOcuu3PeUL28vOnU0fTzpF6d2nTu3JVDhw4YHN+9cwdffPEFNWv4Ghx/WXr37MZ3a9eb3V71x43rcStb9rVqrzV02Id0aNeGhYuX8MP3xrfMTUlJZtmSJVT++aeX8lwRFI2TUykWLV5MTEy0yYuTBw8e8MXkyfxv8/+oWkVoryUQFNRLnz75ZtUaDh8+yPCRo7C3t+fP37fy4fAR+FarwtFjJwgKDKJjx440qFfw3bXkcgUbNv5EVNQT3NzKotNBcnIyFTw9SUlOpnGTptSsUR2VWo2NtQytTosuZ3HW01kzsVhfyyqRSJFK8ub3Gq0mNx6RCF1OGYFIJEKj1aBUKVGr1OjQ5SZXKpUapTKbpOQkmr71FieOHyfoTsH2lHcvV5aB7w9ArdawY+duJBIJEyZO4PSpk4Q/fszAQYOoUqUqX61cQVR0jLnTvfE+GjGCH9Z+x7ofDP+3Yd1a9uzeyaHDh5kzz3B9YUmQSqWUKuWEm1v+koy7d+/w/ffmd/MpDkePHs/deat7j15m3zCtrWV07WZ8ZjM9I50TJ1/e1rKmjB09kilTp5sLY/HC+Xy3dr25sJdGo1Hj5ubKimVLGD7iY5OxR44cYvHiJaheo3pugXHVfauyeOkyXFxM30G8dOkC06fPICbWeE2/QCAw7KUmsAcPH2PFssV8PGYcLVo0Z/eu3VSqXIWePd7h2vWbXLhwgeo1atChXVtzpzJo829biY6KwsOjAqVKlcLJyQlXV1euX72KhYUFbdu2Rq1WI5Ppb50+LQOQSCWIxSLEIn3dq1SiLwWQSiX6EgF0aDVadFpd7q49TzsTPL9bilqtRq1Wo9Voc8dEInLLD1JSUqhTty6bt2whPT3jn9+ACTWq+9KiRQsePLjPiZN/Ubd2LXr16cOOP/+kfHl3hg77iFOnTrBq9Rpzp3rjaTT56+VatUplFs6fw0cjRpkLLRbde/TizNlz/HX6DNdu3GLTz5vp0KGTyWO++3ZVia+UT0lN5fjRZ4u3rK2t2bPvANt37TH63+69+8nMzDRxVvjr1EnkcoXJmJdBIpEwe9YMBg023xf5s0/HsmPXXnNhL8XTlw47OzvmzJlNmzamX/d+WPsdGzb+ZDJG8Ppo06oFX31j/vV4z+6dzJs3nyy53FyoQCB4zksrIYhPSOTb1ato0rgpffr0JSAgiLt3gli1ehVpaemcPHWKUqVK0bNHt0L1yDt+8i8C/P2pU7ceNjbWODo6olAoOHbkCI8e3mfIsI8oV7YsCoUCSwsLtFodOq0WsUSMJKeOTyQW6+tepRIkYjGanNlV0M/ManUi0IAmp8ZVp9PPtGo0+s4ETxNcjVY/s/t0XCKRAtmAfkbW3t6e337/k7GjRxr7dgxq17YV4eHh+F32w8enIgMHvMcVPz+OHD5Kl65dGPD+IL5auZwOHTrQ2cwt4jdbwbZY7Nr1HX756UdzYUVma2tL3Tq1cj9uWL8uHTu047PPPmffXsP7oavVajasX0+TRg2xsrI0GFNU585f4NSpE7kff/XlcvjSxAH5dGD/Xq5ev/FKduZ6kaODA0uWLCE2JibP92rI5AmfUd69HG+/RrWH3l4VmDVnLtevXcttc2bIzGlfUK1aVTq2L9xFvuDlGjZ0EBEREcyZZfoOwcYN6yjj6srihfNNxgkEgmde2gzsxh83ceLEMfoPGICDgz07t2+j/3vvUblSJU6fOUdiYiKtWrXCo7y7uVP9Q1xcPPv27aNGzVo4ODggkUqxtLTg6JEjJCUl4OHpRdOmTVCr1VhYWCCWiNHqtLmtr0Q5C7VEIv0s7FNikQhRzsysWCJBIn6uK0FO0qvT6WcDtVp9OYFGq0Gr0aDN7VLwdCZWjJWVFSkpKZQu7cK1q1e55R9AQdhYW/NO185Yyaw4fvwEUqmUj4YP5/Spk0RHx9C3Xz9cXFz4bs0aUlJTzZ3uP6N2rZq5/1arNSYii0ar1aJQZOd5zLOCB1O++AJ7O3sjR8HW37awZ5/hWtPicOiQ4W4CxeHkiVfbE/Z53l4VWLBoEV5e3ibjIiIjmDl9OqH383aDeNU6tGvDgsVLTMakZ6Qzb84c7j94aDJO8PqYMmkCo8d8Yi6MJYsW8P0PG8yFCQSCHC8lgfW/Hcjqb76iX793adGiBcePH8fa2pr+ffsQGnYff39/atSsWegZkR27dmNlZYWXlxf3799HIVfw6FE4MpkVjqWcqFWrNhU8yqNSqZBIJLmzqiKxSL9NrIHdmTRaLdrnygN0Op2+ZvbFyb/nOhY8bbOlr4HV5ZQXPDv3080Q4uPi8KjgwbHj+V/w81RFby9atGhBXFwcFy/70fztt2jeqjW7d+3Ex8eHD4eP5NChA2z9/U9zp/rPKFvWlclTpjF8xMevpJVSi7ffYtynn5mM2bBubYnUwd25F8zundtzP+7QoRO9+/SjV++++fqve/eeJs4OZ06fIiExyWTMy9S8WVNWfvW1uTB9e62p00lMSsLG2hqdtmCz+iVl3JjRjBxlumXWpUsXmD9/IRkZBStDErwaMpkVC+bPpUdP8y2zxn8yhp279wFg4G1JIBA8p8RLCLRaLevXb0Ct1tC3f38yMjI4dvgws+bOQyaTceqv09jZ2dGsaVMspAX/ciKfRHH29Gl69u5DUFAQN69fp2bNGiiVKkq7lCE0JARPL6/cJFX6XAIrFomRSvSbDyACUU6y+fTN7Gk3Aa1Wi0ajQaPW5Na8Pk1QReQkwWKR/nidVp/E5ma6OpRKJVlZWSQlJZKRno5Go8GljAsqlZqMjAzs7OwoiCaNGxISEorfZT9q1azBB0OHMHrUKAICAujSpQtXL19m3drveeedrlT08jR3un+9Uo6O+tvmr9DIkSPYsf2Pf/SAferMmdP8uOkn5syaYXC8sA4fPkJCQgIA1avX4If16/Bwd8+t5TZFhAi1Ws0nn47n1y3/Mxhz/vw5zv990Wwrq5fpvf59efz1ar6YPMFk3O7dOyhbrizLly3F0spw/96XzcrKkpmzZhJ4+zaX/YzXRv/26//wruj9WnVVEBjn5ubK0qVLeRLxmBs3b5iMnTJpAhUremPzGrV8EwheRyU+A3v67HnWr/ueQUOGUrNGDU6cOEH9hg1p37Y1N/1vExcXS9WqVQq9U87Zc39j7+CIQiHn5PFjlK/ggbW1NVKphDuBAfrkFH3CKRaLkUglObf0RYglOWUAz72Z63T6jQrUGrW+64Du2S5bFhYW+g4FUilSiQSxWGwwEXi6W5dKpSIzM4u0tFTS0tLQarVYWlmhUqvIysoiMSEBv6vX/3G8OY4ODvqSCI2ac39foFrVyvTq25cjhw/j6OhIt549CQoK5OeffzF3KsFLUrlSRT4Zbzqh+uarL7l85ZrJmIJIS0vn2JHndt7q3IUqlXywtpZhY21t9j9raxn29nZ07GR6IdrJk6ZrTvNLJBLluRti6M5Ifo3/ZCzjP59oLowf1n7HkmUrcu+OvA4qenkyd4H5TQ4WL5zPr1v/MBcmKLJnr/FFeU7WqlmdJctXIjUzURMe/oiZ06cTFBBoMk4g+K8r0QRWocjml59/pnr1GnTs2Imo6GjuBAYyaPBgJBIJV65cxcHBkbeaNjF3KqMCAgJwdnbm+rXrZGZm4uzsjIO9Pbdv3yYhPh5bW1ucnEqhzuka8DxRTiusp3Ju/uvHECERS7CQWiCzssLS0hIrKytsrK2xtLBAnDOTK0Kkb6mlzUmQJRIsLSyQWlggk8mwtbXF3t6BUk6lcHV1xcnJCZVKhVqlRiQScf266atxY2rVqI5PpUqEBocQ+SSK997tj0Kh4OrVa7Ro0YIePXrx44Z13A4MMncqwUsyZPBA2rUzvH0r6Pt9fv3ll2SYWf2fX+cvXMzTl7Zdu3Ymoo1r26Y11asb3rUL9FvLFkdNZnpGBgrFs64GaWnGFzOZY2Vlyfy5c3j33QHmQlmxbLHZhV8vW9fOHVnx5Tfmwpg+dQoXLvmZC3ttZWRkvPatwZKSknP/LZfLi3Sx06VTe9au22gujOPHj/L1VyvMhQkE/2klmsAeO3GSrb9t4Z1uPfD28uTixYv4Vq/B22814XZgEMnJSVSuXAnPCh7mTmXQk6hooqOekJaWSkZ6OjKZFZaWVmTJ5dwN0iduderV0yeNSmXucU9v/T8tA3hWr0puSYAkZ4ZVq9WiyM4mMzOT1LQ0UlJSSEtPRy6Xo1Qq0WjU6LRaRCJ9Ox8LCwssrXKSXRsbnJxKUbq0M3a2dqjVatLS0nJLFOzs7UlMSCjUC6JMZkWDevXQaDRcvOxHefdyvNOtG5cuXkAsFtPlnW7Exsbyv/9tNncqwUviWsaFEaNMt/TauXM7v/zvV5Mx+XXk8LPZ12bNmvN2s7dMRBvnUd6dLl27GR1/8OABJ0+dNjqeX3K5AvlzrYSUyrwL4grK2dmJRYsX07JlK3Ohr6Xxn4xl2IfDTcZERUW90Yu6li5fybBhH7Hhx5/Nhb4yz+9Gl5GRUeSFoCOHD2POXPMz7AKBwLQSS2AVimy2/vortWvXoW27tiQkJhIYEECPnj0Qi8X4+V3B0tKSBvXrmzuVUUF37pKamkpqaiquZd0QicSkp6cRHR1Damoq5cqXp1at2kilUpRK1bNFWU8XZGl1qDXq3ORVLBLndhd4WkagVqvQqDWoVPpdtRTZ2WRnZ+vfbBUKFAr9v59f3GVtbY2zUykcHOzRajQkJCQSGRlJZGQkSYmJaDRq5HI5trY2KLIVxMbFv/it5Ytvtar4VKpEYEAgCYlJdO/2DlmZmQQGBtGoUQP69n2XX37ahP9t4VbU66J3rx4MHDTEZMzXX64o8u8sOCSM/c+17mrTrh1lXEqbOMK09h1Mt2U7deI42dnPLhILIytLX27zVHZ20RJYgGpVK7Nw8RKzDeVfR9bWMubNm8tbTU1vIXvq1An9oq5imrl/We4/eMhvm//HH7//xuPwcHPhr0xaWlruvzXPvV8UllgsZurUyXz40QhzoQKBwIQSS2DPnv+bHTu20b5DJypU8OD69Ru4urrStHEjQu8/ICYmmqpVq+HtVcHcqYzy87tCWmoK3t4VcbB3oLyHB7GxsYSGhiKRSKhStRp2dnYoFApkMlnurCuAVqPV38rP2Xggz7awOfWyFhYWWMlkyGQyZDnlA9bW1ohEIhQKBcpspX7zAo06d+MCa2sZFlILMjOzSIhPIC09A7FYjIODAx4eHlT1rYZv9erY2dujUuk/d2F3z7KysqRWzRpo1Gr8rlzFo7w7TZs148oVPyykFrTv2JGUlGS279hp7lSCl8TG2poxY8earIMLD3/EihUripSQHDl6jIjIiNyPW7RoYSLavLeaNjbZaH/Pnl3cuOVvdDw/MjOzSEh4djGXnJxiIjr/2rRqwao135sLey1V9PbKVz3sb7/+j2XLVhbqbs6rsm//wdznaM3nWt0Vh6LUqr4oI/1ZKUtKcnKxXFjZ2dqyaNFCunR5x1yoQCAwosQS2O3btuPu7k7LVi3JzMziqt9l2rRth0xmxeXLfkilFtQvxHaxT8XGxnH92lXs7B2oWasmpV1csLe3RyGXExYagmPOTlzh4eFUrVI5p9WVfvcbnU7fJkuj1eYmr0/bZIH+ClksEes3JtDqUKlzEl2djuzsbLKy5Gi0Gv2LpOjZi6VIJMpZ6CXB2lqGm5sb5d3L4ebmiodHeXwq+lClUmV8fCrh4+Ojn6HVaoiKijb1rZpUvXo1vCt6c/PmLZRKFZ07dyL84UMehYdTv349unfvydZfN792PS9NMvPmIxKV2NO2SF5chGRMqxZvm9369I/ff2NjIW+r6hdvHc79uFHDxjRu1NDEEeaVdnamZas2RsfVajVHjx41Op4faenpxMbG5n6cYaKhf0ENGTSAhYuXmQt7LXXt3JEvv15tLoylSxby0y8vr2SoKDORMbFx7Ny+DQCZTEZ1X18zRxRMUe8GPO/552FiQgIqtcpEdP55lHdnybKl1Kz5bPMTgUCQfyWSCVy9doPft+prX30qVuRecDCZmZm0a9OK9PQMQkNC8fb2xqsIs6/Xbtzkwf0wKlepgpubG8nJyWRlZeHk5KSvQ7W0JCQ4GFdXVx49esyDh4+wtNTvdKTT6VCrc2pXxeKccgItWs1zbbJyWmFptfqZWl1OVwF92YAClUqNSqXKnYWVSqWIxaLcjgUSiRStVpsbL5VKycjMICU1hZiYaIKCgnK2o9URFRVl6ls1ydbGBl9fX1JTU7gbHEydWjXxrujDtavXsLezo3XbtoSHP2Lfvv3mTvXaMDeLlJVV+JnJojKVPKenp6NU5u+Nc+yY0TRr1txkzPw5s/jrzDmTMYacOn2Go0efJbAtW7cpUvnAU63btDY5fvjAAZ4U4WLs+Vu1ACkpxTMD+9SUSRMYO+5Tc2EvjVhs/mLnqU/HjeHj0WPNhfHZp+M4dOSYubB8MXcxlpz8bHFTQf38y2YuXboAQL269alY0cvMEXmZ+9pSUovnuZORkZHnefng4X0yM7NMHFEwDerVZfHSV9viTyB4U5VIArt3337UajVv59y2vOrnR8PGjXFzc+Xq9RuIxCLq1a1TqL6vT12/fh0LqZSq1aqRlJTM4/BH2Nra0bFTZ8qUcSU2JgZ7B3ssLS04d/4ctjY2iEQiJDkJq773qwitVoNarUal1n/8tKerVCrByspSv5BLo0WpUqHIzkYiFmNja4NEIiFbqUSHDrucfn2K7GzkcjlZWVnExccR/vgxsbGxKJVKZDIZkZGRPHkSxZ2gO2RlZiAWS9DqtDx6VLQFGNWqVMbd3Z2LFy8D0KJlSy5fukhiUhL169enWbPmHD54IM9q2tfZ87NwhiS+wsb56WnGdzhLSkzIs+DDFM8KHnw2wXSbp/SMdBbOm8ej8GelAObI5Qr+2Lo1z2ONmjQ2El0wDerVpWPHzkbHr12/yo6dhrfMzY/YFzZyiHj82Ehk4Vhby1i4cEG+GsoXh9S0NGJjjZcHFaTLgkxmxezZs2jb1nQnCYVCwYTPxnPlWsHb873I3G5+hZ0hP3f+At+ufrbZRI1atXGwN75TnSHmbuMri+E2P0BWlpyY6GcXZQkJCUW6SDOkd89ufPv9OnNhAoHgBcWewD6JiubAvj107doN32rViI6J4aqfH21z6ufu3r1H6dKl8fQs/OxrfEIiwffuUcbVDTdXN+7fDyMzM5PWbdqQkJBASPA90tLSqF6jBteuXcPBwREvL090Oh0SqQSl8tktIKVShUKRjUgEFlILLCykSMRiEpOS8Q8I5JLfFa5cu8HVaze4fTuA+IREshXZKJVKtFotZVxc0Gr1pQX6WVl9kb9ape84EBMTi0wmIzQ0jOTkFO4EBREWGoKVTEZU1BPs7ewJDQ42+2ZhiqtrGdzc3IiLjSU9PYNOHdqhUim5e/cubq6uNG/ZktOn/+L02YLP5r0KISGhJsdDQ0JMjpeU7GwlIcHBRsevX79G5JP8z6b37d2TiZO+MBlz9twZpk2bRnSM6aT+qW07drFjx7Y8j1XwKFyXjxc5OZWibj3Tiy7/9/MmHoYXLvG8fClv4/7b/rcIf5z/5D0/XEo7s3jJYho1LJ6k3pTw8Me5m0gYEhZq+nn+ogoe5Zm3YKHJbYkBwsJCGT/uEy5evmIyzpx79+6ZHL97547JcUNu+Qcwc8b0PBep1Xx9cxfP5pexDUGeelzI5+CLbty6nTtT/JSfX9F+roaMGzOKadNnmQsTCATPKdirRj78dfosAQG3adz0Lezt7AgICMTJ2ZnGjRqQkJhEYmIClSpVwqmUo7lTGXX3XjDJSUk4ODggV8i5HxZGRZ9KAOzdvYv09DRc3dxQKVUEBgTg7e1FcEgospzddp7e5lWr1WRmZqHT6ZBZyZBKJaSkpBJ45y5+V67h73+bmJhYrl27xsb16/hp0ya+/vJLFi1axLIlS7h69RqBQXdIT0/H0soSjVqNUqkkIzOTtPR07t27x5MnkVy+fJlLly7id+kiFy+cJykpkQvnz/Po4UNc3dxITEwgLKxoNap1atcmW5nN7cAgXF3LUKt2Ha5dvYZSpaRhw0a4uLhw5PARs7fnX7XIJ1H8ZaYx/oH9e7l2/abJmJLwx7YdJvuFKhQK/vjzz3z/jC0tLZgxYxq9evc1Gbd92x/Mmj3H7Az64aPHWbRg7j8eN3dBUBBJSaZnv/39bzFv7rwCJfIA23bsZvP/fsrzWEDAbVav/rZIi9kMqVOrJouXLTObCBaFXK5g3959JmOOHDrALf8AkzEvat2yOcu/NL9V7pWrfgwdPJDfft+Wu5lLQYQ/juDgftNlR3t27+KnX7aQnm5+S9v4hET+2LaTsaNHc+HC33nGatQw3mPYkPiERA4eOGAy5vSpE9y5azoBN+dJVDSbNm74x+Nbt2wu1g1HQN+CccaMqWY7lAgEgmck8+fPn28uKL9UajWrV68mJSWFD4YNw9bGhh07tuNbowbdu73D1es3CAkJpW2bNriUdjZ3OqOOHDvO3Tt3kFlb4+DgyMMH96lZqxZ+ly/z6NFDJGIx5dzd9W2v5HKcnJ3R6aBmzepoNVrkcjkWFhZkZysRicDR0QGtVktsXDyPIyOJiopGq9VQqlQpIiOfcPb0Xzx8+ACRCB4+uE9oaAgNGjYmW5lNeno6bdq0JjklhYzMTCwtLJDLFdy5c5fYmFjCwx9xNyiIq1f8UCqzKVPGFRsbW8RiMdnZ2ZRzdycmOhqfSpWpUb3wCxmkUin3gkNISUmhUcMGJKWkse2PrbRo2Qp397JER0Vz9Ogh+vTtR+ki/OyLW3p6BlExMYSEhnHy1GlWrljBsWPP+pcakpSUxPWrV0lKSUet0SCXy8lWKpFI9ZtIFAeVWk1cXDwREZHc9L/N5i2/MW/2zDyN9g35+/w5YmLjUWt0KFVKNBoNlhaWRrsO2NrY0KBhQx4/jiQ42Pgb7q2bN4h8EkW1ar64upYB9LeoHzx8hN+V62zY+CNfTJ5IfPw/W7L537pFalomao1WX69tIc29mDNHocjmYfhjbty8xXffrWXTj+vNJui3/W/hf+s2GVmK3FpFWxubPLNsqWlpREZGcfPWbTb99DNzZk4nK+uftYWXL18kLOwB8myl/g6HWr8BSH6/fmMqV/KhtGtZDh74Z5I5ctTHeJR3N3CUcQpFNnHxCTx4+IiLly6zatUqfvn5R5PHJCYmcvP6DTKy5Gi0OhQK/c/LysrKZI1ng/r1SM+Qc/nSRaMxoK9R3bN7J48jnqBUa5BIpNja2mJhkfe5qFKriY9PICo6mrvBIezbf5AVy5dz/LjpRXkKhYL9+/YSGHRXf4cqMJBb/rcJu/+AgKA7XLzkx+kzZ9ixYxcb1q/ny5XLiHwSmeccbm5uTJs2DWcnJyOf5dlrRFjYff46fYaVK1eyb6/pUpXomGgCbgeQpVDlLr4VicRYy2RGj3n6Owy9f5/9Bw6zfNkyDh78ZxIfFR3F3+fOkZYpR63RolKr0Wp1WFpaIingTPLzZFZWNGjUiMCAIB4+zDuh0aJlKzq0L9xGJALBv5VIV5SlpC+4ey+EDu3b0q59J8aMHUNSUjKD33+PrX9up0e3Lmzc9AtKpZKhQwbi6OBg7nQGaTQaFixcwuPH4WRmZODu4UFSQiJl3Fy5fesWUql+8ZStnR0SsRhraxukFlLGfzaeKpUqoVQpUSiysbKyIjklBWuZDJFIhFyuIEueRXJyCllZWTg6OBD55AnBwSH68awsMjMzsbaxxt7enqDAQDIyMliwYAGOpRyJiYlFoVBQ1s2NhMRENm7YyP2wUJydnZHJZJSvUAFHx1IolUqyMjPQaLUkxMfj4uJCxOPHtGjVmqlTzG99acr2XXsICgxk9qwZREY+oW7t2ixetpw2bVpz6NARZk7/gu9/2MAnYz82d6qXZtr0WRw5fJCAgNvmQo1yc3PDy9Obnn36MGvGNHPh+XLJ7yqTJ04kNDTY5G1gU2QyGfXq1ueziZMYOKC/ydgnUdGsXv0tX31pekFH5cpVGPbRCIZ9MIRff9vKt6u/MVsz/DwvL2/eHziY5csWmwsFYP/Bw0yeOIGwsMLP4rZs2YqNP27K3S5aqVQx/vMJnP3rFMEhxksyDKlbtx41a9Xm5582YWVlaS7crLnzFrJo4bw8j12+co2mjQvWteHP7btY883XXLt+Nd910C/y8fGhTt36/PDDWsqVdTMZm5iUxKhRo9mzO/8t8ip4VGDl16t4/71+eR6/ePkKLsyKHAAAIABJREFUU6dMJjIykvDwR4YPLiH9+r3Lb7/9ikxm/IJk1ux5HNi/t0ivEdWr16BV67Z8u2YVlpaGL3L37DvIymVLueyXt5TFHB8fHzw9vVjx5Zc0KWK3D9C/9gwc8F6e38W0GbNZvnSR8YMEgv+gwl8uGnDu/N9ERUVRzdcXSwsLgoPv4Va2LPXr1UGj0RAdFUWFCh6FTl4BUlPTiIqKwtXNDQtLSx49fIhcnsX9sLBnO2FZWqKQy8nMzCQ6OgpHx1K4ubqiVqsRIcLG2lq/05ZIRGZmFqlpaWi1GqRSKRqNhgoeHqjUakJCQklKTORJZCRhYaHcvRNEbEwMlSpVpmWrVgx4/30AVCoVrmVccmdOkpKSSE1NoU7deoweO5Y+/fpTtWo1LCwsUKmUKBQK7O0d8PT0QqvVodFoSE4u+sKkWjVrIJfLCQ+PoKK3F+06dOTWrVto1BqqV69O5cpVuHjh79dq68aYmOgivTGBftHXlat+JMQXLtE0JCszi0uXLhQ6eQX9DNVlv0ukmlj49VR593J8uXIZZ8/9zeQp02hQv4HBuLCwUObMms7de8FkZmYVKHkFfY/ZuPi8i6VMSU/PKFLyCnD+/Lk8i250Oh1PIiIKnLyCvkTh3p2gIrVwet60aVMYMXJ0nsfMzTAbkpqaymW/S4VOXkFf13kln+co7ezMggULClTLGxEZ8Y9ODwDyLDkXLvz90pNXgFp16phMXkH/913U14i7d+8QFfXE5PMmLS2twMkr6H9vZ86cJivr2S5yRdGsaWNWvFAmolYVT+sugeDfpPBtAF6gVKq48Pd53N3d8fSsQLZSScDt29Sv3wCP8u65fUgr+fiYOZNpGZmZqFRKLCwscXcvT1TUE2TW1iTExWFpaYm1tTVyuRyRSIRWq0WtUmFra4ulpSU6nQ6pVIrUQopapc7t/+pgb49IJOJxRCRVKlfi0mU/Tp06Rffu3anu60tmZqY+GY6JIT4+HheX0pQv745IJKJ0aWccHRxISU3F28sTuVxOcHAIjx4+oHGTpty9e4+rfpfx9vGhYkUfvL29iYiIICY6ijKuriDSJ8AW0qLf+i7l6Ph/9s47vo36/ONv6aQ7yZre244dO84OCSFkkIRRRhlhttDS0kJZ3QM6aFndpZQf3XsPOtizQBlhppBFpkcS721Ze0t39/vjZEGIbdlxArS99+vlF1jf587yRZaee77P8/ngdufT0tpGw+w6jl2+nAfuvQev10dJSTFLly7j4Qcf4MCBm7LVsLebT3/m03zwsstyyuLkQlVVSktKcoVNmUWLFvDU0xthZk8LVVWZPXvqr/l1a9ewbu0ahkeuZ29zC+3tHXg8HkY9HsLhEIqiEg6HaZhdT3VVFSeddOK0rp2qqhQWTL2FZP26E/jX089O62e8GYPBcJBknskkcNMtt/CZz31u+udVQbJIh2yDHy62vDxuvVXrGx4d9WASBGy2vBxHHcrpp5064+uECmaziYKCibfT38iihfP5w5//RF9f/5SGoFRVpWH27EMeX7RoAU8+9cyUznEkUVWVOY0NucL4+Mc/xiXvu2RG11ZVVRwOx6Svm5NPWn/410GFBfPn5YqaMhe/5wKGf/wznnn6KQAqqypzHKGj87/HkfkUALp7etn4zNMsP+54nE4XoVCI5zY+yzUf/TgAw8MjCCYTFeVlOc40OSOeUWKxGH6fl3nzF9DT082yZcfS39/Hgf37qa6uobu7SzMjMBoZHhrCZrdrGq1GI6IoasmtUcZgNOJw2BFFkY7OTuY0zmbjcy/w2KOPcsutt1BXW8PQ0DCDQ0OMjHiw2+0oikogEMDlclGQn48kSSRTKYqLiognEsiyjMPhoLi4hI3PPE1nZzu3fPXrnHHaqZjNZtKyTE9vLw899DA+rw+b3UYqlcQ+TRmZ8SguLsLlcmV1ZZctW8bNN36Zzq4ujjlmCQsXL+buu//OpldeeccksMtmYGZxNCkpLuKUkyfXPT2alBQXUVJ8AieuO9RBS5ZlBEEAYN7cOYesH0mqKium3Q+aC0EQpr1FfzSpqqzg17/6eaYnXpPQmy6zaqtn5Cp4uMyf28T8uU25wialpLiIU085KVfY28bSYxbnCjkiVFdVUv0OShQ/+fFrufrKK7LqOTo6OgdzGLea47Nl6zZ6enuY3dCA1Wqhp0frp5qbeXNtaWmlpqZ6UgvNXPj8AR584EHi8TiKolJUVEQ8HicajbJy5Urc+fm48/Opqq5GEATq6uoxGAzY7XYAzCYBs9mkbSMZDNhtNpwOB+FwmNrqavbsaeahBx/kk5/6FJIo8v0f/oQrrvgIl3/oMu76859obW2lvr6O5uZmDhxop7i4iGg0htVqQZbTKIqMJEnMmdOI3eHAaDRy3ee/RCgU4pZbv8YXv3QD3//Bj/B5/TQ2ziGRTGASTEQjUaqOwBunYDQyZ04j8XgMWZaZN7eJefPm037gALKcprZ2Fm53Pls2b851Kp13MGPJq86RRZJERNF8eBU4HZ2jgCSJWCzSjDTTdXT+Wzli79RbNm/WhpUqqzAYDLQfOEBpaSlzm7QENplMUlFRgdN5eJXGUa+X2267nf379yEIAg2NjQSDQeR0Gr/fh9VqRVUUbDYbgiAgiiLVtTU4nE5UVcWAAaMgkE7LKKrCmGNWLBbDYrHQ3dPLPffey4Zzz8XhsPO5z13H5ldfwSyKXPbhK7jy6qtZuHAh8Xgco1Fgdn19ppfWmE2oTSYTZpOJ8rJSnE4Xoijy7NNP0dLcwqhnBJPJhGdkmHvvvQdFUXDYHVlbQrfbneMK5MZoNFJZUc7Q4BChcJiS4iLmNM2lq6uTeDxBZWUFSxYv4dVNm/C8jWYAOjo6Ojo6Ojoz4YgksMFgiJbmvSxetIT8/HzS6TS9vT0ce+xx1NfNwuv1kUwmybNac51qXALBIN+57XaGh4ewWvNomjsPl8vJ1q2aFl9xcQmDg0OEw2FKSjQXrqKiYoqLihBFkUgknO2JlZXXNRHT6TTJVAqv18fWbduYv2ABRUVF/PWuv3HhRe+hqqqa9SeeyDHHLKGmupqC/Hy6u3s47rjlrFq1AoPBgNVqJZVKk8hoyxoFI6IokZ/v5tVX/83CRYuxO7QKcHlFBR+87DIWH3MMf/jdbxkcHMBoFJAsEpZJ5F2mg8FgxOlyMTg4jN1uZ+7ceRzYt4/R0VHyrFbmLVjIlq2b2bu3OdepdHR0dHR0dHTekRyRfYmu7h6efvpfnH32BpxOJ9FojP6+XhYtOQZJEunu7SUUClFbW5PrVIcQCoW57bvfIx6L43A6MZlM2O12XnzhBcKhEAWFhRQUFLDx2WeZ3dDAvn3aANXxK1fiyGzjJ5NJzR0rncYkCFnLWKtFQpFlZEVm6dKl2G02LBaJZccuQ5IkPvaxawmFwlitFiRJIhKNUlJSjMNhx+MZpay0lLScxuv1IYkigiCgKiqiaKa8ohJRFFFUhQ0bNtDR2YlFkhgcHGLH9tdwu91EIxHi8RhGg1F7XkeAkpIiBMHIvv0HmNvUSEVlBQODA4yOeqmuqqI644C2a/du1q1dk+NsOjo6Ojo6OjrvPI5IArtj5y7i8TiVVdWIopmREQ8Bv5/qai1Zisfi2aGq6RCPJ/jFr36DAQMutzac5Ha52fnadhRFawMoLS1j47PPAJoMyp5du1i4aDF1dXV4Rkfx+3zY7Q4UVSWdTIEIJkFAkWUSSW1ooyA/H0OBgcqKcgDcbhd+fwBBEHC7XYyMeDjQvpNkKklhQQGRSBSLJCGKZrxDmjuS1j5gzrp85RfkU1dXz5ZXXyURT3DiSSdis9nYunUbFZUVVNfUEAwEKC4pIRaLkTxCMimFBQW43W7SmdaE8vIKnE4nAwMDzJ8/j/Lychx2B3v37MlxJh0dHR0dHR2ddyZHJIE9sH8/AEXFxZjNZgYGBti3bx9Op2YX29nVjd1um7a+4j+feJJgMIhgMrFr5w5EUcQ7OppdN5tMtLY0Z9yFzPR0d1NRWcmsunqi0RgvvfgiPq+X4uJiVFXTW5VlI5kZLkSzSJ7LSjKZ0uS5MvqLedY85LTMiGeUUa+XQCCA0+nA7Xbh9fooLS2hpKSYYDBEOp3GYrFgMBqyMi+CIJBntVJQUEh+QQHufDfhcIRQKJxJLtM4nU4SiTiJRAKb3XZYdo/jEYvFkSQLsZimSTh7dh1mk4nhoSHS6TRFRcVUVVfT0txMMBg67J5kHR0dHR0dHZ23i+mVRMchmUzR2dlBRUUFDocDVVUJh0JUVFRQUaHJ74RCQSorK3G7XTnO9jo7du5m+7btCEYjW159hWQiQXV1DcXFxcQzyZnP5yOVSqEoCvGM9uuYysHzzz/H9q1bsdntNDVpUkOyLJNOpUmlUhgMBhyZ3lSj0YgomkkkEqRTaVRULBYLxcVFzG2aw/HHLeeYJYtxu93UVFfR2DCbZDJFKp3S7AMzrQNpWUuADQYD+fkF2Ox2HA4ngiAQjUYwGg3k5VmZPbseSZIQBIFUKkVeno3u7u5xrsL00dQXZmUF7m15NiSLlaGhQUKhEC6ng0WLl9DSspfunoNtHXV0dHR0dHR0/hOYcQIbiUbp7uqisWEOLpeLdDpNf38fFZWVlGXsEBOJBEajgC1vagLh4UiERx/7J4lEgu3btxGPxzj93WdSV1/H0OAgxy4/DtFspnFOEwsXL8ZoNKKqKpIkIUkWXnrxBTY+8zThcIiGxjnMrq8DNDHrVDqNqmie8Kl0GkVVMQpGLJI2RKXJYSmYzCacDocmam4wkEwmcTocNGaEt5NJzVkolnH8MhhAMAoYDFpCXFFRTmFhEe58N01NTZSVlSFJFgRBIB5P4Pf7kSQLJpOAoig0H6GhKlE0k+924/V6icXi5OVZKSktJRIOE4/HMZnNlJaW0t/fz8DgYK7T6ejo6Ojo6Oi845hxAhsIBNm2bSslpaWZifwU3tFRBMGEy+VEURSCwVC2N3QqPP/CS/T39TEyMoycTnPRey9hwfz57Ny5kxPWraequpr62Q0sXrIEz8gI6XSaWCxKfn4Bu3a+RiQcpqqqmqKiIhYvWUI4EsGUsZlNZRLXdCo98XNSVRRZJp1OkUymMJtM5Oe7KSwsQE7LWkIuCBiNAslUClVVURSVRCKBqmoJbEG+m4WLF+H3+enp6WFkxEMyqa2P9e9KkoTD4USUJPr6ehn1Hhlpq2QyicViIZlKYrfbKSwsoqurE78/gNlkwu3WnH56+/pynElHR0dHR0dH553HjHtge/v68Pt9lJWXYzDAwMAgA/19FBWX4Ha5CASC+Hxe6qdoITs4NMyTTzxJNBYlkUhw5dVXU1lRwdZt2zn//PMpKSnG7w8QDAbweEaw2x34vF4uuvgSXG4XFquFpcuO5V9PPsFJp5xC05w5BPwBXBlFAgNjcloKclpGNsrZ4TKzyYzBYCAtawmuLGuasaJZc+9KxOMIgglJkojH4llfcUmSUFQFVVGx2WyAVpmumzWLLa9upqO9g7p6SCbzMBg0VQSDwYDZbKKwsIjS0lKee/YZ9h/omJbN50TEMrq0qVSafLcLm92Gz+clkUigqColpVplvK9XT2B1dHR0dHR0/vOYcQW2N5MEOV0ujEYBWZYZHBokz2bDIklEYzHisThmsznHmTT6BwYIBgPEolFWHL+SyspKEskk8+bNpaqyEtEsEgqFAAN1dfW0tbZw0cWXsHr1Knbv3MXJp7yLlua92G12Fi1ahKzIxBMJ4okEqqJgNGoSWgaDAUVVtK/McJlRMCIIWpKrok16SZKE2WzGgAFBMGE0GvF5fXR0dWEymTAJgqYikEhm+2+TqSSKLKOqarbVQBCEzJcx8xwMGAxGJEnEZrfT2tbKpk3/nuiyTAtNOixBNBpFyFSeQ8EQoZCWcFssEgB9vXoPrI6Ojo6Ojs5/HjNOYAcG+gE0LVOTiXg8Tn9/vzaZb8hslxsNZAb0cxIMhgiHQljz8pg3b262x9RkMpFOp1FUrSVh1aqVtLa2MH/BQk4/7VTuv/9+ampraWtro621leUrVlBYUIDZbM4kkilkRckmrwCq+vrPNQpGVCUTJ6cxGoyYzSYEo6BZz6INZ0UiEbp7ejGZTMiyjMPhIN/txmw2E41GGR4Zwevzk0gk6OrqJh6LkUwmtCQ3mSSdUTpQFE2XNplMYbXmYTKZ2LN7F8nkzOW0NNMGlVgsnn0sFA4xmlFwyM/Pp7S0lIGB/qzygo6Ojo6Ojo7OfwozTmC9Xi9udz5mUURRZMLhEKAlUcaMOL+qkk0CcxGPJwiFQrjdbgoLC9m1azfxeDx7fDqdpq5uFoqi0Nfby7r169m6bTttLS2EQkF2vvYa1rw8GhpmY7VasdnyMkNeWqXVaDQiCAJGg5ZUG9Dkr+S0TDKV1Jy6DAYEk5AZyjJkWwzS6RT+QIBQOEwsFsciSQhGIyMeD929vfgDQUa9XgYHh9i6bTv79++jsKg4k7ymiMcTJJJJ0rKMLMvEYjFCoSCqqmC3O2htaWZoeHjiizNFUqkU6VQqmyyPEQgESKVSuFwuGhoaCQWDBALBCc6io6Ojo6Ojo/POZMY9sKMeD0VFRVitFmRZIeD3A1oCm00O5TTp9NR0Tk0mgXQ6TV5eHn6/n6GhQWbPrieZTGI2mxDNIg6Hnb17W3A4nVitVp7b+CypVIr9+/YRjUboaD9Af38/s+vrMZvMyJntfNC2140GAxhe121Ny5oygaqS1XM1CSYMRm1dkZVMnMzQ8Ah2mw2v14vVauH5F17kqSeewGg0Ut/QyLp1azOJaZhoNEp1TTW7d+0iFotqMmOKmhn6UkgmkwSDIc1lzG5n8+ZXeW3HTqqrKse/OFMkndaUFMZ+ZyFzI5FOpVEyerOFRcV0tB8gGAxSVDjzvlsdHR0dHR0dnbeKGVVgFUUhFoths9kQRREVNdOfmklgM1+KohCPv76dPRljQ1DpVJpAIICiKEiSRG9vH/FYHFlRQIXh4WGsFit9fX3s2bUT0HReK6uqaW1rpaOjA0VVkCQRk8mE0ShkhrjIWskaMGjJXiZBHWtzMBgMGIwGLdFF+z1lOU04HCEejzNnTgN5eXk89tjjJBMJVp+wlss+fDk1NTV4vT46Ojp54fnn6O7sZP/+/YSCQQwYMvqzZM6pqRykUkkSyQRm0YzL5WL79u3MFKPBgKzI2QTdaDj4n1mWtcG1zo4OQqHweKfQ0dHR0dHR0XnHMqMKbDyh6ZmaTWbAcFCiNOYsZc4MNkUikfFOcQiiKKKqKqFQMNMPG0ZOywwPD1NRXk48rtnShsOaC1Z3dxf+gB+X201NTS2nn3E6pWVlzJ3bRDKRRBTNiJKI2awNYBkylrbGzBCXYNC0W8fcuUBrK8gmr7KWvMYTScLhCKUlxbicTtasOp5IJILP52dOYwOVFeWUlZbwxJNP8sq//00kHMZsNtPX00NRcTGJZAJJEsnLyyMSiaKqKgaDAVEUQVUxGgUqKyrZu2cPsVgcq9UyyVWaHEVVQdXUEbTvtQQ9FouSSCa1NgqjkVg8prVM6Ojo6Ojo6Oj8BzGjBFZRFNKpFGZRzAxHvd7rGo/HUVRFWzMYicWiOc6mUVRYgNVqZXBgEI9nhGg0QjgSxu/3kUwlwaAlx8FAkFgsSiwWxWrNw2wW6e7qxO1yce01V5FMJolGYyQSSewOOxaLhKKoqMpYtVVLuAWTkN1WH8NkNqGoqpa8KjJypoIsSSKlpSWA5kD2rpNPzCai0ViMkpJi1q9fT11dHTte20FnZwcAdocDOS0jWSwIgnbJlUwrgSRprRcej4cFCxfx700vc6C9g4UL5nG4jFWQ8/KsANle2Gg0SjyewOGwY83TKt3yFFs7dHR0dHR0dHTeKcyohWBsUMuYURnQtEe1KfpIOEwqlcJqsSCKIgbD1H5UXl4eZlHE7/fR19tHPB4nEAjg9Xoz+q8hYhkrWb/fTzgcRhJF6mc34HS5+fvf/0F3Ty+KqiKKYsZlS0I0i0iieNDPEkxab6iiaEm3qoJJMGm2sKk0aVmznY1GYyiKgtvlIs9qJRqLEYvHCIcjhMJhAsEQyUQyK1lVU1NDRWUliixr7mCipiMbjURJp9PZpFcQBFRVIRLWEnSXy8W8efP59yuvMBMMaJVjq1VLYFHBZDIRjUSyFWxJkkin0wQzLR86Ojo6Ojo6Ov8pTC2rnIB0Ok0kHM6K5oNWgTWZTITDYaLRGBaLhM1uQ1EUopnEczIeevhRPCPDiKJIR0c7w0ND+P0BDBgIBAOMjnrw+wOYTCZCoRCxaFTrbxWMrDlhDaIksnnzFiLhCE6nA4NBs4E1GDVlAaMgZHVfDQbDQeoIY0NbsiwjZ5LXREIzHbDZ8jAKRrxeH4FAEK/Xx4jHg8/nx+fzYTAaCQZDBAKBrFGBYUzxwChgdzgIBAKEQqFMAgtms0gikSQc0fpQY9EoDY1z2LVrF4nE1J3L3ozX59eqvRn1hLF/k7GeW1QVUZyaLu/R5kjIhh0JNPk0vRqto/N2I8uy/r6go6OTkxklsMlkio6OA6iKQjqtOVcZDAbKy8oxGg1Ziab8/AI8Hg9er2/S8/X09vHIww9htWrSV5FwmL6+XkZGhnE4HfT39SOYTHg8HvILCohGIiSSSdz5+bQ2N4PBwLp167jg/HOZXV+HwWAgHI4QiUaJRrQWBqPBgKoo2b5QVVWzhgaA1jIgp0nLsjbcpaoY0LbaI5EogVAIvz9AT28fQ0PDBEMh4vE4yUQCr8/Hrl27SSZTFBQUUD+7AZfLjdPlwmazYbfbM9cprSkdmAQkSUROp1l5/CoikQjJZIL+3l66ursnukyTkkymGM5IccmZm4ZEIk5xUTGxaAxZVlABo1GY/ERvAb/6ze8455wN3H3vA7lCjyp//PNdnHPOBn7ys1/mCtXR0TnKfP+HP+Gcczbwzyf+lSv0qHLHnT/knHM28MBDj+QKPWwi0Sh9/QPs3L2HTa9s5pXNW/n3q1vY/tpOevv6iUSn1nqno/O/yIx6YA0GA2aTObMtrqBkBoLMollzg0oliccT5Ofn095+gGRy8qriQw8/wsjwEPn5BdktdqvFyv59+2iaO5eB/n4aGxsZHfUwa1adpnWaSmGxWAgE/Dz9r39x+eVXEI5EcNjthMMRWtvaOP645YQjEURJayFQVK1FQDbLGIwGFFnRhrsMKrKaSVwNmmpAMpXKVnEjkSjxeJxINEp+vhu7zYacaS2w2fLIs1qxWq1UVVYQj8dZduwy+nr7GB31EAwEyC8owG63EQgEkWUZURSRJIm+3h5q6+oRRZHOjg4EQWBvcytzGhsmvV7jIQjaPclY+0AwGCIUCpOXl/eGfydlslO8ZQwODvHkk4/z6quv0NLSwrJlS8nLy3tLnp/RaMTn8/HySy9zx/duA2DN2rWTHhOLxdmybTvJhNaL/Vagqioup5NlS5dk5dBy0T8wyN7mlqwKxVRYumQxBQX5ucJmjGfUy44du6Z8/YxGI8uWLsHldI673t7RSXtH57R+14kwGo3ku924XE5cTicOpyM7hDpdOrq62b//QFZD+rBRYfHihRQXFeaKnBJbtr2G3+8/ItdrSqhaq9aK444lb6ylKQedHR08+eTjNO/dw6c+ex0LFy5EFM1T1hKfCcaMrvdzzz7LT3/yIwAu/eAHcxw1dcKRCLv3NLN58xbaWltpbWmmt7eHkZFhPB5P1rDHYXdQVV1NVVU18xYsoKlpLqtXrWT+vLlHbPds22s78Hp9OV8LiqJQW1N9WJ9Hb0ZRFDa9splYLJbz574ZVVUpKMhn2TFLcoXq/I9weO/O46CqWi+pyWTCZrOTiCfw+fyoqoogCJkt/4klm0a9Xja9/DIulxuH04nL5WZwcACDwUBneztlZeV4RjykUinisTiBgJ+SsjI8I8PYbHZsNjuvbd/GvU4nG849l4GBQf71r6ewWCROWLM6M4iVQJIkVFVFVjUnLLPZRFqWMQGq0UgymUKRZZKpFKlMcmwSBHr7+tmyZSuhUIgFC+ZTWlKCoqrEojH27z9AOp2mtqaGlStX0NnVzf79+1FVBaNRwDPiwWKxUF5RgSiKpNMpFEUb4IpGo4yMjFBSWkZ5eTm7d+3EYXfg8YxMeK0mIxAI4vF4KC0tQRTNDA0N4/d5cbncSBkLWSVTMX+7Sae1bUK/38fNN96QI/roYzJN/sEQCoX46DVXs2fP7knjjjTvvfh9/OH3v5tyAvvKq1u44LxzcoUdxB13/pDPfeaTucJmzO9+/we+cP3ncoUdxO49zbjmj5/APvLoY3z6kx8fd+1wsFgsuFwu6usbmN3QSOOcRpYuXcaqlSumpZf8xBNP8tFrrsoVNiWe2fg8J62f/OZqqvzfHXfw17v+nCvsiLOnuYX5c5tyhQEgy9p7U09vD5+/7jM5oo8+R0JqsL2jk0cefYynn3qKhx68f8K4sfflUDhEc/Nempv38q9/PQFor82LLrqY0844gw3nnDnhTd1U+dEPf8Tvf/ebXGEArF93Ij//5S+Z29SYK3RS0mmZ6z/7Wf79yqZcoePyoQ9fMeXnrPPfz4wSWFVVNV3WDIoiYzaL2O0ORkaG6e3tY+WK4ygvLyMei9O2bz9LFi8c91xbtm4nHA5TO2sWRqNAQWEhsVgUp9OJ3+djz+5dKIpCa0sLDqeDzs5OHA4ngwP9mEURWZYpKyvniccf4/nnNlJWVo7RaGTRkiWkkkkkSSKZ+a/2XBXSsoxRMIKqoqJqLlnpNMlkEkVRsNtsGAWBl17exIMPPEAikaChsZEdO3bwzNPP4HK7MBgMJBJaYrx923aSySShsDbUlUqlMJkEzGbt+QmCkOmvlTGbzVgsFvr6NHvXvr5e6urrqaiopL+/j46OznGvUy56+vrwjIwwZ84czCYziUQCn8+L1Wolz2ZDEDQL3Hg8dz/y0SYUfGcNkI2cpz3YAAAgAElEQVS5yE2EYBJoaJyDxzPC0NDQpLFHklAwSCKZwJK5AcmFzZbHokWL2ZXRR54KD9x3Dx+49H2UFBflCj1shoaGuf/ee3OFZXHYHSxesgTzJBUnh8PBggULj9hNRTweJx6PMzQ0xKZNL2UfP/HEk9hw3gVc+v5LpnSN7HbtebW2thz2zaLFYqGpae7rw5hHgKKiImprZ9HV1Zkr9IiSnGJPvyzLU5ZcfKuYyfMZHBrmz3+5i9/++lc0N+89ZP3d7z6LBQsXMauuDlE0k0ym6OnuprW1hQfuP/hvJR6P8+c//4E///kPnH32Bt57ySVceMF5U65sv5nS0rIp/+089/xGvvzlL/OTn/yY8rLSXOGT0tjUhMFoZPPmV6b1t7H82OMoKyvPFabzP8SMElhRNFNTU8vIyHC2/1UQjJhMAoLRyPDwEKqqYpEkEok4oVAom8i9mR07dlJaWorT6SIWj1FTU83w0BBl5WX09faSTCQwGA00793DsuXLGfV4SCVTWCxWbHk2TbxfliktLScRj1FZVUU4FCYWjZKWZSyZloBEIoHRaCSdTpNOpzEatUEuWVaylUlBELDbbYhmkVgsht1m56STT+Zdp5xMeVkpsiwTCodJJlNIkohFspBKpxgeHsn2+cYTCfr7+xkYGKSgoIDR0VECgQCynM5UpU2IosjQ4CADgwPYHQ7aWlsxmUz4fF5CwcAh12gqxOOJTAIuZ5+n2WxGVVTc+flIkoSiKCQSCe2Ao78rNyGRyPiVjTPOOJOaWbMoLy/H5XLzxidpNAr0dHdnt/3H43PXf4Hq6hpU9Y2tCAai0QhDg4Psa2vj8ccfO+S4cHjySku+283Pf/4zvD4fHs8oL774InfecTsej2fS46796CeY09TE+BfbQCIRZ3BgkJ7ubu677+5DImKx6LTkztauWc2DDz+M1+uju7uHl158kd/8+pf4/RP3oL/wwvM8/sSTXPaB908YM1MeeOiRg5LC8Zg3bz6XfvAyjj12ORUVZbhdLspKJ/7AfM+F57N+3Vq8Xh8trW3cc/c/ePCB+yaMB1iwYCEfuvwKlixZgt1uJ5FI0N8/wPZt23ju2WfYsnXzIcds3PgsGzc+y+OPPcoNX/kKJ647YZwzv855557NmtUrCQZDdPf0snHjs/zf97476TGgJe2f+dz1rF6zhoqKMlxOJ+VlZbkOmzI333wTn/jEx/GMetmzZw93/flPbNz47KTHnH/BRZywdl1my/fQ17AsK4wMD9PX18uLLzw/bnLsyzg05kKWJza9OfvsDdTMmkVxcfEh7wsGg5G9e3bzq1/+fNxjLRYL13/hSxQWFh3yvhCJROjv62VfWxtPPfXkIcdOc6c7y8OP/pMf3HknTz99aC/vpR+4jIsveR8nrjsBh8N+yHoikWT7jp3cd999/PwnPyb0ppvrRx55iEceeYh/XfZhrrv+OpYsGr8wNBk3fuVLXHPNVQwMDPLCiy/ylz/9cdKb3vvvu4eioiLuvPMObHl5E8ZNhiia+cmPf0QoHGZkxEPrvn3864kn+PWvfjFuvNudz+eu/wKnnXYqlRXluN2uceN0/jeZUQIrCAI2u53OznZSqaTWo2TQ9FUdDifBYAhZkXE4HLjcbnp6evD6/If0cwWDIQ4c2E9paRmyouD1jNLQ0MCO13ZQXl6RTQDldJpQKEjz3r3I6TTJZAKDwYBksVBaVkZL817cbjeiVMoxS5fR1dnJ8PAQqVQaURSJxeOEw5FsJUuWZVKpjBKBLKMoSqbv1oJZNJNKpTGLIieuP4FUKk0oHCYcDiOKEm6Xi3g8QSwWY+v21/D5fAiCCa/Pi9/nJxIJZ4aykoyOjiJJIslkEqNRwGq1YjAYiMWi9PX1UlhYSG3tLDwjIySSiUySf3j/NF3d3aiqQllpKYIg0N7ejqpog2oOhwNJErP6vUC2reDtIBA4OEmvr6/nW9+5nVNPOWnSfswXXto0aQJ77oYNrFu7ZsJ1r9fHI4/9k6/echPt7e3Zx3NNGxuNRspKSyjLaAGvO2E1FRWVXP6hD0x4zPp1J/LNb3xtSv2lsViczVs+zY9/9CPuvvvv2cfb2lpJ5OgffyNWq4W62hrqams4dukSzj/3bJYtP5ZLL3nvpMc9cP/9XHTh+Ydd0ZmMQDDIg/dPnliWlpby05//Imdy+Ebsdjt2u536ulksP3Ypp55yErFolCeffHzCY67/wpf48GWXHvL4pe97L13dPfz2d7/na7fePM6R8OSTj7Nt2xZ++/s/cs5Z7x43BsBus2HPuAouWbyQc846g5KSEr70hesnPAbgu3f8H9defeWkMTOhqLCAosIC5jTC6pUrOP74FVzy3veOWx0c43PXXccJq1dOuP5GWlr38Zvf/Jbv3f6dgx6PTUGBBrRqZ+RNN5Irj1/FDTfeyPp1J0y6bf7HP981SQJr5YMf/ABzGmaPuw4wPOLhnnvv50ufv+6ghNHnm3z4+M0kEknu/MEPueGLnz9kzWF38O3vfo8rPnzZpGY1kiSycsVyVq5Yzplnnsn3vvtdHn304UPi/vTH37Nt6xa++e3vcO45Z41zpokZ+9upm1XL6lXHc87ZZ3HDDV+etMXhV7/8OSWlpXzja7dOGJMLh8OOw2GnoryMJYsXctH557LkmKV88uPXHhJ75w9+NO7fqo4OzFCFQDSLOJ1ORoZHSMS1ip4tz0ZaTiNZJLo6O0ilUpQUF+FwOBgd9Yz7ZjDq8xEMBCguKcFqtTIw0I8gCDQ0NpJOp1m0ZAmVVVUUFBUhyzLe0VHi8XimgmrE5/VSXlFBXl4eDqcTi8VCfn4+ixYvJhqN0t8/gChqlrKpVIpYPE4qlcpspSeyCgqSJJGXZ8VkMmUbzFVFYcQzSl9/P5FIFKMgYDIJxOMJEskEwVCIwoIC5s+bSyQSZl9rG729PcTjCZxOFxaLhXg8RigYQlU1pzGzWUtOfT4/+9pamT9/AWZRpKZ2FjU1tcyZ08Tw8BDBaW6xy7LM8NAw0WiUouIiRNHM6OgosZimY2s2a9cAtH5li8WCw37o3f9bQTQWO+hDzWQy8X/f/yEXv+eCnMleru3IXMleQUE+l33g/Xz/hz/JXg+A8GFo4p55xmmsPH7VhOvFJSVZe+RcWK0W1q1dw/d/8H1OOeXU7OPRaIzoDKeRL77oAt578fsmjbn/vnt47vkXJ405XJ56+ln++c9HJ4057fR3Tyt5HY/S0hJOfte7Jlx32B0snqCNCaC2ppqv3nITv/jVbyeM8Xg8XPWRy3ll89YJY8bjogsvoLqqesL1Fccdz3nnbphw/WiweOEC1q0/adIYt2vqVa+5TY1859vf4OOf+PRBj/sDU9tRSqVSB1Vgq6uq+e4dd7Dh7Nw9n2NSjhMx9hk1ESXFRXzs2qu484c/PujxMW3zqRAIBvnSDV8ZN3ktKirit3/4Ex//6NXTclo8cd0J/OY3v+YjV14z7vqePbu56ILz+OWvfzfu+lSZP28ut9/+XZYfe9ykcd/8+lePqGKL0Wjko9dcyXnnX3jQ4xvOPZ/3XfyeCY7S0ZlpAiuaKSgoIBQOZT9gnS4nqWQKk2DC6/USi8WRLBJFRcXI6TT7D7xe8Rqjv3+AYCCA260lfL093TQ3t7B61UpE0UxTUxOVVVUct+L4bFKYSqWw2+2oqkokEqagsICi4mJAU0dwOOzU1tZQXz+bvXv3YhIEJFFEMAmkkslsL+rYVP5Y9U2RFWKxGMmE1g+rmRbEM0oECbxeH55RL57RUdLpNKUlJZSVleD3B+jt7cPhdFJfX8/cuXOz1U6TyYRgMmXtbMcYU21wufMRzWbKKyqorqmlMvMh19q2j+nQ1z9Ab08PFRWVFOTnE4vF6enuyf5MFVWz0TUakRWZxsY5425fvRUkEkkSb/ig+sQnPzPtCsJMOeesMw76oE2lUtPWn3Q6nVTX1Ey4rqrqtKenK8rL+NgnPpH93u/3EQgGJzkiN4Ig0DhnTq4w7r3nXlLT6EubColEkrv/8Y9cYVRWVeUKmRK1tbMmXHM4HUhi7l2Hq6+8nG9+e+Iq/9DQELffdtuUtK3HyHe7WbBw0YTr1TU100oWjxS1s2ZNuj5du2lBEPjsZz9NQ8PrAz/hKQ5CxeJxBgcHst9fde1HWbtm4hvEo8GHL7uU973/9V2V0RwtQmPE4wluvPEWvn/n98Zd//4Pf8JFF5w77louSktL+O5t3+b9l46viJBOp7nmqiv4ze/+OO76VJnT2MBHrhk/UX4jn/jYNdz/4KEV4cNFEARWrT5412zR4sVI0sHmQzo6b+SwEthAMJiVOios1AYaxixXbTYbRqMRwWSir6eHltY28qxWGhpmE4vH6e/vP+R80Wg027xfWlpKUXEx/970MoJJoKmpCZfLxZymJpqa5rB8xQrWrF2LxWrluONXMn/hQtLpNHabHXd+PmrGgUuWZZxOB4uWLKa7u4u2/Qew22xYLRYwGFAUbQBNUV7vfU0kEprEliyTyCS5FosFt9OpDVIYDMTicZLJJHlWK5IoEggEGBkZxR8IUFJSQlV1FQUFBYQjYU0qBANGoxGzWet5NRoN2T7gnu5uhoYGKSoqwp1fQHlFOcXFxdjtdoqKi9myddsh12oyevv68fm8FJdo29yBYJCuzk4sVgtyWsZhd2CxWFAUBc/IMGVl5VRVVgJkr8NbRTgcJviGpOyCCy+YJProceFFr9/1h0MhYtMcbrNYJOwOR66waXPG6aey4dzzs9+PaSrPhKmoGPzjb3dpMldHkBdf3sTf/3ZXrjCMU3Try8WYhfJETPWG4pqrr+Tkkyeu5t5779088tjErQpvZmyHaCKcbveUB/WOJHmH2c84GbPr67j0g5dlv5/qDkI8nsgqsLjd+Vx4wet/A28VgiDwnvdenP0+lUxN6b3xu9+7gx//6Pvjrn3lplu49H2Tt/DkoqAgn69+9auT7vhce/VHePzJpyZcnwqrV62kqCj3oOJnP/0pXto0M9fIN1L2puGwiorKCSJ1dDQO6xPjmWef4577H+TpZ58jnZE8SSQS2a1di9WCwWCgf6CPA5mKa31dHXabjf7+fka93oPOF41GUVWV7u5uKisrqKmdRVtrC9u378Dt1kwAKsrLycuzsWTJEiTJwrtOPY0DB/Zz0YUXsmrNGq2/U5QQBIFgMEhraytGg5H6ujpqa2exbdt2YrEYVqsV0SyiqIo2+KUopFIpVDXzO2S2nw2AJGr2s2bRjN1mw+10YrfZEM1mDAYD/kAQr8/PiMejDXvZ7ZnJ/2TmTU/7oBQEAUmyIAgCBoMhq3TQvHcPNdU1FBYVU1paisvlJs+WR01tLcXFJezfv29Kb5xjdHZ2oqoq9fV1gJbQjowMYTQKCCaB/IJ8DGhahK+88m8KCgsZ8Xho27efZze+kHML7kgSTySyQ0Ubzj2fFcuPzXHE0WH5sqXZratoNHpYDmjiFCp60yXPauXU007Pfj/VBGAyxvK2oqIiHPbxk+5QOMQ9907eqzpd7v6HNphWXVXNZR+6fMI49QhNFI793c2UwoICzt4wecXssUcemXLF2mAwTKp9aZiqOO4RZjrvMdPhrDPPzL7OJhsgfCNjChAA5194EXObcu8aHA3Wr13DqlVaRTAcCRNPTN5+8Ld/3MstN31l3LW1a9fxyY9/bNy16dIwu47PXj9xH3U6neaWG2+ko+vwjHAACvLzaZidWy6rq6uTz193HfvG2VU9HFxv2n0ozuyo6uhMxGElsCeuW4tJEHC73SQSCUwmE57hEZLJJG63G6s1j3QqRXFxCa0tLQDMqq3G4XQRDofp7Oo56HyRSISGxkY62ttJpVLMmz8fSbLw8ksvEY3GkEQRu92OxSJRWlJCdXU1SxYvYvHixciKwplnnkme1YLf78dkMhOPxXj5xRfxjHpxu13MmTOHeDzOjl27EYxGLBYJVVExGAxYJIlUShsIkxUlW3kVTCbNBlYwImRcq8aS3TGHq2AohMFg0ITPXS7sdhtWqxWLRUKSJMxmMyazCavV+gb5Lk0X1+Px0NraQm1dPQUFBRQWFaEoCgaDkaKiYiwWiWgkSnqK0+c+f4D+/n7S6TTz5s0FoKWlNVvlNBqN2O0OTGYzfp8fq0WrUj3/wkvsP9COxWp5S7drYrEYvT3a6+C4Fce/pT/7jVitFo5drvV8DQ4OvK7OMA2OVOL1Ztasfr3SMjxyeLrAb2Qsd1owfyHXfHRi7dS/3fVnDrR3TLg+HbZu38Effq/pNp559gZWrlqd44h3FiesWT1hsg/wwvMbGRoannD9f5n58+dy/ErtNRzwT60H9o29sscdt2LmRhCHSUFBPqvXaP3Y8Vhs0hvbjq5ubv/OtyZcv+zDV1CaGfw8Epx/3gYu/8jEGsOvbn6FO+8cvxI8FWw225R3lTZteokvfeFLDI9Mrc1iMhxv+pku18x0bnX++zmsd4f8fDfBYIjammq++51v8fgTT1FZXcXw8BB2u0OzTJXT2O12ujo78Pk0CZXGxkbCoRC9vb0H3fXbbDZmNzQSi8XYvXsPDQ2NFBUXMzjQT3t7u+aSNfZGZjBQUV6GyWRi6dKlBINBotEogWCIwcEBIpGwZkMbCXP/ffdiEkxUVpRTWlrK0NAQg0PDmE0mzBnNPbPZjNVqIS3LWm9sOqNGYDS+LrGlyNlBr7EBr0QiQb7bTd2sWioryikqLMThcJCXZ8VisZCXl4fL5cLhcGAymTN9tmMyXSba9+8jmUxSXFKSlSALBAKkUikCAT+iKOF0OjGZcm/7AnT39DAyPEJpWRmzarWezObm5ux1TsQT5OVZCYfD+P1+vnfnD/je927n4vdcQF9fHyuOe2sroJFINDvpu/xtqr6OsWKFlsDu2bObcPjwNR+PNI0N9Xzz27dx2+3/x4rly3OF52RsaC6RSHDa6acxb978ceO6ujq5/4EHx12bLvfcc092KGfDuRuwTGN45Z3ArFm1E14ngPb29nH7+nXAlpfH+z/wAW756tc5491n5AoHOKit6PjjJx8mOtocs3QpAG1tLZNqwf70pz9j2/bx271WrVrDhiPc2282mfjAByZWPgH40Q/uPPxWgje02FRUVEz6+ge47767uenmW4jFxpc/mypm88F6zxbpyO9s6fx3cVgJLEBjYwPPbnyeWCzOKSev55tf/xq1tbXs3LkDu1Mb5JIkC/39fTS3tgFwzJLFqCr09vYSfMPEt81mw2QyMaepiT17diOYBEpKtH6YkREPQ0NDtLa2ab1rqkoyoySgtQq0kU6neemll/COjuL1eCivqOS6z3+BTS+/xAMPPojL5aSmphq73cHA4CCpdBqLJKGoCqqqYrfbEYwC8UQiqxUbCIa0aXZVRZZlFFUhz2rNKhkUFORTVFSYHXDIy7OSZ7UgSRKiWUSSRGw2Gw6HA7PZTCqVIhKJIAhGQqEQu3fvoqlpLpIoEo/H8Hg0u9loNEI0GiMcDuNwOqdcgWhr2088Ead21izMJhM+n58D+/fhdrtRVQWr1UpPTw9bt27j5JNO5OorL6eqsoKt217Das07bMvMwyXf7ebGm2/la9/4FsuPXZYr/Khy3LHL+Nkvf81df7v7kD6stxO73c6Xv/QFvnD9Z1kwf26u8JxEI1obQp7NxvJlSznr7Ikn3u+7554ZV1XaOzr5618016dTTz2dk09cj2ieuNL+dm2hT0ZBvpviksmrZ3oFdmIu/9AHufXmGzn91FNyhQJQUlLCV266hdvvuJPG2RNLXr0VnLh+LT/7xa+4/Y47cU5Qkdy8ZRu/+OlPxl0DeNdpp0/J+GK6rFm1kosumryn9g+//z3xHMoLuaitreOb376NZUsnf4/+5c9/yre/k1vneDKcDgcVFRWA1v/85oqsjs6bmVp2NA6Ns+vp6OggFAoRjydwOOxcecWHOfvsszPVS+3L6/WyNTOMNGdOA5IkEQqF6HpDG0FRYSEjI8PMmzePwf5+hgaHcOe7UVWVcDjE6Ogoe/bsRpEVevv72bdvH8FgkK6ubva1tfHqq5vZuvlVrcfMaMBisXDS+nXcfOvXeOKfj/Hc8y+Q73bjcNhRFRWfz6/Z2woCkWgUkyDgcNgJBIL09PbS29dPd3c33d29hCOaiLwsK9kp/ny3C1EUCYcjxGIxEvFExsTBpP3ughGTyYTJpFnoKoqmbCCn07jcblpbmvF6R6mpnUUqlSYei7N/XxuCIDA4MEB+vhazZMniiS7/QXi9PrxeL6FgkOMylbp9Bw7Q39eLKEqk02nybDYKCgq59pqrWH7sUhRFwefzs3PXbhYumPwO+2gwt6mRr3/1Fm76yg3Tsug8GuTnu7n2qo/wvosvIv+/VCg7mUxldXdNJhMWi4UzzzpzwvhNm17i0cf+OeH6VLj3vvuzovYbzjsfi0WadEhpJo5HRwtBECicwkCLzpHh+OOO5Rtfu5XrP/eZt00hZYyqygquvfpKLjhvA07n+MnUP/5x9yEmA29k/fp1E67NBEkSOfX0yavaf/vrX3h185ZJY3IxMjLM2hNW8/VvfRuLZfLdk69/7RZ+8rPxDQmmglk0Y87c4ErS65KPOjoTcdgJbFFRIdFohEgsRjgSIRqL0dc/wJpVx3PLLTez/uRTCIdClBSXsHfPHhIJbXJ/TlMTnhEPB9rbs9vbdXW1RMIR8vJsFJeU0Lx3D4lMNVRVoaWlBUVRaGltpburm87OLsLhMDt37qCj/QAvPv8chUVFGWktR7bn9KILzuVTn/kcjzz8MHtbWnA6HciKjNfnI5FIIIoS0WiUaCyGRZKorqrCYrEwPDxC27599PT20tc/QDgSQVEUkslU1qwhltExjccTqKqarZSmM3JcRqOAqmpDCYlEPNsuMOrx8OLzz7Hi+FXZau6B/fu0obf+PjAY2NfWRjAYZO0JU+sXbGnbh8czgt3hoGlOAwCvvrqFWDRGMpmgsqqa6z7/eT7xsWsQRTOxmGbokEgm6e/vO6L9WTrvTNJymlhUSxA1lY40q1cez9mTVGHvv/dewoeZVA4Pj2RtY+fNm885Z2vJ8mQCANNVgHiryKVacLSGoHTe2XR29XD3P/424frK41exYP68CddnyglrVlE6iUsdwD8fn7pKxkSEwxHOPOM0brv9jlyhfOJj13LfAw/lChufN/ydje166uhMxmEnsEajEVGU8Pl8WQkmj2eUXbv3UlVZwY1f+RIXvOc9JBIJOtoP0JJpI1ix4ji8Pi9DQ8P09PYB4HI6KSsv14aaamexr62Nzo4OBEEgFovRfuAA6XSaza++QiDgp6+3h127dtGZGfoyGAw4nU4MBq1nVbJI2d7Riy44lw99+MM8t3EjHs8oFkkiHo/jDwQwmQTMJhPBYJC0LGO1WqiurmLZ0iXU1tYyPDxMT08vA4NDxOJxFEUhFAppDmOykjVDUDPXI5lMZkWv0+k0kUiEUEhz75IkEZfbxY7XXqO4uBij0Ug8FiMWixKJRFBVldbmZkY9Hv5611+48qqrpqQJGY8n6O7uYXh4mLlz52G32YjHE+x4bTuJZII5TfO4+eabOeWk9Xi9Pppb2pDlNPFEglA4TCqZoiA/t0uUzluDPxDghZc28eLL/562kcVkJBLJbAXWZrcjWbShvTPOnLgK+/DDD7LxucMzNnjokceytrHnXXAhtTUTC/iP8U5sIZBlGd+bVFPezNshffVOJZlM8crmrTz/wkv/9a0VTz39zLi2uWPMW7Ag69p3NKivq2PV6smNP1564flDVH+my9iQ6qc+8TE+/8UbckTD56/77GHJazmdTkozrYPFxSVvm8mOzn8Oh53Agta72tfXj8NuJ51O09BQz67du+nq7sFus/H56z7LFVddxb59rbz08iYAFs6fR2FBIR6Ph+aWtuy5li49hp2vvYbHM4LRaMTv82E0GmlraSYUDNLW0sJAfz+vbNrEqMdDZ3s7NpuNktJSKqqqcLncKIqMWRQJBoMHVY4uOG8DZ5zxbl5++WWCIW3Iy+fzE41GsVqtpNJpItEoBoOBeCxOKBxhbtMcZs+eTSgUxOPxMNA/QCQSychnBQgEgxkr2hTJZBK/P4DP789UapP4fD683lH8mceqqqro7uyipXkvoigRj8WyWrnWvDy2bH6F9o4DjHpG+P0f/8RZ735dQmkyDrR34Ms4mZ1ysuaos3tvM69t28a7Tjudb37ja8ybO4d4PMFTzzybTSQsmVYOzYHs7VEA0DmUZze+wLoTVnPqKSdlb/COBMlEgr6+XkCTc1IzUlNnn3XmQYLzb+a+e++ZdoUxHIlw/733AJoH/XnnTU28fTKJqbcLnz/AcEbWaSKqq3Mn5/8r9A8Mcu45Z7F+3QlsemVzrvD/WBRFYeuWybfn6+rrJ12fKRaLxPwFE7vKAbzwwvPs3tM8acx0+PINX+QDH/jQpDHt7e3c8MUv0LZv/6Rxb0Y0m7PW5o7MTqqOzmTMKIGtqKhgZMSDKSPSn0wkmTVrFn/929+zzlZXfeRybvjKTWx6+WV8/gAWi8TKVSvp7uqkt7eXwcxdut1uZ3TUQ29PD6IoYrFYUFU1m2QBhEIh7A4H6XSa+tkNCCYT8+bPp7ysHIPRQCyqWaaGQyEGBrQPnbEP33POOoPVq1ezZ89u4hkzguERD6lUCqPBSCCgJb0Wq+byNTrqpbFhNpWVlSSTSYaGR9izt4WBQc3idXh4hOERDz5/gMGhIQYGBwkGQ3i9XgYHhxgZGcHn86OqCpWVlaTTMls2v6opJEQjpFIpdry2nVAoyI7XtmE2mSkuLuG6z39xWo5U+/YfYKC/n6rq6mz7wFNPPcXqtWu59eabsu0BDz78KGazqA2vKSqSJOH3B7LuZTrvDHbt2pkr5LCIxRNZ2TKny4UoahO/tTXVnHvexCYSf/rj79m8dfuE6+PxxJNP8dhjjwBwyfsuZfmypTYKfmIAACAASURBVDmO0Egmk9NOlo82Xd09NDfvnXB91ao1zM7oLuvArt17sjqu/814Rr1seXXyKmNNTe2k60eCuXNzD3fu2TPx63e6uF0uvvq1WznppJMnjXvhhef54henJ6+lqmr2719RlJytOzo6M0pgy8vL6OvrQ5G1Cf38fDf1dbMYHBjk0X8+kY278ooPc9yK43jp5X8DsG7tCSSTSaLRCHv2alJPD9z/AJKkNYnXzJqFJEkoioLFaqUsY2JQWVlJTU0tDocDd74bURSpr59NSWkp7fv3k0wmUBWFYCDAzt27AQ6a4j/zjNNYsWIFHR0dxONxfD4fPn8gay4wPDxCLBajsLAAg8HAqNeLw27HaDSSTqfxeEbYuXMn7R0dDA4OarJcg9rX8PAIIyPDdHf30N3dhcczgskkUFxcTCwWZ++ePQQCWjV2dNTDnj27MJlMJJJJyssrqJ/dwNx581m2dAlTpb2jE7/fT2dnB6eeeiqgaRKGw2FuuenG7ODBgfYONj77LE1NjUiShNPpwGw2sW/f/mn3v3Z0dvH4k0/z81/9hr/89R9se23HjCdddTTC4TAvPv88oN3QHUm8Pm922OTNW/Vnn3P2eIcAWivMPffcM+H6m0kmU9z7hvgN5543ZSWNUDBALD4zKZ4jzY4dOycd0lm95oT/2sG/w+H5557L/v87sKB+xNh/oJ0tWyevMBcfBfWBN1NVldutqrurK1fItKivm8W3vnPbpJbNAA/cfy8333zrjOW1dHQmYmqfLBNQXlbKqMdDKpUkmUyRSCQpK/3/9s4zsMm6e8NX9mjTvXdLW2gLlL2HMkSQISAI4t7zdYB74F7gABW3oqCvyBRE9t4CbekAWrr3btImbXb+H1LKalPK8O+rub5A8jsZTZ4k5zm/c+7bj7vuvpM1a9acI0p93z13U1hYSGlZOb4+3vTrP4CszCy0Wi2/rljNiRPHUalUhISG4uLiQn19PRGRkQQEBNIpOpqGhnq6dk9EKBQSGdWJhvoGPDw9CQwMoKysjLq6OrsjkkCAXKHgVFYWulbci64dPpQ+ffpQVVWNwWCkuroag9GIWCTCYDBQWVlFo64RiVSCzWqjSa/HZqO5V7WRqqoqTp44yfHjJ8jLy6e4pJji4hLy8nLJy8unrLQUvd6Au7s7YrGYo0eOkJebQ01NNSajqUXn0GAw4qJ0oVv3RHx8/Vqkei5W+85isdgrwmVluLm507d3L4xGEzt37eaOO27Hy8uzpXL99TffMWjwYOK7dEYsFmEym+1tGuq6lp6j9sjJzWPO089x3ejRLPz4I/bt2ctvq1dx5+23c9NN01i+ck17d/GvRNhsnNEeWq2WDz9eyJYtZ078riRne9GfL0/Tr29vpkyZdv5NWli+7JeLdtvZu/9Ay2DLuHHjGT3q2nZu8fdFrzewYf3vDmMcJf//FBTtTJ+fZtnyVSz+/pv2wv4RFFyE05WbA9vgK4Wfr2+L9FRblJSUtPwWXCkG9OtzUUNdX37xGe+8N+9vt7Pi5J/BZelU+Pr4UF+vobS8gvDQUNRqNeWVlXh5ehIfH88vv67gwfvuAeyOR2OuG8WWrdu5bdYMxt8wlq1bNqPT6di3dy9+fv40NuoIDgkhIz0dbx8fojp1oqGhAalURkN9PQEBAVjMZjw8Pamprqa8rIz1v6+nvLwMq9XSkgQqlUoqKipIzzhB/1YE+gcN6IeLi5LMLLuZQG1tLW5ubkjEYjT1dlkwN5UrcoUchVyOq6sLQqEAs9mC2WzCYFCjUeuo12haHEt0Oi36ZqF4q9VGYX4+FRXluLm54e3jQ21NDQD+fv54eHpy7Fgynl5eiEQiREIRvr5+lJeVIbjIatWp7FzUajXpaancPGMGCoWcDZu2EBMdTUwne++VSCRi9559mE0mpkyeSF5BITKpFHd3NxobG6mrrbso3dPde/dzz1130n/AQJb89DP9+vRqqaoVl5Tyy7Ll3H7rTI4ff5mXXngWkejizBf+DVRVVfLd4iWIRKILtsSEQgFNTXqKi4s4lpLCurVX7yRAc9ZA2PnVXaVCwbjx41m1avn5NwPsxgarVq3h2aefanX9NFarlZUrVmButlYdP3ESri4uDm/zd2bd+g2sWPFrm+v3P/AQQwe37Uv/T2HNb+sIDAy8IAkSCgUYjSbKy8vJPHmSpUsWt34H/0AqK9sfUPsrero9PNwJCgymtLS0zZiGhnqMRhMKxZX9Xr552hQK53/IM3Mcfy+88dor+Pn58ejDDziMc+Kko1xWAuviosTbx4fS0jKioyLx9/dDIpGwd/8BysrKSFm/nqmTb8TXxxuATlGRJKeksn3nbkaNuIaBgwazc8cOrrn2Wvbs3kNoaBgCgYB6jYZ+AwYglUqRSKSIRCLMZjNFRYX07z8AnU6HTCZFra7Dx9eX2toaKioqiOwUjU6rRSgUgc3Gvn37iesce46G3+kzwcRuXVG5unIsNb2lKiqTyVAqFKg1arRaLXK5vFmLzm7/6u3thVQqRal0obFRh1qtpqK8jKamJoxGIzqdDkNzf61IJEKhVBLZqRM6rZby8jLCwsIxNyfgAQGBCAQCqquqCAoORqFUkJubQ21tXbvC10ajiVPZORQXFyOTyxk18lpOZp6ioqKSsWNGt8SZzGYWL16Mh4cnv61bT98+vQkJDsJqsaLR1FNXV4unp4eDR7JXXu+5604mT72Jt958naqqalLTMjCajEglUmJiOjHnqcfp168vw4cOxtPTg/88emV8v/8J7Ny5g507d7QXdtXRnLUbIhBe+MM65rpRJCR0JSMj/YI1gN9Wr+KuO293eGympmXwc7NxQUJC1xbprP9FTuXk8smCj9pcj4uL58knn/xXnKy1d+Lyb0SjUbcX8pfg6emBRzsqMpUVFZhMJhRXwQXviccfo7SklI8/mu8w7rFHHiQoKJApN7Yt2+fESUe5uHJfG4hEIoKCgsjOzsZgMFJcUopAKGTi+HE88vBDKBQKfvrZvp14OnEcM3okaWlp1NbWMXPGdPLz8tDpdERERuLVnCCKxGK8vb2RSmVotQ14eHjQo1cv9u7aRUpKCgKBgODgEPr26095eRknMjKoqrJbxPr7+6PXNyGTyykpKWb7zt3nPOfTBgtWq5WoyAgG9O+LXC6nTq3GYDDYq64KBY2NOurq6qhoHtCqq1NjNNolu+w6mnZJLZ1OZ5fPMhqx2eyJrqtKhb9/ACEhIXh5eVNSUoJCrsDbxwer1YrKzY2AgEAaGuppbNShUWuQSmXIZDJSjrU/xJOSmkp9fT17du1k+vSbkUml7Ny9m1Ejz92u3b17H/v37mH4NcO55eZpxHSKQq3WYDKbKC0rb7HldcSnny4iPDyCV15+EYlYzGuvv8F/HnuU+e/P4+k5c5g4YRLbd+5m2JBBfPn1dzz+2CNkZec4vE8nfz1a3ZkWAi8v7wvWQ4KDmDDpxguuP82BA/v4fb1jY4Nlv/6KWl0HwJSp0wgJdry1eT41NTV/Sb+crJ2WjiNHk5n95FPs2XPud8dpPDw8eX/+h3Tp3LZ6g5N/Nqdd7f6/kUnbF/xvbNRdNU1ViVjMyy+9wNSpbbcgnebp2U+y/xLktZw4aYvLqsACxMfHs2PHTiwWM2azhbT0DNRqNX379ObpZ5/l3bff5s47bkXl6kplZRV+fr7ExsaSnJLKyBHDmT5jJmtWreS+Bx4gJTkF/8AA/Pz8KCwoZPCQwaSlplJaWkJs587I5QqOHP6T1JRku1yWRoNaXceJE8dp0DZQWVlJ585dMJnMGPR6ZHI5R44cplNUJN26nnGbOnvSMTDAn8GDBnD4SBI1NbUIBAJcXV2pq1OjVtvPsqVSCRazuaXX1273qkMiluDl5Y3FYkar1WLVaBCLxHh6eSGXy/H186OpsZGa6ipcXF0RCkUUFhYQF5+Aj68vmSeq8fTywoYNo9FAfEJXcnMd9xqWlpWTn19ASkoykZ06MXLEcNLSjxPgH0BIcBBFxSV4erijVCr58ccfmP2MXdVg/4FDNOn1hAQHExEexokTJ/DxcaxAUFxSyrdff8lnX3zVshVcV1PDrNvu4PZbb0FvMDB79hyWLl3KiGuGMfPmaSz6dCF//LGR2P884vC+/y0kJHRlxMhRrbaGCBCgVtdRWVHBgQP7W5K/q0G95ozHfFs7mzfccAPvvv1m64vAmtWrmH7T5FYHzHJy81jx6zLA7vR14+SLk846G4vZfNUnjxvqGzh6NBlPDw9cXVxa+pO1Oh25efn8/vt6PvtkQZtbsgkJXXnnvXmMH3dxMnf/BO665z7c3dwvSIIECGjSN1FZUUHmyRMO1Rr+jVz9BgKw2mztfma8vLwQCa/eToGXlydvv/M2JcXFHDx0oM243NxcXnrxBb78+uuWNjcnTi6HDiewlVXVKBVylEolQqGQwQP788Pixdhs4OnpjreXJ8dPZvLlV18jEokpKipk89btXD96FEeTUxg7ZjT9+/Vl0+atNDXpuWnqjWzdspmUlGMEhwSj0dQTn5BAelo6SUlJyOQy/jx4EDd3d1QqFb6+fjQ01FOv0aDX6xEKhYSEhnLixHGOHv6ToKAg3NzsPZ4ABoOBTZu34O/vd872p81ma+lR8nB3Z/CgARxLTSc7O6fleolEgl7fREODAaVSgc1mw2DQY7FYUSpdkMlkGI1GNGoNZrMZiVSKn78/ErEEGzbc3d3JPHkSmUyOVCrFarVQVlaG1WbFPyCAmupq5AoFLkoXysvK8Pb2cag5abFYOHDwEE1Neg4fPMhHCxYgEgo5lZ3DgP59Aft0bOfYGE5mZXPy+HH69e/Py3Nfo1v37gwbMhiFQo5AICA5KZmx48aec/96veGcgaPMzFM0aBsYMKBfy3VCkQihUNCsJWptdhyzf4GqVK4MGTq8XX3EfxNxcfF8/NEHDifx9XoDJzOz+Pjjj/lh8Xdtxl0ODQ1nElg3t9an5vv27sWMmbP45b8/tbq+bu0aduzay4QbLrSwXLV6DdnZpwC4+9776dG92wUx7dFaa8OVpkHbwMybb6JP7750ionB09MLgcA+6LJ50wb0DlQQ7rn3AZ544nG6Jlw9d6W/I7OfeoqE+LblmoxGEyVlZXz/3WLeeH1um3H/JBRKZXshl+xid6Xx9PRGIpG0F3ZZxMZE8+68edw8bapDGbUdO7bzwnPPs+jzRS2thU6cXCodbiFISj5GXn4hSSmpZBw/SX2DFovFQvrxE8hlckRiEf379ubxxx7F189e4Vu7Zg2ZWafIbt5a9vH2wmq1UllVhUKu4OGHH2bt6pUoFErMZhNarRahUMDRw4db3KkyTxwnJSmJ7KxMSoqL0DY0YLGYcXFxxc/Xj6CgIIqKiyjIzwdAoVQgEAhQKJRUVJSzZev2C75QTCYzRqMJq9UuAzawf1969kjEYrGg1TYgFApapL00Gg0ajQaj0YhEIkEmkyFqVi4wmoyIJRJCQkJxdXHFarMil8mxWCyUFBfh5eWFVCajXlNPYGAgtTW1uLq6EhgcTFNjIxKZlNKSEgxGA+4OJHmOJKVgsVpZs3oV4yfdSPduCajVdkex060AtbW1lFdUsHrVapKSj5KXm8fUKVOYPnUyXp6eyGVyauvqOHL4ENHRndDqdOTk5rF3/0Gyss8Vnm7QalG5qpCIz3z5ubqqWPLDYm699TamTJ5CeVkpt91+W8u6r68vpc2C+U7sJ0pms+MJYLlcRo/Ebrz++mt069bdYeylcrYKgYtL6z++MpmUcTc41iBuzdigoqKyxTYWYNKkSRctnXU2AoHgqg++nN5uPXL0MMt++ZkvPv+Uzxd9ytrfVreZvN562538tm49iz775F+XvAJYrI6PX6lUQmR4GK+/9gp33Hm3w9h/Cu4X4ZJY3Ty4ezURXsRnxsPTs0X3+WoyfOhg3p//YXthrFjxq1Ney8kVocMV2G5d4wlsnlyvrqnFbDbz8COPUF5ewbYdO1GpVCjkcuLiOvPgffcQHxfHKy++yJKlS4mK6tRyP+Fhoc1b3/706dOLKdOm88vPP3H3vffx3Tdf09jYiNVqQd+kRyKVoHJzw8PDA5vNRm1tLY06HRKpxO4kJZcTEhxKbW0t27ZtISg4GC9vH4RCAdhsqFQq0tLScHFxYfSoa3FRKjEaTQhFQswmMyazCXlzQto1IQ5vby8OHvqT4rOckKxWGxaLvRHeYrFgsZgxGo3YrDYkYgkKTwUyuYzGxkbMZjNyhZzjGRnNg2Z+SCUSDEYjUqkUfVMjOq0OpUKJwaCntqaGoqJCMjLS+eSzRRe85mAXVC8tLeVYcgpCgZBbZ83EZDKTm1+Ad7OaAdh7fNeuXceundv56pvvuOsOe3JZW1tHSWkZQqGQjBMnGH7tCDRqDSajETc3N3r1TKThPOtSmUyKyWzCdtbWoV7fxLjxE+jevTtTJ09i4+atDB86uGVdq9Pi7uF4MOzfxsVKyISFhjDqujFXxcygoeHMe+to8Gj0qJH06d23TY3LX/77Ew88+CAD+vVpuW7d+jO2sRMmTGLYWcfD+Tja7iwqKsJguLqawoEBgbw7/wOMBiPJyUlkZ2W1mC6A3QGoT9++hEdEktijJ0MGD6Jnj+7/imGttmhvi/psrhsz5qrtIvyd8LsI/eyS4qt/It+k17fYl7dFYFDgJZ1QXgq333oLhYVFvPzicw7jvvj8UwICAnj5pef/sufm5J9HhxPY4KBAjqWmk9i9K7rGRpqamloSGJPZTFFRMXVqDQcO/olYLEalUjF42HDefvM1Vq7+reV+oqM78frrb9IjsRseHu48+MB9HEtJYf/+fcycNYtPFy5EKBTgqlLh5++Pj68vZpMJk8mEWCKhID+fyooK/Pz9UanccHN3JzIyihMnjpN18iS9+/WzKxjIxCgUCsRiMUeOHEYulzNs6CAkEgkGgwGxSIwQIY2NTUilUmQyKYEB/oweNYKUY2kkJSWhax6AEQiENDY2YrPZ+/XMFjMCoQCJRILFakGj1qDRqJFIpGjUamqqq2lqbKJRp8PH15eC/Hy7Ha1QSFFRIX5+/ggEAg7/eZDS0lIeePARhg+90NtardGQlHyMysoqfluziq+//Q43NxVWm5Xdu/cwetTIllhXV1dem/syjz8xm9GjRnIsLZ2GBi1NTU24urri4+PNqGuvYfrUydTU1mIxW/Dz8yUvv+ACv/qoyEj0ej0Zx08SGWF3lTEaDAQHhzDu+ut47vmX+GTBAgb064tMJsVoNJF89ChDhg3DyaXRvbvdyKK6urrdytfFotcb0JzVX+vj07aSQIC/H2PHT2gzgdXr9axcsbIlga2vb2DVWcYF7UlnObItzs/Pw9jOj/HlYrFa6NunNzGdorjz9lnUqTWUlJSib06clQo53l5eHTb4cGKnR+KZHYTTcmr/RCLCwtoLIb95N/BqolZrqKt1XOkNCQlxuN4e5xuftMecp56grKyURZ8udBj36tyX8PP356EH7nUY58RJW1zSqY9EIqa0rJzI8DAaGrQs/XkZlVXVSMRioiIj6N0zkVEjrqFXj0Tc3FQMGjSQe+59gNraOmpr7T+kQYEB6HQ6vv32e6QSKS5KF1588UU2rP+d6upqJk2ejFAoJLZLFzpFx+Di4oJMJkcileLu7kFgYBAWq5Xq6uqWbX1/f3/8/f3ZtXsnleUV2KxWrFYLMpkclcoNlUrF0aNHONJsjamQyzEYDVgsZiQSCTqdjtraOoxGE64uLvTt3YvxN4yjc5cumIwmKsrLKSkuprKinOrqaupq69Co1VRVVVKQl0/2qSyKiwqpra0hLDwckViMWqOmtLSE4sJCcvNycHFxobK8nHqNhoryMnJzcxl93fVs2LSV99975xzJL7AbHuzctReDwcDnn33CE0/NtuuwCoQcPpLEieMZdOp0xsrSYrESGhJKaFgYObl5yKQyuibEMXrktQzs35eYTlF4eXly4NBhklNScVW50tjURFFxyQVnwlFREcy85VaWLvmx5TqzxdJSJXv44QcpyM/ni6/s4uU7du1m27YtjBnz7xlwudL079eXF16ay0uvvIpXO/I4F4vJZGoZSLwYJk6cgMr13OPwbFat/LVFaWLbjp1s2LAegF49e3HDuAv7Y8/G0darWCzu8I/lpWA4yznO08Odrglx9OnVgz69ehAf18WZvF4GIcHBvPn2u7zw0lwiIiLaC/+fJbpTFL169nIYk52VRX192y5uV4K6OjWFRY5NFeLiLr3txWq1YO3gibRcLuPll15kwsS2VU1O8/CD97H6N8dmIU6ctEWHK7AAXTrHsmLVGqbfNKXFKODHJT8RF9eFEdcMb9Gbc3NT4eamwtfHm1EjruVUdg77mmU0Ert3pVfv3jz1xGMMGDiAa4cPIz6+C6+/+RYPP3g/777/AcOvHYFOq8NiNmMxWxCJREglUkyY8PTyolOnaI4ePYy7mzsenp7I5QrCwyKoqKjg8J8HGTd+IlabFVdXPZ6enggEArtxwr79yGQy+vTqgbubG2qNBpPJ3Kw+UEd+YSH+fr64urgQFBjI2Ot86N61K6np6WSfOkVBQQHahoaWQTKz2S6vFRgUTFh4OCEhIeh0jaSnHUMiljBg4CCSjx7F3z+AqqpKamtqcGv+IY8Ij+CVV14mKjKitZea3Xv3odfrWfrjD4y+7npmzZyBwWiktraOr7/6ih49eyGXycjLL6C4pBSJRMy2nTsJDPBvtRJWUFjE7+v/wNfXlwk3jEOhkLNx8zYGnTWodRqJWMyjjz3G4IH9GTJ0GI8+/ABPP/NMyzCcr483Pyz5kZraOrJz8njlxRd5cvbTDGweKHPSceK6xPLWG6+2F9YhmvR6cnPt/c1yubxdPchePbpz45SpLPlxcavrubm5rFy5muefncOqFWd6X2+cehPBQYGt3uY07W1HX+UWWCdXGTc3FS8+/2x7Yf/z+Ph407f/QJKSk9qMOXYsmfzCQrp3TWgz5nIpr6igurq6zfXBg4d0/PHP6qutqqyitk5N1JkayUUR4O/Hu+++Q2FBPseOpTiMffLxxwgODiQ+ru1BQSdOWuOSElihUEiAvz8bN2/l+utG0TOxO7HRnfj9j43M//AjEhISGDZ0CD7eXoB9WGr/gZ2MHjWCrglx5Oblcyw1nYqKCoYPu4bPPv2UmOhOBAYEMGH8OAqef5EP57/P088+R9LRJNQaNS4uLnblgOYtewBfXz+iO8WQkZFOv/4DUCqVuLm7Ex0dQ2ZWJrHZp4iLi6emugaFQomLixKRSIRarWbdunVoNBqGDh6Eh7s7DQ1a6urqcFW5IhKLyc3Nx8PDnQB/f8RiMf7+foz2u5YhgwbaHccqKiktLUOvb0KhUDYn627U19dTWFjI4UMHiYqKJrZLF8LDIzBbLIiEQvbt3UNtbQ2FBQV0T0zk7ffeazN53bPvAJWVVWz4Yz0urq4899zTLVI23y/+kZrqasDG5q3b8fH2Jj6uM95eXhxLTUen1Z2TwGZl57Bjxy5qamoYOXIEvXomIhGLOZaWjkDABZXf0wwa0I8fl/6X22+dSVVVJY88/NA5ag7xcV3YsWsPd95xO+GRkbz4guPeJyd/PbW1dS1mHa6uru3aFQuFQsaOu6HNBBZgx7atREZG8ssvdsUCf39/Jt/YfsXFEWaz+ar3wDpxciUQCoX06n2hy+PZVFRU8OefRzqeQHaAnBzHmtsDBg5u16zmfExGIyaT0f5/s6nDFdjTxMd14b1587lx4niH6h4FBfk8/+xzvPXOOyiV/7vOfU7+ei4pgQUYNnQwb7/7Pj4+PvTp1YPGJgG3zJhGTW0dO3buZsHCT/Dx8eWa4cNI7N6V2JgYVq9Zy/SbphAVGUFUZARdusQSGhrCG6/N5d133+PDD+ZhsVp44P57qays5MvPF3H/gw9x5MgRdFotMpkcs9mEUChCIpHg5uFOYHAwefm55OXl0LlzHAqFgrCwcKqrq1m3dg0eHvZ2g/LyMkJCQ5FIJHh6emA0Gln2yzJOncpm8o0TCQoMQCQWUVtbh1QiISY6itKyck5kZuLv54fK1ZWa2loqKqsQCYUEBPgTGRmBxWyhvqGeysoqUlPTqKqqQq2uY+fO7Qwffi3Dhw/n+PHj9iTWbKJX7z6kJCdh9bIiFAo5dOhPOsdG4+3ldc7ru2vPPgoLC9m9axcV5eV8/sUXKBQKZFIp3y3+kU0b1jP2hvH07duXXj0SUans2pxbt+/E09MTf38/Ghq0HD6axNGjRzGZzAwcOIB+fWcgEAgQCYUUl5SSmprGbbNmnv/2nsNts2bg6+vDpwsXMmzITwwfMRJ/P39MZhOpKSmkpR7jnvsf5InHH8X9L/D/dtIxauvqzmkhuJiZnNGjRjB06LA2xfy3bNlERkZaS5/j5CnTLntC32w2U6c+4xjmxMnfmdGjRxIVFeVQu3vf3j3cfedtV21Q6XhGhsP1Mdd3vJ2rQaul5iwFBaHg0p/7mNEjWfDJIh64z7E6xfbtW3nxeaioKHcY58TJ2XT4yLRYLOQVFLJz916Ki4qY9/77HEtNx8PdnTq1BqVSwc3TpvDKyy/SvXs3vv9+Mffd/yBp6emkp6WTnJLacj/aBi03T5/GqtW/kXXyJPM//BiFXI7VYuGZObNJ7NGTH77/nn79+iMSi2loqMdms/fl2Gz26X8PDw+6du1Obm4u9fUarFYrLi4uJCTYz3o3b9qATqfDbLZQUV6BzWbFarXh6emBn78fq1YsZ968D0hLP45SoSAoMACjyURhcQnubm4EBQZSUlrKicwswO5YVFBYxIYNm1i69Ce+/vobfvjhR1auWEFhYQGNOh3pqcdQyBVkZWUikUgQiUR4eXlhMBjo1r07MqmUgIAA6uvr+XThR8yZ8wx79x9seY23bd9FXl4++/ftJ/PkCeZ/+AHBQYHIpFL+2LiFb778cYoGXQAAIABJREFUkvsffIhHHn6Q6E5RLbJIObl55OTk4uvjzedffsNrr79Jeno648aO5YXnnmbwwAHodI3IpFKqa2qZN/8DCgoKOX7iJDW1tTji+utG8cuy/7Lws0WEhobR2NiIQCBg6rTpbN2xg7kvv+BMXq8yRcUl5Obl09jU1F7oOdTU1HR4oMbH24vrxzmW1Dpb7P/GyZdXfXVyZcjOyWP1b7+Tl1+A0Xh1B+I6Sk1tLVnZOWjqz2gS/y8TGR7G1Gk3O4z5fd1vnDiZ5TDmUqmuqSXFQQvD5Ck3MWhg/zbX20IgEJyTcJstl1aBPc39997F3NfeaC+M7du3tmll7cRJa1x0Ams0mvj9j008/sRsli79ibo6NXfceSedO3dh7ty57N67Hx9vL1xdXDiVk8vu3fuoqqoiqlMndDodn33yCdu3beG1115j1559dsmqrvFs276T7t0S+GHJjxxPT+eLr77F1dUVmVzGKy+/RHRMDEt+WEzfvv3w9PJCXVeHzdZsCSsS4uLiipe3N6EhoWRkZGAy2XVd3dzsrQQVFRUcOrAfi9kue1VZWYlAIMBqteHh4UmPXr1YvWoFb7z+Ohs3b0NvMBASHERIUBAlZWWcOJmJQq5AqVBwLDWdjZs2I5VKGDCgP3379qVzly7ExMTSPbEHQoGQ3Nwc/AMCsVgt1NRUo9VqcXd3x8/PD51Oh7u7O+4eHnh5edO3X39UKjdOZWXy3jvv8NU337Nx81aKios5sH8faakpzP/wQzrHxCCWiDl8NJk1q1fz0YIF3H7rLRw4+CdKhQKhUEhlZRUffvQxy/77EzNunsGqFcsJj4igV69eSGVSSsvKsVqt+Pn6UFRcyty5r2E2mRg2dAgpx1L5fvGPvPPefE5mnmrzGHB1ceG6USN46YVnmT/vXd5+83XuvvM2YqPPyKM5uTro9QaeePxJRlx7LV993TGZosrKqvZCWuWGcePw8Gh/kOzGyVMZNqRt6Swnfx0rVq5kyo0TmHXLrL9dorjo8y/p07Mnzz33IgaDsb3w/wluvvlmh5+R6upqVq85o75zJTl85GibOyQAt8y6FZeLMFw4nwatlpJmLW+9Xo/6CuyKPD3nKe686572wpw46RAX1ULQ0KBl7quvI5VKeeqpJ87p2fT18ebNN99i/vvvU1V1F2Ovvw6lQkGfPj1RyBVIpRL+8+hD1Kk11NXVcfxEJn+s/4M1q9cwYeIEBvTvy+rf1nHbrJksWLiAxx9/Ajc3N26bNQObzcbcua/wzjvvseiThTz06KPI5Qpysk/h4+uLVCpFIBPg5eVNl7h4tmzZRHVVJX7+AdhsNjp1isbH24eDhw7g6eVFvwED0Grtxgvu7h7YbFbc3d2ZNHkKq1csp6GhgZycHEaNHEHn2Gh69Ugk61Q2R44mUVtbh7u7GyaTmT179tCo0+Hi6opYLKapsYmyslIMBgM9evSktq6WyspKAgMCMVssREREIBAIkEqkuLqq8PLypqiwkLCICOITupKelopUKmXXzh2MGDmKffv2kpeTzQcffUy3hATkchmp6Rks+fFHnnjicbp1jWfd+o0kdu9KY1MTi39cQkZ6BuER4Vx//fWEhYXi7eWFxWJBrzdgMhrR2mwEBQZwLC2dBQsW0qDR8NwLL9C7Z2LLe3n8ZCbLV6xAoVDw0IP3X9KXn5Orw+69+1i1ajlAh111Kisr2wtplW5d45k8ZSrff/eNw7hJN05udzDsYnEOcV06dXVqNm/cAEBIaCheHex9vJqUlJaxdvVqGrQNNDU1OpRT+1+id89EHn7kMd5+6/U2Y1av+JVZs2YSGd6+9FZHWP/7+jbXpk2fwbix17W57giDwXDOYFh7OrMXg4tSyRtvvE5FeXmLaokTJ5dLuwls1qlsXnrpZSZMnNjSK1mn1lBeXkF+QQF5efnU1dVRVlrK0iVLKCgo5JaZNyMSiexb9xYZNpsNpUKBp4c7UZERjB83hl179vHpwoWEhocjFotJOdaVHondeO2113jogQeQyWVMnzoZm9XKSy8+z8JPF/H2G6/z2BNPIZfLyDx5El9fP0QiES6uLvgHBKJyVZGalspglRsisRiBQEBwSAhjPMayadMG3Nzc6NY9kaamJmxWGy6uLphMJtzd3Bk/cRLbt27hvz8tIfPkCQYNHsI1w4cSGxNNYEAAaekZJKekUFpSSlNjE/X1DRTk52OxWFAolYSGhREZGYWvry+7du7AbDajVCqxWqyEhoTQ2NSEXCFHJBK1bM9knTzJxBsnIxaLEUskDBw4kPW/r8Nms7Hwk0+JjAxHoZCTcfwkH334Effedx/dusZz/GQmubm5VFVVsWf3LkaMHMX8+e/h0YpEkclsxma1YbFYWLVmLSuWL6e2pobomFjKyso5iv0kxMvTg/gunYl/8XmWLV/F448/xbPPPeP0rL5MroS7lMVi4aelS1sux8bGOIi+EEf2xI4QCoVMmDjJYQI7cODgdqWzOkJ19dV3L/qnsvb3P9ixYzsAXeLi/1bmC8t+XdGiLdzlMmSd/o48/PCDHNi/t+W1P5+k5CS++upr3nmr/W30i+VYWjorlv/S6pqPjw9PzZ6NUqFodb09Gs5y7QO7C+WVICQ4iLffeYfcnGwyszLbC3fipF3aTGBNZjPbtu/ipyVLmPP0HPr16U1eQSEpKccoKbFXGzVqNXV1dZhNJnz9/DCbTOzYtpXioiJuumkqiYnd0OkaOX7iJGaTGXcPdyoqKigqKqKqqorQsHByc3LYtXMHer2ehR9/SFyXWB5/ajZTbpyA5Zfl3DxtClarjdlPPo6vry/vvf0md9x9D926dyc3Jwe5XIFcIcfNTUVMTAxJyUnkF+QTEhKC1WrDZrMRERnFuHHjWblyOUoXFzpFx2Aw6BE0ChCLJZgw4ebuwcjR15F05AhJR49QWlLC3j17GHbNcK4ZNpTu3RIICwulvr6exiY92GwYjEbMZjN6vR6hUEhDQwPp6emkp6XRObYzAQGB6HQ6du+x9wsXFhZQVFiIXq/H28eHxkYdu3buoP+Agej1er76/HMGDh7Mk08+gY+3N64uLqQcS+OlF19kxi2zGNzcz/TT0p9Z9NknqNV1PPnU04CNAwf/xNvbCz9fP2pqa5HLZAQFBSISCqmqrmbZrys4sG8vIrEYX18/qqoq2bJlMyKRCJvVhpe3N/HxcfTq2YObp02hS+dY5r0/jwkTJzHhhiuXoFwR2skHL2fo4JJwMBWl0+lobLy8itMfG7fw4w/fA9A5tnObqhWtYbFYKCwoaC+sTUZcO4wRI0axffvWVtfHT5x0RT3NLZfZbwftV3Hbk/K6WrR3MnM5JzpqjYafly5puRwTE+0g+lwu53EvhsKiYn46S9EiNja27eDLoL2/w8bVed+DgwKZ/fQzHDiwv81p+/nvv8vw4ddw/XVnTGcuh2++/paKNk5MX339zXOc8jpKXd25mtH1V7AVpUdiN96b/wE3ThzfXqgTJ+3SZgK7e88+vv36K15743Xiu3QGICgggKDrAxAIBOj1eixWK4WFRWRmZdG7V08qKir55ttvycvLZdGiRQweMpQbJ01g0MD+aDT1qNUaPNzd6d6tKxKJBBelEqlUSk5eHl9++RXzPviIRx9+iMmTxvPoY09wy4xp1NV9xV133IbFYuHuO28nOjqaD+a9R1BwCP36D6C4qIh6TT1SqYzg0DCOnzhOSUkxbs0DRRazmYryMiIiIxk9egxLflzM3ffcT1h4OAa9AYFCgEQqxWKxoHRxoXfffqQkH6W22d1kyeLF7Nm1m0GDBxMf1wWTyURjYyNGkwmJRILJZKKhQUteXi6nsrI4npGOxWxGLJEgEApISU4iqlM0nbt05rbbb0Wr1fHTTz9Rr9YgloiJ7dyFzJMn2LZlMw89+h9mzpiOWCRCqVSwZdsOnp79FCNGjebWW+zDAt8tXkJGRjqfLvqC/v36YjQZKS+vwGKx0NSkp7ikBD9fH9zd3BAKBezdf4BVK1dRVlqCUqnk1ttvp0did7JzcnF1dcXbywuVqwtiiRixWIxMapdYSuzeleeff465c1/FaDQwdfKkVo6S/x/aqwh0dMjpcjCZzefYtJ5Pfb2GJr2e9jtJW6dOreGrLz5vuRwdE0tIcLCDW5xLTW0dOTln+pqrq6tpciBpcz7ubm6MGTuu1QTWx8eHGydNaOVWbaPV6hyuNzZe/ntntbadqFRWVv6/9YYajQaHckJ6fRNWq/WSJta/+XYxmzdvBOyGEF06d27nFmdoL6GvqXE84Nken362qEUv1cPDk05RV2dXx2hqu69Wra5De15l8Upyw9gxvDfvQx5/7OFW181mM6+/OpeoqIjLnhlYtnwVn37ycatrzz7/Eg/ef3nOVnV1577fNTVt68xeCpMm3MAnn33BY4882F6oEycOaTOBHXntcPr16U1RcTHfLV6CRqOhd6+e9EjsjpubCqPJiNVmJTg4iMiIcOobGlCpVEycOIkNG/6gqrKSXTt3kHnyJGOuH8Oggf0JDQmmSW//gWpsbCI7J5empiasNhujRo3m888+JS01lfnz3ufee+/BZrPxw3ffkp+fx+wnn0AqlTJsyCA6RX3BggULWbNqBSNHj8HXz4/cnByUSiW+Pr74+weQciyZiIhImpqaULoo0Wg0xHTujEgk4scfvuOeex/Az8+PpqYmFAoFEqkEq82KXC6nV5++nMjIoKamGm9vH/LzcslITyUgMIi4+ASCgoKQSqXodFrKysooKy2lqLCQyopyhEIRvn5+DEkYzoABA0lM7EZQgD+urq5UVlXz26F12KxWomNiULm5sW3LZhQKBV9+8y29eyZiMBqRyqQs/vEnFn2ygOHXjuDee+/BYDDy1tvvkpKcxJOzZ9Olcyw2mw03sYqI8DAECDCbzYjEdomx3Nx81vy4lNRjKeib9Kjc3Bh93RiiO3VCJBLRt3cvTGYTFrMFV5UrSoWCpiY9hUVFbN+xEy8vL/r07sWCjz/qsI7g1aa0tKyd9TPT8VebxsZG1HVnbFrPJyMjg6rqaoICA9qMccT78+bz++9rWy7HdunSoWpudk4umZknz7muo9v0428Yy7z33r5AMH3mLbd2WHy8qtrxQNmVeO8qKttumTCbze2eAF0t6hu0FBXkt7leXVWFTtfYIol3sWzdvpP33nmz5XKvnr2Jiopo+wbnUVpS4nA9JyeHEddcmj30z8uWM++9d1ou9+7dh7DzLKuvFKUljo+d9pRWLpf/PPoQjY06nn/26VbXDxzYxzNPP8PHH39MRPilvQZ/HjnK3JdeaHXt4Uce48Xnn73s1pFTp84d5M3KvPIqCo8+/ADFxcXnHLdOnHQUhz2wKpUr8XFdCAsNoayiksWLf+TVua/Qp19/BgwYQL++fex6o/UNGAwGJBIJvXomMrB/X7Zs28H2bVvRarWsWb2a/fv3M3ToUPr17Y2HuztisRipVIper6emthar1codd91Nbm4uv65YxQ3jricuPo4ePXuw8Y8/ePTRx3hqzhxiYzrh5enB3Lkvs+73P1j2358JCw+nZ6/eVFVVcvjPg6jcVAQGBJKfn4dCrsDFxQUXF1dcXF2JjolFJBKx7JefueXW2/D09ETfpEcqkyGVSrFarEiREhcfT3paKulpqXSKjsHVVUVtTQ1/rFuLi6srAYGBePv4oNPqKCzIx2gw0LV7It0Te9C1awKREeEolUoUCjk6XSPLV61h144dKJVKunbrTnl5OWtXr2LE6NHcdussVCoVjU16tFotX339LUcP/8njT83GZrNvUX3w0QJOnjhOvwEDKSsrQyAQoFKp7MMzNhuuKldkMhmFRcVs3LSZE8cz0DdbZvYb0J+pU6bg4qJErdZgMpnQ6/VIZVJ0ukYyT2Vz5MhRkpOOIhKJeOLJJ4iKiOjwD+lfxcED+x2uHzp4oF3dwStFxvGT7Nixrc11tbqONWvWktita5sxraHV6Vj4ySLeffvcL/iEhI7dz9rf1l5Q9du5Y0eHtjLj47owbfoMPl/06TnXT7oE44KU5GSH60lHjjhcvxjSU9Mcrh86eIgbxnZcH/NySUo+5tC5adu2Lezdf4CxY0a3GXM+m7du55k5s885ueiW2ANPj4s76VRrNKS245S0fds2bpl5c4eHOn/5dSVPPf7YOddFx8Ti6dG2nfClotXpSDpy2GHM9m3bmXDDWIcxl8tzz8xBLJbw9OwnWl3/bc0qzCYTc199lb59HFvRns+efQd48fnnWu0ffeGluTz/7BxcXS/vOzuvoLBlEPA0WzZv4EhSCn169WjjVpfGc8/OoaSoiKVLf2gv1ImTVhG9+uqrr7a2UFen5lRODjt27iE5JZWSklIEAgEyuZyCvHxee/Vltm7ZSkpKGqXlFShdXBCLxRiMRurrG/Dx8SEoKIjy8nJKiotpbGziwP79HDr0J5U1tXh6eBAaEoybm4oAfz/Cw0LpmhDH0CGDiImJ4be16+iakEC3bt0IDA6muqaGJT8sRqFUER4ehtVqJSE+jkGDh1BcUsK+PXsIDQ1j+LUjKC4qQqFQkJ+fh9FoBGx2ByK5HIVCgbunB64urmzftoXY2C7IFXKsVitisRihQIjVakUkEuHr64fVauXAgf34+PigUCpxb/5h0KjVVJSXUVtbg7e3N9NmzGTChAl0TYjH388XkViMSCikoLCIr5sTUj//ALp268a+vXvIyjzJPffdx7SpU0AgwGg0kpaewTtvv4PFYmbGzFvokdiNuro6qqtrGDXyWu69526GDR1Ct64JRISHERQYgK+PDyazmbT046xYuZply5ZRWVGOXq9Hp21g9Jjr6dOnD0aDAZPJrgWadSqHQ3/+yfIVK1n2yzI2bdxITU0NIqEIvwB/amvVpKVncOJkJg1aLTKZDKVS0W6P2dWmpLSMBQs/Y+HHHzqMS0lOQq50JSIiok2HscvFYrGQlJLK++++R1paqsPYgwf2Y7EKkCuUmM0WjCYTJrMJQfOx1tTUhFpTT01tLTl5eaxd9wcfzPuAzz5dcM79iMViZs95mrDQkDYe6QwlpWV88eU3vPnGq1it1nPWUlNSUKrcCWn+/F0UQhE//3RmkGza9Bk88Z/HEIsvrtqj1WpZtnwVH30wD52u7TaC1NRjuLp5EBsbi1LZsSGUOrWGJUv/y7z33mn+3LdO9qksAoJCCQsLQS6/MuoJjjAYjOw7cJD3332HvLy2Re+tViuZJ05ixd7WZDabMRiNzVv8Ahobm9DU11NaXs6Ro0l88cVX/OexhykrO7fyOGPmLIYMHtT6g5xFQWER8+d/yNIljhOI9PQ0KqtqkMoU2LC3ZTXpDQiFQiwWKyaTCU19PZr6eoqKitmzbz8fL1jIC889fcF7fcedd9P/MvozW6OgsIgFCz7hu2+/dhiXkpKEh5cvoaGhqC4z0XPEoIEDiEvoTubJk1S2shtw6lQWu3ftApGEyMjIdk8M6tQavvv+R+Y89SSpqcfOWYuOjuH9+R8x56nHkUovfmemNY4mH+Ptt95my5ZN51yv0+koKS4hODSM0JDgS2pxaQ25XE6v3r1JT0u/4HMRFBTMzFtm/m2LKE7+HghsZzVA1ak1JCWlkJaejtlsJiwslODgYNzd3PD29sLNTYVCLker1ZGSmsbevfs4lpJM0tEjZGfbtx3EYjGdO3dBLBaj0+koLi5Cr9czePCQ5uEpA+WlpUhlMiKjoggKDiEqKgrXZkmqqqoq8vPz6dKlMxNuGEdRSQnJycfw8HAnKSmJee++w8YtWwkLDcFms9lVCFyUHD6SxOuvzuX6ceNZ+esvBAWHcPjwoZZG94SEroSGhhERGYVQaNeBtbcGpDF12s2oVCr71otAgNlswmQ0YbVZsVlt5OXmsH79Onr27I23tzdyuRyT2YzZZMJsNiMWi4mLT6Bv/3706tEDuVyG2WxBLBaRmXWKX/77X8bdMB6r1cLv69ahVCp57rlnUSgUNDU1IRAIqK6u4fbbbuW6MWMZMXIEarWa7t264ePjzcpVa/D09KBT8/Y/Nht6g4Hq6hpSU49xKusURQX5CEVComNiqa+vp7y0FDcPD5RKJXq9HqvVitViQSQWYzIaEQqFBAYFERwSQmJiD3r2SESlcsFqtaHV6dCoNVTX1FBWVkZRUTFglyUbMnhgu373V4r0jBPsP3CQyspKiouKSE87xr59e9u7WQsD+g8kvms3wiPC8fb2IS6uyyVvhRqNJjZs2kxBQQGlJaUUFOSzft1aGrRt97+2Rrdu3fH3D7CfFLi4IBAIMBgM6LRa1HV1LZPardGnd1/+2LihzaGpk5mn+H39H+Tn5ZF6LNmhRiTYX58u8fGEhIYSFBTM1Ck3nmMTfDaa+nqmT7u5pc9y6c/LmDVzequxp0k5lsaevfsoLioiKyuTNatXOow/m+uuu57OcXGEhoYSHR3D2DGjkcvPtcC1Wq1s2rKNzMwsSkqKOZGRwfr169q4xwsZP34iUdHRBAYG4u/vz4hrryH8CmxvG40m1m/YSEFBIeXl5eTmZLP819Ynxh0xoP9AVG5uuLi6tuxWNep0nDqVRYGDVoR16zcyftyFFebde/aRlm5vjSosKCT56GGHFeHWCA+PIDo6BpFIhLu7OwgE2KxW6uvrMej17Nu/16FpxtZtOxk5Ynib6xfDgUOHSU5OoaqykoLCApKOHOZYO1Xks7nmmmvpEpdASGgI3j4+9Ond+4pXF8H+eVy0aBGfLGy9XxVg9OgxXDNiJEOGDCY0JBgvL09EQiGa+gbKysrZf+AAmzdubPW4vu/+B3nkkUdI7N6xXZnTWCwW1v7+B1lZWZzKOsVva1Ze0CZ0PjNmzqJTdDTBwSHEx8cxfOjl6z8f/PMI06dOoai4qOW6Pr378tu6tZfceuXk34HAZrPZKioq2bBpC6WlpfTokUifXj3x8/M9J9BisWA0mrBYzFisVoQCIQKhAKPBSHlFBfUNWkpKSigtLUOr1WKz2ZDJZPj7+xMWGoK7uztu7m4Y9AY09fVkZ+dQUlKCUChAIBDadVKlUqKjOxEWFkpIUBB6g4EDBw9RX1+Pq6sr27ZuQ62u49137T1VYrEYkUiEVCrhz8NH+WHxYpRKJV9/9QUTJkyioaGevXv3IBaLcXe3GxuEhUcQEBCIwWgAm43cnByKigq57vqxuLt72KfybTZMJhMWs9k+FS0QkJ+Xy7atm4mLi8ffPwAfXz/0+iYMBgMGvYGmpkaEQiFduydyzTXXkBDfBYlEglgsZsPGTRQXl6BSqSgrLUUkEvHss3MwGoyYLRZ776pIxEsvvQzAxEk3Ul+vQaFQMmyovZJyNCmF7OwctFotNdXVaDQahEIBrioVfn5+hISE0qVzLG5uKrQ6HdoGLSWlZdTUVGOxWAEbEokUT09PAgL8cXNTERgQgIuLEltzhU4kOvN6no9WpyM5JZVDhw6h1Wq59567CQkOuiDuSjL/wwVtbsVdCjNmzuK/P5+pInYEtUbDsKHD2q22Xk1uv+MufljctonB8pVrmH7T5DbX2yPj+AmHPa0fL/yMJx9/lMGDh7B6zZp21Qfeeuc9XnrhOYcxF0NcXDy7du++4PGMRhMTJ05i06ZztzwvlWUrVjF96qW/fqf5/zxWxGIx2Tm5rSbit99xF0vOUgP4qwkNCeXAoUOXfQL8n8efdJgUdpQXXnyFt958rb2wS2bDpi0s//XXdvWUExN7EBRkr3DW12vaPAG9/Y67uGnadK4fMwqJuF0lzDZpatLTOTb2nMSxI9x66x0sWbK4vbCL4tcVq7h52tSWy7169mLd+vXOBNaJQ8RgP3h27dhOXEICSUnJHP7zMBartU15IBs2+6SvzQYCAaJmVywBAgRC+zazQCCgsdFMTnY22dmnsFptWK0Wu8RR822Alirn6X9LSopbLlst1pb+PZvNikajwd3dnc8//xKr7cy2qFAgRK2uQywWY7ZYuPW2O5FKpQQEBhIaFt6y5SEUiRCLRC3tAvZhqlh8fHzRqDXQ7PAlEAiw2WxnHsMGwSEhTJw0BVvzoJdcrkAul2OxWjA3Cz1brTaqKiv5fd06kpKSWpQQjEYjFeXlFBcVIpPL0Wm1fPrZ50ilUmw2WirJ3j4+FBUWsmvnTvt2kEBAZuZJZDI5IpEQoVCEQqHAz98fH18fBAIhMpkMoVBIdXU1e6qqsFqt51gBnv5bTj+P8vJyysrKsNns2rCn11prD7BfJWh5fmKxGLlcwamsLF577XXeeuvNNit2V4KwsFBmzJx12UMJYK/WJXS9tEoFgFgkYtToMXTrnvj/0kphsVgYc71jOTN/P19umXXbJT0/qUyGUuniMOaWmTcTGBhIeHhYu8kr2Kt1l/v+2Ww2/Pz8kUgu/KEWCAX07tsPbx+fS/qbz8Zms+Hv59de2EXx/3WsWK1Wojp1IjCg9R/9hK5dmXnLrVdsC7gjWK1WYmJjLzt5BXsf7ZX6O6xWK5FXSRXhNGPHjGbsmNE88OCDbNu2jT8PHWLTxj8u6E0/diyl1UqyylXFdWOup1efvowaNYLePXtc1mfqNEKhkBunTKWmpqbDx6nVaiX+Mr5Pz2f6TVMo/mghs5/8DwDlFeXtqmM4cSKw2Ww2k9mMxWy5Il8ITv752Gy25op5xxyhOorFYsFkMl+R49JmsyEUCS+rYmE0mlr+9r8aq9V6wRb6+VgsFsxmu45qR57j6b9JLBZdkdf6NFfi/WvvWLsS78npH0qxWHRFEgO4Ms+ro9h3vdrugzSZzVgt1r/0OZ2mvefWEa7k32G1Wu3KLZfxvdBRtDodhYVFpGccp7i4hJqaGmprarBY7K0XEqkUby9vvH18CA8Pp0vnWEJDg9vtlb0ULvU4vRLfp+djsVhYuWYtOp0OpULJDWOvu+yhNCf/bM7pgXXixIkTJ06cOHHi5O/OpZdGnDio1oy4AAAAMElEQVRx4sSJEydOnDj5f8CZwDpx4sSJEydOnDj5n8KZwDpx4sSJEydOnDj5n+L/AFYXgi4gE3TYAAAAAElFTkSuQmCC)"></div>
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8822.28px;left:0px;white-space:nowrap">Investors </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:9042.28px;left:7826.66px;white-space:nowrap">economic,
</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9042.28px;left:8697.04px;white-space:nowrap">political
</div>

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</div>

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</div>

<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9262.28px;left:7080.12px;letter-spacing:-1.1px;white-space:nowrap">manager.
</div>

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</div>

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</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:160px;font-weight:bold;position:absolute;top:10608.46px;left:3796.64px;white-space:nowrap">Report</div>

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</div>

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</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10811.35px;left:4401.41px;white-space:nowrap">Intermediate
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10811.35px;left:5397.27px;letter-spacing:-1.77px;white-space:nowrap">Trust</div>

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</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11188px;left:4099.14px;white-space:nowrap">Manager</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11188px;left: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:11188px;left:6929.92px;white-space:nowrap">Agent</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11188px;left:8530px;white-space:nowrap">Fund
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11188px;left:8965.39px;white-space:nowrap">Information</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11390.88px;left:3210px;white-space:nowrap">Franklin </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11390.88px;left:3814.69px;white-space:nowrap">Advisers,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11390.88px;left:4517.11px;white-space:nowrap">Inc.</div>

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</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11390.88px;left:7407.19px;white-space:nowrap">Inc.</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11582.88px;left:6260px;letter-spacing:-4.12px;white-space:nowrap">P.O.
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11582.88px;left:6603.91px;white-space:nowrap">Box </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11582.88px;left:6924.06px;white-space:nowrap">43006</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11774.88px;left:6260px;white-space:nowrap">Providence,
</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11774.88px;left:7149.38px;white-space:nowrap">RI </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11774.88px;left:7353.83px;white-space:nowrap">02940-3078</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">1-888-888-0151</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11390.88px;left:8530px;white-space:nowrap">(800) </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11390.88px;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:11390.88px;left:9342.19px;white-space:nowrap">BEN</div>

<div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11394.09px;left:9671.17px;white-space:nowrap">&#174;</div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11390.88px;left:9784.36px;white-space:nowrap">/ </div>

<div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11582.88px;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;</B></P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 50pt">ITEM 2.</TD>
  <TD>CODE OF ETHICS.</TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">(a) The Registrant has adopted a code of ethics that applies to
its principal executive officers and principal financial and accounting officer.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">(c) N/A</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">(d) N/A</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">(f) Pursuant to Item 19(a) (1), the Registrant is attaching as
an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 50pt">ITEM 3.</TD>
  <TD>AUDIT COMMITTEE FINANCIAL EXPERT.</TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">The Board of Trustees of the Registrant has determined that Eileen
A. Kamerick and Nisha Kumar possess the technical attributes identified in Item 3 to Form N-CSR to qualify as &#8220;audit committee financial
experts,&#8221; and has designated Eileen A. Kamerick and Nisha Kumar as the Audit Committee&#8217;s financial experts. Eileen A. Kamerick
and Nisha Kumar are &#8220;independent&#8221; Trustees pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">Under applicable securities laws, a person determined to be an
audit committee financial expert will not be deemed an &#8220;expert&#8221; for any purpose, including without limitation for the purposes
of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The
designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations,
or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board
of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee
financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 50pt">ITEM 4.</TD><TD>PRINCIPAL ACCOUNTANT FEES AND SERVICES.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">(a) <U>Audit Fees</U>. The aggregate fees billed in the last two
fiscal years ending September 30, 2024 and September 30, 2025 (the &#8220;Reporting Periods&#8221;) for professional services rendered by the Registrant&#8217;s
principal accountant (the &#8220;Auditor&#8221;) for the audit of the Registrant&#8217;s annual financial statements, or services that
are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods,
were $170,849 in September 30, 2024 and $113,881 in September 30, 2025.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">(b) <U>Audit-Related Fees</U>. The aggregate fees billed in the
Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant&#8217;s
financial statements were $0 in September 30, 2024 and $0 in September 30, 2025.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">(c) <U>Tax Fees</U>. The aggregate fees billed
in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning (&#8220;Tax
Services&#8221;) were $13,696 in September 30, 2024 and $22,827 in September 30, 2025. These services consisted of (i) review or preparation of
U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory,
regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial
instruments held or proposed to be acquired or held.</P>


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    <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: 0pt 0pt 0pt 50pt">(d) <U>All Other Fees</U>. The aggregate fees billed in the Reporting
Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through
(c) of this item, were $<FONT STYLE="background-color: white">0 in </FONT>September 30, 2024 <FONT STYLE="background-color: white">and $0 in
</FONT>September 30, 2025<FONT STYLE="background-color: white">.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">There were no other non-audit services rendered by the Auditor
to the Service Affiliates requiring pre-approval by the Audit Committee in the Reporting Periods.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 90pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">(e) Audit Committee&#8217;s pre&#8211;approval policies and procedures
described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">(1) The Charter for the Audit Committee (the &#8220;Committee&#8221;)
of the Board of each registered investment company (the &#8220;Fund&#8221;) advised by the Registrant&#8217;s investment manager or one
of their affiliates (each, an &#8220;Adviser&#8221;) requires that the Committee shall approve (a) all audit and permissible non-audit
services to be provided to the Fund and (b) all permissible non-audit services to be provided by the Fund&#8217;s independent auditors
to the Adviser and any service providers controlling, controlled by or under common control with the Adviser that provide ongoing services
to the Fund (&#8220;Covered Service Providers&#8221;) if the engagement relates directly to the operations and financial reporting of
the Fund. The Committee may implement policies and procedures by which such services are approved other than by the full Committee.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">The Committee shall not approve non-audit services that the Committee
believes may impair the independence of the auditors. As of the date of the approval of this Audit Committee Charter, permissible non-audit
services include any professional services (including tax services), that are not prohibited services as described below, provided to
the Fund by the independent auditors, other than those provided to the Fund in connection with an audit or a review of the financial statements
of the Fund. Permissible non-audit services may not include: (i) bookkeeping or other services related to the accounting records or financial
statements of the Fund; (ii) financial information systems design and implementation; (iii) appraisal or valuation services, fairness
opinions or contribution-in-kind reports; (iv) actuarial services; (v) internal audit outsourcing services; (vi) management functions
or human resources; (vii) broker or dealer, investment adviser or investment banking services; (viii) legal services and expert services
unrelated to the audit; and (ix) any other service the Public Company Accounting Oversight Board determines, by regulation, is impermissible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">Pre-approval by the Committee of any permissible non-audit services
is not required so long as: (i) the aggregate amount of all such permissible non-audit services provided to the Fund, the Adviser and
the Covered Service Providers constitutes not more than 5% of the total amount of revenues paid to the independent auditors during the
fiscal year in which the permissible non-audit services are provided to (a) the Fund, (b) the Adviser and (c) any entity controlling,
controlled by or under common control with the Adviser that provides ongoing services to the Fund during the fiscal year in which the
services are provided that would have to be approved by the Committee; (ii) the permissible non-audit services were not recognized by
the Fund at the time of the engagement to be non-audit services; and (iii) such services are promptly brought to the attention of the
Committee and approved by the Committee (or its delegate(s)) prior to the completion of the audit.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">(2) None of the services described in paragraphs (b) through (d)
of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 90pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">(f) Not applicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">(g) Non-audit fees billed by the Auditor for services rendered
to the Registrant and the Service Affiliates during the reporting period were $960,797 in September 30, 2024 and $489,647 in September 30, 2025.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">(h) Yes. The Registrant&#8217;s Audit Committee has considered
whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval),
is compatible with maintaining the Auditor&#8217;s independence. All services provided by the Auditor to the Registrant or to the Service
Affiliates, which were required to be pre-approved, were pre-approved as required.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">(i) Not applicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">(j) Not applicable</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 50pt">ITEM 5.</TD>
  <TD>AUDIT COMMITTEE OF LISTED REGISTRANTS.</TD></TR>
</TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">(a) The independent board members are acting as the registrant&#8217;s
audit committee as specified in Section 3(a)(58)(B) of the Exchange Act. The Audit Committee consists of the following Board members:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 54pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt; text-indent: 36pt">Robert D. Agdern</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt; text-indent: 36pt">Carol L. Colman</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt; text-indent: 36pt">Anthony Grillo</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt; text-indent: 36pt">Eileen A. Kamerick</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt; text-indent: 36pt">Nisha Kumar</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt; text-indent: 36pt">Peter Mason</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt; text-indent: 36pt">Hillary A. Sale</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 90pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt; text-indent: 0pt">(b) Not applicable</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 50pt">ITEM 6.</TD>
  <TD>SCHEDULE OF INVESTMENTS.</TD></TR>
</TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 50pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD>Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 1 of this Form
N-CSR.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 90pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 50pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD>Not applicable.</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 50pt">ITEM 7.</TD><TD>FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.</TD></TR></TABLE>




<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">Not applicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 50pt">ITEM 8.</TD><TD>CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">Not applicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 50pt">ITEM 9.</TD><TD>PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">Not applicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 50pt">ITEM 10.</TD><TD>REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">Not applicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 50pt">ITEM 11.</TD><TD>STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.</TD></TR></TABLE>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">The information is disclosed as part of the Financial Statements
included in Item 1 of this Form N-CSR, as applicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 50pt">ITEM 12.</TD><TD>DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.</TD></TR></TABLE>

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

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

<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><U>Proxy Voting Procedures</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 144pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt"><I><U>Introduction and Summary</U></I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">Many of Putnam&#8217;s investment management clients have delegated
to Putnam the authority to vote proxies for shares in the client accounts Putnam manages. Putnam believes that the voting of proxies can
be an important tool for institutional investors to promote best practices in corporate governance and votes all proxies in the best interests
of its clients as investors. In Putnam&#8217;s view, strong corporate governance policies, most notably oversight by an independent board
of qualified directors, best serve investors&#8217; interests. Putnam will vote proxies and maintain records of voting of shares for which
Putnam has proxy voting authority in accordance with its fiduciary obligations and applicable law.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">Putnam&#8217;s voting policies are rooted in our views that (1)
strong, independent corporate governance is important to long-term company financial performance, and (2) long-term investors&#8217; active
engagement with company management, including through the proxy voting process, strengthens issuer accountability and overall market discipline,
potentially reducing risk and improving returns over time. Our voting program is offered as a part of our investment management services,
at no incremental fee to Putnam, and, while there can be no guarantees, it is intended to offer potential investment benefits over a long-term
horizon. Our voting policies are designed with investment considerations in mind, not as a means to pursue particular political, social,
or other goals. As a result, we may not support certain proposals whose costs to the issuer (including implementation costs, practicability,
and other factors), in Putnam&#8217;s view, outweigh their investment merits.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">This memorandum sets forth Putnam&#8217;s policies for
voting proxies. It covers all accounts for which Putnam has proxy voting authority. These accounts include the Putnam Mutual
Funds<SUP>1 </SUP>and Putnam Exchange-Traded Funds, US and international institutional accounts and funds managed or sub-advised by
The Putnam Advisory Company, LLC, Putnam Investments Limited and Putnam Fiduciary Trust Company, LLC. In addition, the policies
include US mutual funds and other accounts sub-advised by Putnam Investment Management, LLC.<SUP>2</SUP></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt"><SUP>1</SUP> Effective January 27, 2023, the Board of Trustees
of the Putnam Mutual Funds delegated proxy voting authority to Putnam Investment Management, LLC, the investment manager to the Putnam
Mutual Funds.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt"><SUP>2</SUP> The Putnam Proxy Voting Procedures and Guidelines
will apply also to certain funds and institutional and other accounts managed by Franklin Advisers, Inc. (&#8220;FAV&#8221;) but formerly
managed or sub-advised by one of the Putnam adviser entities identified above, pursuant to sub-advisory agreements in effect from time
to time between FAV and the relevant Putnam entity(ies).</P>




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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I><U>Proxy Committee</U></I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Putnam has a Proxy Committee composed of senior professionals,
including from the Putnam Equity investment team and the Putnam Equity Sustainability Strategy group. The Chief Investment Officer of
Putnam Equity appoints the members of the Proxy Committee. The Proxy Committee is responsible for setting general policy as to proxies.
Specifically, the Committee:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">1.</TD><TD STYLE="text-align: justify">Reviews these procedures and the Proxy Voting Guidelines annually and approves any amendments considered
to be advisable.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="text-align: justify">Considers special proxy issues as they may from time to time arise.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">3.</TD><TD STYLE="text-align: justify">Must approve all vote overrides recommended by investment professionals.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I><U>Proxy Voting Administration</U></I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Putnam Sustainability Strategy group administers Putnam&#8217;s proxy
voting through a Proxy Voting Team. The Proxy Voting Team has the following duties:</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">1.</TD><TD>Annually prepares the Proxy Voting Guidelines and distributes them to the Proxy Committee for review.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">2.</TD><TD>Coordinates the Proxy Committee&#8217;s review of any new or unusual proxy issues and serves as Secretary thereto</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">3.</TD><TD>Manages the process of referring issues to portfolio managers for voting instructions.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">4.</TD><TD>Oversees the work of any third-party vendor hired to process proxy votes (as of the date of these procedures Putnam has engaged Institutional
Shareholder Services (ISS) to process proxy votes) and the process of setting up the voting process with ISS and custodial banks for new
clients.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">5.</TD><TD>Coordinates responses to investment professionals&#8217; questions on proxy issues and proxy policies, including forwarding specialized
proxy research from ISS and other vendors and forwards information to investment professionals prepared by other areas at Putnam.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">6.</TD><TD>Implements the exception process with respect to referred items on securities held solely in accounts managed by the Global Asset
Allocation (&#8220;GAA&#8221;) team within Franklin Templeton Investment Solutions described in more detail in the Proxy Referral section
below.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">7.</TD><TD>Maintains required records of proxy votes on behalf of the appropriate Putnam client accounts.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">8.</TD><TD>Prepares and distributes reports required by Putnam clients.</TD></TR></TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I><U>Proxy Voting Guidelines</U></I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Putnam maintains written voting guidelines (&#8220;Guidelines&#8221;) setting
forth voting positions determined by the Proxy Committee on those issues believed most likely to arise day to day. The Guidelines may
call for votes to be cast normally in favor of or opposed to a matter or may deem the matter an item to be referred to investment professionals
on a case-by-case basis. A copy of the Guidelines is attached to this memorandum as Exhibit A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In light of our views on the importance of issuer governance and investor
engagement, which we believe are applicable across our various strategies and clients, regardless of a specific portfolio&#8217;s investment
objective, Putnam will vote all proxies in accordance with the Guidelines, subject to two exceptions as follows:</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">1.</TD><TD STYLE="text-align: justify">If the portfolio managers of client accounts holding the stock of a company with a proxy vote believe
that following the Guidelines in any specific case would not be in the clients&#8217; best interests, they may request the Proxy Voting
Team not to follow the guidelines in such case. The request must be in writing and include an explanation of the rationale for
doing so. The Proxy Voting Team will review any such request with the Proxy Committee (or, in cases with limited time, with the Chair
of the Proxy Committee acting on the Proxy Committee&#8217;s behalf) prior to implementing the request.</TD></TR></TABLE>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">2.</TD><TD>Putnam may accept instructions to vote proxies under client specific guidelines subject to review and acceptance by the Investment
Division and the Legal and Compliance Department.</TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">1.</TD><TD>Putnam may elect not to vote when the security is no longer held.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">2.</TD><TD>Putnam will <B><U>abstain</U></B> on items that require case-by-case review when a vote recommendation from the appropriate investment
professional(s) cannot be obtained due to restrictive voting deadlines or other prohibitive operational or administrative requirements.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">3.</TD><TD>Where securities held in Putnam client accounts, including the Putnam mutual funds, have been loaned to third parties in connection
with a securities lending program administered by Putnam (through securities lending agents overseen by Putnam), Putnam has instructed
lending agents to recall U.S. securities on loan to vote proxies, in accordance with Putnam&#8217;s securities lending procedures Due
to differences in non-U.S. markets, Putnam does not currently seek to recall non-U.S. securities on loan. In addition, where Putnam does
not administer a client&#8217;s securities lending program, this recall policy does not apply, since Putnam generally does not have information
on loan details or authority to effect recalls in those cases. It is possible that, for impracticability or other reasons, a recalled
security may not be returned to the relevant custodian in time to allow Putnam to vote the relevant proxy.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">4.</TD><TD>Putnam will make its reasonable best efforts to vote all proxies except when impeded by circumstances that are reasonably beyond its
control and responsibility, such as custodial proxy voting services, in part or whole, not available or not established by a client, or
custodial error.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I><U>Proxy Voting Referrals</U></I></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Under the Guidelines, certain proxy matters will be referred to Portfolio
Managers. The Portfolio Manager receiving the referral request may delegate the vote decision to an appropriate Analyst from among a list
of eligible analysts (such list to be approved by the Chief Investment Officer of the Putnam Equity group and the Director of Equity Research
for the Putnam Equity group). The Analyst will be required to make the affirmation and disclosures identified in (3) below. Normally specific
referral items will be referred to the portfolio team leader (or another member of the portfolio team he or she designates) whose accounts
hold the greatest number of shares of the issuer of the proxies through the Proxy Referral Administration Database. The referral request
contains (1) a field that will be used by the portfolio team leader or member for recommending a vote on each referral item, (2) a field
for describing any contacts relating to the proxy referral item the portfolio team may have had with any Franklin Templeton employee outside
Putnam Equity or with any person other than a proxy solicitor acting in the normal course of proxy solicitation, and (3) a field for portfolio
managers to affirm that they are making vote recommendations in the best interest of client accounts and have disclosed to Compliance
any potential conflicts of interest relevant to their vote recommendation.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Putnam may vote any referred items on securities held solely in accounts
managed by the GAA team within Franklin Templeton Investment Solutions (and not held by any other investment product team) in accordance
with the recommendation of Putnam&#8217;s third-party proxy voting service provider. The Proxy Voting Team will first give the relevant
portfolio manager(s) on the GAA team the opportunity to review the referred items and vote on them. If the portfolio manager(s) on the
GAA team do not decide to make any active voting decision on any of the referred items, the items will be voted in accordance with the
service provider&#8217;s recommendation. If the security is also held by other investment teams at Putnam Equity, the items will be referred
to the largest holder who is not a member of the GAA team.</P>



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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The portfolio team leader or members who have been requested to
provide a recommendation on a proxy referral item will complete the referral request. Upon receiving each completed referral request
from the applicable Portfolio Manager or Analyst, the Proxy Voting Team will review the completed request for accuracy and
completeness, and will follow up with investment personnel as appropriate.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I><U>Conflicts of Interest</U></I></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">A potential conflict of interest may arise when voting proxies of an issuer
which has a significant business relationship with Putnam. For example, Putnam could manage a defined benefit or defined contribution
pension plan for the issuer. Putnam&#8217;s policy is to vote proxies based solely on the investment merits of the proposal. In order
to guard against conflicts, the following procedures have been adopted:</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">1.</TD><TD>The Proxy Committee is composed of senior professionals, including Portfolio Managers in Putnam Equity and the Putnam Equity Sustainability
Strategy group. None of these individuals or groups reports to Franklin Templeton&#8217;s marketing businesses.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">2.</TD><TD>No Franklin Templeton employee outside Putnam Equity may contact any portfolio manager about any proxy vote without first contacting
the Proxy Voting Team or a senior lawyer in the Legal and Compliance Department. There is no prohibition on employees seeking to communicate
investment-related information to investment professionals except for Putnam&#8217;s restrictions on dissemination of material, non-public
information. However, the Proxy Voting Team will coordinate the delivery of such information to investment professionals to avoid appearances
of conflict.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">3.</TD><TD>Investment professionals responding to referral requests must disclose any contacts with third parties other than normal contact with
proxy solicitation firms and must affirm that they are making vote recommendations in the best interest of client accounts and have disclosed
to the Proxy Voting Team any potential conflicts of interest relevant to their vote recommendation.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">4.</TD><TD>The Proxy Voting Team will review the name of the issuer of each proxy that contains a referral item against various sources of Putnam
business relationships maintained by the Legal and Compliance Department or Client Service for potential material business relationships
(<I>i.e., </I>conflicts of interest). For referrals, the Proxy Voting Team will complete the Proxy Voting Conflict of Interest Disclosure
Form (<U>attached as Exhibit B and C</U>) via the Proxy Referral Administration Database and will prepare a quarterly report for the Putnam
Chief Compliance Officer identifying all completed Conflict of Interest Disclosure forms.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">5.</TD><TD>Putnam&#8217;s Proxy Voting Guidelines may only be overridden with the written recommendation from a member of the Investment Division
and concurrence of the Proxy Committee (or, in cases with limited time, with the Chair of the Proxy Committee on the Proxy Committee&#8217;s
behalf).</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I><U>Recordkeeping</U></I></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Putnam Equity Sustainability Strategy Group will retain copies of the
following books and records:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">1.</TD><TD>A copy of the Proxy Voting Procedures and Guidelines as are from time to time in effect;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">2.</TD><TD>A copy of each proxy statement received with respect to securities in client accounts;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">3.</TD><TD>Records of each vote cast for each client;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">4.</TD><TD>Internal documents generated in connection with a proxy referral, such as emails, memoranda, etc.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">5.</TD><TD>Written reports to clients on proxy voting and all client requests for information and Putnam&#8217;s response.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">All records will be maintained for seven years. A proxy vendor may on Putnam&#8217;s
behalf maintain the records noted in 2 and 3 above if it commits to providing copies promptly upon request.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

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

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

<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Putnam Investments Proxy Voting Guidelines</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The proxy voting guidelines below summarize Putnam&#8217;s positions on
various issues of concern to investors and indicate how client portfolio securities will be voted on proposals dealing with a particular
issue. The proxy voting service is instructed to vote all proxies relating to client portfolio securities in accordance with these guidelines,
except as otherwise instructed by the Proxy Voting Team.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Putnam&#8217;s voting policies are rooted in our views that (1) strong,
independent corporate governance is important to long-term company financial performance, and (2) long-term investors&#8217; active engagement
with company management, including through the proxy voting process, strengthens issuer accountability and overall market discipline,
potentially reducing risk and improving returns over time. Our voting program is offered as a part of our investment management services,
at no incremental fee to Putnam, and, while there can be no guarantees, it is intended to offer potential investment benefits over a long-term
horizon. Our voting policies are designed with investment considerations in mind, not as a means to pursue particular political, social,
or other goals. As a result, we may not support certain proposals whose costs to the issuer (including implementation costs, practicability,
and other factors), in Putnam&#8217;s view, outweigh their investment merits.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">These proxy voting policies are intended to be decision-making guidelines.
The guidelines are not exhaustive and do not include all potential voting issues. In addition, as contemplated by and subject to Putnam&#8217;s
Proxy Voting Procedures, because proxy issues and the circumstances of individual companies are so varied, portfolio teams may recommend
votes that may vary from the general policy choices set forth in the guidelines.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The following guidelines are grouped according to the types of proposals
generally presented to shareholders. Part I deals with proposals which have been approved and recommended by a company&#8217;s board of
directors. Part II deals with proposals submitted by shareholders for inclusion in proxy statements. Part III addresses unique considerations
pertaining to non-US issuers.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>I. Board-Approved Proposals</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Proxies will be voted <B>for </B>board-approved proposals, except as follows:</P>

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

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<TD STYLE="width: 0pt"></TD><TD STYLE="width: 18pt"><B>A.</B></TD><TD><B><U>Matters Relating to the Board of Directors</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 2.25pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Uncontested Election of Directors</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The board of directors has the important role of overseeing management and
its performance on behalf of shareholders. When evaluating a company&#8217;s board, Putnam may consider the diversity of professional
backgrounds and personal characteristics. Putnam believes that companies generally benefit from diversity on the board, including diversity
with respect to gender, ethnicity, race, skills, perspectives and experience.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Proxies will be voted <B><U>for</U></B> the election of the company&#8217;s
nominees for directors (and/or subsidiary directors) and <B><U>for</U></B> board-approved proposals on other matters relating to the board
of directors (provided that such nominees and other matters have been approved by an independent nominating committee), except as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 36pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD>
  <TD>Putnam will <B><U>withhold votes</U></B> from the entire board
of directors if:</TD></TR>
</TABLE>

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



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>The board does not have a majority of independent directors,</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 90pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>The board does not have nominating, audit and compensation committees composed solely of independent directors, or</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>The board has more than 15 members or fewer than five members, absent special circumstances.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 54pt; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam may refrain from withholding votes from the board due to insufficient key committee independence due to director resignation,
change in board structure, or other specific circumstances, provided that the company has stated (for example in an 8-K), or it can otherwise
be determined, that the board will address committee composition to ensure compliance with the applicable corporate governance code in
a timely manner after the shareholder meeting and the company has a history of appropriate board independence.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Unless otherwise indicated, for the purposes of determining whether a board
has a majority of independent directors and independent nominating, audit, and compensation committees, an independent director is a director
who (1) meets all requirements to serve as an independent director of a company under the final NYSE Corporate Governance Rules (e.g.,
no material business relationships with the company and no present or recent employment relationship with the company (including employment
of an immediate family member as an executive officer)), and (2) has not accepted directly or indirectly any consulting, advisory, or
other compensatory fee (excluding immaterial fees for transactional services as defined by the NYSE Corporate Governance rules) from the
company other than in his or her capacity as a member of the board of directors or any board committee. Putnam believes that the receipt
of such compensation for services other than service as a director raises significant independence issues.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will <B><U>withhold votes</U></B> from any nominee for director who is considered an independent director by the company and
who has received compensation within the last three years from the company for the provision of professional services (e.g., investment
banking, consulting, legal or financial advisory fees).</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will <B><U>withhold votes</U></B> from any nominee for director who attends fewer than 75% of board and committee meetings.
Putnam may refrain from withholding votes on a <B>case-by-case </B>basis if a valid reason for the absence exists, such as illness, personal
emergency, potential conflict of interest, etc.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will <B><U>withhold votes</U></B> from any incumbent nominee for director who served on a board that has not acted to implement
a policy requested in a shareholder proposal that received the support of a majority of the votes actually cast on the matter at its previous
two annual meetings, or</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will <B><U>withhold votes</U></B> from any incumbent nominee for director who served on a board that adopted, renewed, or made
a material adverse modification to a shareholder rights plan (commonly referred to as a &#8220;poison pill&#8221;) without shareholder
approval during the current or prior calendar year. (This is applicable to any type of poison pill, for example, advance-warning type
pill, EGM pill, and Trust Defense Plans in Japan.)</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Putnam will refrain from opposing the board members who served at the time
of the adoption of the poison pill if the duration is one year or less, if the plan contains other suitable restrictions; or if the company
publicly discloses convincing rationale for its adoption and seeks shareholder approval of future renewals of the poison pill. (Suitable
restrictions could include but are not limited to, a higher threshold for passive investors. Convincing rationale could include circumstances
such as, but not limited to, extreme market disruption or conditions, stock volatility, substantial merger, active investor interest,
or takeover attempts.)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote on a <B>case-by-case </B>basis and may consider voting against the Nominating Committee Chair if there is a lack
of evidence of board diversity.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Putnam is concerned about over-committed directors. In some cases, directors
may serve on too many boards to make a meaningful contribution. This may be particularly true for senior executives of public companies
(or other directors with substantially full-time employment) who serve on more than a few outside boards.</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>against</U></B> any non-executive nominee for director who serves on more than four (4) public company boards,
except where Putnam would otherwise be withholding votes for the entire board of directors. For the purpose of this guideline, boards
of affiliated registered investment companies and other similar entities such as UCITS will count as one board. Generally, Putnam will
withhold support from directors serving on more than four unaffiliated public company boards, although an exception may be made in the
case of a director who represents an investing firm with the sole purpose of managing a portfolio of investments that includes the company.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will <B><U>withhold</U></B> votes from any nominee for director who serves as an executive officer of any public company (&#8220;home
company&#8221;) while serving on more than two (2) public company board<B>s </B>other than the home company board. (Putnam will withhold
votes from the nominee at each company where Putnam client portfolios own shares.) In addition, if Putnam client portfolios are shareholders
of the executive&#8217;s home company, Putnam will withhold votes from members of the company&#8217;s governance committee. For the purpose
of this guideline, boards of affiliated registered investment companies and other similar entities such as UCITS will count as one board.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will <B><I>withhold votes</I></B> from any nominee for director of a public company (Company A) who is employed as a senior
executive of another public company (Company B) if a director of Company B serves as a senior executive of Company A (commonly referred
to as an &#8220;interlocking directorate&#8221;).</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Board independence depends not only on its members&#8217; individual relationships,
but also the board&#8217;s overall attitude toward management. Independent boards are committed to good corporate governance practices
and, by providing objective independent judgment, enhancing shareholder value. Putnam may withhold votes on a case-by-case basis from
some or all directors that, through their lack of independence, have failed to observe good corporate governance practices or, through
specific corporate action, have demonstrated a disregard for the interest of shareholders.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Note: Designation of executive director is based on company disclosure.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>against</U></B> proposals that provide that a director may be removed only for cause. Putnam will generally
vote <B><U>for</U></B> proposals that permit the removal of directors with or without cause.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>against</U></B> proposals authorizing a board to fill a director vacancy without shareholder approval.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote on a <B><U>case-by-case</U></B> basis on subsidiary director nominees if Putnam will be voting against the nominees
of the parent company&#8217;s board.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote on a <B><U>case-by-case</U></B> basis for director nominees, including nominees for positions on Supervisory Boards
or Supervisory Committees, or similar board entities (depending on board structure), for (re)election when cumulative voting applies.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>for</U></B> proposals to approve annual directors&#8217; fees, except that Putnam will vote on a <B><U>case-by-case</U></B>
basis if Putnam&#8217;s independent proxy voting service has recommended a vote against such proposal. Additionally, Putnam will vote
<B><U>for</U></B> proposals to approve the grant of equity awards to directors, except that Putnam will consider these proposals on a
<B><U>case-by-case</U></B> basis if Putnam&#8217;s proxy service provider is recommending a vote against the proposal.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I><U>Classified Boards</U></I></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>against</U></B> proposals to classify a board, absent special circumstances indicating that shareholder interests
would be better served by this structure.</TD></TR></TABLE>

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



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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 10pt"><B><I><U>Ratification of Auditors</U></I></B></P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote on a <B><U>case-by-case</U></B> basis on proposals to ratify the selection of independent auditors if there is evidence
that the audit firm&#8217;s independence or the integrity of an audit is compromised. (Otherwise, Putnam will vote <B><U>for</U></B>.)</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Contested Elections of Directors</I></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote on a <B><U>case-by-case</U></B> basis in contested elections of directors.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>B. <U>Executive Compensation</U></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Putnam will vote on a <B><U>case-by-case</U></B> basis on board-approved
proposals relating to executive compensation, except as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>for</U></B> stock option and restricted stock plans that will result in an average annual dilution of 1.67%
or less (based on the disclosed term of the plan and including all equity-based plans), except where Putnam would otherwise be withholding
votes for the entire board of directors in which case Putnam will evaluate the plans on a <B><U>case-by-case</U></B> basis.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>against</U></B> stock option and restricted stock plans that will result in an average annual dilution of greater
than 1.67% (based on the disclosed term of the plan and including all equity plans).</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>against</U></B> any stock option or restricted stock plan where the company&#8217;s actual grants of stock
options and restricted stock under all equity-based compensation plans during the prior three (3) fiscal years have resulted in an average
annual dilution of greater than 1.67%.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Additionally, if the annualized dilution cannot be calculated, Putnam will vote <B><U>for</U></B> plans where the Total Potential
Dilution is 5% or less. If the annualized dilution cannot be calculated and the Total Potential Dilution exceeds 5%, then Putnam will
vote <B><U>against</U></B>. Note: Such plans must first pass all of Putnam&#8217;s other screens.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote proposals to issue equity grants to executives on a <B><U>case-by-case</U></B> basis.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>against</U></B> stock option plans that permit replacing or repricing of underwater options (and <B><U>against</U></B>
any proposal to authorize such replacement or repricing of underwater options).</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>against</U></B> stock option plans that permit issuance of options with an exercise price below the stock&#8217;s
current market price.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>against</U></B> stock option plans/ restricted stock plans with evergreen features providing for automatic
share replenishment.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B>for </B>bonus plans under which payments are treated as performance-based compensation that is deductible under
Section 162(m) of the Internal Revenue Code of 1986, as amended, except as follows:</TD></TR></TABLE>

<P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">Vote on a <B><U>case-by-case</U></B> basis on such proposals
if any of the following circumstances exist:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the amount per employee under the plan is unlimited, or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the maximum award pool is undisclosed, or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the incentive bonus plan&#8217;s performance criteria are undisclosed, or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the independent proxy voting service recommends a vote against.</TD></TR></TABLE>

<P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0; text-indent: 0.5in">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote in favor of the annual presentation of advisory votes on executive compensation (Say-on-Pay).</TD></TR></TABLE>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will generally vote <B><U>for</U></B> advisory votes on executive compensation (Say-on-Pay). However, Putnam will vote <B><U>against</U></B>
an advisory vote if the company fails to effectively link executive compensation to company performance according to benchmarking performed
by the independent proxy voting service.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>Putnam will review the proposal on a <B><U>case-by-case</U></B> basis if there is no recommendation of the independent proxy voting
service.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote on a <B><U>case-by-case</U></B> basis on severance agreements (e.g., golden and tin parachutes)</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will <B><U>withhold</U></B> votes from members of a Board of Directors which has approved compensation arrangements Putnam&#8217;s
investment personnel have determined are grossly unreasonable at the next election at which such director is up for re-election.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>for</U></B> employee stock purchase plans that have the following features: (1) the shares purchased under
the plan are acquired for no less than 85% of their market value, (2) the offering period under the plan is 27 months or less, and (3)
dilution is 10% or less.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>for</U></B> Non-qualified Employee Stock Purchase Plans with all the following features:</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 18pt">1)</TD><TD>Broad-based participation (i.e., all employees of the company with the exclusion of individuals with 5 percent or more of beneficial
ownership of the company).</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 90pt; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 18pt">2)</TD><TD>Limits on employee contribution, which may be a fixed dollar amount or expressed as a percent of base salary.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 18pt">3)</TD><TD>Company matching contribution up to 25 percent of employee&#8217;s contribution, which is effectively a discount of 20 percent from
market value.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 90pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 18pt">4)</TD><TD>No discount on the stock price on the date of purchase since there is a company matching contribution.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Putnam will vote <B><U>against</U></B> Non-qualified Employee Stock Purchase
Plans when any of the plan features do not meet the above criteria.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Putnam may vote against executive compensation proposals on a <B><U>case-by-case</U></B>
basis where compensation is excessive by reasonable corporate standards, or where a company fails to provide transparent disclosure of
executive compensation. In voting on proposals relating to executive compensation, Putnam will consider whether the proposal has been
approved by an independent compensation committee of the board.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>C. <U>Capitalization</U></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Putnam will vote on a <B><U>case-by-case</U></B> basis on board-approved
proposals involving changes to a company&#8217;s capitalization, except as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>for</U></B> proposals relating to the authorization of additional common stock, except that Putnam will evaluate
such proposals on a <B><U>case-by-case</U></B> basis if (i) they relate to a specific transaction or to common stock with special voting
rights, (ii) the company has a non-shareholder approved poison pill in place, or (iii) the company has had sizeable stock placements to
insiders within the past three years at prices substantially below market value without shareholder approval.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>for</U></B> proposals to effect stock splits (excluding reverse stock splits.)</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>for</U></B> proposals authorizing share repurchase programs, except that Putnam will vote on a <B><U>case-by-case</U></B>
basis if there are concerns that there may be abusive practices related to the share repurchase programs.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -18pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>D. <U>Acquisitions, Mergers, Reorganizations and
Other Transactions</U></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Putnam will vote on a <B><U>case-by-case</U></B> basis on business transactions
such as acquisitions, mergers, reorganizations involving business combinations, liquidations and sale of all or substantially all of a
company&#8217;s assets.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>E. <U>Anti-Takeover Measures</U></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Putnam will vote <B><U>against</U></B> board-approved proposals to adopt
anti-takeover measures such as supermajority voting provisions, issuance of blank check preferred stock, the creation of a separate class
of stock with disparate voting rights, control share acquisition provisions, targeted share placements, and ability to make greenmail
payments, except as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote on a <B><U>case-by-case</U></B> basis on proposals to ratify or approve shareholder rights plans;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote on a <B><U>case-by-case</U></B> basis on proposals to adopt fair price provisions.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote on a <B><U>case-by-case</U></B> basis on proposals to issue blank check preferred stock in the case of REITs (only)</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will generally vote <B><U>for</U></B> proposals that enable or expand shareholders&#8217; ability to take action by written
consent.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote on a <B><U>case-by-case</U></B> basis on proposals to increase shares of an existing class of stock with disparate
voting rights from another share class.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote on a <B><U>case-by-case</U></B> basis on <B>shareholder or board-approved </B>proposals to eliminate supermajority
voting provisions at controlled companies (companies in which an individual or a group voting collectively holds a majority of the voting
interest).</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote on a <B><U>case-by-case</U></B> basis on <B>board-approved </B>proposals to adopt supermajority voting provisions
at controlled companies (companies in which an individual or a group voting collectively holds a majority of the voting interest).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote on a <B><U>case-by-case</U></B> basis on proposals to issue blank check preferred stock if appropriate &#8220;<I>de-clawed&#8221;
</I>language is present. Specifically, appropriate <I>de-clawed </I>language will include cases where the Company states (i.e., through
8-K, proxy statement or other public disclosure) it will not use the preferred stock for anti-takeover purposes, or in order to implement
a shareholder rights plan, or discloses a commitment to submit any future issuances of preferred stock to be used in a shareholder rights
plan/anti-takeover purpose to a shareholder vote prior to its adoption.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>F. <U>Other Business Matters</U></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Putnam will vote <B><U>for</U></B> board-approved proposals approving routine
business matters such as changing the company&#8217;s name and procedural matters relating to the shareholder meeting, except as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote on a <B><U>case-by-case</U></B> basis on proposals to amend a company&#8217;s charter or bylaws (except for charter
amendments necessary or to effect stock splits, to change a company&#8217;s name, to authorize additional shares of common stock or other
matters which are considered routine (for example, director age or term limits), technical in nature, fall within
Putnam&#8217;s guidelines (for example, regarding board size or virtual meetings), are required pursuant to regulatory and/or listing
rules, have little or no economic impact or will not negatively impact shareholder rights).</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Additionally, Putnam believes the bundling of items, whether the items are related or unrelated, is generally not in shareholders&#8217;
best interest. We may vote against the entire bundled proposal if we would normally vote against any of the items if presented individually.
In these cases, we will review the bundled proposal on a case-by-case basis.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam generally supports quorum requirements if the level is set high enough to ensure a broad range of shareholders is represented
in person or by proxy but low enough so that the Company can transact necessary business. Putnam will vote on a <B><U>case-by-case</U></B>
basis on proposals seeking to change quorum requirements; however, Putnam will normally support proposals that seek to comply with market
or exchange requirements.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote on a <B><U>case-by-case</U></B> basis on proposals seeking to change a company&#8217;s state of incorporation. However,
Putnam will vote <B><U>for</U></B> mergers and reorganizations involving business combinations designed solely to reincorporate a company
in Delaware.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>against</U></B> authorization to transact other unidentified, substantive business at the meeting.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>against</U></B> proposals where there is a lack of information to make an informed voting decision.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote as follows on proposals to adjourn shareholder meetings:</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: justify">If Putnam is withholding support for the board
of the company at the meeting, any proposal to adjourn should be referred for case-by-case analysis.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">If Putnam is not withholding support for the board, Putnam will
vote in favor of adjourning, unless the vote concerns an issue that is being referred back to Putnam for case-by-case review. Under such
circumstances, the proposal to adjourn should also be referred to Putnam for <B><U>case-by-case</U></B> analysis.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>against</U></B> management proposals to adopt a specific state&#8217;s courts, or a specific U.S. district
court as the exclusive forum for certain disputes, except that Putnam will vote <B><U>for</U></B> proposals adopting the State of Delaware,
or the Delaware Chancery Court, as the exclusive forum, for corporate law matters for issuers incorporated in Delaware. Requiring shareholders
to bring actions solely in one state may discourage the pursuit of derivative claims by increasing their difficulty and cost. However,
Putnam&#8217;s guideline recognizes the expertise of the Delaware state court system in handling disputes involving Delaware corporations.
In addition, Putnam will <B><U>withhold votes</U></B> from the chair of the Nominating/Governance committee if a company amends its Bylaws,
or takes other actions, to adopt a specific state&#8217;s courts (other than Delaware courts, for issuers incorporated in Delaware) or
a specific U.S. district court as the exclusive forum for certain disputes without shareholder approval.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote on a <B><U>case-by-case</U></B> basis on management proposals seeking to adopt a bylaw amendment allowing the company
to shift legal fees and costs to unsuccessful plaintiffs in intra-corporate litigation (fee-shifting bylaw). Additionally, Putnam will
vote <B><U>against</U></B> the Chair of the Nominating/Governance committee if a company adopts a fee-shifting bylaw amendment without
shareholder approval.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will support management/shareholder proxy access proposals as long as the proposals align with the following principles for
a shareholder (or up to 20 shareholders together as a group) to receive proxy access:</TD></TR></TABLE>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">1) The required minimum aggregate ownership of the Company&#8217;s
outstanding common stock is no greater than 3%;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">2) The required minimum holding period for the shareholder proponent(s)
is no greater than two years; and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">3) The shareholder(s) are permitted to nominate at least 20% of
director candidates for election to the board.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">Proposals requesting shares be held for 3 years will be reviewed
on a <B><U>case-by-case</U></B> basis. Putnam will vote <B><U>agains</U></B><U>t</U> proposals requesting shares be held for more than
three years. Proposals that meet Putnam&#8217;s stated criteria and include other requirements relating to issues such as, but not limited
to, shares on loan or compensation agreements with nominees, will be reviewed on a <B><U>case-by-case</U></B> basis.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">Additionally, shareholder proposals seeking an amendment to a company&#8217;s
proxy access policy which include any one of the supported criteria under Putnam&#8217;s guidelines, for example, a 2-year holding period
for shareholders, will be reviewed on a <B><U>case-by-case</U></B> basis.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam supports management / shareholder proposals giving shareholders the right to call a special meeting as long as the ownership
requirement in such proposals is at least <B>15% </B>of the company&#8217;s outstanding common stock and not more than <B>25%</B>.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">In general, Putnam will vote <B><U>for</U></B> management or shareholder
proposals to reduce the ownership requirement below a company&#8217;s existing threshold, as long as the new threshold is at least <B>15%
</B>and not greater than <B>25% </B>of the company&#8217;s outstanding common stock.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">Putnam will vote <B><U>against</U></B> any proposal with an ownership
requirement exceeding <B>25% </B>of the company&#8217;s common stock or an ownership requirement that is less than <B>15% </B>of the company&#8217;s
outstanding common stock.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">In cases where there are competing management and shareholder proposals
giving shareholders the right to call a special meeting, Putnam will generally vote <B><U>for</U></B> the proposal which has the lower
minimum shareholder ownership threshold, as long as that threshold is within Putnam&#8217;s recommended minimum/maximum thresholds. If
only one of the competing proposals has a threshold that falls within Putnam&#8217;s threshold range, Putnam will normally support that
proposal as long as it represents an improvement (reduction) from the previous requisite ownership level. Putnam will normally vote <B><U>against</U></B>
both proposals if neither proposal has a requisite ownership level between <B>15% </B>and <B>25% </B>of the company&#8217;s outstanding
common stock<B>.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will generally vote <B><U>for</U></B> management or shareholder proposals to allow a company to hold virtual-only or hybrid
shareholder meetings or to amend its articles/charter/by-laws to allow for virtual-only or hybrid shareholder meetings, provided the proposal
does not preclude in-person meetings (at any given time), and does not otherwise limit or impair shareholder participation; and if the
company has provided clear disclosure to ensure that shareholders can effectively participate in virtual-only shareholder meetings and
meaningfully communicate with company management and directors. Additionally, Putnam may consider the rationale of the proposal and whether
there have been concerns about the company&#8217;s previous meeting practices.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Disclosure should address the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the ability of shareholders to ask questions during the meeting</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">o</TD><TD>including time guidelines for shareholder questions</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">o</TD><TD>rules around what types of questions are allowed</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">o</TD><TD>and rules for how questions and comments will be recognized and disclosed to meeting participants</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">o</TD><TD>the manner in which appropriate questions received during the meeting will be addressed by the board</TD></TR></TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&#8226;</TD><TD>procedures, if any, for posting appropriate questions received during the meeting and the company&#8217;s answers on the investor
page of their website as soon as is practical after the meeting</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>technical and logistical issues related to accessing the virtual meeting platform; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>procedures for accessing technical support to assist in the event of any difficulties accessing the virtual meeting</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Putnam may vote against proposals that do not meet these criteria.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Additionally, Putnam may vote <B><U>agains</U></B><U>t</U> the Chair of
the Governance Committee when the board is planning to hold a virtual-only shareholder meeting and the company has not provided sufficient
disclosure (as noted above) or shareholder access to the meeting.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>for</U></B> proposals to approve a company&#8217;s board-approved climate transition action plan (&#8220;say
on climate&#8221; proposals in which the company&#8217;s board proposes that shareholders indicate their support for the company&#8217;s
plan), unless the proxy voting service has recommended a vote against the proposal, in which case Putnam will vote on a <B><U>case-by-case</U></B>
basis on the proposal.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 54pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote on a <B><U>case-by-case</U></B> basis on board-approved proposals that conflict with shareholder proposals.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt; text-indent: -18pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>II. Shareholder Proposals</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Shareholder proposals are non-binding votes that are often opposed by management.
Some proposals relate to matters that are financially immaterial to the company&#8217;s business, while others may be impracticable or
costly for a company to implement. At the same time, well-crafted shareholder proposals may serve the purpose of raising issues that are
material to a company&#8217;s business for management&#8217;s consideration and response. Putnam seeks to weigh the costs of different
types of proposals against their expected financial benefits. More specifically:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Putnam will vote <B><U>in accordance with the recommendation of the company&#8217;s
board of directors</U></B> on all shareholder proposals, except as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>for</U></B> shareholder proposals that are consistent with Putnam&#8217;s proxy voting guidelines for board-approved
proposals.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>for</U></B> shareholder proposals to declassify a board, absent special circumstances which would indicate
that shareholder interests are better served by a classified board structure.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>for</U></B> shareholder proposals to require shareholder approval of shareholder rights plans.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>for</U></B> shareholder proposals asking that director nominees receive support from holders of a majority
of votes cast or a majority of shares outstanding of the company in order to be (re) elected.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will review on a <B><U>case-by-case</U></B> basis, shareholder proposals requesting that the board adopt a policy whereby,
in the event of a significant restatement of financial results or significant extraordinary write-off, the board will recoup, to the fullest
extent practicable, for the benefit of the company, all performance-based bonuses or awards that were made to senior executives based
on having met or exceeded specific performance targets to the extent that the specified
performance targets were not met.</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>for</U></B> shareholder proposals urging the board to seek shareholder approval of any future supplemental
executive retirement plan (&#8220;SERP&#8221;), or individual retirement arrangement, for senior executives that provides credit for additional
years of service not actually worked, preferential benefit formulas not provided under the company&#8217;s tax-qualified retirement plans,
accelerated vesting of retirement benefits or retirement perquisites and fringe benefits that are not generally offered to other company
employees. (Implementation of this policy shall not breach any existing employment agreement or vested benefit.)</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>for</U></B> shareholder proposals requiring companies to report on their executive retirement benefits. (Deferred
compensation, split-dollar life insurance, SERPs and pension benefits)</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>for</U></B> shareholder proposals requesting that a company establish a pay-for-superior-performance standard
whereby the company discloses defined financial and/or stock price performance criteria (along with the detailed list of comparative peer
group) to allow shareholders to sufficiently determine the pay and performance correlation established in the company&#8217;s performance-based
equity program. In addition, no multi-year award should be paid out unless the company&#8217;s performance exceeds, during the current
CEO&#8217;s tenure (three or more years), its peer median or mean performance on selected financial and stock price performance criteria.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>for</U></B> shareholder proposals urging the board to disclose in a separate report to shareholders, the Company&#8217;s
relationships with its executive compensation consultants or firms. Specifically, the report should identify the entity that retained
each consultant (the company, the board or the compensation committee) and the types of services provided by the consultant in the past
five years (non-compensation-related services to the company or to senior management and a list of all public company clients where the
Company&#8217;s executives serve as a director.)</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>for</U></B> shareholder proposals requiring companies to accelerate vesting of equity awards under management
severance agreements only if both of the following conditions are met:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the company undergoes a change in control, and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the change in control results in the termination of employment for the person receiving the severance payment.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>for</U></B> shareholder proposals requiring that the chair&#8217;s position be filled by an independent director
(separate chair/CEO). However, Putnam will vote on a <B>case-by-case </B>basis on such proposals when the company&#8217;s board has a
lead-independent director (or already has an independent or separate chair) and Putnam is supporting the nominees for the board of directors.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>for</U></B> shareholder proposals seeking the submission of golden coffins to a shareholder vote or the elimination
of the practice altogether.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>for</U></B> shareholder proposals seeking a policy that forbids any director who receives more than 25% withhold
votes cast (based on for and withhold votes) from serving on any key board committee for two years and asking the board to find replacement
directors for the committees if need be.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>for</U></B> shareholder proposals urging the board to seek shareholder approval of severance agreements (e.g.,
golden and tin parachutes).</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 108pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>However, Putnam will vote <B><U>against</U></B> such proposals when the company has a policy that minimally requires shareholder approval
of severance agreements for executives that provides for cash severance benefits exceeding 2.99 times the sum of the executive&#8217;s
base salary plus target annual non-equity incentive plan bonus opportunity.</TD></TR></TABLE>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 36pt; margin: 0pt">Putnam will vote on a <B><U>case-by-case</U></B> basis on approving such
compensation arrangements.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>for</U></B> shareholder proposals requiring companies to make cash payments under management severance agreements
only if both of the following conditions are met: the company undergoes a change in control, and the change in control results in the
termination of employment for the person receiving the severance payment.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote on a <B><U>case-by-case</U></B> basis on shareholder proposals to limit a company&#8217;s ability to make excise
tax gross-up payments under management severance agreements as well as proposals to limit income or other tax gross-up payments.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>in accordance with the recommendation of the company&#8217;s board of directors</U></B> on shareholder proposals
regarding corporate political spending, unless Putnam is voting against the directors, in which case the proposal would be reviewed on
a <B><U>case-by-case</U></B> basis.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote on a <B><U>case-by-case</U></B> basis on shareholder proposals that conflict with board-approved proposals.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Environmental and Social</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam believes that sustainable environmental practices and sustainable social policies are important components of long-term value
creation. Companies should evaluate the potential risks to their business operations that are directly related to environmental and social
factors (among others). In evaluating shareholder proposals relating to environmental and social initiatives, Putnam takes into account
(1) the relevance and materiality of the proposal to the company&#8217;s business, (2) whether the proposal is well crafted (e.g., whether
it references science-based targets, or standard global protocols), and (3) the practicality or reasonableness of implementing the proposal.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">Putnam may support well-crafted and well-targeted proposals that
request additional reporting or disclosure on a company&#8217;s plans to mitigate risk to the company related to the following issues
and/or their strategies related to these issues: Environmental issues, including but not limited to, climate change, greenhouse gas emissions,
renewable energy, and broader sustainability issues; and Social issues, including but not limited to, fair pay, employee diversity and
development, safety, labor rights, supply chain management<I>, </I>privacy and data security.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">In addition, Putnam will consider proposals related to Artificial
Intelligence (&#8220;AI&#8221;) on a case-by-case basis.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">Putnam will consider factors such as (i) the industry in which
the company operates, (ii) the company&#8217;s current level of disclosure, (iii) the company&#8217;s level of oversight, (iv) the company&#8217;s
management of risk arising out of these matters, (v) whether the company has suffered a material financial impact. Other factors may also
be considered.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">Putnam will consider the recommendation of its third-party proxy
service provider and may consider other factors such as third-party evaluations of ESG performance.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">Additionally, Putnam may vote on a <B><U>case-by-case</U></B> basis
on proposals which ask a company to take action beyond reporting where our third-party proxy service provider has identified one or more
reasons to warrant a vote FOR.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>III. Voting Shares of Non-US Issuers</B></P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Many non-US jurisdictions impose material burdens on voting proxies. There
are three primary types of limits as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">(1)</TD><TD>Share blocking. Shares must be frozen for certain periods of time to vote via proxy.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 90pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">(2)</TD><TD>Share re-registration. Shares must be re-registered out of the name of the local custodian or nominee into the name of the client
for the meeting and, in many cases, then re-registered back. Shares are normally blocked in this period.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt">(3)</TD><TD>Powers of Attorney. Detailed documentation from a client must be given to the local sub-custodian. In many cases Putnam is not authorized
to deliver this information or sign the relevant documents.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Putnam&#8217;s policy is to weigh the benefits to clients from voting in
these jurisdictions against the detriments of not doing so. For example, in a share blocking jurisdiction, it will normally not be in
a client&#8217;s interest to freeze shares simply to participate in a non- contested routine meeting. More specifically, Putnam will normally
not vote shares in non-US jurisdictions imposing burdensome proxy voting requirements except in significant votes (such as contested elections
and major corporate transactions) where directed by portfolio managers.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Putnam recognizes that the laws governing non<B>-</B>US issuers will vary
significantly from US law and from jurisdiction to jurisdiction. Accordingly, it may not be possible or even advisable to apply these
guidelines mechanically to non-US issuers. However, Putnam believes that shareholders of all companies are protected by the existence
of a sound corporate governance and disclosure framework. Accordingly, Putnam will vote proxies of non<B>-</B>US issuers <B><U>in accordance
with the foregoing guidelines where applicable</U></B>, except as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>for</U></B> shareholder proposals calling for a majority of the directors to be independent of management.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>for</U></B> shareholder proposals that implement corporate governance standards similar to those established
under U.S. federal law and the listing requirements of U.S. stock exchanges, and that do not otherwise violate the laws of the jurisdiction
under which the company is incorporated.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote on a <B><U>case-by-case</U></B> basis on proposals relating to (1) the issuance of common stock in excess of 20%
of a company&#8217;s outstanding common stock where shareholders do not have preemptive rights, or (2) the issuance of common stock in
excess of 100% of a company&#8217;s outstanding common stock where shareholders have preemptive rights.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>for</U></B> proposals to authorize share repurchase programs that are recommended for approval by Putnam&#8217;s
proxy voting service provider, otherwise Putnam will vote <B><U>against</U></B> such proposals; except that Putnam will vote on a <B><U>case-by-case
basis</U></B> if there are concerns that there may be abusive practices related to the share repurchase programs.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>against</U></B> authorizations to repurchase shares or issue shares or convertible debt instruments with or
without preemptive rights when such authorization can be used as a takeover defense without shareholder approval. Putnam will not apply
this policy to a company with a shareholder who controls more than 50% of its voting rights.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will generally vote <B><U>for</U></B> proposals that include debt issuances, however substantive/non-routine proposals, and
proposals that fall outside of normal market practice or reasonable standards, will be reviewed on a <B><U>case-by-case</U></B> basis.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>for</U></B> board-approved routine, market-practice proposals. These proposals are limited to (1) those issues
that will have little or no economic impact, such as technical, editorial, or mandatory regulatory compliance items, (2) those issues
that will not adversely affect and/or which clearly improve shareholder rights/values, and which do not violate Putnam&#8217;s proxy voting
guidelines, or (3) those issues that do not seek to deviate from existing laws or regulations. Examples include but are not limited to, related party transactions (non-strategic), profit-and-loss
transfer agreements (Germany), authority to increase paid-in capital (Taiwan). Should any unusual circumstances be identified concerning
a normally routine issue, such proposals will be referred back to Putnam for internal review.</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will generally vote <B><U>for</U></B> proposals regarding amendments seeking to expand business lines or to amend the corporate
purpose, provided the proposal would not include a significant or material departure from the company&#8217;s current business, and/or
will provide the company with greater flexibility in the performance of its activities.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will normally vote <B><U>for</U></B> management proposals concerning allocation of income and the distribution of dividends.
However, Putnam portfolio teams will override this guideline when they conclude that the proposals are outside the market norms (i.e.,
those seen as consistently and unusually small or large compared to market practices).</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will generally vote <B><U>for</U></B> proposals seeking to adjust the par value of common stock. However, non-routine, substantive
proposals will be reviewed on a <B><U>case-by-case</U></B> basis.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>against</U></B> proposals that would authorize the company to reduce the notice period for calling special
or extraordinary general meetings to less than 21-Days.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will generally vote <B><U>for</U></B> proposals relating to transfer of reserves/increase of reserves (i.e., France, Japan).
However, Putnam will vote on a <B><U>case-by-case</U></B> basis if the proposal falls outside of normal market practice.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will generally vote <B><U>for</U></B> proposals to increase the maximum variable pay ratio. However, Putnam will vote on a
<B><U>case-by-case</U></B> basis if we are voting against a company&#8217;s remuneration report or if the proposal seeks an increase in
excess of 200%.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will review stock option plans on a <B><U>case-by-case</U></B> basis which allow for the options exercise price to be reduced
by dividend payments (if the plan would normally pass Putnam&#8217;s Guidelines).</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will generally vote <B><U>for</U></B> requests to provide loan guarantees however, Putnam will vote on a <B><U>case-by-case</U></B>
basis if the total amount of guarantees is in excess of 100% of the company&#8217;s audited net assets.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will generally support remuneration report/policy proposals (i.e., advisory/binding) where a company&#8217;s executive compensation
is linked directly with the performance of the business and executive. Putnam will generally support compensation proposals which incorporate
a mix of reasonable salary and performance based short- and long-term incentives. Companies should demonstrate that their remuneration
policies are designed and managed to incentivize and retain executives while growing the company&#8217;s long-term shareholder value.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -18pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Generally, Putnam will vote <B><U>against</U></B> remuneration report/policy
proposals (i.e., advisory/binding) in the following cases:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>Disconnect between pay and performance</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>No performance metrics disclosed;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>No relative performance metrics utilized;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>Single performance metric was used and it was an absolute measure;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>Performance goals were lowered when management failed or was unlikely to meet original goals;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>Long Term Incentive Plan is subject to retesting (e.g., Australia);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>Service contracts longer than 12 months (e.g., United Kingdom);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>Allows vesting below median for relative performance metrics;</TD></TR></TABLE>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>Ex-gratia / non-contractual payments have been made (e.g., United Kingdom and Australia);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>Contains provisions to automatically vest upon change-of-control; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>Other poor compensation practices or structures.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>Pension provisions for new executives is not at the same level as the majority of the wider workforce; pension provisions for incumbent
executives are not set to decrease over time (United Kingdom)</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>Proposed CEO salary increases are not justifiably appropriate in comparison to wider workforce or rationale for exception increases
is not fully disclosed (United Kingdom)</TD></TR></TABLE>

<P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0; text-indent: 0.5in">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote on a <B><U>case-by-case basis</U></B> on bonus payments to executive directors or senior management; however, Putnam
will vote <B><U>against</U></B> payments that include outsiders or independent statutory auditors.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><U>Matters Relating to Board of Directors</U></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><U>Uncontested Board Elections</U></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt"><B><I>Asia: China, Hong Kong, India, Indonesia, Philippines, Taiwan
and Thailand</I></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will <B>vote <U>against</U></B> the entire board of directors if</TD></TR></TABLE>

<P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>fewer than one-third of the directors are independent directors, or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the board has not established <U>audit</U>, <U>compensation</U> and <U>nominating</U> committees each composed of a majority of independent
directors, or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the chair of the audit, compensation or nominating committee is not an independent director.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 90pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Commentary: Companies listed in China (or dual-listed in China and Hong
Kong) often have a separate supervisory committee in addition to a standard board of directors containing audit, compensation, and nominating
committees. The supervisory committee provides oversight of the financial affairs of the company and supervises members of the board and
management, while the board of directors makes decisions related to the company&#8217;s business and investment strategies. The supervisory
committee normally comprises employee representatives and shareholder representatives. Shareholder representatives are elected by shareholders
of the company while employee representatives are elected by the company&#8217;s staff. Shareholder representatives may be independent
or may be affiliated with the company or its substantial shareholders. Current laws and regulations neither provide a basis for evaluation
of supervisor independence nor do they require a supervisor to be independent.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will generally vote in favor of nominees to the Supervisory Committee</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Australia</I></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>against</U></B> the entire board of directors if</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>fewer than a majority of the directors are independent, or</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 90pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the board has not established an audit committee composed solely of non-executive directors, a majority of whom, including the chair
of the committee (who should not be the board chair), should be independent directors, or</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 90pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the board has not established nominating and compensation committees each composed of a majority of independent, non-executive directors,
with an independent chair.</TD></TR></TABLE>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Brazil</I></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>against</U></B> proposals requesting cumulative voting unless there are more candidates than number of seats
available, in which case vote for.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>for</U></B> proposals for the proportional allocation of cumulative votes if Putnam is supporting the entire
slate of nominees. Putnam will vote <B><U>against</U></B> such proposals if Putnam is not supporting the entire slate.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will <B><U>abstain</U></B> on individual director allocation proposals if Putnam is voting for the proportional allocation
of cumulative votes. Putnam will vote on a <B><U>case-by-case</U></B> basis on individual director allocation proposals if Putnam is voting
against the proportional allocation of votes.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>for</U></B> proposals to cumulate votes of common and preferred shareholders if the nominees are known and
Putnam is supporting the applicable nominees; Putnam will vote <B><U>against</U></B> such proposals if Putnam is not supporting the known
nominees, or if the nominees are unknown.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will generally vote <B><U>against</U></B> proposals seeking the recasting of votes for amended slate (as new candidates could
be included in the amended slate without prior disclosure to shareholders).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>against</U></B> proposals regarding instructions if meeting is held on second call if election of directors
is part of the recasting as the slate can be amended without (prior) disclosure to shareholders.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>against</U></B> proposals regarding the casting of minority votes to the candidate with largest number of votes.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -18pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><B><I>Canada</I></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Canadian corporate governance requirements mirror corporate governance reforms
that have been adopted by the NYSE and other U.S. national securities exchanges and stock markets. As a result, Putnam will vote on matters
relating to the board of directors of Canadian issuers <B><U>in accordance with the guidelines applicable to U.S. issuers.</U></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><U>Commentary</U>: Like the UK&#8217;s Combined Code on Corporate Governance,
the policies on corporate governance issued by Canadian securities regulators embody the &#8220;comply and explain&#8221; approach to
corporate governance. Because Putnam believes that the board independence standards contained in the proxy voting guidelines are integral
to the protection of investors in Canadian companies, these standards will be applied in a prescriptive manner.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Continental Europe (ex-Germany)</I></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B>against </B>the entire board of directors if</TD></TR></TABLE>

<P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>fewer than a majority of the directors are independent directors, or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the board has not established audit, nominating and compensation committees each composed of a majority of independent directors.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 54pt; text-indent: -18pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><U>Commentary</U></B>: An &#8220;independent director&#8221; under the
European Commission&#8217;s guidelines is one who is free of any business, family or other relationship, with the company, its controlling
shareholder or the management of either, that creates a conflict of interest such as to impair his judgment. A &#8220;non-executive director&#8221;
is one who is not engaged in the daily management of the company.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In France, Employee Representatives are employed by the company and represent
rank and file employees. These representatives are elected by company employees. The law also provides for the appointment of employee
shareholder representatives, if the employee shareholdings exceed 3% of the share capital. Employee shareholder representatives are elected
by the company&#8217;s shareholders (via general meeting).</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Germany</I></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>For companies subject to &#8220;co-determination,&#8221; Putnam will vote <B><U>for </U></B>the election of nominees to the supervisory
board, except:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>against </U></B>the Supervisory Board if</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>the board has not established an audit committee comprising an Independent chair.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>the audit committee chair serves as board chair.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>the board contains more than two former management board members.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>against</U></B> the election of a former member of the company&#8217;s managerial board to chair of the supervisory
board.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><U>Commentary</U>: German corporate governance is characterized by a two-tier
board system - a managerial board composed of the company&#8217;s executive officers, and a supervisory board. The supervisory board appoints
the members of the managerial board. Shareholders elect members of the supervisory board, except that in the case of companies with a
large number of employees, company employees are allowed to elect some of the supervisory board members (one-half of supervisory board
members are elected by company employees at companies with more than 2,000 employees; one-third of the supervisory board members are elected
by company employees at companies with more than 500 employees but fewer than 2,000). This practice is known as co-determination.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Israel</I></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I><U>Non-Controlled Banks:</U></I></B> Director elections at Non-Controlled
banks are overseen by the Supervisor of the Banks and nominees for election as &#8220;other&#8221; (non-external) directors and external
directors (under Companies Law and Directive 301) are put forward by an external and independent committee. As such,</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam&#8217;s guidelines regarding board Nominating Committees will not apply</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote on a <B><U>case-by-case</U></B> on nominees when there are more nominees than seats available.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -18pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Italy</I></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Election of directors and statutory auditors:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will apply the director guidelines to the majority shareholder supported list and vote accordingly (<B><U>for</U></B> or <B><U>against</U></B>)
if multiple lists of director candidates are presented. If there is no majority shareholder supported slate of nominees, Putnam will support
the shareholder slate of nominees that is recommended for approval by Putnam&#8217;s service provider.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>against</U></B> the entire list of director nominees if the list is bundled as one proposal and if Putnam would
otherwise be voting against any one director nominee.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will generally vote <B><U>for</U></B> the majority shareholder supported list of statutory auditor nominees.</TD></TR></TABLE>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Note: Pursuant to Italian law, directors and statutory auditors are elected
through a slate voting system whereby candidates are presented in lists submitted by shareholders representing a minimum percentage of
share capital.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will withhold votes from any director not identified in the proxy materials. (Example: Co-opted director nominees.)</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Japan</I></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>For companies that have established a U.S.-style corporate governance structure, Putnam will <B><U>withhold votes</U></B> from the
entire board of directors if:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the board does not have a majority of outside directors,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the board has not established nominating and compensation committees composed of a majority of outside directors,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the board has not established an audit committee composed of a majority of independent directors, or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the board does not have at least two independent directors for companies with a controlling shareholder.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>For companies that have established a statutory auditor board structure:</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>Putnam will <B><U>withhold votes</U></B> from the appointment of members of a company&#8217;s board of statutory auditors if a majority
of the members of the board of statutory auditors is not independent.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>For companies that have established a statutory auditor board structure, Putnam will <B><U>withhold votes</U></B> from the entire
board of directors if:</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the board does not have at least two outside directors, or</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 54pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the board does not have at least two independent directors for companies with a controlling shareholder.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>Putnam will vote <B><U>against</U></B> any statutory auditor nominee who attends fewer than 75% of board and committee meeting without
valid reasons for the absences (i.e., illness, personal emergency, etc.) (Note that Corporate Law requires disclosure of outsiders&#8217;
attendance but not that of insiders, who are presumed to have no more important time commitments.)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>For companies that have established an audit committee board structure (one-tier / one committee), Putnam will <B><U>withhold votes</U></B>
from the entire board of directors if:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the board does not have at least two outside directors,</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 54pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the board does not have at least two independent directors for companies with a controlling shareholder, or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the board has not established an audit committee composed of a majority of independent directors</TD></TR></TABLE>

<P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt"><B>Election of Executive Director and Election of Supervisory
Director &#8211; REIT</B></P>

<P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">REITs have a unique two-tier board structure with generally one
or more executive directors and two or more supervisory directors. The number of supervisory directors must be greater than, not equal
to, the</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">number of executive directors. Shareholders are asked to vote on
both types of directors. Putnam will vote as follows, provided each board of executive / supervisory directors meets legal requirements.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will generally vote <B><U>for</U></B> the election of Executive Director</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will generally vote <B><U>for</U></B> the election of Supervisory Directors</TD></TR></TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><U>Commentary:</U></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Definition of outside director and independent director:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Japanese Companies Act focuses on two director classifications: Insider
or Outsider. An outside director is a director who is not a director, executive, executive director, or employee of the company or its
parent company, subsidiaries or affiliates. Further, a director, executive, executive director or employee, who have executive responsibilities,
of the company or subsidiaries can regain eligibility ten years after his or her resignation, provided certain other requirements are
met. An outside director is designated as an &#8220;independent&#8221; director based on the Tokyo Stock Exchange listing rules. An outside
director is &#8220;independent&#8221; if that person can make decisions completely independent from the managers of the company, its parent,
subsidiaries, or affiliates and does not have a material relationship with the company (i.e., major client, trading partner, or other
business relationship; familial relationship with current director or executive; etc.).</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The guidelines have incorporated these definitions in applying the board
independence standards above.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Korea</I></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Putnam will <B><U>withhold votes</U></B> from the entire board of directors
if:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>For large companies (i.e., those with assets of at least KRW 2 trillion); the board does not have at least three independent directors
or less than a majority of directors are independent directors,</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>For small companies (i.e., those with assets of less than KRW 2 trillion), fewer than one-fourth of the directors are independent
directors,</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>The board has not established a nominating committee with at least half of the members being outside directors, or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the board has not established an audit committee composed of at least three members and in which at least two-thirds of its members
are independent directors.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><U>Commentary:</U> For purposes of these guidelines, an &#8220;outside director&#8221;
is a director who is independent from the management or controlling shareholders of the company and holds no interests that might impair
performing his or her duties impartially from the company, management or controlling shareholder. In determining whether a director is
an outside director, Putnam will also apply the standards included in Article 382 of the Korean Commercial Act<I>, </I>i.e., no employment
relationship with the company for a period of two years before serving on the committee, no director or employment relationship with the
company&#8217;s largest shareholder, etc.) and may consider other business relationships that would affect the independence of an outside
director.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will generally vote <B><U>for</U></B> proposals to amend the Executive Officer Retirement Allowance Policy unless the recipients
of the grants include non-executives; the proposal would have a negative impact on shareholders, or the proposal appear to be outside
of normal market practice, in which case Putnam will vote <B><U>against</U></B>.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Malaysia</I></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>against</U></B> the entire board of directors if:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>less than 50% of the directors are independent directors, or less than a majority of the directors are independent directors for large
companies,</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the board has not established an <U>audit</U> committee with all members being independent directors, including the committee chair,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the board has not established a nominating committee with all members being non-executive directors, a majority of whom are independent,
including the committee chair; the board chair should not serve as a member of the nomination committee, or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the board has not established a <U>compensation</U> committee with all members being non-executive directors, a majority of whom are
independent; the board chair should not serve as a member of the remuneration committee.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Nordic Markets &#8211; Finland, Norway, Sweden</I></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>against</U></B> the entire board of directors if:</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><U>Board Independence:</U></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&#8226; The board does not have a majority of directors independent
from the company and management. (Sweden, Finland, Norway)</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&#8226; The board does not have at least two directors independent
from the company and its major shareholders holding &gt; 10% of the Company&#8217;s share capital. (Sweden, Finland, Norway)</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&#8226; An executive director is a member of the board. (Norway)</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><U>Audit Committee:</U></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&#8226; The audit committee does not consist of a majority of directors
independent from the company and management. (Sweden, Finland)</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&#8226; The audit committee does not have at least one director
independent from the company and its major shareholders holding &gt; 10% of the Company&#8217;s share capital. (Sweden, Finland)</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&#8226; The audit committee is not majority independent. (Norway)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><U>Remuneration Committee:</U></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&#8226; The remuneration committee is not fully independent of
the company, excluding the chair. (Sweden)</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&#8226; The remuneration committee is not majority independent
of the company. (Finland)</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&#8226; The remuneration committee does not consist fully of non-executive
directors. (Finland)</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&#8226; The remuneration committee is not fully independent of
management (Norway)</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&#8226; The remuneration committee is not majority independent
from the company and its major shareholders holding &gt; 50% of the Company&#8217;s share capital. (Sweden, Finland, Norway)</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><U>Board Nomination Committee:</U></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&#8226; The nomination committee does not consist of a majority
of directors independent from the company. (Finland)</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&#8226; An executive is a member of the nomination committee. (Finland)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>



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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><U>External Nomination Committee: </U></B>Vote against the establishment
of the nomination committee and its guidelines when:</P>

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


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&#8226; The external committee is not majority independent of the
company and management. (Sweden)</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&#8226; The external committee does not have at least one director
not affiliated to largest shareholder on the committee. (Sweden)</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&#8226; The external committee does not meet best practice based
on ISS analysis. (Finland)</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&#8226; The external committee is not majority independent of the
board and management. (Norway)</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&#8226; The external committee has more than one member of the
board of the directors sitting on the committee. (Norway)</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&#8226; There is insufficient disclosure provided for new nominees
(Norway)</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt">&#8226; An executive is a member of the committee. (Norway)</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Russia</I></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote on a <B><U>case-by-case basis</U></B> for the election of nominees to the board of directors.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><U>Commentary:</U> In Russia, director elections are handled through a cumulative
voting process. Cumulative voting allows shareholders to cast all of their votes for a single nominee for the board of directors, or to
allocate their votes among nominees in any other way. In contrast, in &#8220;regular&#8221; voting, shareholders may not give more than
one vote per share to any single nominee. Cumulative voting can help to strengthen the ability of minority shareholders to elect a director.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Singapore</I></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>against</U></B> from the entire board of directors if</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>in the case of a board with an independent director serving as chair, fewer than one-third of the directors are independent directors;
or, in the case of a board not chaired by an independent director, fewer than half of the directors are independent directors,</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the board has not established audit and compensation committees, each with an independent director serving as chair, with at least
a majority of the members being independent directors, and with all of the directors being non-executive directors, or</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the board has not established a nominating committee, with an independent director serving as chair, and with at least a majority
of the members being independent directors.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>United Kingdom, Ireland</I></B></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Application of guidelines</B>: Although the Combined Code has adopted
the &#8220;comply and explain&#8221; approach to corporate governance, Putnam believes that the guidelines discussed above with respect
to board independence standards are integral to the protection of investors in UK companies. As a result, these guidelines will be applied
in a prescriptive manner.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Definition of independence</B>: For the purposes of these guidelines,
a non-executive director shall be considered independent if the director meets the independence standards in section A.3.1 of the Combined
Code (i.e., no material business or employment relationships with the company, no remuneration from the company for non-board services,
no close family ties with senior employees or directors of the company, etc.), except that Putnam does not view service on the board for
more than nine years as affecting a director&#8217;s independence.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Smaller companies</B>: A smaller company is one that is below the FTSE
350 throughout the year immediately prior to the reporting year.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will <B><U>withhold votes</U></B> from the entire board of directors if:</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the board, excluding the Non-Executive Chair, is not comprised of at least half independent non-executive directors,</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 90pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the board has not established a Nomination committee composed of a majority of independent non-executive directors, excluding the
Non-Executive Chair, or</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the board has not established a Compensation committee composed of (1) at least three directors (in the case of smaller companies,
as defined by the Combined Code, two directors) and (2) solely of independent non-executive directors. The company chair may be a member
of, but not chair, the Committee provided he or she was considered independent on appointment as chair, or</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>The board has not established an Audit Committee composed of, (1) at least three directors (in the case of smaller companies as defined
by the Combined Code, two directors) and (2) solely of independent non-executive directors. The board chair may not serve on the audit
committee of large or small companies.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 54pt; text-indent: -18pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>All other jurisdictions</I></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>In the absence of jurisdiction specific guidelines, Putnam will vote as follows for boards/supervisory boards:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>against</U></B> the entire board of directors if</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>fewer than a majority of the directors are independent directors, or</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 54pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>the board has not established audit, nominating and compensation committees each composed of a majority of independent directors.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Additional Commentary regarding all Non-US jurisdictions:</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Whether a director is considered &#8220;independent&#8221; or not will be
determined by reference to local corporate law or listing standards.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Some jurisdictions may legally require or allow companies to have a certain
number of employee representatives, employee shareholder representatives (e.g., France) and/or shareholder representatives on their board.
Putnam generally does not consider these representatives independent. The presence of employee representatives or employee shareholder
representatives on the board and key committees is generally legally mandated. In most markets, shareholders do not have the ability to
vote on the election of employee representatives or employee shareholder representatives. In some markets, significant shareholders have
a legal right to nominate shareholder representatives. Shareholders are required to approve the election of shareholder representatives
to the board. Unlike employee representatives, there are no legal requirements regarding the presence of shareholder representatives on
the board or its committees.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will <B><U>not include</U></B> employee or employee shareholder representatives in the independence calculation of the board
or key committees, nor in the calculation of the size of the board.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will <B><U>include</U></B> shareholder representatives in the independence calculation of the board and key committees, and
in the calculation of the size of the board.</TD></TR></TABLE>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will generally support shareholder or employee representatives if included in the agenda Putnam will vote on a <B><U>case-by-case</U></B>
basis when there are more candidates than seats. Additionally, Putnam will vote <B><U>against</U></B> such nominees when there is insufficient
information disclosed.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam Investments&#8217; policies regarding the provision of professional services and transactional relationship with regard to
directors will apply.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>for</U></B> independent nominees for alternate director, unless such nominees do not meet Putnam&#8217;s individual
director standards.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -18pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Shareholder nominated directors/self-nominated directors</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>against</U></B> shareholder nominees if Putnam supports the board of directors.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote on a <B><U>case-by case</U></B> basis if Putnam will be voting against the current board.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote on a case-by-case basis if the proposal regarding a self-nominated/shareholder nominated director nominee would add
an additional seat to the board if the nominee is approved.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -18pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><U>Other Business Matters</U></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Japan</I></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt"><B>A.</B></TD><TD><B><U>Article Amendments</U></B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>The Japanese Companies Act gives companies the option to adopt a U.S.-Style corporate structure (i.e., a board of directors and audit,
nominating, and compensation committees). Putnam will vote <B><U>for</U></B> proposals to amend a company&#8217;s articles of incorporation
to adopt the U.S.-Style &#8220;Board with Committees&#8221; structure. However, the independence of the outside directors is critical
to effective corporate governance under this new system. Putnam will, therefore, scrutinize the backgrounds of the outside director nominees
at such companies, and will vote <B><U>against</U></B> the amendment where Putnam believes the board lacks the necessary level of independence
from the company or a substantial shareholder.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote on a <B><U>case-by-case</U></B> basis on granting the board the authority to repurchase shares at its discretion.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>against</U></B> amendments to delete a requirement directing the company to reduce authorized capital by the
number of treasury shares cancelled. If issued share capital decreases while authorized capital remains unchanged, then the company will
have greater leeway to issue new shares (for example as a private placement or a takeover defense).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>against</U></B> proposals to authorize appointment of special directors. Under the new Corporate Law, companies
are allowed to appoint, from among their directors, &#8220;special directors&#8221; who will be authorized to make decisions regarding
the purchase or sale of important assets and major borrowing or lending, on condition that the board has at least six directors, including
at least one non-executive director. At least three special directors must participate in the decision-making process and decisions shall
be made by a majority vote of the special directors. However, the law does not require any of the special directors to be non-executives,
so in effect companies may use this mechanism to bypass outsiders.</TD></TR></TABLE>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will generally vote <B><U>for</U></B> proposals to create new class of shares or to conduct a share consolidation of outstanding
shares to squeeze out minority shareholders.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>against</U></B> proposals seeking to enable companies to establish specific rules governing the exercise of
shareholder rights. (Note: Such as, shareholders&#8217; right to submit shareholder proposals or call special meetings.)</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -18pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>B. Compensation Related Matters</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>against</U></B> option plans which allow the grant of options to suppliers, customers, and other outsiders.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>against</U></B> stock option grants to independent internal statutory auditors. The granting of stock options
to internal auditors, at the discretion of the directors, can compromise the independence of the auditors and provide incentives to ignore
accounting problems, which could affect the stock price over the long term.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>against</U></B> the payment of retirement bonuses to directors and statutory auditors when one or more of the
individuals to whom the grants are being proposed has not served in an executive capacity for the company. Putnam will also vote <B><U>against</U></B>
payment of retirement bonuses to any directors or statutory auditors who have been designated by the company as independent. Retirement
bonus proposals are all-or-nothing, meaning that split votes against individual payments cannot be made. If any one individual does not
meet Putnam&#8217;s criteria, Putnam will vote <B><U>against</U></B> the entire bundled item.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>C. <U>Other Business Matters</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam votes <B><U>for</U></B> mergers by absorptions of wholly-owned subsidiaries by their parent companies. These deals do not require
the issuance of shares, and do not result in any dilution or new obligations for shareholders of the parent company. These transactions
are routine.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>for</U></B> the acquisition if it is between parent and wholly-owned subsidiary.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>for</U></B> the formation of a holding company, if routine. Holding companies are once again legal in Japan
and a number of companies, large and small, have sought approval to adopt a holding company structure. Most of the proposals are intended
to help clarify operational authority for the different business areas in which the company is engaged and promote effective allocation
of corporate resources. As most of the reorganization proposals do not entail any share issuances or any change in shareholders&#8217;
ultimate ownership interest in the operating units, Putnam will treat most such proposals as routine.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>against</U></B> proposals that authorize the board to vary the AGM record date.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>for</U></B> proposals to abolish the retirement bonus system</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>for</U></B> board-approved director/officer indemnification proposals</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote on a <B><U>case-by-case</U></B> basis on private placements (Third-party share issuances). Where Putnam views the
share issuance necessary to avoid bankruptcy or to put the company back on solid financial footing, Putnam will generally vote <B><U>for</U></B>.
When a private placement allows a particular shareholder to obtain a controlling stake in the company at a discount to market prices,
or where the private placement otherwise disadvantages ordinary shareholders, Putnam will vote <B><U>against</U></B>.</TD></TR></TABLE>


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

<P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will generally vote <B><U>against</U></B> shareholder rights plans (poison pills). However, if all of the following criteria
are met, Putnam will evaluate such poison pills on a <B><U>case-by-case</U></B> basis:</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">1)</TD><TD>The poison pill must have a duration of no more than three years.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">2)</TD><TD>The trigger threshold must be no less than 20 percent of issued capital.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">3)</TD><TD>The company must have no other types of takeover defenses in place.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">4)</TD><TD>The company must establish a committee to evaluate any takeover offers, and the members of that committee must all meet Putnam&#8217;s&#8217;
definition of independence.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">5)</TD><TD>At least 20 percent, and no fewer than two, of the directors must meet Putnam&#8217;s definition of independence. These independent
directors must also meet Putnam&#8217;s guidelines on board meeting attendance.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">6)</TD><TD>The directors must stand for reelection on an annual basis.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">7)</TD><TD>The company must release its proxy materials no less than three weeks before the meeting date.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 54pt; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>against</U></B> proposals to allow the board to decide on income allocation without shareholder vote.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>against</U></B> proposals to limit the liability of External Audit Firms (&#8220;Accounting Auditors&#8221;)</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>against</U></B> proposals seeking a reduction in board size that eliminates all vacant seats.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam may generally vote <B><U>against</U></B> proposals seeking an increase in authorized capital that leaves the company with as
little as 25 percent of the authorized capital outstanding (general request). However, such proposals will be evaluated on a company specific
basis, taking into consideration such factors as current authorization outstanding, existence (or lack thereof) of preemptive rights and
rationale for the increase.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>for</U></B> corporate split agreement and transfer of sales operations to newly created wholly-owned subsidiaries
where the transaction is a purely internal one which does not affect shareholders&#8217; ownership interests in the various operations.
All other proposals will be referred back to Putnam for <B><U>case-by-case</U></B> review. These reorganizations usually accompany the
switch to a holding company structure, but may be used in other contexts.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>United Kingdom</I></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will not apply the U.S. standard 15% discount cap for employee share purchase schemes at U.K. companies. As such, Putnam will
generally vote <B><U>for</U></B> &#8216;Save-As-You-Earn&#8217; schemes in the U.K which allow for no more than a 20% purchase discount,
and which otherwise comply with U.K. law and Putnam standards.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>France</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will not apply the U.S. standard 15% discount cap for employee share purchase schemes at French companies. As such, Putnam
will generally vote <B><U>for</U></B> employee share purchase schemes in France that allow for no greater than a 30% purchase discount,
or 40% purchase discount if the vesting period is equal to or greater than ten years, and which otherwise comply with French law and Putnam
standards.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will generally vote <B><U>for</U></B> the Remuneration Report (established based on SRD II), however Putnam will vote on a
<B><U>case-by-case</U></B> basis when Putnam is voting against both the ex-Post Remuneration Report (CEO) and ex-Ante Remuneration Policy
(CEO, or proposal including CEO remuneration package) in the current year, and Putnam&#8217;s third party service provider(s) is recommending
a vote against.</TD></TR></TABLE>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Canada</I></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will generally vote <B><U>for</U></B> Advance Notice provisions for submitting director nominations not less than 30 days prior
to the date of the annual meeting. For Advance Notice provisions where the minimum number of days to submit a shareholder nominee is less
than 30 days prior to the meeting date, Putnam will vote on a <B><U>case-by-case</U></B> basis. Putnam will also vote on a <B><U>case-by-case</U></B>
basis if the company&#8217;s policy expressly prohibits the commencement of a new notice period in the event the originally scheduled
meeting is adjourned or postponed<B>.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Hong Kong</I></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>for</U></B> proposals to approve a general mandate permitting the company to engage in non-pro rata share issuances
of up to 20% of total equity in a year if the company&#8217;s board meets Putnam&#8217;s independence standards; if the company&#8217;s
board does not meet Putnam&#8217;s independence standards, then Putnam will vote against these proposals.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">Additionally, Putnam will vote <B><U>for</U></B> proposals to approve
the reissuance of shares acquired by the company under a share repurchase program, provided that: (1) Putnam supported (or would have
supported, in accordance with these guidelines) the share repurchase program, (2) the reissued shares represent no more than 10% of the
company&#8217;s outstanding shares (measured immediately before the reissuance), and (3) the reissued shares are sold for no less than
85% of current market value.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">This policy supplements policies regarding share issuances as stated above
under section III. Voting Shares of Non-US Issuers.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Taiwan</I></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>against</U></B> proposals to release the board of directors from the non-compete restrictions specified in
Taiwanese Company Law. However, Putnam will vote <B><U>for</U></B> such proposals if the directors are engaged in activities with a wholly-
owned subsidiary of the company.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Australia</I></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B><U>for</U></B> proposals to carve out, from the general cap on non-pro rata share issues of 15% of total equity
in a rolling 12-month period, a particular proposed issue of shares or a particular issue of shares made previously within the 12-month
period, if the company&#8217;s board meets Putnam&#8217;s independence standards; if the company&#8217;s board does not meet Putnam&#8217;s
independence standards, then Putnam will vote <B><U>against</U></B> these proposals.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote <B>for </B>proposals renewing partial takeover provisions.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote on a <B><U>case-by-case</U></B> basis on Board-Spill proposals.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B><I>Turkey</I></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Wingdings">&#216;&#9;</FONT></TD><TD>Putnam will vote on a <B><U>case-by-case</U></B> basis on proposals involving related party transactions. However, Putnam will vote
<B><U>against</U></B> when such proposals do not provide information on the specific transaction(s) to be entered into with the board
members or executives.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -18pt">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 72pt">ITEM 13.</TD><TD>PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt; text-indent: -72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 0pt">(a)(1) <B>Portfolio Managers. </B>The officers
of the investment manager identified below are primarily responsible for the day-to-day management of the fund&#8217;s portfolio as of
the filing date of this report. Effective September 30, 2025, Benjamin Cryer is no longer a Portfolio Manager of the fund.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt; text-indent: -72pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding: 4pt; white-space: nowrap; border: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Portfolio managers</B></FONT></TD>
    <TD STYLE="text-align: left; padding: 4pt; white-space: nowrap; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Joined Fund</B></FONT></TD>
    <TD STYLE="text-align: left; padding: 4pt; white-space: nowrap; width: 163px; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Employer</B></FONT></TD>
    <TD STYLE="text-align: left; padding: 4pt; white-space: nowrap; width: 204px; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Positions Over Past Five Years</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Albert Chan, CFA</FONT></TD>
    <TD STYLE="padding: 4pt; white-space: nowrap; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2020</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Franklin Advisers</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">2024 - Present</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Putnam Management</B><BR>
    2002-2024</P></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Portfolio Manager<BR>
<BR>
</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Patrick Klein, PhD</FONT></TD>
    <TD STYLE="padding: 4pt; white-space: nowrap; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2024</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Franklin Advisers</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">2005 - Present</P></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Portfolio Manager</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Michael Salm</FONT></TD>
    <TD STYLE="padding: 4pt; white-space: nowrap; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2011</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Franklin Advisers</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">2024 - Present</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Putnam Management</B><BR>
    1997-2024</P></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Portfolio Manager</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Matthew Walkup</FONT></TD>
    <TD STYLE="padding: 4pt; white-space: nowrap; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2024</FONT></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Franklin Advisers</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">2024 - Present</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Putnam Management</B><BR>
    2014-2024</P></TD>
    <TD STYLE="padding: 4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Portfolio Manager</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt; text-indent: -72pt">&nbsp;</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt; text-indent: -72pt">(a)(2) <B>Other Accounts Managed by the Fund&rsquo;s
Portfolio Managers.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt; text-indent: -72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The following table shows the number and approximate assets of other investment
accounts (or portions of investment accounts) that the fund&rsquo;s Portfolio Managers managed as of the fund&rsquo;s most recent fiscal
year-end. Unless noted, none of the other accounts pays a fee based on the account&rsquo;s performance.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt; text-indent: -72pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Portfolio Leader or Member</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Other SEC-registered open-end and closed-end funds</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Other accounts that pool assets from more than one client</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Other accounts (including separate accounts, managed account programs and single-sponsor defined contribution plan offerings)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 20%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Number of<BR>
accounts</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 16%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Assets ($)</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Number of<BR>
accounts</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Assets ($)</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Number of<BR>
accounts</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Assets ($)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Albert Chan</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">19</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">23,234,100,000</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,115,300,000</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">38*</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,464,800,000</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Patrick Klein</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">26</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">29,513,300,000</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">11</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">3,625,000,000</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">14**</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">6,460,900,000</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Michael Salm</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">27</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">39,319,100,000</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">26***</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">23,422,900,000</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">22****</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">8,671,800,000</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Matthew Walkup</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2,810,400,000</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">199,300,000</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">0</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$ -</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt; text-indent: -72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt; text-indent: -72pt">* 1 account, with total assets of $451,700,000
pay an advisory fee based on account performance</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt; text-indent: -72pt">** 2 accounts, with total assets of $1,758,400,000
pay an advisory fee based on account performance</P>




<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt; text-indent: -72pt">*** 1 account, with total assets of $24,400,000
pay an advisory fee based on account performance</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt; text-indent: -72pt">**** 3 accounts, with total assets of $4,137,200,000
pay an advisory fee based on account performance</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><U>Potential conflicts of interest in managing multiple accounts.</U> Like
other investment professionals with multiple clients, the fund&#8217;s Portfolio Managers may face certain potential conflicts of interest
in connection with managing both the fund and the other accounts listed under &#8220;Other Accounts Managed by the Fund&#8217;s Portfolio
Managers&#8221; at the same time. The paragraphs below describe some of these potential conflicts, which the investment manager believes
are faced by investment professionals at most major financial firms. As described below, the investment manager and the Trustees of the
Putnam funds have adopted compliance policies and procedures that attempt to address certain of these potential conflicts.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The management of accounts with different advisory fee rates and/or fee
structures, including accounts that pay advisory fees based on account performance (&#8220;performance fee accounts&#8221;), may raise
potential conflicts of interest by creating an incentive to favor higher-fee accounts. These potential conflicts may include, among others:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>The most attractive investments could be allocated to higher-fee accounts or performance fee accounts.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>The trading of higher-fee accounts could be favored as to timing and/or execution price. For example, higher-fee accounts could be
permitted to sell securities earlier than other accounts when a prompt sale is desirable or to buy securities at an earlier and more opportune
time.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>The trading of other accounts could be used to benefit higher-fee accounts (front- running).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>The investment management team could focus their time and efforts primarily on higher-fee accounts due to a personal stake in compensation.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -18pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The investment manager attempts to address these potential conflicts of
interest relating to higher-fee accounts through various compliance policies that are generally intended to place all accounts, regardless
of fee structure, on the same footing for investment management purposes. For example, under the investment manager&#8217;s policies:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>Performance fee accounts must be included in all standard trading and allocation procedures with all other accounts.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>All accounts must be allocated to a specific category of account and trade in parallel with allocations of similar accounts based
on the procedures generally applicable to all accounts in those groups (e.g., based on relative risk budgets of accounts).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>All trading must be effected through Putnam&#8217;s trading desks and normal queues and procedures must be followed (i.e., no special
treatment is permitted for performance fee accounts or higher-fee accounts based on account fee structure).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>Front running is strictly prohibited.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD>The fund&#8217;s Portfolio Manager(s) may not be guaranteed or specifically allocated any portion of a performance fee.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">As part of these policies, the investment manager has also implemented trade
oversight and review procedures in order to monitor whether particular accounts (including higher-fee accounts or performance fee accounts)
are being favored over time.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Potential conflicts of interest may also arise when the Portfolio Manager(s)
have personal investments in other accounts that may create an incentive to favor those accounts. As a general matter and subject to limited
exceptions, the investment managers investment professionals do not have the opportunity to invest in client accounts, other than the
Putnam funds. However, in the ordinary course of business, the investment manager or related persons may from time to time establish &#8220;pilot&#8221;
or &#8220;incubator&#8221; funds for the purpose of testing proposed investment strategies and products prior to offering them to clients.
These pilot accounts may be in the form of</P>


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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">registered investment companies, private funds such as partnerships or separate
accounts established by Putnam Management or an affiliate. The investment manager or an affiliate supplies the funding for these accounts.
Putnam employees, including the fund&#8217;s Portfolio Manager(s), may also invest in certain pilot accounts. The investment manager,
and to the extent applicable, the Portfolio Manager(s) will benefit from the favorable investment performance of those funds and accounts.
Pilot funds and accounts may, and frequently do, invest in the same securities as the client accounts. t\The investment manager policy
is to treat pilot accounts in the same manner as client accounts for purposes of trading allocation &#8211; neither favoring nor disfavoring
them except as is legally required. For example, pilot accounts are normally included in the investment managers daily block trades to
the same extent as client accounts (except that pilot accounts do not participate in initial public offerings).</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">A potential conflict of interest may arise when the fund and other accounts
purchase or sell the same securities. On occasions when the Portfolio Manager(s) consider the purchase or sale of a security to be in
the best interests of the fund as well as other accounts, the investment managers trading desk may, to the extent permitted by applicable
laws and regulations, aggregate the securities to be sold or purchased in order to obtain the best execution and lower brokerage commissions,
if any. Aggregation of trades may create the potential for unfairness to the fund or another account if one account is favored over another
in allocating the securities purchased or sold &#8211; for example, by allocating a disproportionate amount of a security that is likely
to increase in value to a favored account. The investment manager trade allocation policies generally provide that each day&#8217;s transactions
in securities that are purchased or sold by multiple accounts are, insofar as possible, averaged as to price and allocated between such
accounts (including the fund) in a manner which in Franklin Advisers opinion is equitable to each account and in accordance with the amount
being purchased or sold by each account. Certain exceptions exist for specialty, regional or sector accounts. Trade allocations are reviewed
on a periodic basis as part of the investment managers trade oversight procedures in an attempt to ensure fairness over time across accounts.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&#8220;Cross trades,&#8221; in which one Putnam account sells a particular
security to another account (potentially saving transaction costs for both accounts), may also pose a potential conflict of interest.
Cross trades may be seen to involve a potential conflict of interest if, for example, one account is permitted to sell a security to another
account at a higher price than an independent third party would pay, or if such trades result in more attractive investments being allocated
to higher-fee accounts. The investment manager and the fund&#8217;s Trustees have adopted compliance procedures that provide that any
transactions between the fund and another Putnam-advised account are to be made at an independent current market price, as required by
law.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Another potential conflict of interest may arise based on the different
investment objectives and strategies of the fund and other accounts. For example, another account may have a shorter-term investment horizon
or different investment objectives, policies or restrictions than the fund. Depending on another account&#8217;s objectives or other factors,
the Portfolio Manager(s) may give advice and make decisions that may differ from advice given, or the timing or nature of decisions made,
with respect to the fund. In addition, investment decisions are the product of many factors in addition to basic suitability for the particular
account involved. Thus, a particular security may be bought or sold for certain accounts even though it could have been bought or sold
for other accounts at the same time. More rarely, a particular security may be bought for one or more accounts managed by the Portfolio
Manager(s) when one or more other accounts are selling the security (including short sales). There may be circumstances when purchases
or sales of portfolio securities for one or more accounts may have an adverse</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">effect on other accounts. As noted above, the investment manager has implemented
trade oversight and review procedures to monitor whether any account is systematically favored over time.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The fund&#8217;s Portfolio Manager(s) may also face other potential conflicts
of interest in managing the fund, and the description above is not a complete description of every conflict that could be deemed to exist
in managing both the fund and other accounts.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(a)(3) <B>Compensation of portfolio managers. </B>Portfolio managers are
evaluated and compensated across the group of specified products they manage, in part, based on their performance relative to peers or
performance ahead of the applicable benchmark, depending on the product, based on a blend of 3-year and 5-year performance. In addition,
evaluations take into account individual contributions and a subjective component.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Each portfolio manager is assigned an industry-competitive incentive compensation
target consistent with this goal and evaluation framework. Actual incentive compensation may be higher or lower than the target, based
on group, individual, and subjective performance, and may also reflect the performance of Putnam as a firm.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Incentive compensation includes a cash bonus and may also include grants
of deferred cash, stock or options. In addition to incentive compensation, portfolio managers receive fixed annual salaries typically
based on level of responsibility and experience.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">For Putnam Managed Municipal Income Trust and Putnam Municipal Opportunities
Trust, Franklin evaluates performance based on the fund&#8217;s peer ranking in the fund&#8217;s Lipper category. This peer ranking is
based on pre-tax performance.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">For Putnam Master Intermediate Income Trust and Putnam Premier Income Trust,
Putnam evaluates performance based on the peer ranking of related products managed by the investment manager with similar strategies in
those products&#8217; Lipper categories. This peer ranking is based on pre-tax performance.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">One or more of the portfolio managers of Putnam Master Intermediate Income
Trust and Putnam Premier Income Trust receive a portion of the performance fee payable by a private fund managed by Putnam (the &#8220;Private
Fund&#8221;) in connection with their service as members of the Private Fund portfolio management team. See &#8220;Other Accounts Managed
by the Fund&#8217;s Portfolio Managers&#8212;Potential conflicts of interest in managing multiple accounts&#8221; in (a)(2) above for
information on how the investment manager addresses potential conflicts of interest resulting from an individual&#8217;s management of
more than one account.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(a)(4) <B>Fund ownership. </B>The following table shows the dollar ranges
of shares of the fund owned by the professionals listed above at the end of the fund&#8217;s last two fiscal years, including investments
by their immediate family members and amounts invested through retirement and deferred compensation plans.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">*: Assets in the fund</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; text-align: left; width: 15%; font-family: Arial, Helvetica, Sans-Serif">Name</TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; width: 10%; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Year</FONT></TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; width: 9%; font-family: Arial, Helvetica, Sans-Serif; text-align: center">$0</TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; width: 11%; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$0-$10,000</FONT></TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; width: 11%; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$10,001-<BR> $50,000</FONT></TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; width: 11%; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$50,001-<BR> $100,000</FONT></TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; width: 11%; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$100,001-<BR> $500,000</FONT></TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; width: 11%; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">$500,001-<BR> $1,000,000</FONT></TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; width: 11%; font-family: Arial, Helvetica, Sans-Serif; text-align: center">$1,000,001 and over</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: left">Albert Chan</TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: center">2025</TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">x</FONT></TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: center">2024</TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">x</FONT></TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: left">Patrick Klein</TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: center">2025</TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">x</FONT></TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: center">2024</TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">x</FONT></TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: left">Michael Salm</TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: center">2025</TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">x</FONT></TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: center">2024</TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">x</FONT></TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(210,247,250)">
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: left">Matthew Walkup</TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: center">2025</TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">x</FONT></TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: center">2024</TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">x</FONT></TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 4pt; background-color: White; border: Black 1pt solid; text-align: center">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt; text-indent: -72pt">&nbsp;</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt; text-indent: -72pt">(c) 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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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 50pt"><FONT STYLE="text-transform: uppercase">Item 14.</FONT></TD><TD><FONT STYLE="text-transform: uppercase">Purchases of Equity Securities
                                            by Closed-End Management Investment Company and Affiliated Purchasers.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; Sans-Serif; margin: 0pt 0pt 0pt 50pt">Not applicable.</P>

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




<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 50pt">ITEM 15.</TD><TD>SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">There have been no changes to the procedures by which shareholders
may recommend nominees to the Registrant&#8217;s Board of Trustees that would require disclosure herein.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 50pt">ITEM 16.</TD><TD>CONTROLS AND PROCEDURES.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt; text-indent: -72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 50pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD>The Registrant&#8217;s chief executive officer and principal financial officer have concluded that the Registrant&#8217;s disclosure
controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;))
are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based
on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities
Exchange Act of 1934.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 50pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD>During the period covered by this report, the Registrant transitioned to a new third-party service provider who performs certain accounting
and administrative services for the Registrant that are subject to Franklin Templeton&#8217;s oversight.</TD></TR></TABLE>





<P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0 0 0 72pt; text-indent: 0pt">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 50pt"><FONT STYLE="text-transform: uppercase">Item 17.</FONT></TD><TD><FONT STYLE="text-transform: uppercase">Disclosure of Securities
                                            Lending Activities for Closed-End Management Investment Company.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">Not applicable.</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="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 50pt">ITEM 18.</TD><TD>RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 50pt"></TD><TD STYLE="width: 18pt">(a)</TD><TD>Not applicable.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 50pt"></TD><TD STYLE="width: 18pt">(b)</TD><TD>Not applicable.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 90pt; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 50pt">ITEM 19.</TD><TD>EXHIBITS.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt; text-indent: -72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 50pt"><A HREF="pmiit-efp18893_ex99code.htm">(a) (1) Code of Ethics attached hereto.</A></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 50pt">Exhibit 99.CODE ETH</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt"><A HREF="pmiit-efp18893_ex99cert.htm">(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.</A></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 50pt">Exhibit 99.CERT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 50pt"><A HREF="pmiit-efp18893_ex99906cert.htm">(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.</A></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 50pt">Exhibit 99.906CERT</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 50pt">(c) Pursuant to the Securities and Exchange Commission&#8217;s
Order granting relief from Section 19(b) of the Investment Company Act of 1940, the 19(a) Notices to Beneficial Owners are attached hereto
as Exhibit.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 72pt">&nbsp;</P>


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

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

<P STYLE="text-indent: 5%; font: 10pt Arial, Helvetica, Sans-Serif; 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 Master Intermediate Income  Trust</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 5%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">/s/ Jane Trust</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Jane Trust</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Principal Executive Officer</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Date:</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">November 28, 2025</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-indent: 5%">Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the
capacities and on the dates indicated.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 5%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">/s/ Jane Trust</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Jane Trust</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Principal Executive Officer</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Date:</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">November 28, 2025</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Courier New, Courier, Monospace; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 5%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">/s/ Christopher Berarducci</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Christopher Berarducci</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Principal Financial Officer</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Date:</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">November 28, 2025</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CODEETH
<SEQUENCE>2
<FILENAME>pmiit-efp18893_ex99code.htm
<DESCRIPTION>CODE OF ETHICS
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 28pt 0 0"><B>Code of Ethics for Principal Executives &amp; Senior Financial
Officers</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 28pt 0 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 15.7pt">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 15%; padding-left: 2.5pt"><B>Procedures</B></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 10pt">Revised [September 27, 2024]</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 15.7pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 28pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 28pt 0 0"><B>&nbsp;</B></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0"><B>FRANKLIN TEMPLETON AFFILIATED
FUNDS</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0"><B>CODE OF ETHICS FOR PRINCIPAL
EXECUTIVES AND</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0"><B>SENIOR FINANCIAL OFFICERS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 145pt">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 36pt">I.</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Covered Officers
                                            and Purpose of the Code</TD></TR></TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 145pt">&nbsp;</P>





<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: 36pt">This code of ethics (the &ldquo;Code&rdquo;)
applies to the Principal Executive Officers, Principal Financial Officer and Principal Accounting Officer (the &ldquo;Covered Officers&rdquo;)
of each investment company advised by a Franklin Resources subsidiary and that is registered with the United States Securities &amp;
Exchange Commission (&ldquo;SEC&rdquo;) (collectively, &ldquo;FT Funds&rdquo;) for the purpose of promoting:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Honest
                                            and ethical conduct, including the ethical resolution of actual or apparent conflicts of
                                            interest between personal and professional relationships;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Full,
                                            fair, accurate, timely and understandable disclosure in reports and documents that a registrant
                                            files with, or submits to, the SEC and in other public communications made by or on behalf
                                            of the FT Funds;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Compliance
                                            with applicable laws and governmental rules and regulations;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">The
                                            prompt internal reporting of violations of the Code to an appropriate person or persons identified
                                            in the Code; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Accountability
                                            for adherence to the Code.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: 36pt">Each Covered Officer will be
expected to adhere to a high standard of business ethics and must be sensitive to situations that may give rise to actual as well as
apparent conflicts of interest.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 35.85pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 8pt 0 0"><I>* </I>Rule 38a-1 under the Investment Company Act of 1940 (&ldquo;1940
Act&rdquo;) and Rule 206(4)-7 under the Investment Advisers Act of 1940 (&ldquo;Advisers Act&rdquo;) (together the &ldquo;Compliance
Rule&rdquo;) require registered investment companies and registered investment advisers to, among other things, adopt and implement written
policies and procedures reasonably designed to prevent violations of the federal securities laws (&ldquo;Compliance Rule Policies and
Procedures&rdquo;).</P>




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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 36pt">II.</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Other Policies
                                            and Procedures</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 11.95pt 0pt 0pt; text-align: justify; text-indent: 35.95pt">This Code
shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable
to registered investment companies thereunder.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 1.1pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0pt 0pt; text-align: justify; text-indent: 35.95pt">Franklin
Resources, Inc. has separately adopted the <U>Code of Ethics and Business Conduct</U> (&ldquo;Business Conduct&rdquo;), which is applicable
to all officers, directors and employees of Franklin Resources, Inc., including Covered Officers. It summarizes the values, principles
and business practices that guide the employee&rsquo;s business conduct and also provides a set of basic principles to guide officers,
directors and employees regarding the minimum ethical requirements expected of them. It supplements the values, principles and business
conduct identified in the Code and other existing employee policies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12.65pt 0pt 0pt; text-align: justify; text-indent: 35.95pt">Additionally,
the Franklin Templeton Funds have separately adopted the <U>FTI Personal Investments and Insider Trading Policy</U> governing personal
securities trading and other related matters. The Code for Insider Trading provides for separate requirements that apply to the Covered
Officers and others, and therefore is not part of this Code.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.1pt 0pt 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0pt 0pt; text-align: justify; text-indent: 35.95pt">Insofar as other
policies or procedures of Franklin Resources, Inc., the Funds, the Funds&rsquo; adviser, principal underwriter, or other service providers
govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this
Code to the extent that they overlap or conflict with the provisions of this Code. Please review these other documents or consult with
the Legal Department if have questions regarding the applicability of these policies to you.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 11.55pt; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 36pt">III.</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-right: 80.1pt">Covered
                                            Officers Should Handle Ethically Actual and Apparent Conflicts of Interest</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 10pt 0pt 0pt; text-align: justify; text-indent: 35.95pt"><B>Overview.
</B>A &ldquo;conflict of interest&rdquo; occurs when a Covered Officer&rsquo;s private interest interferes with the interests of, or
his or her service to, the FT Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family,
receives improper personal benefits as a result of a position with the FT Funds.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0pt 0pt; text-align: justify; text-indent: 35.95pt">Certain conflicts
of interest arise out of the relationships between Covered Officers and the FT Funds and already are subject to conflict of interest
provisions in the Investment Company Act of 1940 (&ldquo;Investment Company Act&rdquo;) and the Investment Advisers Act of 1940 (&ldquo;Investment
Advisers Act&rdquo;). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale
of securities or other property) with the FT Funds because of their status as &ldquo;affiliated persons&rdquo; of the FT Funds. The FT
Funds&rsquo; and the investment advisers&rsquo; compliance programs and procedures are designed to prevent, or identify and correct,
violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such
conflicts fall outside of the parameters of this Code.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0pt 0pt; text-align: justify; text-indent: 35.95pt">Although
typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship
between the FT Funds, the investment advisers and the fund administrator of which the Covered Officers are also officers or employees.
As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the FT Funds,
for the adviser, the administrator, or for all three), be involved in establishing policies and implementing decisions that will have
different effects on the</P>




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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify">adviser, administrator and the FT
Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the FT Funds,
the adviser, and the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the
FT Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities
will be deemed to have been handled ethically. In addition, it is recognized by the FT Funds&rsquo; Boards of Directors (&ldquo;Boards&rdquo;)
that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0pt 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0pt 0pt; text-align: justify; text-indent: 35.95pt">Other conflicts
of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and
the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should
keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should
not be placed improperly before the interest of the FT Funds.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 10pt 0pt; text-align: justify">Each Covered Officer must:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">Not
                                            use his or her personal influence or personal relationships improperly to influence investment
                                            decisions or financial reporting by the FT Funds whereby the Covered Officer would benefit
                                            personally to the detriment of the FT Funds;</TD></TR></TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">Not
                                            cause the FT Funds to take action, or fail to take action, for the individual personal benefit
                                            of the Covered Officer rather than the benefit of the FT Funds;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">Not
                                            retaliate against any other Covered Officer or any employee of the FT Funds or their affiliated
                                            persons for reports of potential violations that are made in good faith;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Report
                                            at least annually the following affiliations or other relationships:<SUP>1</SUP></TD></TR></TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/92% Arial, Helvetica, Sans-Serif; margin-top: 0.8pt; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 50pt"></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">all
                                            directorships for public companies and all companies that are required to file reports with
                                            the SEC;</TD></TR></TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/92% Arial, Helvetica, Sans-Serif; margin-top: 0.8pt; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 50pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">any
                                            direct or indirect business relationship with any independent directors of the FT Funds;&#8239;</TD></TR></TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/92% Arial, Helvetica, Sans-Serif; margin-top: 0.8pt; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 50pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">any
                                            direct or indirect business relationship with any independent public accounting firm (which
                                            are not related to the routine issues related to the firm&rsquo;s service as the Covered
                                            Persons accountant); and</TD></TR></TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/92% Arial, Helvetica, Sans-Serif; margin-top: 0.8pt; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 50pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">any
                                            direct or indirect interest in any transaction with any FT Fund that will benefit the officer
                                            (not including benefits derived from the advisory, sub-advisory, distribution or service
                                            agreements with affiliates of Franklin Resources).</TD></TR></TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0pt 0pt 36pt; text-align: justify">These reports will be reviewed by the
Legal Department for compliance with the Code.</P>

<P STYLE="font: 10pt/100% Arial, Helvetica, Sans-Serif; margin: 5.85pt 0pt 0pt; text-align: justify; text-indent: 35.95pt">There
are some conflict of interest situations that should always be approved in writing by Franklin Resources General Counsel or Deputy General
Counsel, if material. Examples of these include<SUP>2</SUP>:</P>

<P STYLE="font: 10pt/100% Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: 35.95pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Service
                                            as a director on the board of any public or private Company.</TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
                                                                                                                  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The
                                            receipt of any gifts in excess of $100 from any person, from any corporation or association.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P>
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt/9.5pt Arial, Helvetica, Sans-Serif; margin: 5.4pt 0pt 0pt"><SUP>1</SUP> Reporting of these affiliations or other
relationships shall be made by completing the annual Directors and Officers Questionnaire and returning the questionnaire to Franklin
Resources Inc, General Counsel or Deputy General Counsel.</P>

<P STYLE="font: 10pt/9.45pt Arial, Helvetica, Sans-Serif; margin: 0 0pt 0pt"><SUP>2</SUP> Any activity or relationship that would present
a conflict for a Covered Officer may also present a conflict for the Covered Officer if a member of the Covered Officer&rsquo;s immediate family engages in such an activity or has such a relationship. The Covered Person should also obtain written approval by
FT&rsquo;s General Counsel in such situations.</P>






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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">The
                                            receipt of any entertainment from any Company with which the FT Funds has current or prospective
                                            business dealings unless such entertainment is business related, reasonable in cost, appropriate
                                            as to time and place, and not so frequent as to raise any question of impropriety. Notwithstanding
                                            the foregoing, the Covered Officers must obtain prior approval from the Franklin Resources
                                            General Counsel for any entertainment with a value in excess of $1000.</TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">&nbsp;</TD></TR>
                                                                                                                            </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">Any
                                            ownership interest in, or any consulting or employment relationship with, any of the FT Fund&rsquo;s
                                            service providers, other than an investment adviser, principal underwriter, administrator
                                            or any affiliated person thereof.</TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 42.95pt">&nbsp;</TD></TR>
                                                                                       </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">A
                                            direct or indirect financial interest in commissions, transaction charges or spreads paid
                                            by the FT Funds for effecting portfolio transactions or for selling or redeeming shares other
                                            than an interest arising from the Covered Officer&rsquo;s employment, such as compensation
                                            or equity ownership.</TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 42.7pt">&nbsp;</TD></TR>
                                                                          </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">Franklin
                                            Resources General Counsel or Deputy General Counsel, or the Chief Compliance Officer, will
                                            provide a report to the FT Funds Audit Committee of any approvals granted at the next regularly
                                            scheduled meeting.</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 11.55pt; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 36pt">IV.</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Disclosure
                                            and Compliance</TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
                                                                    </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">Each
                                            Covered Officer should familiarize himself with the disclosure requirements generally applicable
                                            to the FT Funds;</TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 43.05pt">&nbsp;</TD></TR>
                                                                      </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">Each
                                            Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts
                                            about the FT Funds to others, whether within or outside the FT Funds, including to the FT
                                            Funds&rsquo; directors and auditors, and to governmental regulators and self- regulatory
                                            organizations;</TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 42.7pt">&nbsp;</TD></TR>
                                                                    </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">Each
                                            Covered Officer should, to the extent appropriate within his or her area of responsibility,
                                            consult with other officers and employees of the FT Funds, the FT Fund&rsquo;s adviser and
                                            the administrator with the goal of promoting full, fair, accurate, timely and understandable
                                            disclosure in the reports and documents the FT Funds file with, or submit to, the SEC and
                                            in other public communications made by the FT Funds; and</TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 42.6pt">&nbsp;</TD></TR>
                                                                                                              </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">It
                                            is the responsibility of each Covered Officer to promote compliance with the standards and
                                            restrictions imposed by applicable laws, rules and regulations.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 36pt">V.</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Reporting
                                            and Accountability</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0pt; margin: 10pt 0pt 0pt">Each Covered Officer must:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">Upon
                                            becoming a covered officer affirm in writing to the Board that he or she has received, read,
                                            and understands the Code (see Exhibit A);</TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 43.1pt">&nbsp;</TD></TR>
                                                                                               </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">Annually
                                            thereafter affirm to the Board that he has complied with the requirements of the Code; and</TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 42.65pt">&nbsp;</TD></TR>
                                                                                                                                                </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">Notify
                                            Franklin Resources&rsquo; General Counsel or Deputy General Counsel promptly if he or she
                                            knows of any violation of this Code. Failure to do so is itself is a violation of this Code.</TD></TR></TABLE>




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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3.9pt 0pt 0pt; text-align: justify; text-indent: 35.95pt">Franklin Resources&rsquo;
General Counsel and Deputy General Counsel are responsible for applying this Code to specific situations in which questions are presented
under it and have the authority to interpret this Code in any particular situation.<SUP>3</SUP> However, the Independent Directors of
the respective FT Funds will consider any approvals or waivers<SUP>4</SUP> sought by any Chief Executive Officers of the Funds.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0.3pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 10pt; text-align: justify; text-indent: 35.95pt">The FT Funds will follow these procedures in investigating and
enforcing this Code:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">Franklin
                                            Resources General Counsel or Deputy General Counsel will take all appropriate action to investigate
                                            any potential violations reported to the Legal Department;</TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 42.85pt">&nbsp;</TD></TR>
                                                                                                                </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">If,
                                            after such investigation, the General Counsel or Deputy General Counsel believes that no
                                            violation has occurred, The General Counsel is not required to take any further action;</TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">&nbsp;</TD></TR>
                                                                                                                                             </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">Any
                                            matter that the General Counsel or Deputy General Counsel believes is a violation will be
                                            reported to the Independent Directors of the appropriate FT Fund;</TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 43.05pt">&nbsp;</TD></TR>
                                                                                                                       </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">If
                                            the Independent Directors concur that a violation has occurred, it will inform and make a
                                            recommendation to the Board of the appropriate FT Fund or Funds, which will consider appropriate
                                            action, which may include review of, and appropriate modifications to, applicable policies
                                            and procedures; notification to appropriate personnel of the investment adviser or its board;
                                            or a recommendation to dismiss the Covered Officer;</TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 42.7pt">&nbsp;</TD></TR>
                                                                                                         </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">The
                                            Independent Directors will be responsible for granting waivers, as appropriate; and</TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
                                                                                                                                         </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">Any
                                            changes to or waivers of this Code will, to the extent required, are disclosed as provided
                                            by SEC rules.<SUP>5</SUP></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 11.55pt; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 36pt">VI.</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Other
                                            Policies and Procedures</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 10pt 0pt 0pt; text-align: justify; text-indent: 35.95pt">This Code
shall be the sole code of ethics adopted by the FT Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms
applicable to registered investment companies thereunder. Insofar as other policies or procedures of the FT Funds, the FT Funds&rsquo;
advisers, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers
who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this
Code. The FTI Personal Investments and Insider Trading Policy, adopted by the FT Funds, FT investment advisers and FT Fund&rsquo;s principal
underwriter pursuant to Rule 17j-1 under the Investment Company Act, the Code of Ethics and Business Conduct and more detailed policies
and procedures set forth in FT&rsquo;s Employee Handbook are separate requirements applying to the Covered Officers and others, and are
not part of this Code.</P>



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<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 36pt">VII.</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Amendments</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 11.9pt 0pt 0pt; text-align: justify; text-indent: 35.95pt">Any amendments
to this Code must be approved or ratified by a majority vote of the FT Funds&rsquo; Board including a majority of independent directors.</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
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<P STYLE="font: 10pt/9.5pt Arial, Helvetica, Sans-Serif; margin: 5.4pt 0pt 0pt; text-align: justify"><SUP>3</SUP> Franklin Resources
General Counsel and Deputy General Counsel are authorized to consult, as appropriate, with members of the Audit Committee, counsel to
the FT Funds and counsel to the Independent Directors, and are encouraged to do so.</P>

<P STYLE="font: 10pt/9.45pt Arial, Helvetica, Sans-Serif; margin: 0 0pt 0pt; text-align: justify"><SUP>4</SUP> Item 2 of Form N-CSR
defines &ldquo;waiver&rdquo; as &ldquo;the approval by the registrant of a material departure from a provision of the code of
ethics&rdquo; and &ldquo;implicit waiver,&rdquo; which must also be disclosed, as &ldquo;the registrant&rsquo;s failure to take
action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made
known to an executive officer&rdquo; of the registrant. See Part X.</P>

<P STYLE="font: 10pt/10.95pt Arial, Helvetica, Sans-Serif; margin: 0pt"><SUP>5</SUP> See Part X.</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 4.05pt; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 0%"></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 36pt">VIII.</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Confidentiality</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 10pt 0pt; text-align: justify; text-indent: 35.95pt">All reports
and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly.
Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the FT Funds&rsquo; Board
and their counsel.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top:
pt; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 0%"></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 36pt">IX.</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Internal
                                            Use</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 11.85pt 0pt 0pt; text-align: justify; text-indent: 35.95pt">The Code
is intended solely for the internal use by the FT Funds and does not constitute an admission, by or on behalf of any FT Funds, as to
any fact, circumstance, or legal conclusion.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 10pt; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 0%"></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 36pt">X.</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">Disclosure
                                            on Form N-CSR</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 10pt 0pt 0pt; text-align: justify; text-indent: 35.95pt">Item 2 of
Form N-CSR requires a registered management investment company to disclose annually whether, as of the end of the period covered by the
report, it has adopted a code of ethics that applies to the registrant&rsquo;s principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar functions, regardless of whether these officers are employed
by the registrant or a third party. If the registrant has not adopted such a code of ethics, it must explain why it has not done so.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 10pt 0pt 0pt; text-align: justify; text-indent: 35.95pt">The registrant
must also: (1) file with the SEC a copy of the code as an exhibit to its annual report; (2) post the text of the code on its Internet
website and disclose, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted the code on its Internet
website; or (3) undertake in its most recent report on Form N-CSR to provide to any person without charge, upon request, a copy of the
code and explain the manner in which such request may be made. Disclosure is also required of amendments to, or waivers (including implicit
waivers) from, a provision of the code in the registrant&rsquo;s annual report on Form N-CSR or on its website. If the registrant intends
to satisfy the requirement to disclose amendments and waivers by posting such information on its website, it will be required to disclose
its Internet address and this intention.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6.05pt 0pt 0pt; text-align: justify; text-indent: 35.95pt">The Legal Department shall be responsible
for ensuring that:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify; text-indent: 35.95pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">a
                                            copy of the Code is filed with the SEC as an exhibit to each Fund&rsquo;s annual report;
                                            and</TD></TR><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
                                                         </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt"></TD><TD STYLE="padding-right: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&bull;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 0pt">any
                                            amendments to, or waivers (including implicit waivers) from, a provision of the Code is disclosed
                                            in the registrant&rsquo;s annual report on Form N-CSR.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6.05pt 0pt 0pt; text-align: justify; text-indent: 35.95pt">In the event
that the foregoing disclosure is omitted or is determined to be incorrect, the Legal Department shall promptly file such information
with the SEC as an amendment to Form N- CSR.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 5.95pt 0pt 0pt; text-indent: 35.95pt">In such an event, the Fund Chief
Compliance Officer shall review the Code and propose such changes to the Code as are necessary or appropriate to prevent reoccurrences.</P>




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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0"><B>Franklin Templeton Funds Code
of Ethics</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 10pt"><B>For Principal Executives
and Senior Financial Officers</B></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt"><B>Instructions:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">1.</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Complete
                                            all sections of this form.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">2.</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">Print
                                            the completed form, sign, and date.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 17.9pt">3.</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; padding-right: 5pt">Submit
                                            completed form to FT&rsquo;s General Counsel c/o Code of Ethics Administration within 10
                                            days of becoming a Covered Officer and by February 15<SUP>th</SUP> of each subsequent year.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: justify">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 18pt">&nbsp;</TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 40pt; text-align: left"><B>E-mail:</B></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">Code
                                            of Ethics Inquiries &amp; Requests (internal address);</P>
                                                                                <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">lpreclear@franklintempleton.com
                                            (external address)</P></TD>
</TR></TABLE>




<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: Red">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; width: 30%"><B>Covered Officer&rsquo;s
    Name:</B></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; border-left: black 1pt solid"><B>Title:</B></TD>
    <TD STYLE="border-right: black 1pt solid; padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; border-left: black 1pt solid"><B>Department:</B></TD>
    <TD STYLE="border-right: black 1pt solid; padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; border-left: black 1pt solid"><B>Location:</B></TD>
    <TD STYLE="border-right: black 1pt solid; padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid; border-left: black 1pt solid"><B>Certification
    for Year Ending:</B></TD>
    <TD STYLE="border-right: black 1pt solid; padding: 4pt; font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: Red"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: Red"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: left"><B><I>To:</I></B>&#9;<B><I>Franklin Resources General
Counsel, Legal Department</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt; text-align: justify">I acknowledge receiving, reading and understanding
the Franklin Templeton Fund&rsquo;s Code of Ethics for Principal Executive Officers and Senior Financial Officers (the &ldquo;Code&rdquo;).
I will comply fully with all provisions of the Code to the extent they apply to me during the period of my employment. I further understand
and acknowledge that any violation of the Code may subject me to disciplinary action, including termination of employment.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: Red"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 41%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 9%">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><B><I>Signature</I></B></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><B><I>Date signed</I></B></TD></TR>
  </TABLE>

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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>3
<FILENAME>pmiit-efp18893_ex99cert.htm
<DESCRIPTION>CERTIFICATIONS PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">CERTIFICATIONS PURSUANT TO SECTION 302</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">EX-99.CERT</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><U>CERTIFICATIONS</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">I, Jane Trust, certify that:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 18pt">1.</TD><TD STYLE="text-align: justify">I have reviewed this report on Form N-CSR of <B>Putnam Master Intermediate  Income Trust</B>;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="text-align: justify">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 18pt">3.</TD><TD STYLE="text-align: justify">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 18pt">4.</TD><TD STYLE="text-align: justify">The registrant&#8217;s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">a)</TD><TD STYLE="text-align: justify">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">b)</TD><TD STYLE="text-align: justify">Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 40.5pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">c)</TD><TD STYLE="text-align: justify">Evaluated the effectiveness of the registrant&#8217;s disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 40.5pt; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">d)</TD><TD STYLE="text-align: justify">Disclosed in this report any change in the registrant&#8217;s internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant&#8217;s internal control over financial reporting; and</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">5.</TD><TD STYLE="text-align: justify">The registrant&#8217;s other certifying officers and I have disclosed to the registrant&#8217;s auditors
and the audit committee of the registrant&#8217;s board of directors (or persons performing the equivalent functions):</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">a)</TD><TD STYLE="text-align: justify">All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant&#8217;s ability to record, process, summarize, and
report financial information; and</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">b)</TD><TD STYLE="text-align: justify">Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant&#8217;s internal control over financial reporting.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -18pt">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Date:</FONT></TD>
  <TD STYLE="width: 35%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November 28, 2025</FONT></TD>
  <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid; width: 35%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">/s/ Jane Trust</FONT></TD>
  <TD STYLE="width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="width: 35%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Jane Trust</FONT></TD>
  <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Principal Executive Officer</FONT></TD>
  <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>




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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><U>CERTIFICATIONS</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">I, Christopher Berarducci, certify that:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 18pt">1.</TD><TD STYLE="text-align: justify">I have reviewed this report on Form N-CSR of <B>Putnam Master Intermediate  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>

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<TD STYLE="width: 0%"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="text-align: justify">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 0%"></TD><TD STYLE="width: 18pt">3.</TD><TD STYLE="text-align: justify">Based on my knowledge, the financial information included in this report, and the financial statements
on which the financial information is based, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 0%"></TD><TD STYLE="width: 18pt">4.</TD><TD STYLE="text-align: justify">The registrant&#8217;s other certifying officers and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</TD></TR></TABLE>

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<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">a)</TD><TD>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">b)</TD><TD>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">c)</TD><TD>Evaluated the effectiveness of the registrant&#8217;s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -13.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">d)</TD><TD>Disclosed in this report any change in the registrant&#8217;s internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&#8217;s internal control
over financial reporting; and</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">5.</TD><TD STYLE="text-align: justify">The registrant&#8217;s other certifying officers and I have disclosed to the registrant&#8217;s auditors
and the audit committee of the registrant&#8217;s board of directors (or persons performing the equivalent functions):</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">All significant deficiencies and material weaknesses
in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#8217;s
ability to record, process, summarize, and report financial information; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant&#8217;s internal control over financial reporting.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -14.4pt">&nbsp;</P>

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<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Date:</FONT></TD>
  <TD STYLE="width: 35%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">November 28, 2025</FONT></TD>
  <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid; width: 35%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">/s/ Christopher Berarducci</FONT></TD>
  <TD STYLE="width: 30%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="width: 35%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Christopher Berarducci</FONT></TD>
  <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Principal Financial Officer</FONT></TD>
  <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>




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<DOCUMENT>
<TYPE>EX-99.906CERT
<SEQUENCE>4
<FILENAME>pmiit-efp18893_ex99906cert.htm
<DESCRIPTION>CERTIFICATIONS PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">CERTIFICATIONS PURSUANT TO SECTION 906</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">EX-99.906CERT</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">CERTIFICATION</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Jane Trust,</B> Principal Executive Officer, and <B>Christopher Berarducci,</B>
Principal Financial Officer of <B>Putnam Master Intermediate Income Trust</B> (the &#8220;Registrant&#8221;), each certify to the best of their knowledge
that:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 9pt">1.&nbsp;The Registrant&#8217;s
periodic report on Form N-CSR for the period ended <B>September 30, 2025</B> (the &#8220;Form N-CSR&#8221;) fully complies with the requirements
of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 9pt">2.&nbsp;The information
contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 35%"><B>Principal Executive Officer</B></TD>
  <TD STYLE="width: 30%">&nbsp;</TD>
  <TD STYLE="width: 35%"><B>Principal Financial Officer</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Putnam Master Intermediate Income Trust</TD>
  <TD>&nbsp;</TD>
  <TD>Putnam Master Intermediate Income Trust</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid">/s/ Jane Trust</TD>
  <TD>&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid">/s/ Christopher Berarducci</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Jane Trust</TD>
  <TD>&nbsp;</TD>
  <TD>Christopher Berarducci</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 9pt"></P>



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<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 4%">Date:</TD>
  <TD STYLE="width: 31%">November 28, 2025</TD>
  <TD STYLE="width: 30%">&nbsp;</TD>
  <TD STYLE="width: 4%">Date:</TD>
  <TD STYLE="width: 31%">November 28, 2025</TD></TR>
</TABLE>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">This certification is being furnished to the Securities and Exchange Commission
solely pursuant to 18 U.S.C. &sect; 1350 and is not being filed as part of the Form N-CSR with the Commission.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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