A message from Putnam Investments and the Trustees of the Putnam funds
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| Putnam Asset Allocation Funds | |
| Putnam California Tax Exempt Income Fund | |
| Putnam Convertible Securities Fund | |
| Putnam Diversified Income Trust | |
| Putnam Focused International Equity Fund | |
| Putnam Funds Trust | |
| George Putnam Balanced Fund | |
| Putnam Global Health Care Fund | |
| Putnam Global Income Trust | |
| Putnam High Yield Fund | |
| Putnam Income Fund | |
| Putnam International Equity Fund | |
| Putnam Investment Funds | |
| Putnam Large Cap Value Fund | |
| Putnam Massachusetts Tax Exempt Income Fund | |
| Putnam Minnesota Tax Exempt Income Fund | |
| Putnam Money Market Fund | |
| Putnam Mortgage Securities Fund | |
| Putnam New Jersey Tax Exempt Income Fund | |
| Putnam New York Tax Exempt Income Fund | |
| Putnam Ohio Tax Exempt Income Fund | |
| Putnam Pennsylvania Tax Exempt Income Fund | |
| Putnam Sustainable Leaders Fund | |
| Putnam Target Date Funds | |
| Putnam Tax Exempt Income Fund | |
| Putnam Tax-Free Income Trust | |
| Putnam Variable Trust | |
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A few minutes of your time now can help save time and expenses later.
Dear Fellow Shareholder:
We are asking for your vote on an important mattermatters affecting your investment in one or more of the Putnam Sustainable Leaders Fund. This fundopen-end funds. These Putnam funds will hold a special shareholder meeting on July 17, 2019,June 29, 2022 in Boston, Massachusetts, to decide the proposal described below.Massachusetts. We are asking you — and all shareholders — to consider and vote on thisthe important matter.matters described below.
You may vote conveniently by:
•Visitingthe website listed on the proxy card.
•Callingby telephone, using the toll-free number listed on the proxy card.
•Mailingthe enclosed proxy card — be sure to sign, date, and return the card in the enclosed postage-paid envelope.
Of course, you are also welcome to attend the special shareholder meeting on July 17, 2019June 29, 2022, and vote your shares during the meeting. The Trustees of the Putnam funds unanimously recommend that you vote “FOR” all proposals described below.
1. Electing Trustees.
Shareholders of all open-end Putnam funds, including your fund, are being asked to elect Trustees at the upcoming special meeting. Although Trustees do not manage fund portfolios, they play an important role in person onprotecting shareholders. Trustees are responsible for approving the proposal.
Proposal: Approving a new management contract that will changefees paid to your fund’s performance index.
Theinvestment adviser and its affiliates, reviewing overall fund expenses, selecting the fund’s management contract includes performance fees, which means thatauditors, monitoring conflicts of interest, overseeing the management feesfund’s compliance with federal securities laws, and voting proxies for the fund’s portfolio securities. All but one of your fund’s Trustees currently are independent of the fund pays reflect the strength or weaknessand Putnam Investment Management, LLC (“Putnam Management”). All of the current Trustees work on your behalf and have been nominated for re-election, except for two Trustees who are retiring. The Trustees have also nominated Jennifer Williams Murphy and Marie Pillai to stand for election to your fund’s performance comparedBoard. If elected, Mses. Murphy and Pillai will serve as Trustees beginning July 1, 2022. Each other nominee is currently a Trustee of your fund and of the other Putnam funds and, if elected, will continue to the returns of a performance index. Your fund’s management fees decline if the fund underperforms the performance index and rise if the fund outperforms. The proposed new management contract for this fund will use a new performance index.serve in that capacity without interruption.
We recommend you vote to elect all Trustees.for
2. Approving a change to certain funds’ sub-classification under the new management contract.Investment Company Act of 1940 from “diversified” to “non-diversified.”
Shareholders of Putnam Emerging Markets Equity Fund, Putnam Growth Opportunities Fund, Putnam VT Emerging Markets Equity Fund, and Putnam VT Growth Opportunities Fund are being asked to approve a change in those funds’ sub-classifications under the Investment Company Act of 1940, as amended (the “1940 Act”), from “diversified” to “non-diversified.” In order to meet the requirements of the funds’ current diversification classification, the funds currently must limit the purchases of certain companies relative to their weights in the corresponding benchmark index, even if Putnam Management finds them to be attractive investment opportunities. As a non-diversified fund, each fund would have greater flexibility to
invest more of its assets in the securities of fewer issuers than it currently does as a diversified fund. This means that each fund would be able, if desired for investment purposes, to invest a greater portion of its assets in one or more of the large constituents of the corresponding index. Each fund would be exposed to non-diversification risk, as its ability to invest more of its assets in the securities of fewer issuers would increase its vulnerability to factors affecting a single investment. If shareholders approve this change with respect to a fund, the fund’s fundamental investment policies regarding diversification of investments will be changed to reflect that the fund is non-diversified.
We recommend that you vote to change these funds’ sub-classification under the 1940 Act from “diversified” to “non-diversified.”
3. Approving an amendment to certain funds’ fundamental investment policy regarding the acquisition of voting securities of any issuer.
Shareholders of six funds are being asked to approve an amendment to those funds’ fundamental investment policy regarding the acquisition of voting securities of any issuer. The amendment is designed to standardize the investment policies with those of other Putnam funds and to provide portfolio managers with added investment flexibility.
We recommend you vote to approve the amendment to these funds’ fundamental investment policy regarding the acquisition of voting securities of any issuer.
Detailed information regarding these proposals may be found in the enclosed proxy statement contains detailed information regarding this proposal.statement.
Please vote today.
We encourage you to sign and return your proxy card today or, alternatively, to vote online or by telephone using the voting control number that appears on your proxy card. Delaying your vote will increase fund expenses if further mailings are required. Your shares will be voted on your behalf exactly as you have instructed.If you sign the proxy card without specifying your vote, your shares will be voted in accordance with the Trustees’ recommendation.If any other business properly comes before the meeting and any postponement and adjournment thereof, your shares will be voted at the discretion of the persons designated on the proxy card.recommendations.
Your vote is extremely important. If you have questions, please call toll-free 1-844-886-54571-833-501-4818 or contact your financial advisor.professional.
We appreciate your participation and prompt response, and thank you for investing in the Putnam funds.
[ ], 2022
Table of Contents
| |
Notice of a Special Meeting of Shareholders | [] | 1 |
| Trustees’ Recommendations | Proposal: Approving A New Management Contract That Will Change Your[] | |
| The Proposals | Fund’s Performance Index[] | 2 |
| 1. ELECTING TRUSTEES | [] |
2. APPROVING A CHANGE TO CERTAIN FUNDS’ SUB-CLASSIFICATION
UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED,
FROM “DIVERSIFIED” TO “NON-DIVERSIFIED” | [] |
3. APPROVING AN AMENDMENT TO CERTAIN FUNDS’ FUNDAMENTAL
INVESTMENT POLICY REGARDING THE ACQUISITION OF
VOTING SECURITIES OF ANY ISSUER | [] |
| Further Information About Voting and the Special Meeting | [] | 9 |
| Fund Information | 15[] |
Appendix A: Form of Putnam Sustainable Leaders Fund | A-1 |
Appendix B: Current and Pro Forma Examples of The Fund’s | |
| Appendix A—Number of Shares Outstanding as of the Record Date | Total Annual Operating ExpensesA-1 | B-1 |
Appendix C: Previous Trustee approval of management contractB—Auditors | B-1 | |
| Appendix C—Dollar Range and Number of Shares Beneficially Owned | for the fund in June 2018C-1 | C-1 |
Appendix D: Other Similar Funds Advised by Putnam ManagementD—Trustee Compensation Table | D-1 |
| Appendix E—5% Beneficial Ownership | D-1E-1 |
PROXY CARDCARD(S) ENCLOSED
If you have any questions, please call toll-free 1-844-886-54571-833-501-4818 or call your financial advisor.professional.
Important Notice Regarding the Availability of Proxy Materials for the Special Shareholder Meeting to be Held on July 17, 2019.June 29, 2022.
The proxy statement is available at https://www.putnam.com/static/pdf/email/SustainableLeaders-proxy-statement.pdf.all-putnam-funds-proxy-statement.pdf.
Notice of a Special Meeting of Shareholders
To the Shareholders of:
PUTNAM ASSET ALLOCATION FUNDS
PUTNAM DYNAMIC ASSET ALLOCATION BALANCED FUND
PUTNAM DYNAMIC ASSET ALLOCATION CONSERVATIVE FUND
PUTNAM DYNAMIC ASSET ALLOCATION GROWTH FUND
PUTNAM INCOME STRATEGIES PORTFOLIO
PUTNAM CALIFORNIA TAX EXEMPT INCOME FUND
PUTNAM CONVERTIBLE SECURITIES FUND
PUTNAM DIVERSIFIED INCOME TRUST
PUTNAM FOCUSED INTERNATIONAL EQUITY FUND
PUTNAM FUNDS TRUST
PUTNAM DYNAMIC ASSET ALLOCATION EQUITY FUND
PUTNAM DYNAMIC RISK ALLOCATION FUND
PUTNAM EMERGING MARKETS EQUITY FUND
PUTNAM FIXED INCOME ABSOLUTE RETURN FUND
PUTNAM FLOATING RATE INCOME FUND
PUTNAM FOCUSED EQUITY FUND
PUTNAM GLOBAL TECHNOLOGY FUND
PUTNAM INTERMEDIATE-TERM MUNICIPAL INCOME FUND
PUTNAM INTERNATIONAL VALUE FUND
PUTNAM MORTGAGE OPPORTUNITIES FUND
PUTNAM MULTI-ASSET ABSOLUTE RETURN FUND
PUTNAM MULTI-CAP CORE FUND
PUTNAM SHORT DURATION BOND FUND
PUTNAM SHORT TERM INVESTMENT FUND
PUTNAM SHORT-TERM MUNICIPAL INCOME FUND
PUTNAM SMALL CAP GROWTH FUND
PUTNAM ULTRA SHORT DURATION INCOME FUND
GEORGE PUTNAM BALANCED FUND
PUTNAM GLOBAL HEALTH CARE FUND
PUTNAM GLOBAL INCOME TRUST
PUTNAM HIGH YIELD FUND
PUTNAM INCOME FUND
PUTNAM INTERNATIONAL EQUITY FUND
PUTNAM INVESTMENT FUNDS
PUTNAM GOVERNMENT MONEY MARKET FUND
PUTNAM GROWTH OPPORTUNITIES FUND
PUTNAM INTERNATIONAL CAPITAL OPPORTUNITIES FUND
PUTNAM PANAGORA RISK PARITY FUND
PUTNAM RESEARCH FUND
PUTNAM SMALL CAP VALUE FUND
PUTNAM SUSTAINABLE FUTURE FUND
PUTNAM LARGE CAP VALUE FUND
PUTNAM MASSACHUSETTS TAX EXEMPT INCOME FUND
PUTNAM MINNESOTA TAX EXEMPT INCOME FUND
PUTNAM MONEY MARKET FUND
PUTNAM MORTGAGE SECURITIES FUND
PUTNAM NEW JERSEY TAX EXEMPT INCOME FUND
PUTNAM NEW YORK TAX EXEMPT INCOME FUND
PUTNAM OHIO TAX EXEMPT INCOME FUND
PUTNAM PENNSYLVANIA TAX EXEMPT INCOME FUND
PUTNAM SUSTAINABLE LEADERS FUND
PUTNAM TARGET DATE FUNDS
PUTNAM RETIREMENT ADVANTAGE MATURITY FUND
PUTNAM RETIREMENT ADVANTAGE 2065 FUND
PUTNAM RETIREMENT ADVANTAGE 2060 FUND
PUTNAM RETIREMENT ADVANTAGE 2055 FUND
PUTNAM RETIREMENT ADVANTAGE 2050 FUND
PUTNAM RETIREMENT ADVANTAGE 2045 FUND
PUTNAM RETIREMENT ADVANTAGE 2040 FUND
PUTNAM RETIREMENT ADVANTAGE 2035 FUND
PUTNAM RETIREMENT ADVANTAGE 2030 FUND
PUTNAM RETIREMENT ADVANTAGE 2025 FUND
PUTNAM RETIREMENTREADY MATURITY FUND
PUTNAM RETIREMENTREADY 2065 FUND
PUTNAM RETIREMENTREADY 2060 FUND
PUTNAM RETIREMENTREADY 2055 FUND
PUTNAM RETIREMENTREADY 2050 FUND
PUTNAM RETIREMENTREADY 2045 FUND
PUTNAM RETIREMENTREADY 2040 FUND
PUTNAM RETIREMENTREADY 2035 FUND
PUTNAM RETIREMENTREADY 2030 FUND
PUTNAM RETIREMENTREADY 2025 FUND
PUTNAM TAX EXEMPT INCOME FUND
PUTNAM TAX-FREE INCOME TRUST
PUTNAM STRATEGIC INTERMEDIATE MUNICIPAL FUND
PUTNAM TAX-FREE HIGH YIELD FUND
PUTNAM VARIABLE TRUST
PUTNAM VT DIVERSIFIED INCOME FUND
PUTNAM VT EMERGING MARKETS EQUITY FUND
PUTNAM VT FOCUSED INTERNATIONAL EQUITY FUND
PUTNAM VT GEORGE PUTNAM BALANCED FUND
PUTNAM VT GLOBAL ASSET ALLOCATION FUND
PUTNAM VT GLOBAL HEALTH CARE FUND
PUTNAM VT GOVERNMENT MONEY MARKET FUND
PUTNAM VT GROWTH OPPORTUNITIES FUND
PUTNAM VT HIGH YIELD FUND
PUTNAM VT INCOME FUND
PUTNAM VT INTERNATIONAL EQUITY FUND
PUTNAM VT INTERNATIONAL VALUE FUND
PUTNAM VT LARGE CAP VALUE FUND
PUTNAM VT MORTGAGE SECURITIES FUND
PUTNAM VT MULTI-ASSET ABSOLUTE RETURN FUND
PUTNAM VT MULTI-CAP CORE FUND
PUTNAM VT RESEARCH FUND
PUTNAM VT SMALL CAP GROWTH FUND
PUTNAM VT SMALL CAP VALUE FUND
PUTNAM VT SUSTAINABLE FUTURE FUND
PUTNAM VT SUSTAINABLE LEADERS FUND
This is the formal agenda for your fund’s special shareholder meeting. It tells you what proposals will be voted on and the time and place of the special meeting, in case you wish to attend in person.
A special meeting of shareholders of your fund (the “Meeting”) will be held on July 17, 2019,June 29, 2022 at 11:00 a.m., Eastern Time, at the principal offices of the fund on the 2nd floor offunds, 100 Federal Street, Boston, Massachusetts, 02110, to consider the following proposal:proposals, in each case as applicable to the particular funds listed in the table below:
| Proposal | Proposal Description | Affected Funds |
| 1. | Electing Trustees | All funds |
| 2. | Approving a change to certain funds’ sub-classification under the Investment Company Act of 1940, as amended, from “diversified” to “non-diversified” | Putnam Emerging Markets Equity Fund
Putnam Growth Opportunities Fund
Putnam VT Emerging Markets Equity Fund
Putnam VT Growth Opportunities Fund |
| 3. | Approving an amendment to certain funds’ fundamental investment policy regarding the acquisition of voting securities of any issuer | George Putnam Balanced Fund
Putnam Dynamic Asset Allocation Balanced Fund
Putnam Dynamic Asset Allocation Conservative Fund
Putnam Dynamic Asset Allocation Growth Fund
Putnam VT George Putnam Balanced Fund
Putnam VT Global Asset Allocation Fund |
1. ApprovingAs part of our effort to maintain a new management contractsafe and healthy environment at the annual meeting, each fund and the Trustees are closely monitoring statements issued by the Centers for Disease Control and Prevention (cdc.gov) regarding the coronavirus pandemic. For that will changereason, the Trustees reserve the right to reconsider the date, time and/or means of convening your fund’s performance index.meeting.
By Michael J. Higgins, Clerk, and by the Trustees
Kenneth R. Leibler, Chair
| | |
| By Michael J. Higgins, Clerk, and by the Trustees |
| | |
| Kenneth R. Leibler, Chair | |
| | |
| Liaquat Ahamed | Paul L. Joskow |
| Ravi Akhoury | Robert E. Patterson |
| Barbara M. Baumann | George Putnam, III |
| Katinka Domotorffy Barbara M. Baumann | Robert L. Reynolds |
| Catharine Bond Hill Katinka Domotorffy | Manoj P. Singh |
| Catharine Bond Hill | Mona K. Sutphen |
In order for you to be represented at your fund’s special shareholder meeting, we urge you to record your voting instructions over the Internet or by telephone or to mark, sign, date, and mail the enclosed proxy cardcard(s) in the postage-paid envelope provided.
May 15, 2019[ ], 2022
Proxy Statement
This document gives you the information you need to vote on the proposal.proposals. Much of the information is required under rules of the Securities and Exchange Commission (“SEC”(the “SEC”); some of it is technical. If there is anything you don’t understand, please call toll-free 1-844-886-5457,1-833-501-4818 or contactcall your financial advisor.professional.
What proposals are being presented to shareholders at the special meeting?
Shareholders of all open-end Putnam funds are being asked to vote to elect the trustees. Shareholders of Putnam Emerging Markets Equity Fund, Putnam Growth Opportunities Fund, Putnam VT Emerging Markets Equity Fund, and Putnam VT Growth Opportunities Fund are also being asked to approve a change to those funds’ sub-classifications under the Investment Company Act of 1940, as amended (the “1940 Act”), from “diversified” to “non-diversified.” Shareholders of George Putnam Balanced Fund, Putnam Dynamic Asset Allocation Balanced Fund, Putnam Dynamic Asset Allocation Conservative Fund, Putnam Dynamic Asset Allocation Growth Fund, Putnam VT George Putnam Balanced Fund, and Putnam VT Global Asset Allocation Fund are also being asked to approve an amendment to those funds’ fundamental investment policy regarding the acquisition of voting securities of any issuer.
Who is asking for your vote?
The enclosed proxy is solicited by the Trustees of the open-end Putnam Sustainable Leaders Fundfunds for use at theeach fund’s special meeting of Shareholdersshareholders to be held on July 17, 2019June 29, 2022 and, if thea fund’s meeting is postponed or adjourned, at any later sessions,meetings, for the purposepurposes stated in the Notice of approving a new management contract that will change your fund’s performance index.Special Meeting of Shareholders (see previous pages). The Notice of a Special Meeting of Shareholders, the proxy card, and this proxy statement are being mailed beginning on or about May 15, 2019.[May 20], 2022.
How do your fund’s Trustees recommend that shareholders vote on the proposal?proposals?
The Trustees unanimously recommend that you votevote:
1. FOR electing your fund’s nominees for Trustees;
2. FOR approving a change to Putnam Emerging Markets Equity Fund’s, Putnam Growth Opportunities Fund’s, Putnam VT Emerging Markets Equity Fund’s, and Putnam VT Growth Opportunities Fund’s sub-classification under the proposal.1940 Act from “diversified” to “non-diversified”; and
3. FOR approving an amendment to George Putnam Balanced Fund’s, Putnam Dynamic Asset Allocation Balanced Fund’s, Putnam Dynamic Asset Allocation Conservative Fund’s, Putnam Dynamic Asset Allocation Growth Fund’s, Putnam VT George Putnam Balanced Fund’s, and Putnam VT Global Asset Allocation Fund’s fundamental investment policy regarding the acquisition of voting securities of any issuer.
Who is eligible to vote?
Shareholders of record of theeach fund at the close of business on April 22, 20191, 2022 (the “Record Date”) are entitled to be present and to vote at the special meeting or, if it is postponed or adjourned, at any later sessions.
The number of shares of theeach fund outstanding on the Record Date is shown on page 10.Eachin Appendix A. Each share is entitled to one vote, with fractional shares voting proportionately.
How will your shares be voted?
Shares represented by your duly executed proxy card will be voted in accordance with your instructions. If you sign and return the proxy card but don’t fill in a vote, your shares will be voted in accordance with the Trustees’ recommendation.recommendations. If any other business properly comes before your fund’s special meeting, your shares will be voted at the discretion of the persons designated on the proxy card.
PROPOSAL: APPROVING A NEW MANAGEMENT CONTRACT THAT WILL CHANGEShareholders of all series of a trust vote together with respect to the election of Trustees. Shareholders of each fund vote separately with respect to each other proposal. The name of each trust is indicated in bold in the Notice of a Special Meeting of Shareholders, with the funds that are series of that trust appearing below its name. The outcome of a vote affecting one fund does not affect any other fund, except where series of a trust vote together as a single class. No proposal is contingent upon the outcome of any other proposal.
The Proposals
YOUR FUND’S PERFORMANCE INDEXAffected funds: All funds
WhatWho are the nominees for Trustees?
The Board Policy and Nominating Committee of the Board is responsible for recommending nominees for Trustees of your fund. The Board Policy and Nominating Committee consists solely of Trustees who are not “interested persons” (as defined in the 1940 Act) of your fund or of Putnam Management. Those Trustees who are not “interested persons” of your fund or of Putnam Management are referred to as “Independent Trustees” throughout this proxy statement.
The Board, based on the recommendation of the Board Policy and Nominating Committee, has fixed the number of Trustees of your fund at 11 and recommends that you vote for the election of the nominees described in the following pages. Each fund currently has eleven Trustees on its Board. Two of your fund’s current Trustees, Paul L. Joskow and Ravi Akhoury, are retiring and are not standing for re-election to your fund’s Board, and each will serve until June 30, 2022, when he will retire. The Trustees have nominated Jennifer Williams Murphy and Marie Pillai to stand for election to your fund’s Board. If elected, Mses. Murphy and Pillai will serve as Trustees beginning July 1, 2022, following Dr. Joskow’s and Mr. Akhoury’s retirements. Each other nominee is currently a Trustee of your fund and of the other Putnam funds and, if elected, will continue to serve in that capacity without interruption.
Biographical information for the Fund’s nominees.
The Board’s nominees for Trustees and their backgrounds are shown in the following pages. This information includes each nominee’s name, year of birth, principal occupation(s) during the past five years, and other information about the nominee’s professional background, including other directorships the nominee holds. Each of the current Trustees oversees all of the Putnam funds and serves until the election and qualification of his or her successor, or until he or she sooner dies, resigns, retires, or is removed. The address of all of the Trustees/nominees is 100 Federal Street, Boston, Massachusetts 02110. As of March 31, 2022, there were 100 Putnam funds.
Independent Trustee Nominees
| Name, Address1, Year of | | |
| Birth, Position(s) Held with | | |
| Fund and Length of Service | | |
| as a Putnam Fund Trustee2 | Principal Occupation(s) During Past 5 Years | Other Directorships Held by Trustee |
| Liaquat Ahamed | Author; won Pulitzer Prize for Lords of Finance: The Bankers | Chairman of the Sun Valley Writers Conference, a literary not-for-profit |
| (Born 1952), | Who Broke the World. | organization; and a Trustee of the Journal of Philosophy. |
| Trustee since 2012 | | |
| Barbara M. Baumann | President of Cross Creek Energy Corporation, a strategic | Director of Devon Energy Corporation, a publicly traded independent natural gas |
| (Born 1955), | consultant to domestic energy firms and direct investor in energy | and oil exploration and production company; Director of National Fuel Gas |
| Trustee since 2010 | projects. | Company, a publicly traded energy company that engages in the production, |
| | gathering, transportation, distribution, and marketing of natural gas; Senior |
| | Advisor to the energy private equity firm First Reserve; Director of three private, |
| | independent oil and gas exploration and production companies: Ascent Resources, |
| | LLC, Texas American Resources Company II, LLC, and IOG Resources, LLC; |
| | Member of the Finance Committee of the Children’s Hospital of Colorado; |
| | Member of the Investment Committee of the Board of The Denver Foundation; |
| | and previously, a Director of publicly traded companies Buckeye Partners, LP, |
| | UNS Energy Corporation, CVR Energy Company, and SM Energy Corporation. |
| Katinka Domotorffy | Voting member of the Investment Committees of the Anne Ray | Director of the Great Lakes Science Center; and Director of College Now Greater |
| (Born 1975), | Foundation and Margaret A. Cargill Foundation, part of the | Cleveland. |
| Trustee since 2012 | Margaret A. Cargill Philanthropies. | |
| Catharine Bond Hill | Managing Director of Ithaka S+R, a not-for-profit service that | Director of Yale-NUS College; and Trustee of Yale University. |
| (Born 1954), | helps the academic community navigate economic and | |
| Trustee since 2017 | technological change. From 2006 to 2016, Dr. Hill served as the 10th | |
| president of Vassar College. | |
| Kenneth R. Leibler | Vice Chairman Emeritus of the Board of Trustees of Beth Israel | Director of Eversource Corporation, which operates New England’s largest |
| (Born 1949), | Deaconess Hospital in Boston. Member of the Investment | energy delivery system; previously the Chairman of the Boston Options |
| Trustee since 2006, | Committee of the Boston Arts Academy Foundation. | Exchange, an electronic market place for the trading of listed derivatives |
| Vice Chair from 2016 | | securities; previously the Chairman and Chief Executive Officer of the Boston |
| to 2018 and Chair | | Stock Exchange; and previously the President and Chief Operating Officer of the |
| since 2018 | | American Stock Exchange. |
| Jennifer Williams Murphy3 | Chief Executive Officer and Founder of Runa Digital Assets, | Previously, a Director of Western Asset Mortgage Capital Corporation. |
| (Born 1964), | LLC, an institutional investment advisory firm specializing in | |
| Trustee Nominee | active management of digital assets. Until 2021, Chief Operating | |
| Officer of Western Asset Management, LLC, a global | |
| investment adviser, and Chief Executive Officer and President | |
| of Western Asset Mortgage Capital Corporation, a mortgage | |
| finance real estate investment trust. | |
| Marie Pillai3 | Senior Advisor, Hunter Street Partners, LP, an asset-oriented | Director of the Catholic Community Foundation of Minnesota; Investment |
| (Born 1954), | private investment firm; Specialty Leader and Member of the | Advisory Board Member of the University of Minnesota; Member of the Board of |
| Trustee Nominee | Curriculum Committee of the Center for Board Certified | the Bush Foundation, a non-profit organization supporting community problem- |
| Fiduciaries, a public benefit corporation providing coursework | solving in Minnesota, North Dakota and South Dakota; previously, a Board |
| for developing fiduciaries. Until 2019, Vice President, Chief | Member of Catholic Charities of St. Paul and Minneapolis. |
| Investment Officer and Treasurer of General Mills, Inc., a global | |
| food company. | |
| George Putnam, III | Chairman of New Generation Research, Inc., a publisher of | Director of The Boston Family Office, LLC, a registered investment advisor; |
| (Born 1951), | financial advisory and other research services, and President of | Director of the Gloucester Marine Genomics Institute; previously a Trustee of the |
| Trustee since 1984 | New Generation Advisors, LLC, a registered investment adviser | Marine Biological Laboratory; and previously a Trustee of Epiphany School. |
| to private funds. | |
| Manoj P. Singh | Until 2015, Chief Operating Officer and global managing | Director of ReNew Energy Global Plc, a publicly traded renewable energy |
| (Born 1952), | director at Deloitte Touche Tohmatsu, Ltd., a global professional | company; Director of Abt Associates, a global research firm working in the fields |
| Trustee since 2017 | services organization, serving on the Deloitte U.S. Board of | of health, social and environmental policy, and international development; Trustee |
| Directors and the boards of Deloitte member firms in China, | of Carnegie Mellon University; Director of Pratham USA, an organization |
| Mexico and Southeast Asia. | dedicated to children’s education in India; member of the advisory board of |
| | Altimetrik, a business transformation and technology solutions firm; and Director |
| | of DXC Technology, a global IT services and consulting company. |
| Mona K. Sutphen | Partner, Investment Strategies at The Vistria Group, a private | Director of Spotify Technology S.A., a publicly traded audio content streaming |
| (Born 1967), | investment firm focused on middle-market market companies in | service; Director of Unitek Learning, a private nursing and medical services |
| Trustee since 2020 | the healthcare, education, and financial services industries. From | education provider in the United States; Board Member, International Rescue |
| 2014 to 2018, Partner at Macro Advisory Partners, a global | Committee; Co-Chair of the Board of Human Rights First; Trustee of Mount |
| consulting firm. | Holyoke College; Member of the Advisory Board for the Center on Global |
| | Energy Policy at Columbia University’s School of International and Public |
| | Affairs; previously Director of Pattern Energy and Pioneer Natural Resources, |
| | pulblicly traded energy companies; and previously Managing Director of UBS |
| | AG. |
Interested Trustee Nominee
| Name, Address1, Year of | | |
| Birth, Position(s) Held with | | |
| Fund and Length of Service | | |
| as a Putnam Fund Trustee2 | Principal Occupation(s) During Past 5 Years | Other Directorships Held by Trustee |
| Robert L. Reynolds4 | President and Chief Executive Officer of Putnam Investments; | Director of the Concord Museum; Director of Dana-Farber Cancer Institute; |
| (Born 1952), | member of Putnam Investments' Board of Directors; and Chair | Director of the U.S. Ski & Snowboard Foundation; Chair of the Boston Advisory |
| Trustee since 2008 | of Great-West Lifeco U.S. LLC. Prior to 2019, also President | Board of the American Ireland Fund; National Council Co-Chair of the American |
| and Chief Executive Officer of Great-West Financial, a financial | Enterprise Institute; Executive Committee Member of Greater Boston Chamber of |
| services company that provides retirement savings plans, life | Commerce; Member of U.S. Chamber of Commerce, Center for Capital Markets |
| insurance, and annuity and executive benefits products, and of | Competitiveness; Chair of Massachusetts High Technology Council; Member of |
| Great-West Lifeco U.S. LLC, a holding company that owns | the Chief Executives Club of Boston; Member of the Massachusetts General |
| Putnam Investments and Great-West Financial, and a member of | Hospital President’s Council; Director and former Chair of the Massachusetts |
| Great-West Financial's Board of Directors. | Competitive Partnership; and former Chair of the West Virginia University |
| | Foundation. |
Current Independent Trustees Not Nominated for Re-Election
| Name, Address1, Year of | | |
| Birth, Position(s) Held with | | |
| Fund and Length of Service | | |
| as a Putnam Fund Trustee2 | Principal Occupation(s) During Past 5 Years | Other Directorships Held by Trustee |
| Ravi Akhoury5 | Private Investor | Director of English Helper, Inc., a private software company; previously a |
| (Born 1947), | | Trustee of the Rubin Museum, serving on the Investment Committee; and |
| Trustee since 2009 | | previously a Director of RAGE Frameworks, Inc. |
| Paul L. Joskow5 | The Elizabeth and James Killian Professor of Economics, | Vice Chair of the Board of Directors of the Whitehead Institute of Biomedical Research, |
| (Born 1947), | Emeritus at the Massachusetts Institute of Technology (MIT). | a non-profit biomedical research institute; a Director of Exelon Corporation, an energy |
| Trustee since 1997 | From 2008 to 2017, the President of the Alfred P. Sloan | company focused on power services; and a Member Emeritus of the Board of Advisors |
| Foundation, a philanthropic institution focused primarily on | of the Boston Symphony Orchestra. |
| research and education on issues related to science, technology, | |
| and economic performance. | |
1 The address of each Trustee/Nominee is 100 Federal Street, Boston, MA 02110.
2 Each Trustee serves for an indefinite term, until his or her resignation, retirement during the year he or she reaches age 75, death, or removal.
3 Mses. Murphy and Pillai have been nominated for election to your fund’s Board and, if elected, will serve as Trustees beginning July 1, 2022.
4 Trustee who is an “interested person” (as defined in the 1940 Act) of the fund and Putnam Management. Mr. Reynolds is deemed an “interested person” by virtue of his positions as an officer of the fund and Putnam Management. Mr. Reynolds is the proposal?President and Chief Executive Officer of Putnam Investments, LLC and President of your fund and each of the other Putnam funds, exclusive of the four exchange-traded funds in Putnam ETF Trust.
5 Mr. Akhoury and Dr. Joskow are retiring and are not standing for re-election to your fund’s Board. Each will serve until June 30, 2022, when he will retire.
Most of the Trustees have served on the Board for many years. The Board Policy and Nominating Committee is responsible for recommending proposed nominees for election to the Board of Trustees for its approval. In recommending the election of the nominees as Trustees, the Committee generally considered the educational, business and professional experience of each nominee in determining his or her qualifications to serve as a Trustee of the fund, including the nominee’s record of service as a director or trustee of public and private organizations. This included each current Trustee’s previous service as a member of the Board of Trustees of the Putnam funds, during which he or she has demonstrated a high level of diligence and commitment to the interests of fund shareholders and the ability to work effectively and collegially with other members of the Board. The Committee also considered, among other factors, the particular attributes described below with respect to the various individual Trustees/nominees.
Independent Trustee Nominees:
Liaquat Ahamed — Mr. Ahamed’s experience as Chief Executive Officer of a major investment management organization and as head of the investment division at the World Bank, as well as his experience as an author of economic literature.
Barbara M. Baumann — Ms. Baumann’s experience in the energy industry as a consultant, an investor, and in both financial and operational management positions at a global energy company, and her service as a director of multiple New York Stock Exchange companies.
Katinka Domotorffy — Ms. Domotorffy’s experience as Chief Investment Officer and Global Head of Quantitative Investment Strategies at a major asset management organization.
Catharine Bond Hill — Dr. Hill’s education and experience as an economist and as president and provost of colleges in the United States.
Kenneth R. Leibler — Mr. Leibler’s extensive experience in the financial services industry, including as Chief Executive Officer of a major asset management organization, and his service as a director of various public and private companies.
Jennifer Williams Murphy — Ms. Murphy’s experience as Chief Operating Officer of a major global investment management organization and as Chief Executive Officer of an investment advisory firm specializing in digital assets.
Marie Pillai — Ms. Pillai’s experience as Vice President, Chief Investment Officer and Treasurer of a global food company.
George Putnam, III — Mr. Putnam’s training and experience as an attorney, his experience as the founder and Chief Executive Officer of an investment management firm and his experience as an author of various publications on the subject of investments.
Manoj P. Singh — Mr. Singh’s experience as Chief Operating Officer and global managing director of a global professional services organization that provided accounting, consulting, tax, risk management, and financial advisory services.
Mona K. Sutphen — Ms. Sutphen’s extensive experience advising corporate, philanthropic and institutional investors on the intersection of geopolitics, policy and markets, as well as her prior service as White House Deputy Chief of Staff for Policy and as a US Foreign Service Officer, her work advising financial services companies on macro risks, and her service as a director of public companies.
Interested Trustee Nominee:
Robert L. Reynolds — Mr. Reynolds’s extensive experience as a senior executive of one of the largest mutual fund organizations in the United States and his current role as the President and Chief Executive Officer of Putnam Investments.
Current Independent Trustees Not Nominated for Re-Election:
Ravi Akhoury — Mr. Akhoury’s experience as Chairman and Chief Executive Officer of a major investment management organization.
Paul L. Joskow — Dr. Joskow’s education and experience as a professional economist familiar with financial economics and related issues and his service on multiple for-profit boards.
Each of the nominees has agreed to serve as a Trustee, if elected. If any nominee is unavailable for election at the time of the special meeting, which is not anticipated, the Trustees may vote for other nominees at their discretion, or the Trustees may fix the number of Trustees at fewer than 11 for your fund.
What are the Trustees’ responsibilities?
Your fund’s Trustees are responsible for the general oversight of your fund’s affairs. The Trustees regularly review your fund’s investment performance as well as the quality of other services provided to your fund and its shareholders by Putnam Management and its affiliates, including administration and shareholder servicing. Currently, Putnam Management and its affiliates provide administrative services to your fund. At least annually, the Trustees review and evaluate the fees and operating expenses paid by your fund for these services and negotiate changes if they deem it appropriate. In carrying out these responsibilities, the Trustees are assisted by an independent administrative staff and by your fund’s auditors, independent counsel, and other experts as appropriate, selected by and responsible to the Trustees.
Board Leadership Structure. Currently, all but one of your fund’s Trustees are Independent Trustees, meaning that they are not considered “interested persons” of your fund or Putnam Management. Mses. Murphy and Pillai also qualify as Independent Trustees. These Independent Trustees must vote separately to approve all financial arrangements and other agreements with your fund’s investment manager and other affiliated parties. The role of the Independent Trustees has been characterized as that of a “watchdog” charged with oversight to protect shareholders’ interests against overreaching and abuse by those who are in a position to control or influence a fund. Your fund’s Independent Trustees meet regularly as a group in executive session (i.e., without representatives of Putnam Management or its affiliates present). An Independent Trustee currently serves as chair of the Board.
Board Committees. Taking into account the number, the diversity, and the complexity of the funds overseen by the Board and the aggregate amount of assets under management, your fund’s Trustees have determined that the efficient conduct of the Board’s affairs makes it desirable to delegate responsibility for certain specific matters to committees of the Board. The Executive Committee, Contract Committee, Audit, Compliance and Risk Committee, and Board Policy and Nominating Committee are authorized to take action on certain matters as specified in their charters or in policies and procedures relating to the governance of the funds; with respect to other matters, these committees review and evaluate and make recommendations to the Trustees as they deem appropriate. The other committees also review and evaluate matters specified in their charters and make recommendations to the Trustees as they deem appropriate. Each committee may utilize the resources of your fund’s independent staff, independent counsel and independent registered public accountants as well as other experts. The committees meet as often as appropriate, either in conjunction with regular meetings of the Trustees or otherwise. The membership and chair of each committee are appointed by the Trustees upon recommendation of the Board Policy and Nominating Committee. Each committee is chaired by an Independent Trustee and,
except as noted below, the membership and chairs of each committee consist exclusively of Independent Trustees.
The Trustees have determined that this committee structure also allows the Board to focus more effectively on the oversight of risk as part of its broader oversight of the funds’ affairs. While risk management is the primary responsibility of the funds’ investment manager, the Trustees receive reports and presentations regarding investment risks, compliance risks and other risks. The Board and certain committees also meet periodically with the funds’ and Putnam Management’s Chief Compliance Officer to receive compliance reports and with Putnam Management’s Chief Risk Officer to receive reports regarding risk oversight. In addition, the Board and its Investment Oversight Committees meet periodically with the portfolio managers of the funds to receive reports regarding the management of the funds. The Board’s committee structure allows separate committees to focus on different aspects of these risks and their potential impact on some or all of the funds and to discuss with the funds’ investment manager how it monitors and controls risks.
The Board recognizes that the reports it receives concerning risk management matters are, recommending approvalby their nature, typically summaries of a new management contract forthe relevant information. Moreover, the Board recognizes that not all risks that may affect your fund can be identified in advance; that includesit may not be practical or cost-effective to eliminate or to mitigate certain risks; that it may be necessary to bear certain risks (such as investment-related risks) in seeking to achieve your fund’s investment objectives; and that the processes, procedures and controls employed to address certain risks may be limited in their effectiveness. As a new indexresult of securities prices (“performance index”)the foregoing and for use, prospectively, in calculating performance adjustmentsother reasons, the Board’s risk management oversight is subject to substantial limitations.
Audit, Compliance and Risk Committee. The Audit, Compliance and Risk Committee provides oversight on matters relating to the integrity of the funds’ financial statements, compliance with legal and regulatory requirements, Codes of Ethics issues, and certain aspects of overseeing Putnam Management’s risk assessment and risk management. This oversight is discharged by regularly meeting with management, the funds’ independent registered public accountants, the fund’s base management fee.and Putnam Management’s Chief Compliance Officer, and Putnam Management’s Chief Risk Officer, and remaining current with respect to industry developments. Duties of this Committee also include the review and evaluation of all matters and relationships pertaining to the funds’ independent registered public accountants, including their independence. The Committee also oversees all dividends and distributions by the funds. The Committee makes recommendations to the Trustees of the funds regarding the amount and timing of distributions paid by the funds, and determines such matters when the Trustees are not in session. The Committee also oversees the policies and procedures pursuant to which Putnam Management prepares recommendations for dividends and distributions, and meets regularly with representatives of Putnam Management to review the implementation of these policies and procedures. The Committee reports to the Trustees and makes recommendations to the Trustees regarding these matters. Information about the fees billed to the fund by the funds’ registered public accountant, as well as information about the Committee’s pre-approval policies relating to the work performed by the funds’ registered public accountant, is included in Appendix B of this proxy statement. Each member of the Committee is an Independent Trustee. Each member of the Committee also is “independent,” as that term is interpreted for purposes of Rule 10A-3(b)(1) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the listing standards of the New York Stock Exchange. The Board has adopted a written charter for the Committee, a current copy of which is available at www.putnam.com/about-putnam/ at the bottom of that page. The Committee currently consists of Messrs. Singh (Chair) and Akhoury, Ms. Domotorffy and Drs. Hill and Joskow. Mr. Singh and Drs. Hill and Joskow have each been designated an “audit committee financial expert” within the meaning of applicable SEC rules.
Performance adjustments linkBoard Policy and Nominating Committee. The Board Policy and Nominating Committee reviews matters pertaining to the operations of the Board and its committees, the compensation of the Trustees, and the conduct of legal affairs for the Putnam funds. The Committee also oversees the voting of proxies associated with portfolio investments of the Putnam funds, with the goal of ensuring that these proxies are voted in the best interest of each fund’s manager, Putnam Investment Management, LLC (“Putnam Management”),shareholders. The Committee reports to the Trustees and makes recommendations to the Trustees regarding these matters.
The Committee evaluates and recommends all candidates for election as Trustees and recommends the appointment of members and chairs of each Board committee. The Committee also identifies prospective nominees for election as Trustee by considering individuals that come to its attention through the recommendation of current Trustees, Putnam Management or shareholders. Candidates properly submitted by shareholders will be considered and evaluated on the same basis as candidates recommended by other sources. The Committee will consider nominees for Trustee recommended by shareholders of a fund provided that the recommendations are submitted by the date disclosed in the fund’s investment performance. This meansproxy statement and otherwise comply with the fund’s by-laws and applicable securities laws, including Rule 14a-8 under the Exchange Act. The Committee may, but is not required to, engage a third-party professional search firm to assist it in identifying and evaluating potential nominees.
When evaluating a potential candidate for membership on the Board, the Committee considers the skills and characteristics that strong investment performanceit determines would most benefit the Putnam funds at the time the evaluation is rewardedmade. The Committee may take into account a wide variety of attributes in considering potential Trustee candidates, including, but not limited to: (i) availability and commitment of a candidate to attend meetings and perform his or her responsibilities to the Board, (ii) other board experience, (iii) relevant industry and related experience, (iv) educational background, (v) financial expertise, (vi) an assessment of the candidate’s ability, judgment and expertise, (vii) an assessment of the perceived needs of the Board and its committees at that point in time, and (viii) overall Board composition. The Committee generally believes that the Board benefits from diversity of background, experience, and views among its members, and considers this as a factor in evaluating the composition of the Board, but has not adopted any specific policy in this regard. In connection with higher management fees, while poor performance resultsthis evaluation, the Committee will determine whether to interview prospective nominees, and, if warranted, one or more members of the Committee, and other Trustees and representatives of the funds, as appropriate, will interview prospective nominees in lower management fees. Performance fees more closely align shareholders’person or by telephone. Once this evaluation is completed, the Committee recommends such candidates as it determines appropriate to the Independent Trustees for nomination, and the Independent Trustees select the nominees after considering the recommendation of the Committee. The Board has adopted a written charter for the Committee, a current copy of which is available at www.putnam.com/about-putnam/ at the bottom of that page. The Committee is composed entirely of Independent Trustees and currently consists of Dr. Joskow (Chair), Messrs. Leibler and Putnam, and Ms. Baumann.
Brokerage Committee. The Brokerage Committee reviews the Putnam funds’ policies regarding the execution of portfolio trades and Putnam Management’s economic interests.practices and procedures relating to the implementation of those policies. The fund’sCommittee reviews periodic reports on the cost and quality of execution of portfolio transactions and the extent to which brokerage commissions have been used (i) by Putnam Management to obtain brokerage and research services generally useful to it in managing the portfolios of the funds and of its other clients, and (ii) by the funds to pay for certain fund expenses. The Committee reports to the Trustees and makes recommendations to the Trustees regarding these matters. The Committee currently consists of Messrs. Ahamed (Chair), Leibler, and Putnam, and Mses. Baumann and Sutphen.
Contract Committee. The Contract Committee reviews and evaluates at least annually all arrangements pertaining to (i) the engagement of Putnam Management and its affiliates to provide services to the Putnam funds, (ii) the expenditure of the open-end funds’ assets for distribution purposes pursuant to Distribution Plans of the open-end Putnam funds, and (iii) the engagement of other persons to provide material services to the funds, including in particular those instances where the cost of services is shared between the funds and Putnam Management and its affiliates or where Putnam Management or its affiliates have a material interest. The Committee also reviews the proposed organization of new fund products, proposed structural changes to existing funds, and matters relating to closed-end funds. In addition, the Committee also reviews communications with, and the quality of services provided to, shareholders and oversees the marketing and sale of fund shares by Putnam Retail Management. The Committee reports and makes recommendations to the Trustees regarding these matters. The Committee currently consists of Messrs. Putnam (Chair), Ahamed, and Leibler, and Mses. Baumann and Sutphen.
Executive Committee. The functions of the Executive Committee are twofold. The first is to ensure that the Putnam funds’ business may be conducted at times when it is not feasible to convene a meeting of the Trustees or for the Trustees to act by written consent. The Committee may exercise any or all of the power and authority of the Trustees when the Trustees are not in session. The second is to review annual and ongoing goals, objectives and priorities for the Board and to facilitate coordination of all efforts between the Trustees and Putnam Management on behalf of the shareholders of the funds. The Committee currently consists of Messrs. Leibler (Chair) and Putnam and Ms. Baumann.
Investment Oversight Committees. The Investment Oversight Committees regularly meet with investment personnel of Putnam Management to review the investment performance and strategies of the funds in light of their stated goals and policies. The Committees seek to identify any compliance issues that are unique to the applicable categories of funds and work with the appropriate Board committees to ensure that any such issues are properly addressed. The Committees review the proposed investment objectives, policies and restrictions of new fund products and proposed changes to investment objectives, policies and restrictions of existing funds. Investment Oversight Committee A currently consists of Mses. Domotorffy (Chair) and Sutphen, Messrs. Ahamed, Reynolds and Singh, and Dr. Joskow. Investment Oversight Committee B currently consists of Messrs. Akhoury (Chair), Leibler, and Putnam, Ms. Baumann, and Dr. Hill.
Pricing Committee. The Pricing Committee oversees the valuation of assets of the Putnam funds and reviews the funds’ policies and procedures for achieving accurate and timely pricing of fund shares. The Committee oversees implementation of these policies, including fair value determinations of individual securities made by Putnam Management or other designated agents of the funds. The Committee also reviews (i) compliance by money market funds with Rule 2a-7 under the 1940 Act, (ii) in-kind redemptions by fund affiliates, (iii) the correction of occasional pricing errors, and (iv) Putnam Management’s oversight of pricing vendors. The Committee reports to the Trustees and makes recommendations to the Trustees regarding these matters. The Committee currently consists of Messrs. Singh (Chair) and Akhoury, Ms. Domotorffy, and Dr. Hill.
How large of a stake do the Trustees have in the Putnam family of funds?
The Trustees allocate their investments among the Putnam funds based on their own investment needs. The number of shares beneficially owned by each Trustee and nominee for Trustee, as well as the value of each Trustee’s and nominee’s holdings in each fund and in all of the Putnam funds as of December 31, 2021 is included in Appendix C. As a group, the Trustees/nominees owned shares of the Putnam funds valued at approximately $[ ] million, as of March 31, 2022.
As of March 31, 2022, to the knowledge of your fund, each Trustee/nominee, and the officers and Trustees/nominees of the fund as a group, owned less than 1% of the outstanding shares of each class of each fund, except as listed in Appendix C.
How can shareholders communicate with the Trustees?
The Board provides a process for shareholders to send communications to the Trustees. Shareholders may direct communications to the Board as a whole or to specified individual Trustees by submitting them in writing to the following address:
|
| The Putnam Funds |
| Attention: “Board of Trustees” or any specified Trustee(s) |
| 100 Federal Street |
| Boston, Massachusetts 02110 |
Written communications must include the shareholder’s name, be signed by the shareholder, refer to the Putnam fund(s) in which the shareholder holds shares, and include the class and number of shares held by the shareholder as of a recent date.
Representatives of the funds’ transfer agent will review all communications sent to Trustees and, as deemed appropriate, will provide copies and/or summaries of communications to the Trustees.
How often do the Trustees meet?
The Trustees currently hold regular in-person meetings eight times each year, usually over a two-day period, to review the operations of the Putnam funds. (During the COVID-19 pandemic, the Trustees have held meetings by videoconference or teleconference rather than in person.) A portion of these meetings is devoted to meetings of various committees of the Board that focus on particular matters. Each Independent Trustee generally attends several formal committee meetings during each regular meeting of the Trustees, including meetings with senior investment personnel and portfolio managers to review recent performance and the current investment climate for selected funds. These meetings ensure that fund performance is reviewed in detail on at least an annual basis. The committees of the Board, including the Executive Committee, may also meet on special occasions as the need arises. During the calendar year 2021, each Trustee attended at least 75% of the Board and applicable committee meetings noted for each fund and the average Trustee participated in approximately 38 committee and Board meetings.
The number of times the full Board and each committee met during calendar year 2021 is shown in the table below:
| |
| Board of Trustees | 12 |
| Audit, Compliance and Risk Committee | 13 |
| Board Policy and Nominating Committee | 9 |
| Brokerage Committee | 2 |
| Contract Committee | 8 |
| Executive Committee | 1 |
| Investment Oversight Committee A | 6 |
| Investment Oversight Committee B | 6 |
| Pricing Committee | 8 |
The funds do not have a formal policy with respect to Trustee attendance at shareholder meetings. While various Trustees may attend shareholder meetings from time to time, your fund’s Trustees did not attend the last shareholder meeting of your fund. The Trustees are generally represented at shareholder meetings by their independent staff and independent counsel.
What are some of the ways in which the Trustees represent shareholder interests?
Among other ways, the Trustees seek to represent shareholder interests:
• by reviewing your fund’s investment performance with your fund’s investment personnel;
• by discussing with senior management of Putnam Management steps being taken to address any performance deficiencies;
• by reviewing the quality of the various other services provided to your fund and its shareholders by Putnam Management and its affiliates;
• by reviewing in depth the fees paid by each fund and by negotiating with Putnam Management, if appropriate, to ensure that the fees remain reasonable and competitive with those of comparable funds, while at the same time providing Putnam Management sufficient resources to continue to provide high quality services in the future;
• by reviewing brokerage costs and fees, allocations among brokers, and soft dollar expenditures (if applicable);
• by discussing shareholder outreach initiatives with senior management of Putnam Management;
• by reviewing the specific concerns of closed-end fund shareholders;
• by monitoring potential conflicts of interest between the Putnam funds, including your fund, and Putnam Management and its affiliates to ensure that the funds continue to be managed in the best interests of their shareholders; and
• by monitoring potential conflicts among funds managed by Putnam Management to ensure that shareholders continue to realize the benefits of participation in a large and diverse family of funds.
What are the Trustees paid for their services?
Each Independent Trustee of the funds receives an annual retainer fee and additional fees for each Trustee meeting attended and for certain related services. Independent Trustees also are reimbursed for expenses they incur relating to their service as Trustees. All of the current management contract providesIndependent Trustees of the funds are Trustees of all of the Putnam funds.
The Trustees periodically review their fees to ensure that the fees continue to be appropriate in light of their responsibilities as well as in relation to fees paid to trustees of other mutual fund complexes. The Board Policy and Nominating Committee, which consists solely of Independent Trustees of the funds, estimates that committee and Trustee meeting time, together with the appropriate preparation, requires the equivalent of at least four business days per regular Trustee meeting.
Under a Retirement Plan in effect for Trustees of the Putnam funds elected to the Board before 2003 (the “Plan”), each eligible Trustee who retires with at least five years of service as a performance adjustment basedTrustee of the funds is entitled to receive an annual retirement benefit equal to one-half of the average annual attendance and retainer fees paid to such Trustee for calendar years 2003, 2004 and 2005. This retirement benefit is payable during a Trustee’s lifetime, beginning the year following retirement, for the number of years of service through December 31, 2006. A death benefit, also available under the Plan, ensures that the Trustee and his or her beneficiaries will receive benefit payments for the lesser of an aggregate period of (i) ten years or (ii) such Trustee’s total years of service.
The Plan Administrator (currently the Board Policy and Nominating Committee) may terminate or amend the Plan at any time, but no termination or amendment will result in a reduction in the amount of benefits (i) currently being paid to a Trustee at the time of such termination or amendment, or (ii) to which a current Trustee would have been entitled had he or she retired immediately prior to such termination or amendment. The Trustees have terminated the Plan with respect to any Trustee first elected to the Board after 2003.
The table found in Appendix D includes the year each Trustee became a Trustee of the Putnam funds, the fees paid to each of those Trustees by each fund included in this proxy statement for its most recent fiscal year (ended prior to March 31, 2022), and the fees paid to each of those Trustees by all of the Putnam funds during calendar year 2021. Mses. Murphy and Pillai did not serve as Trustees of the Board during any fund’s recently completed fiscal year or during the calendar year 2021 and are therefore not included in the table in Appendix D.
Why should you vote for your fund’s nominees?
The nominees for election as Trustees are independent, experienced, and highly qualified fiduciaries who exercise strong fund governance practices.
Independent
• The Chair of your fund, Kenneth R. Leibler, is independent of Putnam Management and has served on the fund’s performanceBoard for 16 years. He also has extensive experience in the financial services industry, including as comparedChief Executive Officer of a major asset management organization, and has served as a director of various public and private companies;
• 10 of the 11 Trustee nominees, and both of the nominees who do not currently serve as Trustees, are independent of Putnam Management; and
• The Independent Trustees are assisted by an independent administrative staff and legal counsel who are selected by the Independent Trustees and are independent of Putnam Management.
Highly Qualified
• The nominees have significant current and past related industry experience, and have a demonstrated history of actively pursuing the interests of fund shareholders;
• The Board includes individuals with substantial professional accomplishments and prior experience in a variety of fields, including investment management, economics, finance, energy, and professional services; and
• The Board has taken actions that directly benefit shareholders — liquidity events such as mergers and, in the case of the closed-end funds, tender offers when in the best interests of all shareholders; a share repurchase program for the closed-end funds that has made a contribution to investment return; a performance index.significant decrease in 2006 in management fee rates for certain Putnam funds; and various efforts to improve shareholder relations.
Strong Governance Practices
• The Board includes a combination of long-tenured and newer members, bringing diverse perspectives to fund oversight;
• The Board has a well-established committee and oversight structure for the Putnam funds, which has been developed over a long period of time; and
• The funds do not have a staggered board structure or other takeover defenses.
What is the voting requirement for approvalelecting Trustees?
All of the proposed new management contractfunds within a trust will vote together on the election of Trustees as a single class. If a quorum for your fund?trust is present at the special meeting, the 11 nominees for election as Trustees who receive the greatest number of votes cast at the meeting will be elected as Trustees of your trust. The name of each trust is indicated in bold in the Notice of a Special Meeting of Shareholders on page [2], with the funds that are series of that trust appearing below its name.
Who is bearing the costs associated with the proposal, including proxy-related costs?
ApprovingThe expenses of the preparation of proxy statements and related materials, including printing, delivery and solicitation costs, attributable to Proposal 1 will be borne by the funds pro rata based on the number of shareholder accounts.
What are the Trustees recommending?
The Trustees unanimously recommend that shareholders vote “FOR” the election of your fund’s nominees.
2. APPROVING A CHANGE TO CERTAIN FUNDS’ SUB-CLASSIFICATION UNDER THE INVESTMENT COMPANY ACT OF 1940 FROM “DIVERSIFIED” TO “NON-DIVERSIFIED”
Affected funds: Putnam Emerging Markets Equity Fund, Putnam Growth Opportunities Fund, Putnam VT Emerging Markets Equity Fund, and Putnam VT Growth Opportunities Fund only
What is this proposal?
The Trustees recommend that shareholders approve a change to the sub-classification under the 1940 Act from “diversified” to “non-diversified” for each of the following funds: Putnam Emerging Markets Equity Fund, Putnam Growth Opportunities Fund, Putnam VT Emerging Markets Equity Fund, and Putnam VT Growth Opportunities Fund (for purposes of this Proposal 2, the “funds”). As a non-diversified fund, each fund would have greater flexibility to invest more of its assets in the securities of fewer issuers than it would as a diversified fund.
Each fund is currently sub-classified as a “diversified” fund under the 1940 Act. As a diversified fund, a fund is generally limited as to the size of its investment in any single issuer. The 1940 Act sets forth the requirements that must be met for an investment company to be diversified. The 1940 Act requires that to qualify as a “diversified” fund, a fund may not, with respect to at least 75% of the value of its total assets, invest in securities of any issuer if, immediately after the investment, more than 5% of the total assets of the fund (taken at current value) would be invested in the securities of that issuer or the fund would hold more than 10% of the outstanding voting securities of the issuer. (These percentage limitations do not apply to cash or cash items (including receivables), securities issued by investment companies, or any “Government security.” A Government security is any security issued or guaranteed as to principal or interest by the United States, or by a person controlled or supervised by and acting as an instrumentality of the government of the United Sates pursuant to authority granted by the Congress of the United Sates, or any certificate of deposit for any of the forgoing.) The remaining 25% of a fund’s total assets is not subject to this restriction. This means that, with respect to the remaining 25% of a fund’s total assets, a diversified fund may invest more than 5% of its total assets in the securities of one issuer and may hold more than 10% of an issuer’s outstanding voting securities. These 1940 Act requirements do not apply to an investment company that is non-diversified. As a result, compared with a non-diversified fund, a diversified fund would be generally expected to have lesser exposures to individual portfolio securities.
The change to each fund’s sub-classification under the 1940 Act from diversified to non-diversified is being proposed because the markets in which the fund invests include a small number of dominant companies. For example, as of March 29, 2022, more than 36% of the corresponding benchmark index for Putnam Growth Opportunities Fund and Putnam VT Growth Opportunities Fund, and more than 7% of the corresponding benchmark index for Putnam Emerging Markets Equity Fund and Putnam VT Emerging Markets Equity Fund, each of which broadly represents the markets in which the funds are likely to invest, are composed of companies that each represent more than 5% (by market capitalization) of the index. In order to meet the requirements of the funds’ current diversification classification, the funds currently must limit purchases of these companies relative to their weights in the corresponding benchmark index, even if Putnam Management finds them to be attractive investment opportunities. Putnam Management believes that the proposed change would allow the funds’ portfolio managers to more effectively implement each fund’s investment strategy by providing greater flexibility to manage each fund, including, if desired for investment purposes, by investing a greater portion of the fund’s assets in one or more of the largest constituents of the index. While the proposed change to the diversification status of each fund will provide greater flexibility in executing each fund’s investment program, it is not expected to materially impact the way each fund is managed. However, as a non-diversified fund, the fund would be exposed to non-diversification risk, as its ability to invest more of its assets in the securities of fewer issuers would
increase its vulnerability to factors affecting a single investment; therefore, the fund may be more exposed to the risks of loss and volatility than a fund that invests more broadly.
The Trustees, subject to shareholder approval, have approved the proposed change to each fund’s sub-classification from a diversified fund to a non-diversified fund. In recommending that shareholders approve this change, the Trustees noted that, in order to meet the requirements of the funds’ current diversification classification, the funds currently must limit purchases of certain companies relative to their weights in the corresponding benchmark index even if Putnam Management finds them to be attractive investment opportunities. The Trustees also considered Putnam Management’s representation that this change would allow it to more effectively implement each fund’s investment strategy by providing greater flexibility to manage each fund, including, if desired for investment purposes, by investing a greater portion of the fund’s assets in one or more of the largest constituents of the index.
Under the 1940 Act, shareholder approval is required to permit a fund to change its sub-classification from diversified to non-diversified. Assuming shareholder approval, the proposed change in each fund’s sub-classification will take effect on July 1, 2022.
To implement this change, each fund’s fundamental investment policies regarding diversification of investments will be restated. By way of background, the 1940 Act requires registered investment companies like the funds to have fundamental investment policies governing specified investment practices, including with respect to diversification. Fundamental investment policies can be changed only by a shareholder vote.
Currently, each Fund has two fundamental investment policies regarding diversification, which are intended to track the 1940 Act requirements for diversified funds and which, like the 1940 Act requirements, apply with respect to 75% of the fund’s total assets. Because each fund avails itself of favorable tax treatment as a “regulated investment company” under applicable provisions of the Internal Revenue Code of 1986, as amended (the “Code”), the fund is also subject to comparable diversification requirements under the Code with respect to 50% of its total assets. If shareholders approve the fund becoming non-diversified, the 1940 Act diversification requirements will no longer apply to the fund, and the fund’s fundamental investment policies regarding diversification will be restated so that they would apply only with respect to 50% of the fund’s total assets (consistent with the Code requirements). The restated policies will allow the fund to take advantage of the additional flexibility it will have as a non-diversified fund under the 1940 Act to invest more of its assets in the securities of fewer issuers.
One of the current fundamental investment policies regarding diversification of investments prohibits each fund, with respect to 75% of its total assets, from acquiring more than 10% of the outstanding voting securities of any issuer. This current fundamental investment policy is more restrictive than required by the Code for regulated investment companies, whether diversified or non-diversified under the 1940 Act, because it does not exclude Government securities or securities of other investment companies as permitted by the applicable provisions of the Code. The revised fundamental investment policy for the fund would exclude these investments from the general requirement. The proposed change would permit the fund greater flexibility to invest in certain U.S. government securities and in the securities of other investment companies without limiting its right to exercise voting power with respect to those securities.
The current and proposed fundamental investment policies for each fund are set forth below (deleted language is in strike-through text and new language is in bold text):
| Current Fundamental Investment Policy | Proposed Fundamental Investment Policy |
| [Each fund may not and will not:] | [Each fund may not and will not:] |
| 1. With respect to 75% of its total assets, invest in securities of any issuer if, immediately after such investment, more than 5% of the total assets of the fund (taken at current value) would be invested in the securities of such issuer; provided that this limitation does not apply to obligations issued or guaranteed as to interest or principal by the U.S. government or its agencies or instrumentalities or to securities issued by other investment companies. | 1. With respect to 75% 50% of its total assets, invest in securities of any issuer if, immediately after such investment, more than 5% of the total assets of the fund (taken at current value) would be invested in the securities of such issuer; provided that this limitation does not apply to obligations issued or guaranteed as to interest or principal by the U.S. government or its agencies or instrumentalities or to securities issued by other investment companies. |
2. With respect to 75% of its total assets, acquire more than 10% of the voting securities of any issuer. |
2. With respect to 75% 50% of its total assets, acquire more than 10% of the voting securities of any issuer; provided that this limitation does not apply to obligations issued or guaranteed as to interest or principal by the U.S. government or its agencies or instrumentalities or to securities issued by other investment companies. |
What is the voting requirement for approving the proposal?
With respect to each fund, approving this proposal requires the affirmative vote of a “majority of the outstanding voting securities” of the fund, which means is defined under the 1940 Act to be the lesser of (a) 67% or more of the voting securities of the fund that are present or represented by proxy at the shareholder meeting if the holders of more than 50% of the outstanding sharesvoting securities of the fund are present or (b) 67% or more of the shares of the fund present (in person orrepresented by proxy)proxy at the shareholder meeting, ifor (b) more than 50% of the outstanding sharesvoting securities of the fund are present at the meeting in person or by proxy.fund.
What is the plan for implementation ofif the proposed new management contract?proposal is approved?
If thisshareholders approve the proposal, it is anticipated that the change to each fund’s sub-classification from diversified to non-diversified, as well as the related amendments to the fund’s fundamental investment policies regarding diversification of investments, would take effect on July 1, 2022.
What if the proposal is not approved by shareholders?
If shareholders itdo not approve a fund becoming non-diversified, the fund would continue to be managed as a diversified fund and the fund’s current fundamental investment policies regarding diversification of investments would remain in effect.
Who is expected thatbearing the new management contract wouldcosts associated with the proposal, including proxy-related costs?
The expenses of the preparation of proxy statements and related materials, including printing, delivery and solicitation costs, attributable to Proposal 2 will be implementedborne by the funds affected by Proposal 2 pro rata based on the first daynumber of shareholder accounts.
What are the first calendar month following shareholder approval (which is expected to be August 1, 2019 or, if the meeting is postponed or adjourned, September 1, 2019 or later).Trustees recommending?
The new management contract forTrustees unanimously recommend that shareholders approve a change to your fund will remain in effect (unless terminated) for one year (e.g., if it is implemented on August 1, 2019, it will be in effect until June 30, 2020) and would continue in effect from year to year after that so long as its continuance is approved at least annually by (i) the Trustees, or the shareholders by the affirmative vote of a majority of the outstanding shares of your fund, and (ii) a majority of the Independent Trustees, by vote cast in person at a meeting called for the purpose of voting on such approval. “Independent Trustees” are those Trustees who are not “interested persons” (as defined infund’s sub-classification under the Investment Company Act of 1940 from “diversified” to “non-diversified.”
3. APPROVING AN AMENDMENT TO CERTAIN FUNDS’ FUNDAMENTAL INVESTMENT POLICY REGARDING ACQUISITION OF VOTING SECURITIES OF ANY ISSUER
Affected fund: George Putnam Balanced Fund, Putnam Dynamic Asset Allocation Balanced Fund, Putnam Dynamic Asset Allocation Conservative Fund, Putnam Dynamic Asset Allocation Growth Fund, Putnam VT George Putnam Balanced Fund, and Putnam VT Global Asset Allocation Fund only
What is the proposal?
The Trustees recommend that the fundamental investment policy with respect to the acquisition of voting securities of any issuer be revised for each of the following funds: George Putnam Balanced Fund, Putnam Dynamic Asset Allocation Balanced Fund, Putnam Dynamic Asset Allocation Conservative Fund, Putnam Dynamic Asset Allocation Growth Fund, Putnam VT George Putnam Balanced Fund, and Putnam VT Global Asset Allocation Fund (for purposes of this Proposal 3, the “funds”).
By way of background, the 1940 Act requires registered investment companies like the funds to have fundamental investment policies governing specified investment practices, including with respect to the diversification of their investments. Fundamental investment policies can be changed only by a shareholder vote.
Each of the funds is a diversified fund under the 1940 Act. Compared with a non-diversified fund, a diversified fund would be generally expected to have lesser exposures to individual portfolio securities. The 1940 Act sets forth the requirements that must be met for an investment company to be diversified. The 1940 Act requires that to qualify as amended (the “1940 Act”))a “diversified” fund, among other things, a fund may not, with respect to at least 75% of the value of its total assets, invest in securities of any issuer if, immediately after the investment, the fund would hold more than 10% of the outstanding voting securities of the issuer. Under the 1940 Act, however, this percentage limitation on the acquisition of an issuer’s voting securities does not apply to cash or cash items (including receivables), securities issued by investment companies, or any “Government security.” A Government security is any security issued or guaranteed as to principal or interest by the United States, or by a person controlled or supervised by and acting as an instrumentality of the government of the United Sates pursuant to authority granted by the Congress of the United Sates, or any certificate of deposit for any of the forgoing. The remaining 25% of a fund’s total assets is not subject to this restriction.
Currently, each fund has a fundamental investment policy that prohibits it, with respect to 75% of its total assets, from acquiring more than 10% of the outstanding voting securities of any issuer. This current fundamental investment policy for the funds is more restrictive than required by the 1940 Act because it does not include the relevant exclusions from the definition of a “diversified” fund expressed in the 1940 Act. Therefore, the Trustees are proposing to amend this fundamental restriction to align it with the requirements of the 1940 Act.
The current and proposed fundamental investment policies for each fund are set forth below (new language is in bold text):
| Current Fundamental Investment Policy | Proposed Fundamental Investment Policy |
| [Each fund may not and will not:] | [Each fund may not and will not:] |
| 1. With respect to 75% of its total assets, acquire more than 10% of the voting securities of any issuer. | 1. With respect to 75% of its total assets, acquire more than 10% of the voting securities of any issuer; provided that this limitation does not apply to obligations issued or guaranteed as to interest or principal by the U.S. government or its agencies or instrumentalities or to securities issued by other investment companies. |
The revised fundamental investment policy regarding the acquisition of voting securities of any issuer tracks the definition of a “diversified” fund under the 1940 Act and clarifies that the 10% percentage limitation on the acquisition of an issuer’s voting securities does not apply to securities issued by other investment companies or to Government securities. As revised, the fundamental investment policy would also align the investment policies and operations of the funds with other Putnam funds.
What effect will amending the current fundamental investment policy with respect to the acquisition of voting securities of any issuer have on your fund?
By aligning your fund’s fundamental investment policy regarding the acquisition of voting securities of any issuer with the requirements of the 1940 Act, the proposed amendment will permit your fund orgreater flexibility to invest in certain U.S. government securities and in the securities of other investment companies without limiting its right to exercise voting power with respect to those securities. Further, to the extent your fund invests its assets in other Putnam Management.funds, the amended fundamental investment policies will give the fund greater flexibility to allocate its assets to the other Putnam Funds to pursue its investment objective, including through a fund of funds structure. Any such fund of funds structure would be effected in accordance with the 1940 Act and SEC rules, including rules limiting double-charging of investment management fees.
What services are providedis the voting requirement for approving the proposal?
With respect to each fund, approving this proposal requires the affirmative vote of a “majority of the outstanding voting securities” of the fund, which is defined under the management contract and when was it last approved by shareholders?
Under 1940 Act to be the management contract between your fund and Putnam Management, Putnam Management, at its expense, provides the fund with a continuous investment program in return for the management fee. The current management contract for your fund, dated February 27, 2014, was last approved by shareholders on February 27, 2014, after receiving the unanimous approvallesser of the Trustees in November 2013. Shareholders of your fund voted to approve the current management contract following the death on October 8, 2013 of The Honourable Paul G. Desmarais, who had controlled directly and indirectly a majority(a) 67% or more of the voting sharessecurities of Power Corporation of Canada, the ultimate parent company of Putnam Management. The substantive terms of the management contract, including terms relating to fees, were identical to the terms of the fund’s prior management contract dated February 1, 2010. The management contract has not been submitted for approval by the shareholders of your fund since February 27, 2014.
Why did Putnam Management propose a new management contract for your fund?
Putnam Management proposed a new management contract for Putnam Sustainable Leaders Fund to change the fund’s performance index to a broader market index
that better reflects the fund’s investment approach. The fund seeks long-term capital appreciation by investing mainly in common stocks of U.S. companies of any size, with a focus on companies that Putnam Management believes exhibit a commitment to sustainable business practices. The fund’s current management contract provides for performance adjustments to the fund’s management fees based on the fund’s performance compared to the Russell 3000 Growth Index. Putnam Management recommends a new management contract for your fund that would change the fund’s performance index to the S&P 500 Index.
Putnam Management believes that the S&P 500 Index is a more balanced, diversified point of reference consistent with the fund’s goal of seeking long-term capital appreciation and the fund’s sustainability goals. As compared to the Russell 3000 Growth Index, the S&P 500 Index is a broader, less specialized index with lower levels of sector and stock specific concentration and is a more common benchmark for other funds with an environmental, social and/or corporate governance focus. As such, Putnam Management believes that the S&P 500 Index better reflects the fund’s diversified investment mandate and is a more appropriate performance index for the fund.
Accordingly, Putnam Management proposed, and the Trustees approved, a new management contract for the fund that would useare present or represented by proxy at the S&P 500 Index prospectively asshareholder meeting if the performance index for purposesholders of determining the fund’s performance fees. The proposed new management contract differs in substance from the fund’s current management contract solely in the choicemore than 50% of the performance index used to calculate performance fees; the base management fee and the methodology for calculating performance fee adjustments to the base fee would remain the same as in the fund’s current management contract.
Would the proposed change in the performance index foroutstanding voting securities of the fund result in a change inare present or represented by proxy at the goal, strategies,shareholder meeting, or risks(b) more than 50% of the fund?outstanding voting securities of the fund.
What is the plan for implementation if the proposal is approved?
No,If shareholders approve the fund’s goal, whichproposal, it is to seek long-term capital appreciation, will remain the same. There will also be no change in the fund’s investment strategies. The fund will continue to invest mainly in common stocks of U.S. companies, with a focus on companiesanticipated that Putnam Management believes exhibit a commitment to sustainable business practices. Putnam Management expects to make limited changes to the fund’s holdings following the change into each fund’s fundamental investment policy regarding the performance index.acquisition of voting securities of any issuer would take effect on July 1, 2022.
What are the implications for the fund if the proposed new management contractproposal is approved?not approved by shareholders?
If the proposed new management contract is approved, the fund’s performance index would change from the Russell 3000 Growth Index to the S&P 500 Index; see “Comparison of current and proposed performance indexes” beginning on page 6.
As described further below, the change in performance index is prospective only. The fund’s performance would be compared to the current index for periods before changing the fund’s index, and it would be compared to the new index thereafter. All other terms and conditions of the proposed new management contract for the fund (except for the
effective date and initial term) are substantially identical to those of the fund’s current management contract. A form of the proposed new management contract showing the proposed changes is included inAppendix A.
In the event that shareholders of the fund do not approve the new management contract,changes to a fund’s fundamental investment policy regarding the current management contract will remain in effect.
Calculationacquisition of current management fee with current performance index.The fund’s current management contract provides for the monthly paymentvoting securities of a management fee based on two components: a base fee and a performance adjustment.
Under the fund’s management contract,any issuer, the fund pays a monthly base feewould continue to Putnam Management. be managed under its current fundamental investment policy regarding the acquisition of voting securities of any issuer.
Who is bearing the costs associated with the proposal, including proxy-related costs?
The monthly base fee is calculatedexpenses of the preparation of proxy statements and related materials, including printing, delivery and solicitation costs, attributable to Proposal 3 will be borne by applying a rate to the fund’s average net assets for the month. The rate isfunds affected by Proposal 3 pro rata based on the monthly averagenumber of the aggregate net assets of all open-end funds sponsored by Putnam Management (excluding net assets of funds that are invested in, or that are invested in by, other Putnam funds to the extent necessary to avoid “double counting” of those assets), as determined at the close of each business day during the month. For March 2019, for example, the fund’s effective base fee rate was 0.5511% based on aggregate net assets of approximately $78.99 billion for the open-end funds sponsored by Putnam Management.
The performance adjustment is a dollar amount added to or subtracted from the fund’s base fee each month based upon the fund’s performance relative to its performance index. The performance adjustment is determined based on performance over the thirty-six-month period then ended. Each month, the performance adjustment is calculated by multiplying the performance adjustment rate and the fund’s average net assets over the performance period and dividing the result by twelve. The performance adjustment rate is equal to the product of 0.03 multiplied by the difference, positive or negative, during the performance period between the fund’s annualized performance (measured by the performance of the fund’s Class A shares) and the annualized performance of the benchmark index; provided that the performance adjustment rate for the fund may not exceed 0.12% or be less than –0.12%.shareholder accounts.
Because the performance adjustment is based on the fund’s performance relative to its benchmark index, and not its absolute performance, the performance adjustment could increase Putnam Management’s fee even if the fund’s shares lose value during the performance period provided that the fund outperformed its benchmark index, and could decrease Putnam Management’s fee even if the fund’s shares increase in value during the performance period provided that the fund underperformed its benchmark index.
The monthly base fee is determined based on the fund’s average net assets for the month, while the performance adjustment is determined based on the fund’s average net assets over the thirty-six-month performance period. This means it is possible that, if the fund underperforms significantly over the performance period, and the fund’s assets have declined significantly over that period, the negative performance adjustment may
exceed the base fee. In this event, Putnam Management would make a payment to the fund. During the most recently completed fiscal year, the fund paid management fees to Putnam Management in the amount of $22,402,535. Performance adjustments, which totaled -$1,669,202, are included in this amount.
Calculation of management fee with proposed performance index.The proposed new management contract would have the same fee structure for determining the base fee as described above for the current management contract. Furthermore, the proposed new management contract’s methodology for calculating performance adjustments would remain the same as described above for the current management contract.
If the proposal is approved, the fund’s performance adjustments will be calculated prospectively by comparing the fund’s performance (Class A, net of fees and expenses) with the performance of the S&P 500 Index rather than the performance of the Russell 3000 Growth Index.
The change in the fund’s performance index would be implemented on a prospective basis beginning with the first day of the month following shareholder approval. However, because the performance adjustment is based on a rolling thirty-six-month performance period, there would be a transition period during which the fund’s performance would be compared to a composite index that reflects the performance of the current index for the portion of the performance period before adoption of the new index and the performance of the new index for the remainder of the period. For example, assuming an effective date of August 1, 2019 for the proposed new management contract, the performance adjustment for August 2019 (the first full month following shareholder approval) would be calculated using the performance of the current performance index, Russell 3000 Growth Index, for the first 35 months of the performance period and the performance of the new performance index, S&P 500 Index, for the thirty-sixth month. For each of the ensuing months, the composite index return would reflect an additional month of performance of the S&P 500 Index and one less month of performance of the Russell 3000 Growth Index. At the conclusion of the transition period (June 30, 2022, if the new management contract becomes effective on August 1, 2019), the performance of the Russell 3000 Growth Index would be eliminated from the performance fee calculation, and future calculations (starting for the month of July 2022) would include only the performance of the S&P 500 Index.
Comparison of current and proposed performance indexes.The proposed performance index, S&P 500 Index, is an unmanaged market capitalization weighted index of common stock performance. The S&P 500 Index includes 500 leading large-capitalization U.S. companies and captures approximately 80% coverage of available market capitalization. The current performance index, Russell 3000 Growth Index, is a market capitalization weighted index based on the Russell 3000 Index. The Russell 3000 Growth Index includes companies that display signs of above average growth. The Russell 3000 Growth Index is used to provide a gauge of the performance of growth stocks in the U.S.
As a general matter, both the current and proposed performance indexes provide broad exposure to common stocks of U.S. companies. One difference of note between the two indexes is that the Russell 3000 Growth Index focuses on companies that exhibit growth-oriented characteristics, while the S&P 500 does not focus on any particular segment within the U.S. equity market.
The first table below presents total return performance information for the fund, the Russell 3000 Growth Index, and the S&P 500 Index for periods ended February 28, 2019. As of February 28, 2019, over the periods presented, the proposed new performance index has underperformed the current performance index for the 1-year, 3-year, 5-year and 10 year periods. The second table below, which presents annual returns for each of the 10 most recent calendar years, shows that the proposed new performance index underperformed the current performance index in seven out of the last 10 years through 2018. If the proposed new performance fee index were to regularly underperform the current performance index, Putnam Management would be more likely to earn positive performance adjustments, and less likely to suffer negative performance adjustments, in the future under the proposed new management contract. However, past performance is no guarantee of future performance.
Total Returns for Periods Ended February 28, 2019
| | | | | |
| | | | | | |
| | Since Fund | | | | |
| | Inception | | | | |
| | (8/31/90) | 1-Year | 3-Year | 5-Year | 10-Year |
| Fund or Index | Cumulative | Annualized | Annualized | Annualized | Annualized |
| Fund (Class A shares, | | | | | |
| net return) | 2,196.02% | 7.77% | 19.45% | 11.23% | 16.83% |
| Russell 3000 Growth | | | | | |
| Index (current | | | | | |
| performance index) | 1,374.11% | 6.63% | 18.00% | 12.28% | 18.15% |
| S&P 500 Index (proposed | | | | | |
| performance index) | 1,466.76% | 4.68% | 15.28% | 10.67% | 16.67% |
Net Annual Total Returns for Calendar Years 2009-2018
| | | | |
| | | | | |
| Fund or Index | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
| Fund (Class A Shares) | –0.90% | 29.05% | 7.65% | –0.40% | 13.35% | 36.28% | 16.70% | –5.00% | 19.31% | 31.82% |
| Russell 3000 Growth | | | | | | | | | | |
| Index (current | | | | | | | | | | |
| performance index) | –2.12% | 29.59% | 7.39% | 5.09% | 12.44% | 34.23% | 15.21% | 2.18% | 17.64% | 37.01% |
| S&P 500 Index (proposed | | | | | | | | | | |
| performance index) | –4.38% | 21.83% | 11.96% | 1.38% | 13.69% | 32.39% | 16.00% | 2.11% | 15.06% | 26.46% |
Comparison of management fee rates under current and proposed performance index.The table below shows what the management fees for the fund were under its current contract for its most recent fiscal year (ended June 30, 2018), and what the management fees for the fund would have been for its most recent fiscal year had the proposed new contract gone into effect (i) on July 1, 2017, the first day of the fund’s fiscal year (based on the performance of the Russell 3000 Growth Index for the first 24 months
and the S&P 500 Index for the remaining 12 months of the thirty-six-month performance period), and (ii) on July 1, 2015, the first day of the thirty-six month performance period ending June 30, 2018 (based on the performance of the S&P 500 Index for the entire thirty-six-month performance period). Because the change in performance index will be implemented prospectively, the future impact on management fees will depend on the fund’s future performance relative to the proposed performance index. Management fee rates are expressed in dollars and as a percentage of the fund’s average net assets for the fiscal year ended June 30, 2018.
FISCAL YEAR ENDED JUNE 30, 2018
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | Proposed | | |
| | | | Proposed | | | Contract | Difference |
| | | | Contract | Difference | (based on new | (based on new |
| | | | (based on new | (based on new | performance | performance |
| | | | performance | performance | index during | index during |
| | Current | index from | index from | entire perfor- | entire perfor- |
| | Contract | July 1, 2017) | July 1, 2017) | mance period) | mance period) |
| | $ | % | $ | % | $ | % | $ | % | $ | % |
| Base Fee | $24,071,737 | 0.553% | $24,071,737 | 0.553% | $0 | — | $24,071,737 | 0.553% | $0 | — |
| Performance | | | | | | | | | | |
| Adjustment | $(1,669,202) | (0.038)% | $(155,135) | (0.004)% | $1,514,067 | 0.034% | 748,903 | 0.017% | $2,418,105 | 0.055% |
| Total | | | | | | | | | | |
| Management | | | | | | | | | | |
| Fee | $22,402,535 | 0.514% | $23,916,602 | 0.549% | $1,514,067 | 0.034% | 24,820,640 | 0.570% | $2,418,105 | 0.055% |
Included atAppendix Bare examples of the fund’s total annual operating expenses (as a percentage of average net assets) under the current management contract and pro forma total annual operating expenses under the proposed new management contract.
What factors did the Independent Trustees consider in evaluating the proposed new management contract?
At their meeting on April 11, 2019, the Independent Trustees approved a new management contract with Putnam Management. In substance, the new management contract differed from the existing management contract only in that it provided for a new performance index for use, prospectively, in calculating performance adjustments to the fund’s base management fee.
In considering whether to approve the new management contract, the Trustees took into account that they had most recently approved the annual continuation of the fund’s existing management contract with Putnam Management in June 2018. Because, other than differences in performance index, the effective date of the contract, and the initial term of the contract, the new management contract was identical to the fund’s existing management contract, the Trustees relied to a considerable extent on their previous approval of the continuance of the fund’s existing management contract, which is described atAppendix Cbelow. The Trustees also noted that they would be considering the annual continuation of the fund’s existing management contract with Putnam Management in June 2019 and had begun receiving specified information in connection with that consideration.
In approving the change in performance index for the fund, and considering the fairness of the management fee and performance adjustment, the Trustees considered information provided by Putnam Management, including, among other things, comparative data regarding characteristics of the fund, the Russell 3000 Growth Index, and the S&P 500 Index (e.g., capitalization, risk characteristics, diversification of holdings and industry/ sector weightings, volatility, and returns over various periods). The Trustees also considered hypothetical examples comparing what performance adjustments would have occurred to base management fees under both the current and proposed contracts. The Trustees took into account that, for certain historical periods, the proposed performance index underperformed the current performance index, which would have resulted in higher management fees paid to Putnam Management during those periods. The Trustees also took into account Putnam Management’s view that there was no systemic reason to believe that one performance index would regularly outperform the other.
The Trustees also considered Putnam Management’s belief that the S&P 500 Index is a more appropriate index for the fund because it is a balanced, diversified point of reference consistent with the fund’s goal of seeking long-term capital appreciation and the fund’s sustainability goals. The Trustees noted that the S&P 500 Index is a more common benchmark for other funds with an environmental, social and/or corporate governance focus.
The Trustees also considered that, under the plan of performance fee calculation transition, the fund’s performance history against the current performance index would appropriately remain a factor in the calculation of performance adjustments to the fund’s base management fees for a significant period of time.
General conclusion.After considering the factors described above relating to the proposed performance index under the proposed new management contract, and taking into account all of the factors considered, as described in Appendix C, as part of the approval of the continuance of the fund’s current management contract in June 2018, including the conclusions with respect to the reasonableness of the fund’s fee schedule, the Trustees, including the Independent Trustees, concluded that the proposed new management contract was in the best interests of the fund and its shareholders and approved the proposed new management contract.
What are the Trustees recommending?
The Trustees of your fund, including all of the Independent Trustees unanimously recommend that shareholders approve the proposed new management contract that would changean amendment to your fund’s performance index.fundamental investment policy regarding the acquisition of voting securities of any issuer.
Further Information About Voting and the Special Meeting
Location. As part of our effort to maintain a safe and healthy environment at the annual meeting, each fund and the Trustees are closely monitoring statements issued by the Centers for Disease Control and Prevention (cdc.gov) regarding the coronavirus pandemic. For that reason, the Trustees reserve the right to reconsider the date, time and/or means of convening your fund’s meeting. Subject to any restrictions imposed by applicable law, the Trustees may choose to conduct the meeting solely by means of remote communications, or may hold a “hybrid” meeting where some participants attend in person and others attend by means of remote communications. If the Trustees choose to change the date, time and/or means of convening your fund’s meeting, the fund will announce the decision to do so in advance, and details on how to participate will be issued by press release and filed with the SEC as additional proxy material. Attendees are also encouraged to review guidance from public health authorities on this issue.
Meeting Quorum and Methods of Tabulation.The shareholders of all of the series of a trust vote together as a single class with respect to the election of Trustees (Proposal 1). Shareholders of Putnam Emerging Markets Equity Fund, Putnam Growth Opportunities Fund, Putnam VT Emerging Markets Equity, and Putnam VT Growth Opportunities Fund vote separately with respect to approving a change to those funds’ sub-classifications under the 1940 Act from “diversified” to “non-diversified” (Proposal 2). Shareholders of George Putnam Balanced Fund, Putnam Dynamic Asset Allocation Balanced Fund, Putnam Dynamic Asset Allocation Conservative Fund, Putnam Dynamic Asset Allocation Growth Fund, Putnam VT George Putnam Balanced Fund, and Putnam VT Global Asset Allocation Fund vote separately with respect to approving an amendment to those funds’ fundamental investment policy regarding the acquisition of voting securities of any issuer (Proposal 3). Shares of all classes of each fund vote together as a single class. The holders of thirtyThirty percent of the shares of your fund outstanding at the close of business on the Record Date present in person or represented by proxyentitled to vote constitutes a quorum for the transaction of business with respect to any proposal at the proposal.
special meeting for all funds. Votes cast by proxy or in person at the special meeting will be counted by persons your fund appoints as tellers for the meeting. The tellers will count the total number of votes cast “for” approval of thea proposal for purposes of determining whether sufficient affirmative votes have been cast.
Shares represented by proxies that reflect abstentions and “broker non-votes” (i.e.(i.e., shares held by brokers or nominees as to which (i) instructions have not been received from the beneficial owners or the persons entitled to vote and (ii) the broker or nominee does not have the discretionary voting power on a particular matter) will be counted as shares that are present and entitled to vote on the matter for purposes of determining the presence of a quorum.
AbstentionsWith respect to Proposal 1, neither abstentions nor broker non-votes have an effect on the outcome of the proposal. With respect to each other proposal, abstentions and broker non-votes will have the effect of a negative vote on the proposal. Treating brokerBecause broker-dealers (in the absence of specific authorization from their customers) are not expected to have discretionary authority to vote on any proposal other than Proposal 1, any shares owned beneficially by their customers, there are unlikely to be any “broker non-votes” at the meeting. Broker non-votes would otherwise have the same effect as negative votes may result inabstentions (that is, they would be treated as being present and entitled to vote on the proposal not being approved, even thoughmatter for purposes of determining the votes cast in favor would have been sufficient to approve the proposal if some or allpresence of the broker non-votes had been withheld. In certain circumstances in which the fund has received sufficient votes to approve a matter being recommended for approval by the fund’s Trustees, the fund may request that brokers and nominees, in their discretion, withhold or withdraw submission of broker non-votes to avoid the need for solicitation of additional votes in favor of the proposal. The fund may also request that selected brokers and nominees, in their discretion, submit broker non-votes if doing so is necessary to obtain a quorum, or to reach over 50% ofand as if they were votes against the outstanding shares present at the meeting.proposal).
The documents that authorize Putnam Fiduciary Trust Company, LLC (“PFTC”) or Putnam Investor Services, Inc. (“Putnam Investor Services”) to act as Trustee for certain individual retirement accounts (including traditional, Roth and SEP IRAs, 403(b)(7) accounts and Coverdell Education Savings Accounts) provide that if an account owner does not submit voting instructions for his or her shares, Putnam Fiduciary Trust CompanyPFTC or Putnam Investor Services will vote such shares in the same proportions as other shareholders with similar accounts have submitted voting instructions for their shares. Shareholders should be aware that this practice, known as “echo-voting,” may have the effect of increasing the likelihood that thea proposal will be approvedacted upon (approved or disapproved) and that Putnam Fiduciary Trust CompanyPFTC or Putnam Investor Services, each of which
is an affiliate of Putnam Management, may benefit indirectly from the approval of the proposal,or disapproval, in accordance with the Trustees’ recommendation.
Asrecommendations, of the Record Date, the fund had the following shares outstanding:proposals.
| |
|
Share Class | Number of Shares Outstanding |
Class A | 46,851,329.63 |
Class B | 670,574.85 |
Class C | 510,447.47 |
Class M | 767,238.54 |
Class R | 95,949.56 |
Class R6 | 676,071.28 |
Class Y | 2,070,975.88 |
Share Ownership.At March 29, 2019, the officersShareholders who object to any proposal in this proxy statement will not be entitled under Massachusetts law or your fund’s Amended and TrusteesRestated Agreement and Declaration of the fund as a group owned less than 1%Trust (“Declaration of the outstanding sharesTrust”) to demand payment for, or an appraisal of, each class of the fund, except class Y and class R6 shares, of which they owned 2.51% and 1.35% respectively, and, except as noted below, no person owned of record or, to the knowledge of the fund, beneficially, 5% or more of any class of shares of the fund.
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| | | | Percentage |
| Class | Shareholder name and address | Holdings | owned |
| | NATIONAL FINANCIAL SERVICES, LLC | | |
| A | 499 WASHINGTON BLVD | 3,245,481.219 | 6.89% |
| | JERSEY CITY, NJ 07310-2010 | | |
| | PERSHING, LLC | | |
| A | 1 PERSHING PLAZA | 2,965,485.295 | 6.30% |
| | JERSEY CITY, NJ 07399-0001 | | |
| | WELLS FARGO CLEARING SERVICES, LLC | | |
| A | 2801 MARKET ST. | 2,683,174.704 | 5.70% |
| | ST. LOUIS, MO 63103-2523 | | |
| | PERSHING, LLC | | |
| B | 1 PERSHING PLAZA | 85,797.988 | 12.44% |
| | JERSEY CITY, NJ 07399-0001 | | |
| | WELLS FARGO CLEARING SERVICES, LLC | | |
| C | 2801 MARKET ST. | 47,441.436 | 9.39% |
| | ST. LOUIS, MO 63103-2523 | | |
| | PERSHING, LLC | | |
| C | 1 PERSHING PLAZA | 45,005.707 | 8.91% |
| | JERSEY CITY, NJ 07399-0001 | | |
| | LPL FINANCIAL | | |
| | —OMNIBUS CUSTOMER ACCOUNT— | | |
| C | ATTN: LINDSAY O’TOOLE | 37,560.715 | 7.44% |
| | 4707 EXECUTIVE DRIVE | | |
| | SAN DIEGO, CA. 92121-3091 | | |
| | AMERICAN ENTERPRISE INVESTMENTS SVC | | |
| C | FBO #41999970 | 31,888.605 | 6.31% |
| | 707 2ND AVE S | | |
| | MINNEAPOLIS, MN 55402-2405 | | |
| | NATIONAL FINANCIAL SERVICES, LLC | | |
| M | 499 WASHINGTON BLVD | 45,741.222 | 5.93% |
| | JERSEY CITY, NJ 07310-2010 | | |
| | EDWARD D. JONES & CO. | | |
| M | 12555 MANCHESTER RD. | 42,218.350 | 5.47% |
| | SAINT LOUIS, MO 063131-3729 | | |
| | FIIOC FBO | | |
| R | HOLLINGSWORTH MANAGEMENT SERVICES | 32,779.987 | 33.38% |
| | 100 MAGELLAN WAY | | |
| | COVINGTON, KY 41015-1987 | | |
| | CAPITAL BANK AND TRUST CO TTE | | |
| | MOSSBERG CORP EMPLOYEE SAVINGS PLAN | | |
| R | C/O FASCORE LLC | 26,487.995 | 26.98% |
| | 8579 E. ORCHARD RD, #2T2 | | |
| | GREENWOOD VILLAGE, CO 80111-5002 | | |
| | | |
| | | | |
| | | | Percentage |
| Class | Shareholder name and address | Holdings | owned |
| | CAPITAL BANK AND TRUST CO. | | |
| R | HK RESEARCH CORP PSP | 18,309.340 | 18.65% |
| | 8567 E. ORCHARD RD, #2T2 | | |
| | GREENWOOD VILLAGE, CO 80111-5002 | | |
| | TALCOTT RESOLUTION LIFE INSURANCE | | |
| R | PO BOX 5051 | 6,177.339 | 6.29% |
| | HARTFORD, CT 06102-5051 | | |
| | GREAT-WEST TRUST COMPANY, LLC | | |
| R6 | THE PUTNAM RETIREMENT PLAN | 650,809.583 | 96.00% |
| | 8515 E ORCHARD RD. 2T2 | | |
| | GREENWOOD VILLAGE, CO 80111-5002 | | |
| | GREAT-WEST TRUST COMPANY, LLC | | |
| Y | RECORDKEEPING FOR VARIOUS BENEFIT PLANS | 678,076.577 | 33.14% |
| | 8525 E. ORCHARD RD. 2T2 | | |
| | GREENWOOD VILLAGE, CO 80111-5002 | | |
| | NATIONAL FINANCIAL SERVICES, LLC | | |
| Y | 499 WASHINGTON BLVD | 171,782.054 | 8.40% |
| | JERSEY CITY, NJ 07310-2010 | | |
| | LPL FINANCIAL | | |
| | —OMNIBUS CUSTOMER ACCOUNT— | | |
| Y | ATTN: LINDSAY O’TOOLE | 116,199.535 | 5.68% |
| | 4707 EXECUTIVE DRIVE | | |
| | SAN DIEGO, CA. 92121-3091 | | |
| | PERSHING, LLC | | |
| Y | 1 PERSHING PLAZA | 112,851.063 | 5.52% |
| | JERSEY CITY, NJ 07399-0001 | | |
| | AMERICAN ENTERPRISE INVESTMENTS SVC | | |
| Y | FBO #41999970 | 105,538.243 | 5.16% |
| | 707 2ND AVE S | | |
| | MINNEAPOLIS, MN 55402-2405 | | |
their shares.
Other Business.business. The Trustees know of no matters other than the onethose described in this proxy statement to be brought before the special meeting. If, however, any other matters properly come before the special meeting, proxies will be voted on these matters in accordance with the judgment of the persons named in the enclosed proxy card.card(s).
Simultaneous meetings. The special meeting of shareholders of your fund is called to be held at the same time as the meetings of shareholders of certain of the other Putnam funds. It is anticipated that all special meetings will be held simultaneously. However, if any shareholder at the special meeting objects to the holding of a simultaneous meeting and moves for an adjournment of the meeting to a time promptly after the simultaneous meetings, the persons named as proxies will vote in favor of adjournment.
Information for all Putnam funds except funds that are series of Putnam Variable Trust
Solicitation of Proxies.proxies. In addition to soliciting proxies by mail, the Trustees of your fund and employees of Putnam Management and Putnam Investor Services, as well as their agents, may solicit proxies in person or by telephone. Your fund may arrange to have a proxy solicitation firm call you to record your voting instructions by telephone. The procedures for voting proxies by telephone are designed to authenticate shareholders’ identities, to allow them to authorize the voting of their shares in accordance with their instructions, and to confirm that their instructions have been properly recorded. Shareholders would be called at the phone number Putnam Management or Putnam Investor Services has in its records for their accounts (or that Putnam Management or Putnam Investor Services obtains from agents acting on behalf of financial intermediaries, in the casecare of shares held in street name through a bank, broker or other financial intermediary) and would be given
an opportunity to authenticate their identities and to authorize the proxies to vote their shares at the special meeting in accordance with their instructions. To ensure that shareholders’ instructions have been recorded correctly, they will also receive a confirmation of their instructions in the mail. A special toll-free number will be available in case the information contained in the confirmation is incorrect. Your fund has been advised by counsel that these procedures are consistent with the requirements of applicable law. If these procedures were subject to a successful legal challenge, thesesuch votes would not be counted at the special meeting. Your fund is unaware of any such challenge at this time.
Shareholders of your fund also have the opportunity to submit their voting instructions over the Internet by using a program provided by a third-party vendor hired by Putnam Management or by automated telephone service. GivingThe giving of a proxy will not affect your right to vote in person should you decide to attend the special meeting. To vote online using the Internet, please access the Internet address listed on the proxy card and follow the instructions on the Internet site. Note that, if you have a smart phone with a “QR” reader, you may access the Internet address by scanning the QR code on your proxy card. To record your voting instructions using the automated telephone service, use the toll-free number listed on your proxy card. The Internet and telephone voting procedures are designed to authenticate shareholder identities, to allow shareholders to give their voting instructions, and to confirm that shareholders’ instructions have been recorded properly.
Your fund’s Trustees have adopted a general policy of maintaining confidentiality in the voting of proxies. Consistent with this policy, your fund may solicit proxies from shareholders who have not voted their shares or who have abstained from voting, including brokers and nominees.
Expenses of the Solicitation.For managing your fund’s proxy campaign, Broadridge Financial Solutions, Inc. (“Broadridge”) will receive a proxy management fee of $4,000 plus reimbursement for out-of-pocket expenses. Broadridge will also receive fees in connection with assembling, mailing, and transmitting the notice of meeting, proxy statement, and related materials on behalf of your fund, tabulating those votes that are received, and any solicitation of additional votes. While fees paid to Broadridge will vary based on the level of additional solicitation necessary to achieve quorum and shareholder approval, the fees are estimated to be approximately $718,000. In addition, banks, brokers, or other financial intermediaries holding shares as nominees will be reimbursed, upon request, for their reasonable expenses in sending solicitation materials to the principals of the accounts and tabulating those instructions that are received. Other costs associated with the proxy campaign include the expenses of the preparation, printing, and delivery of this proxy statement, which are estimated to be approximately $43,000. The fund will bear the expenses of solicitation.
Revocation of Proxies.proxies. Giving your proxy, whether by returning the proxy cardcard(s) or providing voting instructions over the Internet or by telephone, does not affect your right to attend the special meeting and vote in person. Proxies, including proxies given by telephone or over the Internet, may be revoked at any time before they are voted either (i) by a written
revocation received by the Clerk of your fund, (ii) by properly executing and submitting a later-dated proxy, (iii) by recording later-dated voting instructions by telephone or via the Internet, or (iv) by attending the special meeting and voting in person. If your shares are held in street name through a bank, broker or other financial intermediary, please check your voting instruction form or contact your bank, broker or other financial intermediary for instructions on how to change or revoke your vote.
Information for funds that are series of Putnam Variable Trust
Voting process. With respect to funds that are series of Putnam Variable Trust only, as of the Record Date, certain insurance companies (each an “Insurance Company”) were shareholders of record of each fund that is a series of Putnam Variable Trust. Each Insurance Company will vote shares of the fund or funds held by it in accordance with voting instructions received from variable annuity contract and variable life insurance policy owners (collectively, the “Contract Owners”) for whose accounts the shares are held. Accordingly, with respect to funds that are series of Putnam Variable Trust, this proxy statement is also intended to be used by each Insurance Company in obtaining these voting instructions from Contract Owners. In the event that a Contract Owner gives no instructions, the relevant Insurance Company will vote the shares of the appropriate fund attributable to the Contract Owner in the same proportion as shares of that fund for which it has received instructions. One effect of this system of proportional voting is that, if only a small number of Contract Owners provide voting instructions, this small number of Contract Owners may determine the outcome of a vote for a fund.
Solicitation of proxies. In addition to soliciting proxies and voting instructions by mail, the Trustees of your fund and employees of Putnam Management, Putnam Investor Services, Putnam Retail Management and the Insurance Companies may solicit voting instructions from Contract Owners in person or by telephone. Your fund may arrange to have a proxy solicitation firm call you to record your voting instructions by telephone. The procedures for solicitation of proxies and voting instructions by telephone are designed to authenticate Contract Owners’ identities, to allow them to authorize the voting of their units in accordance with their instructions, and to confirm that their instructions have been properly recorded. Your fund has been advised by counsel that these procedures are consistent with the requirements of applicable law. Contract Owners would be called at the phone number Putnam Management has in its records for their accounts (or that Putnam Management obtains from the Insurance Companies) and would be given an opportunity to give their instructions. To ensure that the Contract Owners’ instructions have been recorded correctly, they will also receive a confirmation of their instructions in the mail. A special toll-free number will be available in case the information contained in the confirmation is incorrect. If these procedures were subject to a successful legal challenge, such votes would not be counted at the special meeting. Your fund is unaware of any such challenge at this time.
Contract Owner instructions. Each Contract Owner is entitled to instruct his or her Insurance Company as to how to vote its shares and can do so by marking voting instructions on the ballot enclosed with this proxy statement and then signing, dating and mailing the ballot in the envelope provided. If a ballot is not marked to indicate voting instructions, but is signed, dated and returned, it will be treated as an instruction to vote the shares in accordance with the Trustees’ recommendations. Each Insurance Company will vote the shares for which it receives timely voting instructions from Contract Owners in accordance with those instructions and will vote those shares for which it receives no timely voting instructions for and against approval of a proposal, and as an abstention, in the same proportion as the shares for which it receives voting instructions. Accordingly, with respect to funds that are series of Putnam Variable Trust, this proxy statement is also intended to be used by each Insurance Company in obtaining these voting
instructions from Contract Owners. Shares attributable to accounts retained by each Insurance Company will be voted in the same proportion as votes cast by Contract Owners. Accordingly, there are not expected to be any “broker non-votes.” One effect of this system of proportional voting is that, if only a small number of Contract Owners provide voting instructions, this small number of Contract Owners may determine the outcome of the vote for the fund.
Contract Owners have the opportunity to submit their voting instructions via the Internet by utilizing a program provided by a third-party vendor hired by Putnam Management or by automated telephone service. The giving of such voting instructions will not affect your right to vote in person should you decide to attend the special meeting. To give voting instructions online using the Internet, please access the Internet address listed on the proxy card and follow the instructions on the Internet site. Note that, if you have a smart phone with a “QR” reader, you may access the Internet address by scanning the QR code on your proxy card. To record your voting instructions via automated telephone service, use the toll-free number listed on your proxy card. The Internet and telephone voting procedures are designed to authenticate Contract Owners’ identities, to allow Contract Owners to give their voting instructions, and to confirm that their instructions have been recorded properly.
Your fund’s Trustees have adopted a general policy of maintaining confidentiality in the voting of proxies and the giving of voting instructions. Consistent with this policy, your fund may solicit proxies from Contract Owners who have not voted their shares or who have abstained from voting.
Revocation of instructions. Any Contract Owner giving instructions to an Insurance Company has the power to revoke such instructions by mail by providing superseding instructions. All properly executed instructions received in time for the special meeting will be voted as specified in the instructions.
Revocation of proxies. Proxies, including proxies given by telephone or over the Internet, may be revoked at any time before they are voted either (i) by a written revocation received by the Clerk of your fund, (ii) by properly executing a later-dated proxy, (iii) by recording later-dated voting instructions by telephone or via the Internet, or (iv) by attending the special meeting and voting in person.
Information for all Putnam funds
Expenses of the solicitation. For managing the funds’ overall proxy campaign, Broadridge Financial Solutions (“Broadridge”) will receive a proxy management fee of $33,000 plus reimbursement for out-of-pocket expenses. Broadridge will also receive fees in connection with assembling, mailing, and transmitting the notice of meeting, proxy statement and related materials on behalf of your fund, tabulating those votes that are received, and any solicitation of additional votes. In addition, banks, brokers, or other financial intermediaries holding shares as nominees will be reimbursed, upon request, for their reasonable expenses in sending solicitation materials to the principals of the accounts and tabulating those instructions that are received. While fees paid will vary based on the level of additional solicitation necessary to achieve quorum and shareholder approval of the Trustees’ recommendations, the aggregate fees across all funds are estimated to be approximately $3.1 million. Other costs associated with the proxy campaign include the expenses of the preparation, printing and delivery of proxy materials.The funds will bear the expenses of the solicitation pro rata based on the number of shareholder accounts; provided, that only those funds affected by Proposal 2 will bear a pro rata share of solicitation expenses attributable to Proposal 2, and only those funds affected by Proposal 3 will bear a pro rata share of solicitation expenses attributable to Proposal 3.
Date for Receiptreceipt of Shareholders’ Proposalsshareholders’ proposals for Subsequent Meetingssubsequent meetings of Shareholders.shareholders.
Your fund does not regularly hold an annual shareholder meeting, but may from time to time schedule a special meeting. Each of Putnam Mortgage Securities Fund, Putnam Short Duration Bond Fund, and Putnam VT Mortgage Securities Fund held a special meeting in 2018; each of Putnam Focused Equity Fund and Putnam Sustainable Leaders Fund held a special shareholder meeting in 2019; each of the Putnam RetirementReady Funds and Putnam Strategic Intermediate Municipal Fund held a special meetings in 2020; and each of Putnam Focused International Equity Fund and Putnam VT Focused International Equity Fund held a special shareholder meeting in 2021. For each other fund, the last special meeting was held in 2014, except that funds that commenced operations after 2014 have not yet held any shareholder meeting. In accordance with the regulations of the SEC regulations and the fund’sfunds’ governing documents, in order to be eligible for inclusion in thea fund’s proxy statement for a meeting, a shareholder or Contract Owner proposal must be received a reasonable time before the fund prints and mails its proxy statement.
The Board Policy and Nominating Committee of the Board of Trustees, which consists only of Independent Trustees, considerswill also consider nominees recommended by shareholders of athe fund to serve as Trustees. A shareholder or Contract Owner must submit the names of any such nominees in writing to the fund, to the attention of the Clerk, at the address of the principal offices of the fund.
If a shareholder who wishes to present a proposal at a special shareholder meeting fails to notify the fund within a reasonable time before the fund mails its proxy statement, the persons named as proxies will have discretionary authority to vote on the shareholder’s proposal if it is properly brought before the meeting. If a shareholder makes a timely notification, the proxies may still exercise discretionary voting authority under circumstances consistent with the SEC’s proxy rules. All shareholder proposals must also comply with other requirements of the SEC’s rules and the fund’s Amended and Restated Agreement andfunds’ Declaration of Trust (“Declaration of Trust”) and Amended and Restated Bylaws (“Bylaws”).
Adjournment.Postponement and adjournment. To the extent permitted by each fund’s Declaration of Trust and Bylaws, any meeting of shareholders may be postponed or cancelled by the Trustees upon public notice prior to the time scheduled for the meeting.
In addition to any ability that the persons named as proxy may have to propose and/or vote on an adjournment of any meeting of shareholders as described below, to the extent permitted by your fund’s Declaration of Trust and Bylaws, any meeting of shareholders may, by action of the chair of the meeting, be adjourned from time to time without further notice (other than announcement at the meeting at which the adjournment is taken) with respect to one or more matters to be considered at the meeting to a designated date (which may be more than 120 days after the date initially set for the meeting), time and place, whether or not a quorum is present with respect to suchthe matter. Upon motion of the chair of the meeting, the question of adjournment may, but need not, be submitted to a vote of the shareholders, and in that case, any adjournment with respect to one or more matters must be approved by the vote of holders of a majority of the shares present and entitled to vote with respect to the matter or matters to be adjourned and, if approved, thesuch adjournment shall take place without further notice (other than announcement at the meeting at which the adjournment is taken). If the quorum required for the meeting has not been met, the persons named as proxies intend tomay propose adjournment of the meeting and to vote all shares that they are entitled to vote in favor of such adjournment. If the quorum required for the meeting has been met, but sufficient votes in accordance with the Trustees’ recommendation are not received by the time scheduled for the meeting,
the persons named as proxies may also propose adjournment of the meeting with respect to any or all proposals in order to permit solicitation of additional proxies. The persons named as proxies will vote in favor of adjournment those proxies that they are entitled to vote in accordance with the Trustees’ recommendation. They will vote against adjournment those proxies required to be voted contrary to the Trustees’ recommendation. Unless a proxy is otherwise limited in this regard, any shares
present and entitled to vote at a meeting including shares that are represented by broker non-votes, if any, may, at the discretion of the proxies named therein, be voted in favor of such an adjournment. Adjournments of the meeting may be proposed for a reasonable period or periods to permit further solicitation of proxies.proxies or for any other reason. The fundfunds will bear the costs of any additional solicitation and of any adjourned session.sessions. Any proposal for which sufficient votes consistent with the Trustees’ recommendation have been received may be acted upon and considered final regardless of whether the special meeting is adjourned to permit additional solicitation with respect to any other proposal that may properly come before the meeting.
Duplicate Mailings.mailings. As permitted by SEC rules, Putnam Management’s policy is to send a single copy of the proxy statement to shareholders who share the same last name and address, unless a shareholder previously has requested otherwise. Separate proxy cards will be included with the proxy statement for each account registered at that address. If you would prefer to receive your own copy of the proxy statement, please contact Putnam Investor Services by phone at 1-800-225-1581 or by mail at P.O. Box 219697, Kansas City, MO 64121-9697.
Financial Information.information. Your fund’s Clerk will furnish to you, upon request and without charge, a copy of the fund’s annual report for its most recent fiscal year, and a copy of its semiannual report for any subsequent semiannual period. You may direct these requests to Putnam Investments,Investor Services, P.O. Box 219697, Kansas City, MO 64121-9697 or by phone at 1 800-225-1581.1-800 225-1581. You may also access copies of these reports by visiting Putnam’s website at http://www.putnam.com/putnam.com/individual.
Fund Information
Fund Information
Putnam Investments.Investments. Putnam Management the fund’s investment manager, is an indirect wholly-owned subsidiary of Putnam Investments, LLC (“Putnam Investments”).Investments. The Desmarais Family Residuary Trust, a trust established pursuant to the Last Will and Testament of The Honourable Paul G. Desmarais, indirectly holds approximately 50.9% of the voting rights of Power Corporation of Canada. Power Corporation of Canada is an international management and holding company that focuses on financial services in North America, Europe and Asia. Power Corporation of Canada controls, directly or indirectly, approximately 70% of the outstanding common shares (representing approximately 65% of the voting rights attached to all of the outstanding voting shares) of Great-West Lifeco Inc., an international financial services holding company with operations in Canada, the United States, and Europe and with interests in life insurance, health insurance, retirement and investment services, asset management and reinsurance businesses,businesses. Great-West Lifeco Inc. indirectly owns a majority interest in, and all of the voting shares of, Putnam Investments through a series of subsidiaries. Power Financial Corporation, a diversified international management and holding company that holds interests substantially in the financial services sector in Canada, the United States, and Europe, owns, directly and indirectly, voting securities to which are attached approximately 71.81% of the votes attached to all voting securities of Great-West Lifeco Inc. Power Corporation of Canada, a diversified international management and holding company with interests in companies in the financial services, asset management, sustainable and renewable energy, and other business sectors, indirectly owns approximately 65.52% of the voting shares of Power Financial Corporation. The Desmarais Family Residuary Trust, a trust established
pursuant to the Last Will and Testament of The Honourable Paul G. Desmarais, indirectly holds approximately 59.10% of the voting rights of Power Corporation of Canada. The address of each of Putnam Investments and Putnam Management is 100 Federal Street, Boston, Massachusetts 02110. The address of Great-West Lifeco Inc.The Desmarais Family Residuary Trust is 100 Osborne Street North, Winnipeg, Manitoba, R3C 3A5.759 Victoria Square, Montreal, Quebec H2Y 2J7. The address of Power Corporation of Canada and Power Financial Corporation is 751 Victoria Square, Montreal, Quebec H2Y 2J3. The address of The Desmarais Family Residuary TrustGreat-West Lifeco Inc. is 759 Victoria Square, Montreal, Quebec H2Y 2J7.100 Osborne Street North, Winnipeg, Manitoba, R3C 1V3.
Robert L. Reynolds is the President and Chief Executive Officer of Putnam Investments.HisInvestments. His address is 100 Federal Street, Boston, MassachusettsMA 02110.
Putnam Management provides investment advisory services to other funds that may have investment goals and policies similar to those of your fund. The table inAppendix Didentifies these other funds and states their net assets and their current management fee schedules.
Putnam Investments Limited.Putnam Investments Limited (“PIL”) is a registered investment adviser that has been retained by Putnam Management as investment sub-manager with respect to a portion of the fund. PILassets of certain funds, and is directly owned directly by Putnam Advisory Holdings II, LLC, which is a Delaware holding company, and is owned indirectly by Putnam Investments. Though Putnam Management has retained the services of PIL, PIL does not currently manage any assets of the fund. The directors of PIL,Putnam Investments Limited, listed along with their principal business occupations at Putnam Investments, are Jeffrey L. Gould, Co-Head of Global Distribution,Vivek Gandhi, Portfolio Manager, and Alan G. McCormack, Head of Quantitative Equities and Risk, and Vivek Gandhi (FCA approval pending), Portfolio Manager.Risk. The address of PILPutnam Investments Limited, Vivek Gandhi, and of Messrs. Gandhi andAlan G. McCormack is 16 St. James’s Street, London, SW1A 1ER, U.K. The address of The Putnam Advisory Company, LLC and of Mr. Gould is 100 Federal Street, Boston, Massachusetts 02110. The address of Putnam Advisory Holdings II, LLC is 100 Federal Street, Boston, Massachusetts 02110.
The Putnam Advisory Company, andLLC. The Putnam Investments Limited are both directlyAdvisory Company, LLC (“PAC”), which has also been retained by Putnam Management to serve as sub-adviser for a portion of the assets of certain funds, is owned by Putnam Investments through a series of wholly-owned subsidiaries. The address of The Putnam Advisory Holdings II, LLC.Company, LLC is 100 Federal Street, Boston, Massachusetts 02110.
Putnam Retail Management.Putnam Retail Management, your fund’sthe principal underwriter for the open-end Putnam funds, is a limited partnership whose general partner (and minority owner) is Putnam Retail Management GP, Inc. and whose limited partner and majority owner is Putnam U.S. Holdings I, LLC, which is also the sole owner of Putnam Retail Management GP, Inc. and an indirect wholly-owned subsidiary of Putnam Investments. The address of each of Putnam Retail Management, Putnam Retail Management GP, Inc. and Putnam U.S. Holdings I, LLC is 100 Federal Street, Boston, Massachusetts 02110.
Putnam Investor Services Inc.. Putnam Investor Services Inc. serves as your fund’s investor servicing agent. Putnam Investor Services Inc. is an indirect wholly-owned subsidiary of Putnam Investments. The address of Putnam Investor Services Inc. is 100 Federal Street, Boston, Massachusetts 02110.02110.
The table below shows fee amounts paid to Putnam Management or its affiliates during the fund’s most recent fiscal year (for the 12 months ended June 30, 2018) for the services noted (other than under a management contract). The fund made no other material payments to Putnam Management or its affiliates during the period shown. These services will continue to be provided regardless of whether the proposed management contract is approved.
| |
| | |
| Fees paid to Putnam Investor Services, Inc. | Fees paid to Putnam Retail Management Limited |
| for serving as investor servicing agent ($) | Partnership pursuant to distribution plans ($) |
| $7,925,806 | $11,504,756 |
Limitation of Trustee liability.Your fund’s Declaration of Trust provides that the fund will indemnify its Trustees and officers against liabilities and expenses incurred in connection with litigation in which they may be involved because of their offices with the fund, except if it is determined in the manner specified in the Declaration of Trust that they have not acted in good faith, have not acted in the reasonable belief that their actions were in the best interests of the fund or at least were not opposed to the best interests of the fund, or had reasonable cause to believe their actions were unlawful in the case of a criminal proceeding, or were liablethat such indemnification would relieve any officer or Trustee of any liability to the fund or its shareholders arising by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of his or her duties. Your fund, at its expense, provides liability insurance for the benefit of its Trustees and officers.
Auditor. The Trustees have selected PricewaterhouseCoopers LLP, 101 Seaport Boulevard, Boston, Massachusetts 02210 as the auditor for each fund’s current fiscal year. The firm was selected primarily on the basis of its expertise as an auditor of investment companies, the quality of its audit services and the competitiveness of its fees. Representatives of PricewaterhouseCoopers LLP are expected to be available or present at the special meeting and to have the opportunity to make a statement and respond to appropriate questions.
On March 20, 2020, the Audit, Compliance and Risk Committee of the Trustees approved and recommended the decision to change the independent accountant, and not to retain KPMG LLP, with respect to each of the following funds: Putnam California Tax Exempt Income Fund, Putnam Convertible Securities Fund, Putnam Diversified Income Trust, Putnam Dynamic Risk Allocation Fund, Putnam Emerging Markets Equity Fund, Putnam Fixed Income Absolute Return Fund, Putnam Floating Rate Income Fund, Putnam Focused Equity Fund, Putnam Focused International Equity Fund (formerly Putnam Global Equity Fund), Putnam Global Technology Fund, Putnam Government Money Market Fund, Putnam Growth Opportunities Fund, Putnam High Yield Fund, Putnam Income Fund, Putnam Intermediate-Term Municipal Income Fund, Putnam Large Cap Value Fund (formerly Putnam Equity Income Fund), Putnam Mortgage Securities Fund, Putnam Multi-Cap Core Fund, Putnam New York Tax Exempt Income Fund, Putnam Research Fund, Putnam Short Duration Bond Fund, Putnam Short-Term Municipal Income Fund, Putnam Small Cap Value Fund, Putnam Sustainable Future Fund, Putnam Tax Exempt Income Fund, and Putnam Ultra Short Duration Income Fund. On April 3, 2020, upon request of the Putnam Funds, KPMG LLP provided a letter of resignation with respect to each of those funds. During the two previous fiscal years, with respect to those funds, KPMG LLP audit reports contained no adverse opinion or disclaimer of opinion; nor were its reports qualified or modified as to uncertainty, audit scope or accounting principle. Further, in connection with its audits for the two previous fiscal years and the subsequent interim period through April 3, 2020: (i) there were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements if not resolved to the satisfaction of KPMG would have caused it to make reference to the subject matter of the disagreements in its report on those funds’ financial statements for such years, and (ii) there were no “reportable events” of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended. On April 17, 2020, the Audit, Compliance and Risk Committee of the Trustees approved and recommended the decision to appoint PricewaterhouseCoopers LLP as the independent accountant of each of those funds.
Information about the fees billed to each fund by the fund’s auditors, as well as information about the Committee’s pre-approval policies relating to the work performed by the funds’ auditors, is included in Appendix B of this proxy statement.
Officers and other information.information. All of the officers of your fund are employees of Putnam Management or its affiliates or serve on the staff of the Office of the Trustees. TheBecause of his positions with Putnam Management or its affiliates, Mr. Reynolds, as well as the other affiliated officers of your fund, will benefit indirectly from the management fees and investor servicing fees paid or allowed by your fund. In addition to Mr. Reynolds, the other officers of your fund are as follows:
| | |
| | | |
| Length of Service | Principal Occupation(s) During Past |
Name, Address1, Year of Birth, Position(s) | with the Putnam | 5 Years and Position(s) with Fund’sPrincipal Occupation(s) |
Position(s) Held with FundPutnam funds | FundsPutnam funds2 | Investment Adviser and DistributorDuring Past 5 Years3 |
Robert L. ReynoldsJonathan S. Horwitz4 (Born 1952)1955) | Since 20082004 | Executive Vice President, Principal |
| Executive Vice President, | | Executive Officer, and Compliance |
| Principal Executive Officer and | | Liaison, The Putnam Funds |
| Compliance Liaison | | |
| Stephen J. Tate (Born 1974) | Since 2021 | General Counsel, Putnam Investments, |
Vice President and Chief ExecutiveLegal Officer of |
President and Chief Executive Officer | | Putnam Investments (2008 – Present)Management and Putnam Retail |
| | | Management (2021 – Present). Deputy General Counsel and Chairman of Great-West Lifecorelated positions,
Putnam Investments, Putnam Management and
Putnam Retail Management (2004 – 2021). |
| James F. Clark3 (Born 1974) | Since 2016 | Chief Compliance Officer and Chief |
| Vice President and | | Risk Officer, Putnam Investments |
| Chief Compliance Officer | | and Chief Compliance Officer, |
| | | U.S. Inc., a holding company that ownsPutnam Management |
| Michael J. Higgins4 (Born 1976) | Since 2010 | Vice President, Treasurer, and Clerk, The |
| Vice President, Treasurer, and Clerk | | Putnam Funds |
| Richard T. Kircher (Born 1962) | Since 2019 | Assistant Director of Operational |
| Vice President and BSA | | Compliance, Putnam Investments and |
| Compliance Officer | | Putnam Retail Management |
| Janet C. Smith (Born 1965) | Since 2007 | Head of Fund Administration Services, |
| Vice President, Principal Financial Officer, | | Putnam Investments and Putnam |
| Principal Accounting Officer and | | Management |
| Assistant Treasurer | | |
| Susan G. Malloy (Born 1957) | Since 2007 | Head of Accounting, Middle Office and |
| Vice President and Assistant Treasurer | | Control Services, Putnam Investments |
| | | and Putnam Management |
| Mark C. Trenchard (Born 1962) | Since 2002 | Director of Operational Compliance, |
| Vice President | | Putnam Investments and Great-WestPutnam Retail |
| | | Financial (2019Management |
| Alan G. McCormack5 (Born 1964) | Since 2022 | Head of Quantitative Equities and Risk, |
| Vice President and Derivatives Risk Manager | | Putnam Investments |
| Martin Lemaire5 (Born 1984) | Since 2022 | Risk Manager, Putnam Investments |
| Vice President and Derivatives Risk Manager | | (2020 – Present). From 2014 |
| | | to 2019, President and Chief Executive Risk Analyst, Putnam Investments |
| | | Officer of Great-West Financial, a finan- (2016 – 2020). |
| | | cial services company that provides |
| | retirement savings plans, life insurance, |
| | and annuity and executive benefits |
| | products, and of Great-West Lifeco U.S. |
| | Inc. Member of Putnam Investments’ |
| | and Great-West Financial’s Board |
| | of Directors. |
Jonathan S. Horwitz4(Born 1955) | Since 2004 | Executive Vice President, Principal |
Executive Vice President, | | Executive Officer, and Compliance |
Principal Executive Officer, and | | Liaison, The Putnam Funds. |
Compliance Liaison | | |
Robert T. Burns(Born 1961)32 | Since 2011 | General Counsel, Putnam Investments, |
Vice President and Chief Legal Officer | | Putnam Management and Putnam Retail |
| | Management. |
| | |
| | |
| Length of Service | Principal Occupation(s) During Past |
Name, Address1, Year of Birth, Position(s) | with the Putnam | 5 Years and Position(s) with Fund’s |
Held with Fund | Funds2 | Investment Adviser and Distributor3 |
James F. Clark3(Born 1974) | Since 2016 | Chief Compliance Officer, Putnam |
Vice President and | | Investments and Putnam Management |
Chief Compliance Officer | | (2016 – Present). |
| | Associate General Counsel, Putnam |
| | Investments, Putnam Management and |
| | Putnam Retail Management (2003-2015). |
Michael J. Higgins4(Born 1976) Vice | Since 2010 | Vice President, Treasurer, and Clerk, |
President, Treasurer, and Clerk | | The Putnam Funds |
Janet C. Smith(Born 1965) | Since 2007 | Head of Fund Administration |
Vice President, Principal Financial | | Services, Putnam Investments and |
Officer, Principal Accounting Officer, and | | Putnam Management. |
Assistant Treasurer | | |
Susan G. Malloy(Born 1957) | Since 2007 | Head of Accounting, Middle Office, and |
Vice President and Assistant Treasurer | | Control Services, Putnam Investments, |
| | and Putnam Management. |
Mark C. Trenchard(Born 1962) | Since 2002 | Director of Operational Compliance, |
Vice President and BSA | | Putnam Investments and Putnam |
Compliance Officer | | Retail Management |
| Nancy E. Florek4(Born 1957) | Since 2000 | Vice President, Director of Proxy Voting |
| Vice President, Director of Proxy Voting |
| Vice President, Director of Proxy Voting | | and Corporate Governance, Assistant |
| and Corporate Governance, Assistant |
| and Corporate Governance, Assistant | | Clerk, and Assistant Treasurer, The |
Clerk and AssistantAssociate Treasurer, The |
| Clerk, and Associate Treasurer | | Putnam Funds.Funds |
| Denere P. Poulack4(Born 1968) | Since 2004 | Assistant Vice President, Assistant Clerk, |
| Assistant Vice President, Assistant Clerk, |
| Assistant Vice President, Assistant Clerk, | | and Assistant Treasurer, The Putnam |
| and Assistant Treasurer | | The Putnam Funds.Funds |
| | | | |
1 The address of each Officerofficer is 100 Federal Street, Boston, MA 02110.
2 Each officer serves for an indefinite term, until his or her resignation, retirement, death, or removal.
3 Prior positions and/or officer appointments with the fund or the fund’s investment adviser and distributor have been omitted.
4 Officers of the fund indicatedwho are members of the Trustees’ independent administrative staff. Compensation for these individuals is fixed by the Trustees and reimbursed to Putnam Management by the funds.
5 Messrs. McCormack and Lemaire each serve as Vice President and Derivatives Risk Manager for the funds, except Putnam Government Money Market Fund, Putnam Money Market Fund, and Putnam VT Government Money Market Fund.
5% Beneficial Ownership. As of March 31, 2022, to the knowledge of the funds, no person other than those listed on Appendix E owned beneficially or of record 5% or more of any class of shares of any Putnam fund. Putnam Investments or one of its affiliates (typically Putnam Investment Holdings, LLC) typically provides initial capital sufficient for the operation of new funds. Putnam Investments and its affiliates intend to vote their shares for each of the proposals, in accordance with the Trustees’ recommendations. [As of the Record Date, these investments represented a majority of the outstanding voting shares of some Putnam funds.] See Appendix E for information about persons owning 5% or more of any class of shares of each Putnam fund.
Appendix A — Number of Shares Outstanding as of the Record Date [TO BE UPDATED]
| Putnam [ ]
Fund | Putnam [ ]
Fund | Putnam [ ]
Fund | Putnam [ ]
Fund | Putnam [ ]
Fund |
18Class A | | | | | |
| Class B | | | | | |
| Class C | | | | | |
| Class M | | | | | |
| Class R | | | | | |
| Class R5 | | | | | |
| Class R6 | | | | | |
| Class Y | | | | | |
| Putnam [ ]
Fund | Putnam [ ]
Fund | Putnam [ ]
Fund | Putnam [ ]
Fund | Putnam [ ]
Fund |
| Class A | | | | | |
| Class B | | | | | |
| Class C | | | | | |
| Class M | | | | | |
| Class R | | | | | |
| Class R5 | | | | | |
| Class R6 | | | | | |
| Class Y | | | | | |
Appendix B — Auditor
As stated above, the Trustees have selected PricewaterhouseCoopers LLP, 101 Seaport Boulevard, Boston, Massachusetts 02210 as the auditor for each fund’s current fiscal year. The firm was selected primarily on the basis of its expertise as an auditor of investment companies, the quality of its audit services and the competitiveness of its fees
The following table presents fees billed to each indicated fund in each of its last two fiscal years by the fund’s auditor:
| Fund | Fiscal Year Ended | Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
| Putnam California Tax Exempt Income Fund | September 30, 2021 | $92,324 | $0 | $7,201 | $0 |
| | September 30, 2020 | $89,008 | $0 | $7,201 | $0 |
| Putnam Convertible Securities Fund | October 31, 2021 | $64,841 | $0 | $7,700 | $0 |
| | October 31, 2020 | $60,450 | $0 | $7,700 | $0 |
| Putnam Diversified Income Trust | September 30, 2021 | $195,021 | $0 | $14,295 | $0 |
| | September 30, 2020 | $204,546 | $0 | $14,833 | $0 |
| Putnam Dynamic Asset Allocation Balanced Fund | September 30, 2021 | $151,005 | $0 | $22,543 | $0 |
| | September 30, 2020 | $152,959 | $0 | $17,704 | $0 |
| Putnam Dynamic Asset Allocation Conservative Fund | September 30, 2021 | $154,852 | $0 | $22,542 | $0 |
| | September 30, 2020 | $140,713 | $0 | $17,704 | $0 |
| Putnam Dynamic Asset Allocation Equity Fund | May 31, 2021 | $69,286 | $0 | $20,874 | $0 |
| | May 31, 2020 | $73,236 | $0 | $9,697 | $0 |
| Putnam Dynamic Asset Allocation Growth Fund | September 30, 2021 | $148,304 | $0 | $28,613 | $0 |
| | September 30, 2020 | $148,880 | $0 | $26,304 | $0 |
| Putnam Dynamic Risk Allocation Fund | May 31, 2021 | $70,054 | $0 | $16,273 | $0 |
| | May 31, 2020 | $81,601 | $0 | $5,550 | $0 |
| Putnam Emerging Markets Equity Fund | August 31, 2021 | $51,217 | $0 | $22,195 | $0 |
| | August 31, 2020 | $48,202 | $20,5001 | $23,588 | $0 |
| Putnam Fixed Income Absolute Return Fund | October 31, 2021 | $93,237 | $0 | $10,645 | $0 |
| | October 31, 2020 | $89,469 | $0 | $9,224 | $0 |
| Putnam Floating Rate Income Fund | February 28, 2021 | $76,350 | $0 | $8,899 | $0 |
| | February 28, 2020 | $105,459 | $0 | $8,260 | $0 |
| Putnam Focused Equity Fund | August 31, 2021 | $65,848 | $0 | $15,620 | $0 |
| | August 31, 2020 | $61,931 | $24,6671 | $8,494 | $0 |
| Putnam Focused International Equity Fund | October 31, 2021 | $68,281 | $0 | $12,865 | $0 |
| | October 31, 2020 | $73,612 | $0 | $10,230 | $0 |
| George Putnam Balanced Fund | July 31, 2021 | $87,323 | $0 | $12,815 | $0 |
| | July 31, 2020 | $113,094 | $0 | $13,679 | $0 |
| Putnam Global Health Care Fund | August 31, 2021 | $68,888 | $0 | $8,387 | $0 |
| | August 31, 2020 | $107,393 | $0 | $8,387 | $0 |
| Putnam Global Income Trust | October 31, 2021 | $143,128 | $0 | $12,318 | $0 |
| | October 31, 2020 | $135,777 | $0 | $13,942 | $0 |
| Putnam Global Technology Fund | August 31, 2021 | $70,506 | $0 | $6,955 | $0 |
| | August 31, 2020 | $48,309 | $0 | $6,829 | $0 |
| Putnam Government Money Market Fund | September 30, 2021 | $33,517 | $0 | $4,387 | $0 |
| | September 30, 2020 | $32,159 | $0 | $4,387 | $0 |
| Putnam Growth Opportunities Fund | July 31, 2021 | $98,384 | $0 | $6,125 | $0 |
| | July 31, 2020 | $132,671 | $0 | $7,120 | $0 |
| Putnam High Yield Fund | November 30, 2021 | $110,302 | $0 | $7,538 | $0 |
| | November 30, 2020 | $105,222 | $0 | $7,538 | $0 |
| Putnam Income Fund | October 31, 2021 | $130,178 | $0 | $10,201 | $0 |
| | October 31, 2020 | $146,605 | $0 | $10,810 | $0 |
| Putnam Income Strategies Portfolio | August 31, 2021 | $59,813 | $0 | $13,890 | $0 |
| | August 31, 20202 | $67,434 | $0 | $11,890 | $0 |
| Putnam Intermediate-Term Municipal Income Fund | November 30, 2021 | $30,492 | $0 | $7,135 | $0 |
| | November 30, 2020 | $30,844 | $0 | $7,135 | $0 |
| Putnam International Capital Opportunities Fund | August 31, 2021 | $61,024 | $0 | $12,416 | $0 |
| | August 31, 2020 | $62,753 | $0 | $11,407 | $0 |
| Putnam International Equity Fund | June 30, 2021 | $85,278 | $0 | $14,133 | $0 |
| | June 30, 2020 | $102,970 | $0 | $16,256 | $0 |
| Putnam International Value Fund | June 30, 2021 | $52,149 | $0 | $10,677 | $0 |
| | June 30, 2020 | $60,425 | $0 | $10,649 | $0 |
| Putnam Large Cap Value Fund | October 31, 20213 | $126,078 | $0 | $5,837 | $0 |
| | November 30, 2020 | $140,548 | $0 | $5,837 | $0 |
| Putnam Massachusetts Tax Exempt Income Fund | May 31, 2021 | $50,613 | $0 | $7,088 | $0 |
| | May 31, 2020 | $56,667 | $0 | $12,430 | $0 |
| Putnam Minnesota Tax Exempt Income Fund | May 31, 2021 | $37,773 | $0 | $7,088 | $0 |
| | May 31, 2020 | $43,427 | $0 | $12,430 | $0 |
| Putnam Money Market Fund | September 30, 2021 | $66,859 | $0 | $4,192 | $0 |
| | September 30, 2020 | $68,170 | $0 | $4,192 | $0 |
| Putnam Mortgage Opportunities Fund | May 31, 2021 | $132,419 | $0 | $12,265 | $0 |
| | May 31, 2020 | $128,653 | $0 | $23,329 | $0 |
| Putnam Mortgage Securities Fund | September 30, 2021 | $126,895 | $0 | $9,872 | $0 |
| | September 30, 2020 | $123,957 | $0 | $9,872 | $0 |
| Putnam Multi-Asset Absolute Return Fund | October 31, 2021 | $135,406 | $0 | $21,733 | $0 |
| | October 31, 2020 | $152,225 | $0 | $13,642 | $0 |
| Putnam Multi-Cap Core Fund | April 30, 2021 | $66,538 | $0 | $7,891 | $0 |
| | April 30, 2020 | $36,745 | $0 | $3,505 | $0 |
| Putnam New Jersey Tax Exempt Income Fund | May 31, 2021 | $42,398 | $0 | $7,088 | $0 |
| | May 31, 2020 | $49,000 | $0 | $12,430 | $0 |
| Putnam New York Tax Exempt Income Fund | November 30, 2021 | $78,007 | $0 | $7,163 | $0 |
| | November 30, 2020 | $77,752 | $0 | $7,163 | $0 |
| Putnam Ohio Tax Exempt Income Fund | May 31, 2021 | $38,704 | $0 | $7,088 | $0 |
| | May 31, 2020 | $47,037 | $0 | $12,430 | $0 |
| Putnam PanAgora Risk Parity Fund | August 31, 2021 | $55,560 | $0 | $8,466 | $0 |
| | August 31, 2020 | $56,426 | $0 | $8,466 | $0 |
| Putnam Pennsylvania Tax Exempt Income Fund | May 31, 2021 | $39,921 | $0 | $7,088 | $0 |
| | May 31, 2020 | $48,601 | $0 | $12,430 | $0 |
| Putnam Research Fund | July 31, 2021 | $43,007 | $0 | $5,329 | $0 |
| | July 31, 2020 | $41,893 | $0 | $5,329 | $0 |
| Putnam Retirement Advantage 2025 Fund | August 31, 2021 | $21,048 | $0 | $9,411 | $0 |
| | August 31, 20202 | $25,144 | $0 | $8,322 | $0 |
| Putnam Retirement Advantage 2030 Fund | August 31, 2021 | $22,921 | $0 | $9,769 | $0 |
| | August 31, 20202 | $27,205 | $0 | $9,004 | $0 |
| Putnam Retirement Advantage 2035 Fund | August 31, 2021 | $24,631 | $0 | $10,430 | $0 |
| | August 31, 20202 | $31,004 | $0 | $10,261 | $0 |
| Putnam Retirement Advantage 2040 Fund | August 31, 2021 | $16,004 | $0 | $7,092 | $0 |
| | August 31, 20202 | $19,747 | $0 | $6,536 | $0 |
| Putnam Retirement Advantage 2045 Fund | August 31, 2021 | $17,361 | $0 | $7,617 | $0 |
| | August 31, 20202 | $19,704 | $0 | $6,521 | $0 |
| Putnam Retirement Advantage 2050 Fund | August 31, 2021 | $9,360 | $0 | $4,522 | $0 |
| | August 31, 20202 | $9,271 | $0 | $3,068 | $0 |
| Putnam Retirement Advantage 2055 Fund | August 31, 2021 | $5,669 | $0 | $3,094 | $0 |
| | August 31, 20202 | $5,615 | $0 | $1,858 | $0 |
Form of |
Putnam Sustainable Leaders Fund |
|
MANAGEMENT CONTRACT |
(DOUBLE UNDERLINED LANGUAGE WILL BE ADDED |
STRUCKTHROUGH LANGUAGE WILL BE DELETED) |
ThisManagement Contract is dated [August 1, 2019],between PUTNAMSUSTAINABLE LEADERS FUND, a Massachusetts business trust (the “Fund”), and PUTNAMINVESTMENT MANAGEMENT, LLC, a Delaware limited liability company (the “Manager”).
In consideration of the mutual covenants herein contained, it is agreed as follows:
1. SERVICES TO BE RENDERED BY MANAGER TO FUND.
(a) The Manager, at its expense, will furnish continuously an investment program for the Fund or, in the case of a Fund that has divided its shares into two or more series under Section 18(f)(2) of the Investment Company Act of 1940, as amended (the “1940 Act”), each series of the Fund identified from time to time on Schedule A to this Contract (each reference in this Contract to “a Fund” or to “the Fund” is also deemed to be a reference to any existing series of the Fund, as appropriate in the particular context), will determine what investments will be purchased, held, sold or exchanged by the Fund and what portion, if any, of the assets of the Fund will be held uninvested and will, on behalf of the Fund, make changes in such investments. Subject always to the control of the Trustees of the Fund and except for the functions carried out by the officers and personnel referred to in Section 1(d), the Manager will also manage, supervise and conduct the other affairs and business of the Fund and matters incidental thereto. In the performance of its duties, the Manager will comply with the provisions of the Agreement and Declaration of Trust and By-Laws of the Fund and the stated investment objectives, policies and restrictions of the Fund, will use its best efforts to safeguard and promote the welfare of the Fund and to comply with other policies which the Trustees may from time to time determine and will exercise the same care and diligence expected of the Trustees.
(b) The Manager, at its expense, except as such expense is paid by the Fund as provided in Section 1(d), will furnish (1) all necessary investment and management facilities, including salaries of personnel, required for it to execute its duties faithfully; (2) suitable office space for the Fund; and (3) administrative facilities, including bookkeeping, clerical personnel and equipment necessary for the efficient conduct of the affairs of the Fund, including determination of the net asset value of the Fund, but excluding shareholder accounting services. Except as otherwise provided in Section 1(d), the Manager will pay the compensation, if any, of the officers of the Fund.
(c) The Manager, at its expense, will place all orders for the purchase and sale of portfolio investments for the Fund’s account with brokers or dealers selected by the Manager.In the selection of such brokers or dealers and the placing of such orders, the Manager
| Putnam Retirement Advantage 2060 Fund | August 31, 2021 | $2,328 | $0 | $1,801 | $0 |
| | August 31, 20202 | $1,355 | $0 | $449 | $0 |
| Putnam Retirement Advantage 2065 Fund | August 31, 20214 | $255 | $0 | $98 | $0 |
| Putnam Retirement Advantage Maturity Fund | August 31, 2021 | $20,422 | $17,5001 | $8,801 | $0 |
| | August 31, 20202 | $9,480 | $0 | $3,137 | $0 |
| Putnam RetirementReady 2025 Fund | July 31, 2021 | $25,267 | $0 | $8,128 | $0 |
| | July 31, 2020 | $22,221 | $0 | $7,354 | $0 |
| Putnam RetirementReady 2030 Fund | July 31, 2021 | $32,802 | $0 | $10,551 | $0 |
| | July 31, 2020 | $30,570 | $0 | $10,117 | $0 |
| Putnam RetirementReady 2035 Fund | July 31, 2021 | $22,058 | $0 | $7,096 | $0 |
| | July 31, 2020 | $19,514 | $0 | $6,458 | $0 |
| Putnam RetirementReady 2040 Fund | July 31, 2021 | $25,600 | $0 | $8,234 | $0 |
| | July 31, 2020 | $23,094 | $0 | $7,642 | $0 |
| Putnam RetirementReady 2045 Fund | July 31, 2021 | $13,493 | $0 | $4,340 | $0 |
| | July 31, 2020 | $10,524 | $0 | $3,482 | $0 |
| Putnam RetirementReady 2050 Fund | July 31, 2021 | $10,614 | $0 | $3,414 | $0 |
| | July 31, 2020 | $9,240 | $0 | $3,058 | $0 |
| Putnam RetirementReady 2055 Fund | July 31, 2021 | $4,089 | $0 | $1,315 | $0 |
| | July 31, 2020 | $3,108 | $0 | $1,028 | $0 |
| Putnam RetirementReady 2060 Fund | July 31, 2021 | $610 | $0 | $196 | $0 |
| | July 31, 2020 | $372 | $0 | $123 | $0 |
| Putnam RetirementReady 2065 Fund | July 31, 20215 | $14 | $0 | $5 | $0 |
| Putnam RetirementReady Maturity Fund | July 31, 2021 | $34,971 | $0 | $15,449 | $0 |
| | July 31, 2020 | $16,015 | $17,5001 | $5,300 | $0 |
| Putnam Short Duration Bond Fund | October 31, 2021 | $93,932 | $0 | $7,815 | $0 |
| | October 31, 2020 | $108,792 | $0 | $8,192 | $0 |
| Putnam Short Term Investment Fund | July 31, 2021 | $80,611 | $0 | $3,894 | $0 |
| | July 31, 2020 | $92,849 | $0 | $3,894 | $0 |
| Putnam Short-Term Municipal Income Fund | November 30, 2021 | $33,688 | $0 | $7,135 | $0 |
| | November 30, 2020 | $31,386 | $0 | $7,135 | $0 |
| Putnam Small Cap Growth Fund | June 30, 2021 | $55,857 | $0 | $8,726 | $0 |
| | June 30, 2020 | $63,818 | $0 | $7,646 | $0 |
| Putnam Small Cap Value Fund | February 28, 2021 | $38,343 | $0 | $5,382 | $0 |
| | February 28, 2020 | $45,432 | $0 | $4,910 | $0 |
| Putnam Strategic Intermediate Municipal Fund | July 31, 2021 | $63,509 | $0 | $7,088 | $0 |
| | July 31, 2020 | $50,996 | $0 | $7,088 | $0 |
| Putnam Sustainable Future Fund | April 30, 2021 | $48,147 | $0 | $5,382 | $0 |
| | April 30, 2020 | $42,705 | $0 | $4,910 | $0 |
| Putnam Sustainable Leaders Fund | June 30, 2021 | $94,770 | $0 | $6,375 | $0 |
| | June 30, 2020 | $240,618 | $0 | $6,293 | $0 |
| Putnam Tax Exempt Income Fund | September 30, 2021 | $82,697 | $0 | $7,157 | $0 |
| | September 30, 2020 | $80,866 | $0 | $7,157 | $0 |
| Putnam Tax-Free High Yield Fund | July 31, 2021 | $75,818 | $0 | $8,890 | $0 |
| | July 31, 2020 | $76,203 | $0 | $8,890 | $0 |
| Putnam Ultra Short Duration Income Fund | July 31, 2021 | $175,199 | $0 | $7,132 | $0 |
| | July 31, 2020 | $282,728 | $0 | $7,132 | $0 |
| Putnam VT Diversified Income Fund | December 31, 2021 | $128,043 | $0 | $10,717 | $0 |
| | December 31, 2020 | $121,559 | $0 | $10,464 | $0 |
| Putnam VT Emerging Markets Equity Fund | December 31, 2021 | $32,783 | $0 | $11,786 | $0 |
| | December 31, 2020 | $35,741 | $0 | $8,330 | $0 |
| Putnam VT Focused International Equity Fund | December 31, 2021 | $47,985 | $0 | $10,714 | $0 |
| | December 31, 2020 | $48,318 | $0 | $8,434 | $0 |
| Putnam VT George Putnam Balanced Fund | December 31, 2021 | $66,601 | $0 | $7,397 | $0 |
| | December 31, 2020 | $65,610 | $0 | $8,078 | $0 |
| Putnam VT Global Asset Allocation Fund | December 31, 2021 | $105,197 | $0 | $10,053 | $0 |
| | December 31, 2020 | $96,632 | $0 | $8,998 | $0 |
| Putnam VT Global Health Care Fund | December 31, 2021 | $26,005 | $0 | $5,314 | $0 |
| | December 31, 2020 | $25,667 | $0 | $3,815 | $0 |
| Putnam VT Government Money Market Fund | December 31, 2021 | $33,958 | $0 | $3,073 | $0 |
| | December 31, 2020 | $34,365 | $0 | $3,073 | $0 |
| Putnam VT Growth Opportunities Fund | December 31, 2021 | $74,278 | $0 | $4,187 | $0 |
| | December 31, 2020 | $68,224 | $0 | $4,691 | $0 |
| Putnam VT High Yield Fund | December 31, 2021 | $60,664 | $0 | $7,352 | $0 |
| | December 31, 2020 | $61,548 | $0 | $6,494 | $0 |
| Putnam VT Income Fund | December 31, 2021 | $95,699 | $0 | $8,073 | $0 |
| | December 31, 2020 | $94,420 | $0 | $7,073 | $0 |
| Putnam VT International Equity Fund | December 31, 2021 | $44,652 | $0 | $8,867 | $0 |
| | December 31, 2020 | $43,671 | $0 | $7,154 | $0 |
will use its best efforts
| Putnam VT International Value Fund | December 31, 2021 | $36,498 | $0 | $7,577 | $0 |
| | December 31, 2020 | $36,881 | $0 | $6,407 | $0 |
| Putnam VT Large Cap Value Fund | December 31, 2021 | $80,428 | $0 | $3,327 | $0 |
| | December 31, 2020 | $76,760 | $0 | $3,327 | $0 |
| Putnam VT Mortgage Securities Fund | December 31, 2021 | $51,499 | $0 | $8,073 | $0 |
| | December 31, 2020 | $51,212 | $0 | $7,073 | $0 |
| Putnam VT Multi-Asset Absolute Return Fund | December 31, 2021 | $76,733 | $0 | $9,570 | $0 |
| | December 31, 2020 | $71,264 | $0 | $9,086 | $0 |
| Putnam VT Multi-Cap Core Fund | December 31, 2021 | $34,390 | $0 | $5,812 | $0 |
| | December 31, 2020 | $33,865 | $0 | $4,313 | $0 |
| Putnam VT Research Fund | December 31, 2021 | $25,579 | $0 | $4,043 | $0 |
| | December 31, 2020 | $25,044 | $0 | $4,488 | $0 |
| Putnam VT Small Cap Growth Fund | December 31, 2021 | $24,522 | $0 | $4,827 | $0 |
| | December 31, 2020 | $24,581 | $0 | $3,327 | $0 |
| Putnam VT Small Cap Value Fund | December 31, 2021 | $23,083 | $0 | $4,112 | $0 |
| | December 31, 2020 | $23,067 | $0 | $4,112 | $0 |
| Putnam VT Sustainable Future Fund | December 31, 2021 | $47,760 | $0 | $4,187 | $0 |
| | December 31, 2020 | $41,344 | $0 | $4,187 | $0 |
| Putnam VT Sustainable Leaders Fund | December 31, 2021 | $23,188 | $0 | $3,649 | $0 |
| | December 31, 2020 | $22,308 | $0 | $3,649 | $0 |
1 Fees billed to obtainthe fund for services relating to a fund merger.
2 The amounts shown represent fees for the Fund the most favorable price and execution available, exceptperiod December 31, 2019 (the fund’s commencement of operations) to the extent it may be permittedfiscal period ended August 31, 2020.
3 Effective October 31, 2021, the fund changed its fiscal year end from November 30th to pay higher brokerage commissions for brokerage and research services as described below. In using its best efforts to obtainOctober 31st. The amounts shown represent fees for the Fundperiod December 1, 2020 to the most favorable pricefiscal year ended October 31, 2021.
4 The amounts shown represent fees for the period December 30, 2020 (the fund’s commencement of operations) to the fiscal period ended August 31, 2021.
5 The amounts shown represent fees for the period January 4, 2021 (the fund’s commencement of operations) to the fiscal period ended July 31, 2021.
Audit Fees represent fees billed for a fund’s last two fiscal years relating to the audit and execution available, the Manager, bearing in mind the Fund’s best interests at all times, will consider all factors it deems relevant, including by way of illustration, price, the sizereview of the transaction, the nature of the market for the security, the amount of the commission, the timing of the transaction taking into account market pricesfinancial statements included in annual reports and trends, the reputation, experienceregistration statements, and financial stability of the broker or dealer involved and the quality of service rendered by the broker or dealer in other transactions. Subject to such policies as the Trustees of the Fund may determine, the Manager will not be deemed to have acted unlawfully or to have breached any duty created by this Contract or otherwise solely by reason of its having caused the Fund to pay a broker or dealerservices that provides brokerage and research services to the Manager an amount of commission for effecting a portfolio investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Manager determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research servicesare normally provided by such broker or dealer, viewed in terms of either that particular transaction or the Manager’s overall responsibilities with respect to the Fund and to other clients of the Manager as to which the Manager exercises investment discretion. The Manager agrees that in connection with purchasesstatutory and regulatory filings or sales of portfolio investmentsengagements.
Audit-Related Fees represent fees billed in a fund’s last two fiscal years for the Fund’s account, neither the Manager nor any officer, director, employee or agent of the Manager shall act as a principal or receive any commission other than as provided in Section 3.
(d) The Fund will pay or reimburse the Manager for the compensation in whole or in part of such officers of the Fund and persons assisting them as may be determined from time to timeservices traditionally performed by the Trustees of the Fund. The Fund will also payfund’s auditor, including accounting consultation for proposed transactions or reimburse the Manager for allconcerning financial accounting and reporting standards and other audit or part of the cost of suitable office space, utilities, supportattest services and equipment attributable to such officers and persons as may be determined in each case by the Trustees of the Fund. The Fund will pay the fees, if any, of the Trustees of the Fund.
(e) The Manager will not be obligated to pay any expenses of or for the Fund not expressly assumed by the Manager pursuant to this Section 1 other than as provided in Section 3.
(f) Subject to the prior approval of a majority of the Trustees, including a majority of the Trustees who are not “interested persons” and, to the extent required by the 1940 Actstatute or regulation.
Tax Fees represent fees billed in a fund’s last two fiscal years for tax compliance, tax planning and the rulestax advice services. Tax planning and regulations under the 1940 Act, subject to any applicable guidancetax advice services include assistance with tax audits, employee benefit plans and requests for rulings or interpretation of the Securities and Exchange Commission or its staff, by the shareholders of the Fund, the Manager may,technical advice from time to time, delegate to a sub-adviser or sub-administrator any of the Manager’s duties under this Contract, including the management of all or a portion of the assets being managed. In alltaxing authorities.
instances, however,The following tables present the Manager must overseeamounts the provision of delegated services, the Manager must bear the separate costs of employingfund’s auditor billed for aggregate non-audit fees to each fund, Putnam Management, and any sub-adviser or sub-administrator, and no delegation will relieve the Manager of any of its obligations under this Contract.
2. OTHER AGREEMENTS, ETC.
It is understood that any of the shareholders, Trustees, officers and employees of the Fund may be a shareholder, director, officer or employee of, or be otherwise interested in, the Manager, and in any personentity controlling, controlled by or under common control with Putnam Management that provides ongoing services to the Manager,fund in each of the fund’s last two fiscal years:
|
| Putnam California Tax Exempt Income Fund | September 30, 2021: $272,100 | September 30, 2020: $353,043 |
| Putnam Convertible Securities Fund | October 31, 2021: $272,599 | October 31, 2020: $353,542 |
| Putnam Diversified Income Trust | September 30, 2021: $279,194 | September 30, 2020: $360,675 |
| Putnam Dynamic Asset Allocation Balanced Fund | September 30, 2021: $287,442 | September 30, 2020: $363,546 |
| Putnam Dynamic Asset Allocation Conservative Fund | September 30, 2021: $287,441 | September 30, 2020: $363,546 |
| Putnam Dynamic Asset Allocation Equity Fund | May 31, 2021: $330,174 | May 31, 2020: $293,413 |
| Putnam Dynamic Asset Allocation Growth Fund | September 30, 2021: $293,512 | September 30, 2020: $372,146 |
| Putnam Dynamic Risk Allocation Fund | May 31, 2021: $325,573 | May 31, 2020: $5,550 |
| Putnam Emerging Markets Equity Fund | August 31, 2021: $287,094 | August 31, 2020: $389,930 |
| Putnam Fixed Income Absolute Return Fund | October 31, 2021: $275,544 | October 31, 2020: $355,066 |
| Putnam Floating Rate Income Fund | February 28, 2021: $622,593 | February 28, 2020: $8,260 |
| Putnam Focused Equity Fund | August 31, 2021: $280,519 | August 31, 2020: $379,003 |
| Putnam Focused International Equity Fund | October 31, 2021: $277,764 | October 31, 2020: $356,072 |
| George Putnam Balanced Fund | July 31, 2021: $322,115 | July 31, 2020: $359,521 |
| Putnam Global Health Care Fund | August 31, 2021: $273,286 | August 31, 2020: $354,229 |
| Putnam Global Income Trust | October 31, 2021: $277,217 | October 31, 2020: $359,784 |
| Putnam Global Technology Fund | August 31, 2021: $271,854 | August 31, 2020: $352,671 |
| Putnam Government Money Market Fund | September 30, 2021: $269,286 | September 30, 2020: $350,229 |
| Putnam Growth Opportunities Fund | July 31, 2021: $315,425 | July 31, 2020: $352,962 |
| Putnam High Yield Fund | November 30, 2021: $272,437 | November 30, 2020: $353,380 |
| Putnam Income Fund | October 31, 2021: $275,100 | October 31, 2020: $356,652 |
| Putnam Income Strategies Portfolio | August 31, 2021: $278,789 | August 31, 20201: $357,732 |
| Putnam Intermediate-Term Municipal Income Fund | November 30, 2021: $272,034 | November 30, 2020: $352,977 |
| Putnam International Capital Opportunities Fund | August 31, 2021: $277,315 | August 31, 2020: $357,249 |
| Putnam International Equity Fund | June 30, 2021: $323,433 | June 30, 2020: $299,972 |
| Putnam International Value Fund | June 30, 2021: $319,977 | June 30, 2020: $294,365 |
| Putnam Large Cap Value Fund | October 31, 20212: $270,736 | November 30, 2020: $351,679 |
| Putnam Massachusetts Tax Exempt Income Fund | May 31, 2021: $316,388 | May 31, 2020: $296,146 |
| Putnam Minnesota Tax Exempt Income Fund | May 31, 2021: $316,388 | May 31, 2020: $296,146 |
| Putnam Money Market Fund | September 30, 2021: $269,091 | September 30, 2020: $350,034 |
| Putnam Mortgage Opportunities Fund | May 31, 2021: $321,565 | May 30, 2020: $307,045 |
| Putnam Mortgage Securities Fund | September 30, 2021: $274,771 | September 30, 2020: $355,714 |
| Putnam Multi-Asset Absolute Return Fund | October 31, 2021: $286,632 | October 31, 2020: $359,484 |
| Putnam Multi-Cap Core Fund | April 30, 2021: $317,191 | April 30, 2020: $3,505 |
| Putnam New Jersey Tax Exempt Income Fund | May 31, 2021: $316,388 | May 31, 2020: $296,146 |
| Putnam New York Tax Exempt Income Fund | November 30, 2021: $272,062 | November 30, 2020: $353,005 |
| Putnam Ohio Tax Exempt Income Fund | May 31, 2021: $316,388 | May 31, 2020: $296,146 |
| Putnam PanAgora Risk Parity Fund | August 31, 2021: $273,365 | August 30, 2020: $354,308 |
| Putnam Pennsylvania Tax Exempt Income Fund | May 31, 2021: $316,388 | May 31, 2020: $296,146 |
| Putnam Research Fund | July 31, 2021: $314,629 | July 31, 2020: $351,171 |
| Putnam Retirement Advantage 2025 Fund | August 31, 2021: $274,310 | August 31, 20201: $354,164 |
| Putnam Retirement Advantage 2030 Fund | August 31, 2021: $274,668 | August 31, 20201: $354,846 |
| Putnam Retirement Advantage 2035 Fund | August 31, 2021: $275,329 | August 31, 20201: $356,103 |
| Putnam Retirement Advantage 2040 Fund | August 31, 2021: $271,991 | August 31, 20201: $352,378 |
| Putnam Retirement Advantage 2045 Fund | August 31, 2021: $272,516 | August 31, 20201: $352,363 |
| Putnam Retirement Advantage 2050 Fund | August 31, 2021: $269,421 | August 31, 20201: $348,910 |
| Putnam Retirement Advantage 2055 Fund | August 31, 2021: $267,993 | August 31, 20201: $347,700 |
| Putnam Retirement Advantage 2060 Fund | August 31, 2021: $266,700 | August 31, 20201: $346,291 |
| Putnam Retirement Advantage 2065 Fund | August 31, 20213: $264,997 | N/A |
| Putnam Retirement Advantage Maturity Fund | August 31, 2021: $291,200 | August 31, 20201: $348,979 |
| Putnam RetirementReady 2025 Fund | July 31, 2021: $317,428 | July 31, 2020: $353,196 |
| Putnam RetirementReady 2030 Fund | July 31, 2021: $319,851 | July 31, 2020: $355,959 |
| Putnam RetirementReady 2035 Fund | July 31, 2021: $316,396 | July 31, 2020: $352,300 |
| Putnam RetirementReady 2040 Fund | July 31, 2021: $317,534 | July 31, 2020: $353,484 |
| Putnam RetirementReady 2045 Fund | July 31, 2021: $313,640 | July 31, 2020: $349,324 |
| Putnam RetirementReady 2050 Fund | July 31, 2021: $312,714 | July 31, 2020: $348,900 |
| Putnam RetirementReady 2055 Fund | July 31, 2021: $310,615 | July 31, 2020: $346,870 |
| Putnam RetirementReady 2060 Fund | July 31, 2021: $309,496 | July 31, 2020: $345,965 |
| Putnam RetirementReady 2065 Fund | July 31, 20214: $309,305 | N/A |
| Putnam RetirementReady Maturity Fund | July 31, 2021: $324,749 | July 31, 2020: $368,642 |
| Putnam Short Duration Bond Fund | October 31, 2021: $272,714 | October 31, 2020: $353,971 |
| Putnam Short Term Investment Fund | July 31, 2021: $313,194 | July 31, 2020: $349,736 |
| Putnam Short-Term Municipal Income Fund | November 30, 2021: $272,034 | November 30, 2020: $352,977 |
| Putnam Small Cap Growth Fund | June 30, 2021: $318,026 | June 30, 2020: $291,362 |
| Putnam Small Cap Value Fund | February 28, 2021: $619,076 | February 28, 2020: $4,910 |
| Putnam Strategic Intermediate Municipal Fund | July 31, 2021: $316,388 | July 31, 2020: $352,930 |
| Putnam Sustainable Future Fund | April 30, 2021: $314,682 | April 30, 2020: $4,910 |
| Putnam Sustainable Leaders Fund | June 30, 2021: $315,675 | June 30, 2020: $290,009 |
| Putnam Tax Exempt Income Fund | September 30, 2021: $272,056 | September 30, 2020: $352,999 |
| Putnam Tax-Free High Yield Fund | July 31, 2021: $318,190 | July 31, 2020: $354,732 |
| Putnam Ultra Short Duration Income Fund | July 31, 2021: $316,432 | July 31, 2020: $352,974 |
| Putnam VT Diversified Income Fund | December 31, 2021: $304,137 | December 31, 2020: $624,158 |
| Putnam VT Emerging Markets Equity Fund | December 31, 2021: $305,206 | December 31, 2020: $622,024 |
| Putnam VT Focused International Equity Fund | December 31, 2021: $304,134 | December 31, 2020: $622,128 |
| Putnam VT George Putnam Balanced Fund | December 31, 2021: $300,817 | December 31, 2020: $621,772 |
| Putnam VT Global Asset Allocation Fund | December 31, 2021: $303,473 | December 31, 2020: $622,692 |
| Putnam VT Global Health Care Fund | December 31, 2021: $298,734 | December 31, 2020: $617,509 |
| Putnam VT Government Money Market Fund | December 31, 2021: $296,493 | December 31, 2020: $616,767 |
| Putnam VT Growth Opportunities Fund | December 31, 2021: $297,607 | December 31, 2020: $618,385 |
| Putnam VT High Yield Fund | December 31, 2021: $300,772 | December 31, 2020: $620,188 |
| Putnam VT Income Fund | December 31, 2021: $301,493 | December 31, 2020: $620,767 |
| Putnam VT International Equity Fund | December 31, 2021: $302,287 | December 31, 2020: $620,848 |
Putnam VT International Value Fund | December 31, 2021: $300,997 | December 31, 2020: $620,101 |
| Putnam VT Large Cap Value Fund | December 31, 2021: $296,747 | December 31, 2020: $617,021 |
| Putnam VT Mortgage Securities Fund | December 31, 2021: $301,493 | December 31, 2020: $620,767 |
| Putnam VT Multi-Asset Absolute Return Fund | December 31, 2021: $302,990 | December 31, 2020: $622,780 |
| Putnam VT Multi-Cap Core Fund | December 31, 2021: $299,232 | December 31, 2020: $618,007 |
| Putnam VT Research Fund | December 31, 2021: $297,463 | December 31, 2020: $618,182 |
| Putnam VT Small Cap Growth fund | December 31, 2021: $298,247 | December 31, 2020: $617,021 |
| Putnam VT Small Cap Value Fund | December 31, 2021: $297,532 | December 31, 2020: $617,806 |
| Putnam VT Sustainable Future Fund | December 31, 2021: $297,607 | December 31, 2020: $617,881 |
| Putnam VT Sustainable Leaders Fund | December 31, 2021: $297,069 | December 31, 2020: $617,343 |
1 The amounts shown represent fees for the period December 31, 2019 (the fund’s commencement of operations) to the fiscal period ended August 31, 2020.
2 Effective October 31, 2021, the fund changed its fiscal year end from November 30th to October 31st. The amounts shown represent fees for the period December 1, 2020 to the fiscal year ended October 31, 2021.
3 The amounts shown represent fees for the period December 30, 2020 (the fund’s commencement of operations) to the fiscal period ended August 31, 2021.
4 The amounts shown represent fees for the period January 4, 2021 (the fund’s commencement of operations) to the fiscal period ended July 31, 2021.
Pre-Approval Policies of the Audit, Compliance and Risk Committee. The Audit, Compliance and Risk Committee has determined that, as a matter of policy, all work performed for the Managerfunds by the funds’ auditors will be pre-approved by the Committee itself and thus will generally not be subject to pre-approval procedures.
The Audit, Compliance and Risk Committee also has adopted a policy to pre-approve the engagement by Putnam Management and its affiliated companies of the funds’ auditors, even in circumstances where pre-approval is not required by applicable law. Any such requests by Putnam Management or its affiliates are typically submitted in writing to the Committee and explain, among other things, the nature of the proposed engagement, the estimated fees, and why the work should be performed by that particular audit firm as opposed to another one. In reviewing these requests, the Committee considers, among other things, whether the provision of such services by the audit firm is compatible with the independence of the audit firm.
Since the beginning of the two most recently completed fiscal years of each fund, all work performed by the auditors for the funds, Putnam Management and any personentity controlling, controlled by or under common control with the Manager may have an interest in the Fund. It is also understoodPutnam Management that the Manager and any person controlled by or under common control with the Manager may have advisory, management, service or other contracts with other organizations and persons and may have other interests and business.
3. COMPENSATION TO BE PAID BY THE FUND TO THE MANAGER.
The Fund will payprovides ongoing services to the Manager as compensation for the Manager’s services rendered, for the facilities furnished and for the expenses borne by the Manager pursuant to paragraphs (a), (b), and (c) of Section 1, a Base Fee, computed and paid monthly on the Average Net Assets of the Fund at the annual rates set forth on Schedule B attached to this Contract, as from time to time amended, subject to adjustment as set forth on Schedule C attached to this Contract, as from time to time amended. The Fund’s “Average Net Assets” means the average of all of the determinations of the Fund’s net asset value at the close of business on each business day during each period for which such computation is made. The Base Fee, as adjusted, is payable for each month within 15 days after the close of the month.
The fees payable by the Fund to the Manager pursuant to this Section 3 will be reduced by any commissions, fees, brokerage or similar payments received by the Manager or any affiliated person of the Managerfunds was approved in connection with the purchase and sale of portfolio investments of the Fund, less any direct expenses approved by the Trustees incurred by the Manager or any affiliated person of the Manager in connection with obtaining such payments.
In the event that expenses of the Fund for any fiscal year exceed the expense limitation on investment company expenses imposed by any statute or regulatory authority of any jurisdiction in which shares of the Fund are qualified for offer or sale, the compensation due the Manager for such fiscal year will be reduced by the amount of excess by a reduction or refund thereof. In the event that the expenses of the Fund exceed any expense limitation which the Manager may, by written notice to the Fund, voluntarily declare to be effective subject to such terms and conditions as the Manager may prescribe in such notice, the compensation due the Manager will be reduced, and if necessary, the Manager will assume expenses of the Fund, to the extent required by the terms and conditions of such expense limitation.
advance by the Committee or a member of the Committee pursuant to the pre-approval policies discussed above.
The following table presents fees billed to each indicated fund in each of its last two fiscal years by the fund’s auditors for services required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X:
| Putnam California Tax Exempt Income Fund | September 30, 2021: $264,899 | September 30, 2020: $345,842 |
A-3Putnam Convertible Securities Fund | October 31, 2021: $264,899 | October 31, 2020: $345,842 |
| Putnam Diversified Income Trust | September 30, 2021: $264,899 | September 30, 2020: $345,842 |
| Putnam Dynamic Asset Allocation Balanced Fund | September 30, 2021: $264,899 | September 30, 2020: $345,842 |
| Putnam Dynamic Asset Allocation Conservative Fund | September 30, 2021: $264,899 | September 30, 2020: $345,842 |
| Putnam Dynamic Asset Allocation Equity Fund | May 31, 2021: $309,300 | May 31, 2020: $283,716 |
| Putnam Dynamic Asset Allocation Growth Fund | September 30, 2021: $264,899 | September 30, 2020: $345,842 |
| Putnam Dynamic Risk Allocation Fund | May 31, 2021: $309,300 | May 31, 2020: $0 |
| Putnam Emerging Markets Equity Fund | August 31, 2021: $264,899 | August 31, 2020: $345,842 |
| Putnam Fixed Income Absolute Return Fund | October 31, 2021: $264,899 | October 31, 2020: $345,842 |
| Putnam Floating Rate Income Fund | February 28, 2021: $613,694 | February 28, 2020: $0 |
| Putnam Focused Equity Fund | August 31, 2021: $264,899 | August 31, 2020: $345,842 |
| Putnam Focused International Equity Fund | October 31, 2021: $264,899 | October 31, 2020: $345,842 |
| George Putnam Balanced Fund | July 31, 2021: $309,300 | July 31, 2020: $345,842 |
| Putnam Global Health Care Fund | August 31, 2021: $264,899 | August 31, 2020: $345,842 |
| Putnam Global Income Trust | October 31, 2021: $264,899 | October 31, 2020: $345,842 |
| Putnam Global Technology Fund | August 31, 2021: $264,899 | August 31, 2020: $345,842 |
| Putnam Government Money Market Fund | September 30, 2021: $264,899 | September 30, 2020: $345,842 |
| Putnam Growth Opportunities Fund | July 31, 2021: $309,300 | July 31, 2020: $345,842 |
| Putnam High Yield Fund | November 30, 2021: $264,899 | November 30, 2020: $345,842 |
| Putnam Income Fund | October 31, 2021: $264,899 | October 31, 2020: $345,842 |
| Putnam Income Strategies Portfolio | August 31, 2021: $264,899 | August 31, 20201: $345,842 |
| Putnam Intermediate-Term Municipal Income Fund | November 30, 2021: $264,899 | November 30, 2020: $345,842 |
| Putnam International Capital Opportunities Fund | August 31, 2021: $264,899 | August 31, 2020: $345,842 |
| Putnam International Equity Fund | June 30, 2021: $309,300 | June 30, 2020: $283,716 |
| Putnam International Value Fund | June 30, 2021: $309,300 | June 30, 2020: $283,716 |
| Putnam Large Cap Value Fund | October 31, 20212: $264,899 | November 30, 2020: $345,842 |
| Putnam Massachusetts Tax Exempt Income Fund | May 31, 2021: $309,300 | May 31, 2020: $283,716 |
| Putnam Minnesota Tax Exempt Income Fund | May 31, 2021: $309,300 | May 31, 2020: $283,716 |
| Putnam Money Market Fund | September 30, 2021: $264,899 | September 30, 2020: $345,842 |
| Putnam Mortgage Opportunities Fund | May 31, 2021: $309,300 | May 30, 2020: $283,716 |
| Putnam Mortgage Securities Fund | September 30, 2021: $264,899 | September 30, 2020: $345,842 |
| Putnam Multi-Asset Absolute Return Fund | October 31, 2021: $264,899 | October 31, 2020: $345,842 |
| Putnam Multi-Cap Core Fund | April 30, 2021: $309,300 | April 30, 2020: $0 |
| Putnam New Jersey Tax Exempt Income Fund | May 31, 2021: $309,300 | May 31, 2020: $283,716 |
| Putnam New York Tax Exempt Income Fund | November 30, 2021: $264,899 | November 30, 2020: $345,842 |
| Putnam Ohio Tax Exempt Income Fund | May 31, 2021: $309,300 | May 31, 2020: $283,716 |
| Putnam PanAgora Risk Parity Fund | August 31, 2021: $264,899 | August 30, 2020: $345,842 |
| Putnam Pennsylvania Tax Exempt Income Fund | May 31, 2021: $309,300 | May 31, 2020: $283,716 |
| Putnam Research Fund | July 31, 2021: $309,300 | July 31, 2020: $345,842 |
| Putnam Retirement Advantage 2025 Fund | August 31, 2021: $264,899 | August 31, 20201: $345,842 |
| Putnam Retirement Advantage 2030 Fund | August 31, 2021: $264,899 | August 31, 20201: $345,842 |
| Putnam Retirement Advantage 2035 Fund | August 31, 2021: $264,899 | August 31, 20201: $345,842 |
| Putnam Retirement Advantage 2040 Fund | August 31, 2021: $264,899 | August 31, 20201: $345,842 |
| Putnam Retirement Advantage 2045 Fund | August 31, 2021: $264,899 | August 31, 20201: $345,842 |
| Putnam Retirement Advantage 2050 Fund | August 31, 2021: $264,899 | August 31, 20201: $345,842 |
| Putnam Retirement Advantage 2055 Fund | August 31, 2021: $264,899 | August 31, 20201: $345,842 |
| Putnam Retirement Advantage 2060 Fund | August 31, 2021: $264,899 | August 31, 20201: $345,842 |
| Putnam Retirement Advantage 2065 Fund | August 31, 20213: $264,899 | N/A |
| Putnam Retirement Advantage Maturity Fund | August 31, 2021: $264,899 | August 31, 20201: $345,842 |
| Putnam RetirementReady 2025 Fund | July 31, 2021: $309,300 | July 31, 2020: $345,842 |
| Putnam RetirementReady 2030 Fund | July 31, 2021: $309,300 | July 31, 2020: $345,842 |
| Putnam RetirementReady 2035 Fund | July 31, 2021: $309,300 | July 31, 2020: $345,842 |
| Putnam RetirementReady 2040 Fund | July 31, 2021: $309,300 | July 31, 2020: $345,842 |
| Putnam RetirementReady 2045 Fund | July 31, 2021: $309,300 | July 31, 2020: $345,842 |
| Putnam RetirementReady 2050 Fund | July 31, 2021: $309,300 | July 31, 2020: $345,842 |
| Putnam RetirementReady 2055 Fund | July 31, 2021: $309,300 | July 31, 2020: $345,842 |
| Putnam RetirementReady 2060 Fund | July 31, 2021: $309,300 | July 31, 2020: $345,842 |
| Putnam RetirementReady 2065 Fund | July 31, 20214: $309,300 | N/A |
| Putnam RetirementReady Maturity Fund | July 31, 2021: $309,300 | July 31, 2020: $345,842 |
| Putnam Short Duration Bond Fund | October 31, 2021: $264,899 | October 31, 2020: $345,842 |
| Putnam Short Term Investment Fund | July 31, 2021: $309,300 | July 31, 2020: $345,842 |
| Putnam Short-Term Municipal Income Fund | November 30, 2021: $264,899 | November 30, 2020: $345,842 |
| Putnam Small Cap Growth Fund | June 30, 2021: $309,300 | June 30, 2020: $283,716 |
| Putnam Small Cap Value Fund | February 28, 2021: $613,694 | February 28, 2020: $0 |
| Putnam Strategic Intermediate Municipal Fund | July 31, 2021: $309,300 | July 31, 2020: $345,842 |
| Putnam Sustainable Future Fund | April 30, 2021: $309,300 | April 30, 2020: $0 |
| Putnam Sustainable Leaders Fund | June 30, 2021: $309,300 | June 30, 2020: $283,716 |
| Putnam Tax Exempt Income Fund | September 30, 2021: $264,899 | September 30, 2020: $345,842 |
| Putnam Tax-Free High Yield Fund | July 31, 2021: $309,300 | July 31, 2020: $345,842 |
If
| Putnam Ultra Short Duration Income Fund | July 31, 2021: $309,300 | July 31, 2020: $345,842 |
| Putnam VT Diversified Income Fund | December 31, 2021: $293,420 | December 31, 2020: $613,694 |
| Putnam VT Emerging Markets Equity Fund | December 31, 2021: $293,420 | December 31, 2020: $613,694 |
| Putnam VT Focused International Equity Fund | December 31, 2021: $293,420 | December 31, 2020: $613,694 |
| Putnam VT George Putnam Balanced Fund | December 31, 2021: $293,420 | December 31, 2020: $613,694 |
| Putnam VT Global Asset Allocation Fund | December 31, 2021: $293,420 | December 31, 2020: $613,694 |
| Putnam VT Global Health Care Fund | December 31, 2021: $293,420 | December 31, 2020: $613,694 |
| Putnam VT Government Money Market Fund | December 31, 2021: $293,420 | December 31, 2020: $613,694 |
| Putnam VT Growth Opportunities Fund | December 31, 2021: $293,420 | December 31, 2020: $613,694 |
| Putnam VT High Yield Fund | December 31, 2021: $293,420 | December 31, 2020: $613,694 |
| Putnam VT Income Fund | December 31, 2021: $293,420 | December 31, 2020: $613,694 |
| Putnam VT International Equity Fund | December 31, 2021: $293,420 | December 31, 2020: $613,694 |
| Putnam VT International Value Fund | December 31, 2021: $293,420 | December 31, 2020: $613,694 |
| Putnam VT Large Cap Value Fund | December 31, 2021: $293,420 | December 31, 2020: $613,694 |
| Putnam VT Mortgage Securities Fund | December 31, 2021: $293,420 | December 31, 2020: $613,694 |
| Putnam VT Multi-Asset Absolute Return Fund | December 31, 2021: $293,420 | December 31, 2020: $613,694 |
| Putnam VT Multi-Cap Core Fund | December 31, 2021: $293,420 | December 31, 2020: $613,694 |
| Putnam VT Research Fund | December 31, 2021: $293,420 | December 31, 2020: $613,694 |
| Putnam VT Small Cap Growth Fund | December 31, 2021: $293,420 | December 31, 2020: $613,694 |
| Putnam VT Small Cap Value Fund | December 31, 2021: $293,420 | December 31, 2020: $613,694 |
| Putnam VT Sustainable Future Fund | December 31, 2021: $293,420 | December 31, 2020: $613,694 |
| Putnam VT Sustainable Leaders Fund | December 31, 2021: $293,420 | December 31, 2020: $613,694 |
2 The amounts shown represent fees for the Manager servesperiod December 31, 2019 (the fund’s commencement of operations) to the fiscal period ended August 31, 2020.
3 Effective October 31, 2021, the fund changed its fiscal year end from November 30th to October 31st. The amounts shown represent fees for less than the wholeperiod December 1, 2020 to the fiscal year ended October 31, 2021.
4 The amounts shown represent fees for the period December 30, 2020 (the fund’s commencement of a month,operations) to the foregoing compensation will be prorated.fiscal period ended August 31, 2021.
4. ASSIGNMENT TERMINATES THIS CONTRACT; AMENDMENTS OF THIS CONTRACT.5 The amounts shown represent fees for the period January 4, 2021 (the fund’s commencement of operations) to the fiscal period ended July 31, 2021.
Appendix C — Dollar Range and Number of Shares Beneficially Owned
This Contract will automatically terminate, withoutThe tables below show the paymentnumber of any penalty,shares of each fund beneficially owned by each Trustee and nominee for Trustee, as well as the value of each Trustee’s and nominee’s holdings in each fund and across all funds, as of December 31, 2021. Where the eventnumber of its assignment, provided that no delegation of responsibilities by the Manager pursuant to Section 1(f) will be deemed to constitute an assignment. No provision of this Contract may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against which enforcementshares beneficially owned exceeds 1% percent of the change, waiver, discharge or terminationclass owned, the percentage is sought. No amendmentincluded in parentheses below. As of this Contract is effective until approved in a manner consistent with the 1940 Act, the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff.
5. EFFECTIVE PERIOD AND TERMINATION OF THIS CONTRACT.
This Contract is effective upon its execution and will remain in full force and effect as to a Fund continuously thereafter (unless terminated automatically as set forth in Section 4 or terminated in accordance with the following paragraph) through June 30,20142020, and will continue in effect from year to year thereafter so long as its continuance is approved at least annually by (i) the Trustees, or the shareholders by the affirmative vote of a majority of the outstanding shares of the respective Fund, and (ii) a majority of the Trustees who are not interested persons of the Fund or of the Manager, by vote cast in person at a meeting called for the purpose of voting on such approval.
Either party hereto may at any time terminate this Contract as to a Fund by not less than 60 days’ written notice delivered or mailed by registered mail, postage prepaid, to the other party. Action with respect to a Fund may be taken either (i) by vote of a majorityDecember 31, 2021, none of the Trustees or (ii) by the affirmative votenominees owned shares of a majorityany of the outstanding shares of the respectivefollowing funds: Putnam Income Strategies Portfolio, Putnam Retirement Advantage 2025 Fund, Putnam Retirement Advantage 2030 Fund, Putnam Retirement Advantage 2040 Fund, Putnam Retirement Advantage 2045 Fund, Putnam Retirement Advantage 2050 Fund, Putnam Retirement Advantage 2055 Fund, Putnam Retirement Advantage 2060 Fund, Putnam Retirement Advantage 2065 Fund, Putnam Retirement Advantage Maturity Fund, Putnam RetirementReady 2045 Fund, Putnam RetirementReady 2050 Fund, Putnam RetirementReady 2060 Fund, Putnam RetirementReady 2065 Fund, and Putnam Short Term Investment Fund.
Termination of this Contract pursuant to this Section 5 will be without the payment of any penalty.
6. CERTAIN DEFINITIONS.
For the purposes of this Contract, the “affirmative vote of a majority of the outstanding shares” of a Fund means the affirmative vote, at a duly called and held meeting of shareholders of the respective Fund, (a) of the holders of 67% or more of the shares of the Fund present (in person or by proxy) and entitled to vote at the meeting, if the holders of more than 50% of the outstanding shares of the Fund entitled to vote at the meeting are present in person or by proxy or (b) of the holders of more than 50% of the outstanding shares of the Fund entitled to vote at the meeting, whichever is less.
For the purposes of this Contract, the terms “affiliated person,” “control,” “interested person” and “assignment” have their respective meanings defined All references in the 1940 Act, subject, however,tables are to the rules and regulations under the 1940 Act and any applicable guidance orClass A shares unless otherwise indicated.
| Trustees/Nominees | Dollar Range of
Fund Shares Owned | Fund Shares
Beneficially Owned | Dollar Range of
Fund Shares Owned | Fund Shares
Beneficially Owned | Dollar Range of
Fund Shares Owned | Fund Shares
Beneficially Owned |
| | Putnam California Tax Exempt Income Fund | Putnam Convertible Securities Fund | Putnam Diversified Income Trust |
| Liaquat Ahamed | $1-$10,000 | 342.155 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 |
| Ravi Akhoury* | $1-$10,000 | 121.510 | $1-$10,000 | 250.212 | $1-$10,000 | 107.479 |
| Barbara M. Baumann | $1-$10,000 | 100.000 | $1-$10,000 | 237.159 | $50,001-$100,000 | 15,902.084 |
| Katinka Domotorffy | $1-$10,000 | 143.131 | $1-$10,000 | 219.990 | $1-$10,000 | 158.136 |
| Catharine Bond Hill | $1-$10,000 | 170.189 | $1-$10,000 | 173.543 | $1-$10,000 | 113.728 |
| Paul L. Joskow* | $1-$10,000 | 112.827 | Over $100,000 | 5,172.354 | Over $100,000 | 48,037.360 |
| Kenneth R. Leibler | $1-$10,000 | 114.716 | $1-$10,000 | 267.234 | $1-$10,000 | 495.975 |
| Jennifer Williams Murphy# | N/A | N/A | N/A | N/A | N/A | N/A |
| Marie Pillai# | N/A | N/A | N/A | N/A | N/A | N/A |
| George Putnam, III | $1-$10,000 | 158.457 | Over $100,000 | 29,611.405 | $50,001-$100,000 | 14,264.308 |
| Robert L. Reynolds† | $1-$10,000 | 171.962 | $1-$10,000 | 250.212 | Over $100,000 | 131,989.602 |
| Manoj P. Singh | $1-$10,000 | 190.517 | $1-$10,000 | 154.281 | $1-$10,000 | 112.367 |
| Mona K. Sutphen | $10,001-$50,000 | 2,776.830 | $1-$10,000 | 38.577 | $1-$10,000 | 156.568 |
| Trustees/Nominees | | | | | | |
| and Officers as a group | $10,001-$50,000 | 4,402.294 | Over $100,000 | 36,474.967 | Over $100,000 | 211,437.607 |
interpretation of the Securities and Exchange Commission or its staff; the term “approve at least annually” will be construed in a manner consistent with the 1940 Act and the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff; and the term “brokerage and research services” has the meaning given in the Securities Exchange Act of 1934 and the rules and regulations under the Securities Exchange Act of 1934 and under any applicable guidance or interpretation of the Securities and Exchange Commission or its staff.
| Trustees/Nominees | Dollar Range of
Fund Shares Owned | Fund Shares
Beneficially Owned | Dollar Range of
Fund Shares Owned | Fund Shares
Beneficially Owned | Dollar Range of
Fund Shares Owned | Fund Shares
Beneficially Owned |
| | Putnam Dynamic Asset
Allocation Balanced Fund | Putnam Dynamic Asset
Allocation Conservative Fund | Putnam Dynamic Asset
Allocation Equity Fund |
| Liaquat Ahamed | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | N/A | N/A |
| Ravi Akhoury* | $1-$10,000 | 186.369 | $1-$10,000 | 167.990 | $1-$10,000 | 368.535 |
| Barbara M. Baumann | $10,001-$50,000 | 2,373.470 | $1-$10,000 | 155.535 | N/A | N/A |
| Katinka Domotorffy | $1-$10,000 | 162.019 | $1-$10,000 | 147.298 | N/A | N/A |
| Catharine Bond Hill | $1-$10,000 | 125.656 | $1-$10,000 | 115.250 | N/A | N/A |
| Paul L. Joskow* | Over $100,000 | 76,359.923 | $1-$10,000 | 387.325 | N/A | N/A |
| Kenneth R. Leibler | $1-$10,000 | 200.336 | $1-$10,000 | 182.804 | N/A | N/A |
| Jennifer Williams Murphy# | N/A | N/A | N/A | N/A | N/A | N/A |
| Marie Pillai# | N/A | N/A | N/A | N/A | N/A | N/A |
| George Putnam, III | $50,001-$100,000 | 5,891.161 | $50,001-$100,000 | 8,232.221 | N/A | N/A |
| Robert L. Reynolds† | $1-$10,000 | 186.369 | $1-$10,000 | 169.428 | $1-$10,000 | 368.535 |
| Manoj P. Singh | $1-$10,000 | 117.093 | $1-$10,000 | 111.504 | N/A | N/A |
| Mona K. Sutphen | $1-$10,000 | 61.362 | $1-$10,000 | 86.472 | N/A | N/A |
| Trustees/Nominees | | | | | | |
| and Officers as a group | Over $100,000 | 85,763.758 | Over $100,000 | 9,855.827 | $10,001-$50,000 | 737.07 |
7. NON-LIABILITY OF MANAGER.
| Trustees/Nominees | Dollar Range of
Fund Shares Owned | Fund Shares
Beneficially Owned | Dollar Range of
Fund Shares Owned | Fund Shares
Beneficially Owned | Dollar Range of
Fund Shares Owned | Fund Shares
Beneficially Owned |
| | Putnam Dynamic Asset Allocation Growth Fund | Putnam Dynamic Risk Allocation Fund | Putnam Emerging Markets Equity Fund |
| Liaquat Ahamed | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $10,001-$50,000 | 2,169.660 |
| Ravi Akhoury* | $1-$10,000 | 200.757 | $1-$10,000 | 205.163 | $1-$10,000 | 347.800 |
| Barbara M. Baumann | $10,001-$50,000 | 2,340.480 | $1-$10,000 | 1,013.534 | $1-$10,000 | 336.826 |
| Katinka Domotorffy | $10,001-$50,000 | 1,819.733 | $50,001-$100,000 | 11,523.329 | $1-$10,000 | 305.024 |
| Catharine Bond Hill | $1-$10,000 | 130.495 | $1-$10,000 | 169.135 | $1-$10,000 | 295.038 |
| Paul L. Joskow* | $10,001-$50,000 | 627.587 | $1-$10,000 | 312.111 | $1-$10,000 | 229.307 |
| Kenneth R. Leibler | $1-$10,000 | 215.988 | $1-$10,000 | 202.458 | $1-$10,000 | 351.481 |
| Jennifer Williams Murphy# | N/A | N/A | N/A | N/A | N/A | N/A |
| Marie Pillai# | N/A | N/A | N/A | N/A | N/A | N/A |
| George Putnam, III | Over $100,000 | 35,120.207 | $50,001-$100,000 | 8,266.797 | Over $100,000 | 31,553.169 |
| Robert L. Reynolds† | $1-$10,000 | 200.757 | $1-$10,000 | 1,081.153 | Over $100,000 | 45,523.469 |
| Manoj P. Singh | $1-$10,000 | 118.104 | $1-$10,000 | 166.000 | $1-$10,000 | 292.648 |
| Mona K. Sutphen | $1-$10,000 | 53.721 | $1-$10,000 | 142.0210 | $1-$10,000 | 241.701 |
| Trustees/Nominees | | | | | | |
| and Officers as a group | Over $100,000 | 40,927.829 | Over $100,000 | 23,181.702 | Over $100,000 | 81,646.1230 |
In the absence of willful misfeasance, bad faith or gross negligence on the part of the Manager, or reckless disregard of its obligations and duties hereunder, the Manager shall not be subject to any liability to the Fund or to any shareholder of the Fund for any act or omission in the course of, or connected with, rendering services hereunder.
8. LIMITATION OF LIABILITY OF THE TRUSTEES, OFFICERS, AND SHAREHOLDERS.
A copy of the Agreement and Declaration of Trust of the Fund is on file with the Secretary of The Commonwealth of Massachusetts, and notice is hereby given that this instrument is executed on behalf of the Trustees of the Fund as Trustees and not individually and that the obligations of or arising out of this instrument are not binding upon any of the Trustees, officers or shareholders individually but are binding only upon the assets and property of the respective Fund.
[The remainder of this page intentionally left blank.] |
| Trustees/Nominees | Dollar Range of
Fund Shares Owned | Fund Shares
Beneficially Owned | Dollar Range of
Fund Shares Owned | Fund Shares
Beneficially Owned | Dollar Range of
Fund Shares Owned | Fund Shares
Beneficially Owned |
| | Putnam Fixed Income Absolute Return Fund | Putnam Floating Rate Income Fund | Putnam Focused Equity Fund |
| Liaquat Ahamed | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $10,001-$50,000 | 414.965 |
| Ravi Akhoury* | $1-$10,000 | 154.800 | $1-$10,000 | 172.751 | $10,001-$50,000 | 623.472 |
| Barbara M. Baumann | $50,001-$100,000 | 9,308.417 | $1-$10,000 | 162.009 | Over $100,000 | 5,059.102 |
| Katinka Domotorffy | $1-$10,000 | 144.719 | $1-$10,000 | 144.006 | $10,001-$50,000 | 655.144 |
| Catharine Bond Hill | $1-$10,000 | 114.980 | $1-$10,000 | 112.067 | $10,001-$50,000 | 513.868 |
| Paul L. Joskow* | $1-$10,000 | 249.543 | $1-$10,000 | 388.568 | $1-$10,000 | 181.632 |
| Kenneth R. Leibler | $1-$10,000 | 154.800 | $1-$10,000 | 199.589 | $10,001-$50,000 | 804.167 |
| Jennifer Williams Murphy# | N/A | N/A | N/A | N/A | N/A | N/A |
| Marie Pillai# | N/A | N/A | N/A | N/A | N/A | N/A |
| George Putnam, III | $10,001-$50,000 | 1,543.374 | Over $100,000 | 14,672.843 | Over $100,000 | 49,508.530 |
| Robert L. Reynolds† | Over $100,000 | 36,057.652 | $1-$10,000 | 174.532 | Over $100,000 | 51,871.575 |
| Manoj P. Singh | $1-$10,000 | 112.779 | $1-$10,000 | 110.886 | $10,001-$50,000 | 425.757 |
| Mona K. Sutphen | $1-$10,000 | 109.980 | $1-$10,000 | 122.472 | $1-$10,000 | 35.455 |
| Trustees/Nominees | | | | | | |
| and Officers as a group | Over $100,000 | 48,051.044 | Over $100,000 | 16,359.723 | Over $100,000 | 110,093.667 |
| Trustees/Nominees | Dollar Range of
Fund Shares Owned | Fund Shares
Beneficially Owned | Dollar Range of
Fund Shares Owned | Fund Shares
Beneficially Owned | Dollar Range of
Fund Shares Owned | Fund Shares
Beneficially Owned |
| | Putnam Focused International Equity Fund | George Putnam Balanced Fund | Putnam Global Health Care Fund |
| Liaquat Ahamed | $1-$10,000 | 490.301 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 |
| Ravi Akhoury* | $10,001-$50,000 | 1,086.981 | $1-$10,000 | 155.922 | $10,001-$50,000 | 159.469 |
| Barbara M. Baumann | $50,001-$100,000 | 4,685.999 | Over $100,000 | 4,302.348 | $10,001-$50,000 | 297.891 |
| Katinka Domotorffy | $50,001-$100,000 | 5,381.921 | $1-$10,000 | 145.029 | Over $100,000 | 2,230.902 |
| Catharine Bond Hill | $10,001-$50,000 | 651.808 | $1-$10,000 | 200.755 | $1-$10,000 | 136.969 |
| Paul L. Joskow* | $10,001-$50,000 | 2,371.260 | Over $100,000 | 4,520.596 | Over $100,000 | 1,571.212 |
| Kenneth R. Leibler | $10,001-$50,000 | 1,204.407 | $1-$10,000 | 208.795 | $10,001-$50,000 | 422.198 |
| Jennifer Williams Murphy# | N/A | N/A | N/A | N/A | N/A | N/A |
| Marie Pillai# | N/A | N/A | N/A | N/A | N/A | N/A |
| George Putnam, III | Over $100,000 | 208,003.620 | Over $100,000 | 140,096.168 | Over $100,000 | 14,716.950 |
| Robert L. Reynolds† | Over $100,000 | 48,297.093 | $1-$10,000 | 158.327 | $10,001-$50,000 | 298.868 |
| Manoj P. Singh | $1-$10,000 | 134.805 | $1-$10,000 | 199.305 | $1-$10,000 | 107.432 |
| Mona K. Sutphen | $1-$10,000 | 61.229 | $1-$10,000 | 134.612 | $1-$10,000 | 15.780 |
| Trustees/Nominees | | | | | | |
| and Officers as a group | Over $100,000 | 272,369.424 | Over $100,000 | 150,221.857 | Over $100,000 | 20,057.671 |
IN WITNESS WHEREOF, PUTNAM SUSTAINABLE LEADERS FUND and PUTNAM INVESTMENT MANAGEMENT, LLC have each caused this instrument to be signed on its behalf by its President or a Vice President thereunto duly authorized, all as of the day and year first above written.
| Trustees/Nominees | Dollar Range of
Fund Shares Owned | Fund Shares
Beneficially Owned | Dollar Range of
Fund Shares Owned | Fund Shares
Beneficially Owned | Dollar Range of
Fund Shares Owned | Fund Shares
Beneficially Owned |
| | Putnam Global Income Trust Fund | Putnam Global Technology Fund | Putnam Government Money Market Fund |
| Liaquat Ahamed | $1-$10,000 | 100.000 | $1-$10,000 | 135.570 | $1-$10,000 | 100.030 |
| Ravi Akhoury* | $1-$10,000 | 171.527 | $10,001-$50,000 | 277.627 | $1-$10,000 | N/A |
| Barbara M. Baumann | $1-$10,000 | 144.775 | Over $100,000 | 5,700.592 | $1-$10,000 | 100.030 |
| Katinka Domotorffy | $1-$10,000 | 129.372 | Over $100,000 | 6,035.602 | $1-$10,000 | 100.030 |
| Catharine Bond Hill | $1-$10,000 | 106.657 | $50,001-$100,000 | 1,224.521 | $1-$10,000 | 101.820 |
| Paul L. Joskow* | $1-$10,000 | 301.879 | $10,001-$50,000 | 458.647 | $1-$10,000 | 1,706.030 |
| Kenneth R. Leibler | $1-$10,000 | 192.785 | $10,001-$50,000 | 319.136 | $1-$10,000 | 100.030 |
| Jennifer Williams Murphy# | N/A | N/A | N/A | N/A | N/A | N/A |
| Marie Pillai# | N/A | N/A | N/A | N/A | N/A | N/A |
| George Putnam, III | $50,001-$100,000 | 7,391.402 | Over $100,000 | 3,559.143 | $1-$10,000 | 500.280 |
| Robert L. Reynolds† | Over $100,000 | 68,124.454 | $10,001-$50,000 | 319.136 | $1-$10,000 | N/A |
| Manoj P. Singh | $1-$10,000 | 106.019 | $1-$10,000 | 141.646 | $1-$10,000 | 101.430 |
| Mona K. Sutphen | $1-$10,000 | 81.494 | $1-$10,000 | 68.255 | $1-$10,000 | 1,000.000 |
| Trustees/Nominees | | | | | | |
| and Officers as a group | Over $100,000 | 76,850.364 | Over $100,000 | 18,239.875 | $1-$10,000 | 3,809.680 |
| Trustees/Nominees | Dollar Range of
Fund Shares Owned | Fund Shares
Beneficially Owned | Dollar Range of
Fund Shares Owned | Fund Shares
Beneficially Owned | Dollar Range of
Fund Shares Owned | Fund Shares
Beneficially Owned |
| | Putnam Growth Opportunities Fund | Putnam High Yield Fund | Putnam Income Fund Fund |
| Liaquat Ahamed | $50,001-$100,000 | 1,239.996 | Over $100,000 | 79,282.884 | $1-$10,000 | 100.000 |
| Ravi Akhoury* | $10,001-$50,000 | 314.226 | $1-$10,000 | 467.790 | $1-$10,000 | 175.459 |
| Barbara M. Baumann | Over $100,000 | 9,130.801 | $1-$10,000 | 415.604 | $1-$10,000 | 156.605 |
| Katinka Domotorffy | Over $100,000 | 2,147.340 | $1-$10,000 | 355.328 | $1-$10,000 | 143.737 |
| Catharine Bond Hill | Over $100,000 | 2,196.735 | $1-$10,000 | 115.386 | $1-$10,000 | 115.547 |
| Paul L. Joskow* | Over $100,000 | 2,330.608 | $1-$10,000 | 925.257 | Over $100,000 | 37,551.284 |
| Kenneth R. Leibler | $10,001-$50,000 | 333.545 | $1-$10,000 | 564.051 | $1-$10,000 | 203.860 |
| Jennifer Williams Murphy# | N/A | N/A | N/A | N/A | N/A | N/A |
| Marie Pillai# | N/A | N/A | N/A | N/A | N/A | N/A |
| George Putnam, III | Over $100,000 | 88,089.478 | Over $100,000 | 20,033.307 | Over $100,000 | 15,587.011 |
| Robert L. Reynolds† | Over $100,000 | 98,667.845 | Over $100,000 | 82,457.803 | Over $100,000 | 1,869,261.208 |
| Manoj P. Singh | $1-$10,000 | 116.558 | $1-$10,000 | 113.928 | $1-$10,000 | 114.496 |
| Mona K. Sutphen | $1-$10,000 | 17.318 | $1-$10,000 | 160.040 | $1-$10,000 | 143.199 |
| Trustees/Nominees | | | | | | |
| and Officers as a group | Over $100,000 | 204,584.450 | Over $100,000 | 184,891.378 | Over $100,000 | 1,923,552.406 |
| PUTNAM SUSTAINABLE LEADERS FUND |
| By: |
| Jonathan S. Horwitz |
| Executive Vice President, Principal Executive Officer, and Compliance Liaison |
| |
| PUTNAM INVESTMENT MANAGEMENT, LLC |
| By: |
| James P. Pappas |
| Director of Trustee Relations and Authorized Person |
| Robert T. Burns |
| Vice President and Chief Legal Officer |
| Trustees/Nominees | Dollar Range of
Fund Shares Owned | Fund Shares
Beneficially Owned | Dollar Range of
Fund Shares Owned | Fund Shares
Beneficially Owned | Dollar Range of
Fund Shares Owned | Fund Shares
Beneficially Owned |
| | Putnam Intermediate-Term Municipal Income Fund | Putnam International Capital Opportunities Fund | Putnam International Equity Fund |
| Liaquat Ahamed | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 209.667 |
| Ravi Akhoury* | $1-$10,000 | 120.094 | $1-$10,000 | 159.138 | $1-$10,000 | 298.909 |
| Barbara M. Baumann | $1-$10,000 | 128.382 | $1-$10,000 | 158.525 | Over $100,000 | 7,209.626 |
| Katinka Domotorffy | $1-$10,000 | 120.089 | $1-$10,000 | 150.322 | $1-$10,000 | 288.003 |
| Catharine Bond Hill | $1-$10,000 | 109.434 | $1-$10,000 | 133.264 | $1-$10,000 | 264.874 |
| Paul L. Joskow* | $1-$10,000 | 179.434 | $10,001-$50,000 | 730.233 | Over $100,000 | 6,257.120 |
| Kenneth R. Leibler | $1-$10,000 | 168.715 | $1-$10,000 | 174.529 | $10,001-$50,000 | 406.172 |
| Jennifer Williams Murphy# | N/A | N/A | N/A | N/A | N/A | N/A |
| Marie Pillai# | N/A | N/A | N/A | N/A | N/A | N/A |
| George Putnam, III | $10,001-$50,000 | 1,423.585 | Over $100,000 | 2,945.130 | Over $100,000 | 10,461.877 |
| Robert L. Reynolds† | N/A | N/A | $1-$10,000 | 159.138 | Over $100,000 | 16,190.650 |
| Manoj P. Singh | $1-$10,000 | 108.896 | $1-$10,000 | 120.873 | $1-$10,000 | 119.757 |
| Mona K. Sutphen | $1-$10,000 | 188.503 | $1-$10,000 | 23.330 | $1-$10,000 | 117.560 |
| Trustees/Nominees | | | | | | |
| and Officers as a group | $10,001-$50,000 | 2,647.132 | Over $100,000 | 4,854.482 | Over $100,000 | 41,824.214 |
| Trustees/Nominees | Dollar Range of
Fund Shares Owned | Fund Shares
Beneficially Owned | Dollar Range of
Fund Shares Owned | Fund Shares
Beneficially Owned | Dollar Range of
Fund Shares Owned | Fund Shares
Beneficially Owned |
| | Putnam International Value Fund | Putnam Large Cap Value Fund | Putnam Massachusetts Tax Exempt Income Fund |
| Liaquat Ahamed | $10,001-$50,000 | 2,000.000 | $10,001-$50,000 | 1,105.242 | $1-$10,000 | 100.000 |
| Ravi Akhoury* | $1-$10,000 | 141.133 | $10,001-$50,000 | 330.470 | $1-$10,000 | 153.140 |
| Barbara M. Baumann | $1-$10,000 | 140.660 | Over $100,000 | 12,624.986 | $1-$10,000 | 143.990 |
| Katinka Domotorffy | $1-$10,000 | 129.546 | Over $100,000 | 4,370.880 | $1-$10,000 | 131.288 |
| Catharine Bond Hill | $1-$10,000 | 118.289 | $50,001-$100,000 | 2,491.458 | $1-$10,000 | 107.586 |
| Paul L. Joskow* | $1-$10,000 | 236.328 | Over $100,000 | 38,798.219 | $1-$10,000 | 260.817 |
| Kenneth R. Leibler | $1-$10,000 | 187.685 | $10,001-$50,000 | 998.204 | $1-$10,000 | 170.771 |
| Jennifer Williams Murphy# | N/A | N/A | N/A | N/A | N/A | N/A |
| Marie Pillai# | N/A | N/A | N/A | N/A | N/A | N/A |
| George Putnam, III | $50,001-$100,000 | 4,245.759 | Over $100,000 | 188,245.777 | Over $100,000 | 10,075.422 |
| Robert L. Reynolds† | $1-$10,000 | 141.133 | Over $100,000 | 124,157.500 | $1-$10,000 | 155.277 |
| Manoj P. Singh | $1-$10,000 | 112.982 | $1-$10,000 | 119.410 | $1-$10,000 | 106.797 |
| Mona K. Sutphen | $1-$10,000 | 248.599 | $1-$10,000 | 141.526 | $1-$10,000 | 100.737 |
| Trustees/Nominees | | | | | | |
| and Officers as a group | $50,001-$100,000 | 7,702.114 | Over $100,000 | 373,383.672 | Over $100,000 | 11,505.825 |
| Trustees/Nominees | Dollar Range of
Fund Shares Owned | Fund Shares
Beneficially Owned | Dollar Range of
Fund Shares Owned | Fund Shares
Beneficially Owned | Dollar Range of
Fund Shares Owned | Fund Shares
Beneficially Owned |
| | Putnam Minnesota Tax Exempt Income Fund | Putnam Money Market Fund | Putnam Mortgage Opportunities
Fund |
| Liaquat Ahamed | $1-$10,000 | 100.000 | Over $100,000 | 129,711.030 | Over $100,000 | 26,329.52 |
| Ravi Akhoury* | $1-$10,000 | 150.060 | $1-$10,000 | 132.030 | N/A | N/A |
| Barbara M. Baumann | $1-$10,000 | 141.861 | $1-$10,000 | 1,039.870 | $1-$10,000 | 109.874 |
| Katinka Domotorffy | $1-$10,000 | 130.726 | $10,001-$50,000 | 20,569.920 | $1-$10,000 | 109.874 |
| Catharine Bond Hill | $1-$10,000 | 107.712 | $1-$10,000 | 5,564.230 | $1-$10,000 | 109.49 |
| Paul L. Joskow* | $1-$10,000 | 265.149 | Over $100,000 | 510,609.780 | $1-$10,000 | 109.874 |
| Kenneth R. Leibler | $1-$10,000 | 164.960 | $1-$10,000 | 104.010 | $1-$10,000 | 109.874 |
| Jennifer Williams Murphy# | N/A | N/A | N/A | N/A | N/A | N/A |
| Marie Pillai# | N/A | N/A | N/A | N/A | N/A | N/A |
| George Putnam, III | $10,001-$50,000 | 2,110.662 | Over $100,000 | 801,277.930 | $10,001-$50,000 | 1,352.29 |
| Robert L. Reynolds† | $1-$10,000 | 151.173 | $50,001-$100,000 | 86,904.140 | N/A | 0 |
| Manoj P. Singh | $1-$10,000 | 106.998 | $1-$10,000 | 220.480 | $1-$10,000 | 109.874 |
| Mona K. Sutphen | $1-$10,000 | 105.346 | $1-$10,000 | 2,000.030 | $1-$10,000 | 112.733 |
| Trustees/Nominees | | | | | | |
| and Officers as a group | $10,001-$50,000 | 3,534.647 | Over $100,000 | 1,558,133.450 | Over $100,000 | 28,453.40 |
| Trustees/Nominees | Dollar Range of
Fund Shares Owned | Fund Shares
Beneficially Owned | Dollar Range of
Fund Shares Owned | Fund Shares
Beneficially Owned | Dollar Range of
Fund Shares Owned | Fund Shares
Beneficially Owned |
| | Putnam Mortgage Securities
Fund | Putnam Multi-Asset Absolute Return Fund | Putnam Multi-Cap Core Fund |
| Liaquat Ahamed | Over $100,000 | 19,957.76 | $1-$10,000 | 189.686 | $1-$10,000 | 227.379 |
| Ravi Akhoury* | $1-$10,000 | 300.288 | $1-$10,000 | 265.280 | $10,001-$50,000 | 290.855 |
| Barbara M. Baumann | $50,001-$100,000 | 8,103.40 | $1-$10,000 | 260.629 | Over $100,000 | 17,683.93 |
| Katinka Domotorffy | $1-$10,000 | 228.459 | $10,001-$50,000 | 2,658.009 | $10,001-$50,000 | 303.839 |
| Catharine Bond Hill | $1-$10,000 | 115.461 | $1-$10,000 | 105.897 | Over $100,000 | 3,675.95 |
| Paul L. Joskow* | $10,001-$50,000 | 1,753.21 | $1-$10,000 | 124.722 | Over $100,000 | 16,512.43 |
| Kenneth R. Leibler | $1-$10,000 | 274.921 | $1-$10,000 | 265.280 | $10,001-$50,000 | 540.571 |
| Jennifer Williams Murphy# | N/A | N/A | N/A | N/A | N/A | N/A |
| Marie Pillai# | N/A | N/A | N/A | N/A | N/A | N/A |
| George Putnam, III | $50,001-$100,000 | 8,421.25 | $10,001-$50,000 | 2,401.825 | Over $100,000 | 11,487.83 |
| Robert L. Reynolds† | $1-$10,000 | 302.629 | Over $100,000 | 41,781.855 | $10,001-$50,000 | 316.36 |
| Manoj P. Singh | $1-$10,000 | 114.007 | $1-$10,000 | 102.064 | $1-$10,000 | 117.828 |
| Mona K. Sutphen | $1-$10,000 | 86.124 | $1-$10,000 | 97.855 | $1-$10,000 | 29.986 |
| Trustees/Nominees | | | | | | |
| and Officers as a group | Over $100,000 | 39,657.51 | Over $100,000 | 48,253.102 | Over $100,000 | 51,186.95 |
Not applicable.
| Trustees/Nominees | Dollar Range of
Fund Shares Owned | Fund Shares
Beneficially Owned | Dollar Range of
Fund Shares Owned | Fund Shares
Beneficially Owned | Dollar Range of
Fund Shares Owned | Fund Shares
Beneficially Owned |
| | Putnam New Jersey Tax Exempt Income Fund | Putnam New York Tax Exempt Income Fund | Putnam Ohio Tax Exempt Income Fund |
| Liaquat Ahamed | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 |
| Ravi Akhoury* | $1-$10,000 | 156.576 | $1-$10,000 | 156.67 | $1-$10,000 | 153.362 |
| Barbara M. Baumann | $1-$10,000 | 147.559 | $1-$10,000 | 147.09 | $1-$10,000 | 144.362 |
| Katinka Domotorffy | $1-$10,000 | 134.911 | $1-$10,000 | 133.921 | $1-$10,000 | 132.404 |
| Catharine Bond Hill | $1-$10,000 | 109.099 | $1-$10,000 | 108.446 | $1-$10,000 | 108.920 |
| Paul L. Joskow* | $1-$10,000 | 271.323 | $1-$10,000 | 518.871 | $1-$10,000 | 271.653 |
| Kenneth R. Leibler | $1-$10,000 | 172.985 | $1-$10,000 | 332.208 | $1-$10,000 | 169.353 |
| Jennifer Williams Murphy# | N/A | N/A | N/A | N/A | N/A | N/A |
| Marie Pillai# | N/A | N/A | N/A | N/A | N/A | N/A |
| George Putnam, III | $10,001-$50,000 | 2,132.783 | $10,001-$50,000 | 4,509.57 | $10,001-$50,000 | 2,139.350 |
| Robert L. Reynolds† | $1-$10,000 | 157.931 | $1-$10,000 | 158.009 | $1-$10,000 | 154.739 |
| Manoj P. Singh | $1-$10,000 | 108.178 | $1-$10,000 | 107.681 | $1-$10,000 | 108.221 |
| Mona K. Sutphen | $1-$10,000 | 104.722 | $1-$10,000 | 113.772 | $1-$10,000 | 109.013 |
| Trustees/Nominees | | | | | | |
| and Officers as a group | $10,001-$50,000 | 3,596.067 | $50,001-$100,000 | 6,386.24 | $10,001-$50,000 | 3,591.3770 |
| Trustees/Nominees | Dollar Range of
Fund Shares Owned | Fund Shares
Beneficially Owned | Dollar Range of
Fund Shares Owned | Fund Shares
Beneficially Owned | Dollar Range of
Fund Shares Owned | Fund Shares
Beneficially Owned |
| | Putnam PanAgora Risk Parity Fund | Putnam Pennsylvania Tax Exempt Income Fund | Putnam Research Fund |
| Liaquat Ahamed | $1-$10,000 | 118.917 | $1-$10,000 | 100.000 | $10,001-$50,000 | 243.767 |
| Ravi Akhoury* | N/A | N/A | $1-$10,000 | 154.246 | $1-$10,000 | 149.424 |
| Barbara M. Baumann | Over $100,000 | 112,337.559 | $1-$10,000 | 145.273 | $1-$10,000 | 148.184 |
| Katinka Domotorffy | $1-$10,000 | 118.917 | $1-$10,000 | 132.968 | $50,001-$100,000 | 1,170.044 |
| Catharine Bond Hill | $1-$10,000 | 138.518 | $1-$10,000 | 108.235 | $1-$10,000 | 118.977 |
| Paul L. Joskow* | $1-$10,000 | 139.505 | $1-$10,000 | 275.154 | Over $100,000 | 8,291.726 |
| Kenneth R. Leibler | $1-$10,000 | 139.505 | $1-$10,000 | 169.949 | $1-$10,000 | 151.696 |
| Jennifer Williams Murphy# | N/A | N/A | N/A | N/A | N/A | N/A |
| Marie Pillai# | N/A | N/A | N/A | N/A | N/A | N/A |
| George Putnam, III | $10,001-$50,000 | 1,649.309 | $10,001-$50,000 | 2,141.79 | Over $100,000 | 2,656.721 |
| Robert L. Reynolds† | N/A | N/A | $1-$10,000 | 155.616 | Over $100,000 | 6,811.675 |
| Manoj P. Singh | $1-$10,000 | 137.124 | $1-$10,000 | 107.423 | $1-$10,000 | 118.977 |
| Mona K. Sutphen | $1-$10,000 | 106.310 | $1-$10,000 | 105.311 | $1-$10,000 | 45.226 |
| Trustees/Nominees | | | | | | |
| and Officers as a group | Over $100,000 | 114,885.664 | $10,001-$50,000 | 3,595.97 | Over $100,000 | 19,906.417 |
| Trustees/Nominees | Dollar Range of
Fund Shares Owned | Fund Shares
Beneficially Owned | Dollar Range of
Fund Shares Owned | Fund Shares
Beneficially Owned | Dollar Range of
Fund Shares Owned | Fund Shares
Beneficially Owned |
| | Putnam Retirement Advantage 2035 Fund | Putnam RetirementReady 2025 Fund | Putnam RetirementReady 2030 Fund |
| Liaquat Ahamed | N/A | N/A | $1-$10,000 | 100.000 | N/A | N/A |
| Ravi Akhoury* | N/A | N/A | N/A | N/A | N/A | N/A |
| Barbara M. Baumann | N/A | N/A | N/A | N/A | $1-$10,000 | 127.521 |
| Katinka Domotorffy | N/A | N/A | N/A | N/A | N/A | N/A |
| Catharine Bond Hill | N/A | N/A | N/A | N/A | N/A | N/A |
| Paul L. Joskow* | N/A | N/A | $1-$10,000 | 117.914 | N/A | N/A |
| Kenneth R. Leibler | N/A | N/A | N/A | N/A | N/A | N/A |
| Jennifer Williams Murphy# | N/A | N/A | N/A | N/A | N/A | N/A |
| Marie Pillai# | N/A | N/A | N/A | N/A | N/A | N/A |
| George Putnam, III | N/A | N/A | $10,001-$50,000 | 2,104.049 | N/A | N/A |
| Robert L. Reynolds† | N/A | N/A | N/A | N/A | N/A | N/A |
| Manoj P. Singh | N/A | N/A | N/A | N/A | N/A | N/A |
| Mona K. Sutphen | $1-$10,000 | 95.9960 | N/A | N/A | N/A | N/A |
| Trustees/Nominees | | | | | | |
| and Officers as a group | $1-$10,000 | 95.9960 | $10,001-$50,000 | 2,321.963 | $1-$10,000 | 127.521 |
| Trustees/Nominees | Dollar Range of
Fund Shares Owned | Fund Shares
Beneficially Owned | Dollar Range of
Fund Shares Owned | Fund Shares
Beneficially Owned | Dollar Range of
Fund Shares Owned | Fund Shares
Beneficially Owned |
| | Putnam RetirementReady 2035 Fund | Putnam Retirement Advantage 2040 Fund | Putnam RetirementReady 2055 Fund |
| Liaquat Ahamed | N/A | N/A | N/A | N/A | N/A | N/A |
| Ravi Akhoury* | N/A | N/A | N/A | N/A | N/A | N/A |
| Barbara M. Baumann | N/A | N/A | N/A | N/A | N/A | N/A |
| Katinka Domotorffy | N/A | N/A | N/A | N/A | N/A | N/A |
| Catharine Bond Hill | N/A | N/A | N/A | N/A | N/A | N/A |
| Paul L. Joskow* | N/A | N/A | N/A | N/A | N/A | N/A |
| Kenneth R. Leibler | N/A | N/A | N/A | N/A | N/A | N/A |
| Jennifer Williams Murphy# | N/A | N/A | N/A | N/A | N/A | N/A |
| Marie Pillai# | N/A | N/A | N/A | N/A | N/A | N/A |
| George Putnam, III | N/A | N/A | N/A | N/A | $10,001-$50,000 | 826.355 |
| Robert L. Reynolds† | N/A | N/A | $10,001-$50,000 | 459.796 | N/A | N/A |
| Manoj P. Singh | N/A | N/A | N/A | N/A | N/A | N/A |
| Mona K. Sutphen | $1-$10,000 | 37.254 | N/A | N/A | N/A | N/A |
| Trustees/Nominees | | | | | | |
| and Officers as a group | $1-$10,000 | 37.254 | $10,001-$50,000 | 459.796 | $10,001-$50,000 | 826.355 |
Base Fee:
| Trustees/Nominees | Dollar Range of
Fund Shares Owned | Fund Shares
Beneficially Owned | Dollar Range of
Fund Shares Owned | Fund Shares
Beneficially Owned | Dollar Range of
Fund Shares Owned | Fund Shares
Beneficially Owned |
| | Putnam RetirementReady Maturity Fund | Putnam Short Duration Bond Fund | Putnam Short-Term Municipal Income Fund |
| Liaquat Ahamed | N/A | N/A | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 |
| Ravi Akhoury* | $1-$10,000 | 564.132 | $1-$10,000 | 127.122 | $1-$10,000 | 106.765 |
| Barbara M. Baumann | $1-$10,000 | 164.972 | $1-$10,000 | 126.717 | $1-$10,000 | 597.308 |
| Katinka Domotorffy | $1-$10,000 | 127.751 | $1-$10,000 | 121.428 | $1-$10,000 | 110.938 |
| Catharine Bond Hill | $1-$10,000 | 111.300 | $1-$10,000 | 108.029 | $1-$10,000 | 104.975 |
| Paul L. Joskow* | $10,001-$50,000 | 1,027.663 | $1-$10,000 | 190.540 | $1-$10,000 | 166.100 |
| Kenneth R. Leibler | $1-$10,000 | 286.927 | $1-$10,000 | 127.122 | $1-$10,000 | 156.217 |
| Jennifer Williams Murphy# | N/A | N/A | N/A | N/A | N/A | N/A |
| Marie Pillai# | N/A | N/A | N/A | N/A | N/A | N/A |
| George Putnam, III | $10,001-$50,000 | 1,237.348 | $10,001-$50,000 | 1,270.495 | $10,001-$50,000 | 1,327.250 |
| Robert L. Reynolds† | $1-$10,000 | 128.785 | $1-$10,000 | 127.122 | N/A | 0.000 |
| Manoj P. Singh | $1-$10,000 | 109.050 | $1-$10,000 | 106.699 | $1-$10,000 | 104.560 |
| Mona K. Sutphen | N/A | N/A | $1-$10,000 | 98.287 | $1-$10,000 | 98.996 |
| Trustees/Nominees | | | | | | |
| and Officers as a group | $50,001-100,000 | 3,757.928 | $10,001-$50,000 | 2,503.561 | $10,001-$50,000 | 2,873.109 |
0.710% of the first $5 billion of Total Open-End Mutual Fund Average Net Assets;
0.660% of the next $5 billion of Total Open-End Mutual Fund Average Net Assets;
0.610% of the next $10 billion of Total Open-End Mutual Fund Average Net Assets;
0.560% of the next $10 billion of Total Open-End Mutual Fund Average Net Assets;
0.510% of the next $50 billion of Total Open-End Mutual Fund Average Net Assets;
0.490% of the next $50 billion of Total Open-End Mutual Fund Average Net Assets;
0.480% of the next $100 billion of Total Open-End Mutual Fund Average Net Assets;
0.475% of any excess thereafter.
| Trustees/Nominees | Dollar Range of
Fund Shares Owned | Fund Shares
Beneficially Owned | Dollar Range of
Fund Shares Owned | Fund Shares
Beneficially Owned | Dollar Range of
Fund Shares Owned | Fund Shares
Beneficially Owned |
| | Putnam Small Cap Growth Fund | Putnam Small Cap Value Fund | Putnam Strategic Intermediate Municipal Fund |
| Liaquat Ahamed | $1-$10,000 | 126.874 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 |
| Ravi Akhoury* | $10,001-$50,000 | 187.289 | $1-$10,000 | 122.218 | $1-$10,000 | 167.330 |
| Barbara M. Baumann | Over $100,000 | 2,107.701 | $1-$10,000 | 183.757 | $1-$10,000 | 157.272 |
| Katinka Domotorffy | $10,001-$50,000 | 185.977 | $1-$10,000 | 188.727 | $1-$10,000 | 143.230 |
| Catharine Bond Hill | $1-$10,000 | 122.902 | $1-$10,000 | 103.028 | $1-$10,000 | 115.606 |
| Paul L. Joskow* | $10,001-$50,000 | 308.763 | $1-$10,000 | 483.768 | $1-$10,000 | 274.147 |
| Kenneth R. Leibler | $10,001-$50,000 | 225.434 | $1-$10,000 | 306.781 | $1-$10,000 | 184.691 |
| Jennifer Williams Murphy# | N/A | N/A | N/A | N/A | N/A | N/A |
| Marie Pillai# | N/A | N/A | N/A | N/A | N/A | N/A |
| George Putnam, III | Over $100,000 | 12,824.023 | Over $100,000 | 6,561.556 | $10,001-$50,000 | 1,472.736 |
| Robert L. Reynolds† | $50,001-$100,000 | 1,332.772 | $1-$10,000 | 186.982 | $1-$10,000 | 168.678 |
| Manoj P. Singh | $1-$10,000 | 122.902 | $1-$10,000 | 103.028 | $1-$10,000 | 113.597 |
| Mona K. Sutphen | $1-$10,000 | 29.587 | $1-$10,000 | 123.846 | $1-$10,000 | 134.550 |
| Trustees/Nominees | | | | | | |
| and Officers as a group | Over $100,000 | 17,574.224 | Over $100,000 | 8,463.691 | Over $100,000 | 3,031.837 |
Benchmark: Russell 3000 Growth Index(up to and including July 31, 2019 or, if later, the last day of the calendar month during which shareholder approval of this Management Contract was received)
Replacement Benchmark: S&P 500 Index (effective on August 1, 2019 or, if later, the first day of the calendar month following shareholder approval of this Management Contract)
Maximum Annualized Performance Adjustment Rate: 0.12%
Minimum Annualized Performance Adjustment Rate: -0.12%
“Total Open-End Mutual Fund Average Net Assets” means the average of all of the determinations of the aggregate net assets of all open-end funds sponsored by Putnam Management (excluding the net assets of such funds investing in, or invested in by, other such funds, such as Putnam RetirementReady® Funds and Putnam Money Market Liquidity Fund, to the extent necessary to avoid “double-counting” of such net assets) at the close of business on each business day during each month while the Management Contract is in effect.
| Trustees/Nominees | Dollar Range of
Fund Shares Owned | Fund Shares
Beneficially Owned | Dollar Range of
Fund Shares Owned | Fund Shares
Beneficially Owned | Dollar Range of
Fund Shares Owned | Fund Shares
Beneficially Owned |
| | Putnam Sustainable Future Fund | Putnam Sustainable Leaders Fund | Putnam Tax Exempt Income Fund |
| Liaquat Ahamed | $1-$10,000 | 100.000 | $10,001-$50,000 | 100.000 | $1-$10,000 | 310.981 |
| Ravi Akhoury* | $1-$10,000 | 223.396 | $10,001-$50,000 | 234.639 | $1-$10,000 | 507.126 |
| Barbara M. Baumann | Over $100,000 | 7,543.014 | Over $100,000 | 1,770.958 | $1-$10,000 | 475.725 |
| Katinka Domotorffy | Over $100,000 | 4,737.382 | $50,001-$100,000 | 584.520 | $1-$10,000 | 434.062 |
| Catharine Bond Hill | $1-$10,000 | 132.069 | $1-$10,000 | 31.848 | $1-$10,000 | 113.265 |
| Paul L. Joskow* | $1-$10,000 | 408.773 | Over $100,000 | 1,937.654 | $10,001-$50,000 | 1,381.673 |
| Kenneth R. Leibler | $1-$10,000 | 300.276 | $10,001-$50,000 | 233.246 | $1-$10,000 | 724.981 |
| Jennifer Williams Murphy# | N/A | N/A | N/A | N/A | N/A | N/A |
| Marie Pillai# | N/A | N/A | N/A | N/A | N/A | N/A |
| George Putnam, III | Over $100,000 | 7,283.483 | Over $100,000 | 45,749.756 | Over $100,000 | 13,312.688 |
| Robert L. Reynolds† | $50,001-$100,000 | 2,862.160 | Over $100,000 | 17,348.087 | $1-$10,000 | 512.300 |
| Manoj P. Singh | $1-$10,000 | 132.069 | $10,001-$50,000 | 91.720 | $1-$10,000 | 111.995 |
| Mona K. Sutphen | $1-$10,000 | 130.084 | $1-$10,000 | 24.358 | $1-$10,000 | 115.784 |
| Trustees/Nominees | | | | | | |
| and Officers as a group | $10,001-$50,000 | 23,852.706 | Over $100,000 | 68,106.786 | Over $100,000 | 18,000.580 |
| Trustees/Nominees | Dollar Range of
Fund Shares Owned | Fund Shares
Beneficially Owned | Dollar Range of
Fund Shares Owned | Fund Shares
Beneficially Owned | | |
| | Putnam Tax-Free High Yield Fund | Putnam Ultra Short Duration Income Fund | | |
| Liaquat Ahamed | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | | |
| Ravi Akhoury* | $1-$10,000 | 181.449 | $1-$10,000 | 111.463 | | |
| Barbara M. Baumann | $1-$10,000 | 166.797 | Over $100,000 | 100,601.932 | | |
| Katinka Domotorffy | $1-$10,000 | 148.487 | $1-$10,000 | 110.805 | | |
| Catharine Bond Hill | $1-$10,000 | 114.273 | $1-$10,000 | 104.203 | | |
| Paul L. Joskow* | $1-$10,000 | 567.649 | $1-$10,000 | 167.025 | | |
| Kenneth R. Leibler | $1-$10,000 | 205.808 | $1-$10,000 | 122.859 | | |
| Jennifer Williams Murphy# | N/A | N/A | N/A | N/A | | |
| Marie Pillai# | N/A | N/A | N/A | N/A | | |
| George Putnam, III | $50,001-$100,000 | 5,475.834 | $10,001-$50,000 | 1,336.343 | | |
| Robert L. Reynolds† | $1-$10,000 | 183.816 | $1-$10,000 | 111.418 | | |
| Manoj P. Singh | $1-$10,000 | 113.118 | $1-$10,000 | 103.561 | | |
| Mona K. Sutphen | $1-$10,000 | 77.233 | $1-$10,000 | 99.173 | | |
| Trustees/Nominees | | | | | | |
| and Officers as a group | $50,001-$100,000 | 7,334.464 | Over $100,000 | 102,968.782 | | |
The Fund’s Base Fee computed in accordance with Schedule B will be adjusted, on a monthly basis, upward or downward, as the case may be, by an amount computed by applying the Performance Adjustment Rate to the Average Net Assets of the Fund for the Performance Period and dividing the result by twelve.
Performance Period. The Performance Period is equal to thethirty-six month period ending atshorter of (i) the period from February 1, 2010 tothe end of the month for which the fee adjustment is being computedor (ii) the thirty-six month period then ended.
Performance Adjustment Rate. The Performance Adjustment Rate is equal to the product of 0.03 multiplied by the difference, positive or negative, obtained by subtracting (i) the Investment Record of the Benchmark for the Performance Period from (ii) the Investment Performance of the Measuring Class for the Performance Period; provided that the Performance Adjustment Rate for the Fund may not exceed the Maximum Performance Adjustment Rate set forth on Schedule B or be less than the Minimum Performance Adjustment Rate set forth on Schedule B.
Investment Performance and Investment Record. These terms are used as defined in Rule 205-1 under the Investment Advisers Act of 1940, as amended, and shall each be computed on an annualized basis for any Performance Period greater than one year.
Benchmark. The Fund’s initial Benchmark is set forth in Schedule B. If the Trustees determine that another appropriate index of securities prices should be substituted as the Benchmark, the Trustees may determine, with the consent of the Manager, to use such other appropriate index of securities prices for purposes of this Schedule C (the “Replacement Benchmark”) without shareholder approval, unless shareholder approval of the change is otherwise required by applicable law. Any Replacement Benchmark will be applied prospectively to determine the amount of the Performance Adjustment. The Benchmark will continue to be used to determine the amount of the Performance Adjustment for that part of the Performance Period prior to the effective date of the Replacement Benchmark.The Fund’s initial Replacement Benchmark is set forth in Schedule B, together with its effective date of incorporation into the calculation of any adjustment to the Fund’s Base Fee. Any further Replacement Benchmark, and its effective date of incorporation into the calculation of any adjustment to the Fund’s Base Fee, will also be identified on Schedule B.
Measuring Class. The “Measuring Class” of shares of the Fund initially is Class A shares of the Fund. If the Trustees determine that a different class of shares of the Fund is the most appropriate for use in calculating the Performance Adjustment, the Trustees may change, with the consent of the Manager, the class of shares used as the Measuring Class without shareholder approval, unless shareholder approval of such change is otherwise required by applicable law. If a different class of shares (“Replacement Measuring Class”) is substituted in calculating the Performance Adjustment, the use of that Replacement Measuring Class of shares for purposes of calculating the Performance Adjustment may
| Aggregate Dollar Range of Shares Held in All of the |
A-9Name of Trustee/Nominee | Putnam Funds Overseen by Trustee |
| Liaquat Ahamed | Over $100,000 |
| Ravi Akhoury* | Over $100,000 |
| Barbara M. Baumann | Over $100,000 |
| Katinka Domotorffy | Over $100,000 |
| Catharine Bond Hill | Over $100,000 |
| Paul L. Joskow* | Over $100,000 |
| Kenneth R. Leibler | Over $100,000 |
| Jennifer Williams Murphy# | N/A |
| Marie Pillai# | N/A |
| George Putnam, III | Over $100,000 |
| Manoj P. Singh | Over $100,000 |
| Mona K. Sutphen | $50,001-$100,000 |
| Robert L. Reynolds† | Over $100,000 |
apply* Mr. Akhoury and Dr. Joskow are retiring and are not standing for re-election to the entire Performance Period so long as the Replacement Measuring Class was outstanding at the beginning of such period. If the Replacement Measuring Class of shares was not outstanding for all or a portion of the Performance Period, it may only be used in calculating that portion of the Performance Adjustment attributable to the period during which the Replacement Measuring Class was outstandingyour fund’s Board. Each will serve until June 30, 2022, when he will retire.
# Mses. Murphy and any previous portion of the Performance Period will be calculated using the Measuring Class.
Notwithstanding any other provisions in this Schedule C, the computation of the Performance Adjustment Rate, the Investment Performance of the Measuring Class and the Investment Record of the Benchmark will be made in accordance with the Investment Advisers Act of 1940, as amended, and any applicable rules thereunder.
Current and Pro Forma Examples of The Fund’s Total Annual Operating Expenses
The pro forma examples in the tables below are based on what the management fees for the fund wouldPillai have been nominated for its most recent fiscal year had the proposed new contract gone into effect onelection to your fund’s Board and, if elected, will serve as Trustees beginning July 1, 2017, the first day of the fund’s fiscal year. The pro forma calculations are based on the performance of the Russell 3000 Growth Index for the first 24 months and the S&P 500 Index for the remaining 12 months of the thirty-six-month performance period.2022.
Annual fund operating expenses
(expenses you pay each year as a percentage of the value of your investment)
| | | | |
| | | | | |
| | | | Distribution | | | Total annual |
| | | Management | | and service | | Other | | fund operating |
| Share class | | fees | | (12b-1) fees | | expenses | | expenses |
| Class A (Actual | | | | |
| Expenses Under Current | | | | |
| Management Contract) | 0.51% | 0.25% | 0.23% | 0.99% |
| Class A (Pro Forma | | | | |
| Expenses Based on | | | | |
| Proposed Contract) | 0.55% | 0.25% | 0.23% | 1.03% |
| Class B (Actual | | | | |
| Expenses Under Current | | | | |
| Management Contract) | 0.51% | 1.00% | 0.23% | 1.74% |
| Class B (Pro Forma | | | | |
| Expenses Based on | | | | |
| Proposed Contract) | 0.55% | 1.00% | 0.23% | 1.78% |
| Class C (Actual | | | | |
| Expenses Under Current | | | | |
| Management Contract) | 0.51% | 1.00% | 0.23% | 1.74% |
| Class C (Pro Forma | | | | |
| Expenses Based on | | | | |
| Proposed Contract) | 0.55% | 1.00% | 0.23% | 1.78% |
| Class M (Actual | | | | |
| Expenses Under Current | | | | |
| Management Contract) | 0.51% | 0.75% | 0.23% | 1.49% |
| Class M (Pro Forma | | | | |
| Expenses Based on | | | | |
| Proposed Contract) | 0.55% | 0.75% | 0.23% | 1.53% |
| Class R (Actual | | | | |
| Expenses Under Current | | | | |
| Management Contract) | 0.51% | 0.50% | 0.23% | 1.24% |
| Class R (Pro Forma | | | | |
| Expenses Based on | | | | |
| Proposed Contract) | 0.55% | 0.50% | 0.23% | 1.28% |
| Class R6 (Actual | | | | |
| Expenses Under Current | | | | |
| Management Contract) | 0.51% | 0.00% | 0.10% | 0.61% |
| Class R6 (Pro Forma | | | | |
| Expenses Based on | | | | |
| Proposed Contract) | 0.55% | 0.00% | 0.10% | 0.65% |
| | | | |
| | | | | |
| | | | Distribution | | | Total annual |
| | | Management | | and service | | Other | | fund operating |
| Share class | | fees | | (12b-1) fees | | expenses | | expenses |
| Class Y (Actual Expenses | | | | |
| Under Current | | | | |
| Management Contract) | 0.51% | 0.00% | 0.23% | 0.74% |
| Class Y (Pro Forma | | | | |
| Expenses Based on | | | | |
| Proposed Contract) | 0.55% | 0.00% | 0.23% | 0.78% |
How do these fees and expenses look in dollar terms?
Example
The following hypothetical example† Trustee who is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund’s operating expenses remain the same. Your actual costs may be higher or lower.
| | | | |
| |
| Share class | 1 year | 3 years | 5 years | 10 years |
| Class A | | | | |
| (Actual Expenses Under Current Management Contract) | $670 | $872 | $1,091 | $1,718 |
| Class A | | | | |
| (Pro Forma Expenses Based on Proposed Contract) | $674 | $884 | $1,111 | $1,762 |
| Class B | | | | |
| (Actual Expenses Under Current Management Contract) | $677 | $848 | $1,144 | $1,853 |
| Class B | | | | |
| (Pro Forma Expenses Based on Proposed Contract) | $681 | $860 | $1,164 | $1,897 |
| Class B | | | | |
| (no redemption) (Actual Expenses Under Current | | | | |
| Management Contract) | $177 | $548 | $944 | $1,853 |
| Class B | | | | |
| (no redemption) (Pro Forma Expenses Based on | | | | |
| Proposed Contract) | $181 | $560 | $964 | $1,897 |
| Class C | | | | |
| (Actual Expenses Under Current Management Contract) | $277 | $548 | $944 | $2,052 |
| Class C | | | | |
| (Pro Forma Expenses Based on Proposed Contract) | $281 | $560 | $964 | $2,095 |
| Class C | | | | |
| (no redemption) (Actual Expenses Under Current | | | | |
| Management Contract) | $177 | $548 | $944 | $2,052 |
| Class C | | | | |
| (no redemption) (Pro Forma Expenses Based on | | | | |
| Proposed Contract) | $181 | $560 | $964 | $2,095 |
| Class M | | | | |
| (Actual Expenses Under Current Management Contract) | $496 | $805 | $1,135 | $2,067 |
| Class M | | | | |
| (Pro Forma Expenses Based on Proposed Contract) | $500 | $816 | $1,155 | $2,110 |
| Class R | | | | |
| (Actual Expenses Under Current Management Contract) | $126 | $393 | $681 | $1,500 |
| | | | |
| | | | | |
| Share class | 1 year | 3 years | 5 years | 10 years |
| Class R | | | | |
| (Pro Forma Expenses Based on Proposed Contract) | $130 | $406 | $702 | $1,545 |
| Class R6 | | | | |
| (Actual Expenses Under Current Management | $62 | $195 | $340 | $762 |
| Class R6 | | | | |
| (Pro Forma Expenses Based on Proposed Contract) | $66 | $208 | $362 | $810 |
| Class Y | | | | |
| (Actual Expenses Under Current Management Contract) | $76 | $237 | $411 | $918 |
| Class Y | | | | |
| (Pro Forma Expenses Based on Proposed Contract) | $80 | $249 | $433 | $966 |
The pro forma examples in the tables below are based on what the management fees for the fund would have been for its most recent fiscal year had the proposed new contract gone into effect on July 1, 2015, the first day of the thirty-six-month performance period ending June 30, 2018. The pro forma calculations are based on the performance of the S&P 500 Index for the full thirty-six-month performance period.
| | | | |
| |
| | | | Distribution | | | Total annual |
| | | Management | | and service | | Other | | fund operating |
| Share class | | fees | | (12b-1) fees | | expenses | | expenses |
| Class A (Actual | | | | |
| Expenses Under Current | | | | |
| Management Contract) | 0.51% | 0.25% | 0.23% | 0.99% |
| Class A (Pro Forma | | | | |
| Expenses Based on | | | | |
| Proposed Contract) | 0.57% | 0.25% | 0.23% | 1.05% |
| Class B (Actual | | | | |
| Expenses Under Current | | | | |
| Management Contract) | 0.51% | 1.00% | 0.23% | 1.74% |
| Class B (Pro Forma | | | | |
| Expenses Based on | | | | |
| Proposed Contract) | 0.57% | 1.00% | 0.23% | 1.80% |
| Class C (Actual | | | | |
| Expenses Under Current | | | | |
| Management Contract) | 0.51% | 1.00% | 0.23% | 1.74% |
| Class C (Pro Forma | | | | |
| Expenses Based on | | | | |
| Proposed Contract) | 0.57% | 1.00% | 0.23% | 1.80% |
| Class M (Actual | | | | |
| Expenses Under Current | | | | |
| Management Contract) | 0.51% | 0.75% | 0.23% | 1.49% |
| Class M (Pro Forma | | | | |
| Expenses Based on | | | | |
| Proposed Contract) | 0.57% | 0.75% | 0.23% | 1.55% |
| Class R (Actual | | | | |
| Expenses Under Current | | | | |
| Management Contract) | 0.51% | 0.50% | 0.23% | 1.24% |
| Class R (Pro Forma | | | | |
| Expenses Based on | | | | |
| Proposed Contract) | 0.57% | 0.50% | 0.23% | 1.30% |
| | | | |
| | | | |
| | | | Distribution | | | Total annual |
| | | Management | | and service | | Other | | fund operating |
| Share class | | fees | | (12b-1) fees | | expenses | | expenses |
| Class R6 (Actual | | | | |
| Expenses Under Current | | | | |
| Management Contract) | 0.51% | 0.00% | 0.10% | 0.61% |
| Class R6 (Pro Forma | | | | |
| Expenses Based on | | | | |
| Proposed Contract) | 0.57% | 0.00% | 0.10% | 0.67% |
| Class Y (Actual Expenses | | | | |
| Under Current | | | | |
| Management Contract) | 0.51% | 0.00% | 0.23% | 0.74% |
| Class Y (Pro Forma | | | | |
| Expenses Based on | | | | |
| Proposed Contract) | 0.57% | 0.00% | 0.23% | 0.80% |
How do these fees and expenses look in dollar terms?
Example
The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund’s operating expenses remain the same. Your actual costs may be higher or lower.
| | | | |
| | | | | |
| Share class | 1 year | 3 years | 5 years | 10 years |
| Class A | | | | |
| (Actual Expenses Under Current Management Contract) | $670 | $872 | $1,091 | $1,718 |
| Class A | | | | |
| (Pro Forma Expenses Based on Proposed Contract) | $676 | $890 | $1,121 | $1,784 |
| Class B | | | | |
| (Actual Expenses Under Current Management Contract) | $677 | $848 | $1,144 | $1,853 |
| Class B | | | | |
| (Pro Forma Expenses Based on Proposed Contract) | $683 | $866 | $1,175 | $1,919 |
| Class B | | | | |
| (no redemption) (Actual Expenses Under Current | | | | |
| Management Contract) | $177 | $548 | $944 | $1,853 |
| Class B | | | | |
| (no redemption) (Pro Forma Expenses Based on | | | | |
| Proposed Contract) | $183 | $566 | $975 | $1,919 |
| Class C | | | | |
| (Actual Expenses Under Current Management Contract) | $277 | $548 | $944 | $2,052 |
| Class C | | | | |
| (Pro Forma Expenses Based on Proposed Contract) | $283 | $566 | $975 | $2,116 |
| Class C | | | | |
| (no redemption) (Actual Expenses Under Current | | | | |
| Management Contract) | $177 | $548 | $944 | $2,052 |
| Class C | | | | |
| (no redemption) (Pro Forma Expenses Based on | | | | |
| Proposed Contract) | $183 | $566 | $975 | $2,116 |
| | | | |
| | | | | |
| Share class | 1 year | 3 years | 5 years | 10 years |
| Class M | | | | |
| (Actual Expenses Under Current Management Contract) | $496 | $805 | $1,135 | $2,067 |
| Class M | | | | |
| (Pro Forma Expenses Based on Proposed Contract) | $502 | $822 | $1,165 | $2,131 |
| Class R | | | | |
| (Actual Expenses Under Current Management Contract) | $126 | $393 | $681 | $1,500 |
| Class R | | | | |
| (Pro Forma Expenses Based on Proposed Contract) | $132 | $412 | $713 | $1,568 |
| Class R6 | | | | |
| (Actual Expenses Under Current Management | $62 | $195 | $340 | $762 |
| Class R6 | | | | |
| (Pro Forma Expenses Based on Proposed Contract) | $68 | $214 | $373 | $835 |
| Class Y | | | | |
| (Actual Expenses Under Current Management Contract) | $76 | $237 | $411 | $918 |
| Class Y | | | | |
| (Pro Forma Expenses Based on Proposed Contract) | $82 | $255 | $444 | $990 |
Previous Trustee approval of management contract for the fund in June 2018
General conclusions
The Board of Trustees of the Putnam funds oversees the management of each fund and, as required by law, determines annually whether to approve the continuance of your fund’s management contract with Putnam Investment Management, LLC (“Putnam Management”) and the sub-management contract with respect to your fund between Putnam Management and its affiliate, Putnam Investments Limited (“PIL”). The Board, with the assistance of its Contract Committee, requests and evaluates all information it deems reasonably necessary under the circumstances in connection with its annual contract review. The Contract Committee consists solely of Trustees who are notan “interested persons”person” (as this term is defined in the Investment Company Act of 1940,1940) of the fund and Putnam Management. Mr. Reynolds is deemed an “interested person” by virtue of his positions as amended (the “1940 Act”))an officer of the fund and Putnam Management. Mr. Reynolds is the President and Chief Executive Officer of Putnam Investments, LLC and President of your fund and each of the other Putnam funds. None of the other Trustees is an “interested person”.
Putnam Variable Trust
As of December 31, 2021, except as shown in the tables below, the Trustees/nominees, and the Trustees/nominees and officers as a group, did not own variable annuity contracts or variable life insurance policies that invested in the funds that are series of Putnam Variable Trust. These tables show the value of the Trustees’ and nominees’ indirect beneficial ownership interest in these funds. As of December 31, 2021, none of the Trustees or nominees beneficially owned shares of any of the following funds: Putnam VT Global Health Care Fund, Putnam VT Government Money Market Fund, or Putnam VT Multi-Asset Absolute Return Fund. All references in the tables are to Class IA shares unless otherwise indicated. As reflected in the tables above, Trustees/nominees and officers own shares of the retail Putnam funds that are counterparts to Putnam Variable Trust’s various portfolios.
| Trustee/Nominee Name |
| Fund Name | Paul L. Joskow* | George Putnam, III |
| Putnam VT Diversified Income Fund | $1-$10,000 | N/A |
| Putnam VT Emerging Markets Equity Fund | $1-$10,000 | N/A |
| Putnam VT Focused International Equity Fund | $1-$10,000 | N/A |
| Putnam VT George Putnam Balanced Fund | $1-$10,000 | N/A |
| Putnam VT Global Asset Allocation Fund | $1-$10,000 | $10,001-$50,000 |
| Putnam VT Growth Opportunities Fund | $1-$10,000 | N/A |
| Putnam VT High Yield Fund | $1-$10,000 | N/A |
| Putnam VT Income Fund | $1-$10,000 | N/A |
| Putnam VT International Equity Fund | $1-$10,000 | N/A |
| Putnam VT International Value Fund | $1-$10,000 | N/A |
| Putnam VT Large Cap Value Fund | $10,001-$50,000 | N/A |
| Putnam VT Mortgage Securities Fund | $1-$10,000 | N/A |
| Putnam VT Multi-Cap Core Fund | $1-$10,000 | N/A |
| Putnam VT Research Fund | $1-$10,000 | N/A |
| Putnam VT Small Cap Growth Fund | $1-$10,000 | N/A |
| Putnam VT Small Cap Value Fund | $1-$10,000 | N/A |
| Putnam VT Sustainable Future Fund | $1-$10,000 | N/A |
| Putnam VT Sustainable Leaders Fund | $10,001-$50,000 | N/A |
* Dr. Joskow is retiring and is not standing for re-election to your fund’s Board. He will serve until June 30, 2022, when he will retire.
Appendix D — Trustee Compensation Table
The following table includes the year each Trustee became a Trustee of the Putnam funds, (“Independent Trustees”).
At the outset of the review process, members of the Board’s independent staff and independent legal counsel discussed with representatives of Putnam Management the annual contract review materials furnished to the Contract Committee during the course of the previous year’s review, identifying possible changes in these materials that might be necessary or desirable for the coming year. Following these discussions and in consultation with the Contract Committee, the Independent Trustees’ independent legal counsel requested that Putnam Management and its affiliates furnish specified information, together with any additional information that Putnam Management considered relevant, to the Contract Committee. Over the course of several months ending in June 2018, the Contract Committee met on a number of occasions with representatives of Putnam Management, and separately in executive session, to consider the information that Putnam Management provided. Throughout this process, the Contract Committee was assisted by the members of the Board’s independent staff and by independent legal counsel for the Putnam funds and the Independent Trustees.
In May 2018, the Contract Committee met in executive session to discuss and consider its recommendations with respect to the continuance of the contracts. At the Trustees’ June 2018 meeting, the Contract Committee met in executive session with the other Independent Trustees to review a summary of the key financial, performance, and other data that the Contract Committee considered in the course of its review. The Contract Committee then presented its written report, which summarized the key factors that the Committee had considered and set forth its recommendations. The Contract Committee recommended, and the Independent Trustees approved, the continuance of your fund’s management and sub-management contracts, effective July 1, 2018. (Because PIL is an affiliate of Putnam Management and Putnam Management remains fully responsible for all services provided by PIL, the Trustees have not attempted to evaluate PIL as a separate entity, and all subsequent references to Putnam Management below should be deemed to include reference to PIL as necessary or appropriate in the context.)
The Independent Trustees’ approval was based on the following conclusions:
• That the fee schedule in effect for your fund represented reasonable compensation in light of the nature and quality of the services being provided to the fund, the fees paid to each of those Trustees by competitive funds, the costs incurred by Putnam Managementeach fund included in providing services to the fund, and the application of certain reductions and waivers noted below; and
• That the fee schedule in effectthis proxy statement for your fund represented an appropriate sharing between fund shareholders and Putnam Management of such economies of scale as may exist in the management of the fund at current asset levels.
These conclusions were based on a comprehensive consideration of all information provided to the Trustees and were not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered these factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors. It is also important to recognize that the management arrangements for your fund and the other Putnam funds are the result of many years of review and discussion between the Independent Trustees and Putnam Management, that some aspects of the arrangements may receive greater scrutiny in some years than others, and that the Trustees’ conclusions may be based, in part, on their consideration of fee arrangements in previous years. For example, with some minor exceptions, the funds’ current fee arrangements under the management contracts were first implemented at the beginning of 2010 following extensive review by the Contract Committee and discussions with representatives of Putnam Management, as well as approval by shareholders.
Management fee schedules and total expenses
The Trustees reviewed the management fee schedules in effect for all Putnam funds, including fee levels and breakpoints. The Trustees also reviewed the total expenses of each Putnam fund, recognizing that in most cases management fees represented the major, but not the sole, determinant of total costs to fund shareholders. (In a few instances, funds have implemented so-called “all-in” management fees covering substantially all routine fund operating costs.)
In reviewing fees and expenses, the Trustees generally focus their attention on material changes in circumstances – for example, changes in assets under management, changes in a fund’s investment strategy, changes in Putnam Management’s operating costs or profitability, or changes in competitive practices in the mutual fund industry — that suggest that consideration of fee changes might be warranted. The Trustees concluded that the circumstances did not indicate that changes to the management fee structure for your fund would be appropriate at this time.
Under its management contract, your fund has the benefit of breakpoints in its management fee schedule that provide shareholders with economies of scale in the form of reduced fee rates as assets under management in the Putnam family of funds increase. The Trustees concluded that the fee schedule in effect for your fund represented
an appropriate sharing of economies of scale between fund shareholders and Putnam Management.
In addition, your fund’s management contract provides that its management fees will be adjusted up or down depending upon whether your fund’s performance is better or worse than the performance of an appropriate index of securities prices specified in the management contract. In the course of reviewing investment performance, the Trustees examined the operation of your fund’s performance fees and concluded that these fees were operating effectively to align further Putnam Management’s economic interests with those of the fund’s shareholders.
As in the past, the Trustees also focused on the competitiveness of each fund’s total expense ratio. In order to support the effort to have fund expenses meet competitive standards, the Trustees and Putnam Management have implemented certain expense limitations that were in effect during your fund’s fiscal year ending in 2017. These expense limitations were: (i) a contractual expense limitation applicable to all open-end funds of 25 basis points on investor servicing fees and expenses and (ii) a contractual expense limitation applicable to specified open-end funds, including your fund, of 20 basis points on so-called “other expenses” (i.e., all expenses exclusive of management fees, distribution fees, investor servicing fees, investment-related expenses, interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses). These expense limitations attempt to maintain competitive expense levels for the funds. Most funds, including your fund, had sufficiently low expenses that these expense limitations were not operative during their fiscal years ending in 2017. Putnam Management has agreed to maintain these expense limitations until at least March 21, 2020. Putnam Management’s support for these expense limitation arrangements was an important factor in the Trustees’ decision to approve the continuance of your fund’s management and sub-management contracts.
The Trustees reviewed comparative fee and expense information for a custom group of competitive funds selected by Broadridge Financial Solutions, Inc. (“Broadridge”). This comparative information included your fund’s percentile ranking for effective management fees and total expenses (excluding any applicable 12b-1 fee), which provides a general indication of your fund’s relative standing. In the custom peer group, your fund ranked in the first quintile in effective management fees (determined for your fund and the other funds in the custom peer group based on fund asset size and the applicable contractual management fee schedule) and in the second quintile in total expenses (excluding any applicable 12b-1 fees) as of December 31, 2017. The first quintile represents the least expensive funds and the fifth quintile the most expensive funds. The fee and expense data reported by Broadridge as of December 31, 2017 reflected the most recent fiscal year-end data available in Broadridge’s database at that time.
In connection with their review of fund management fees and total expenses, the Trustees also reviewed the costs of the services providedyear (ended prior to March 31, 2022), and the profits realized by Putnam Management and its affiliates from their contractual relationships with the funds. This
information included trends in revenues, expenses and profitability of Putnam Management and its affiliates relatingfees paid to the investment management, investor servicing and distribution services provided to the funds. In this regard, the Trustees also reviewed an analysis of Putnam Management’s revenues, expenses and profitability, allocated on a fund-by-fund basis, with respect to the funds’ management, distribution, and investor servicing contracts. For each fund, the analysis presented information about revenues, expenses and profitability for each of the agreements separately and for the agreements taken together on a combined basis. Thethose Trustees concluded that, at current asset levels, the fee schedules in place represented reasonable compensation for the services being provided and represented an appropriate sharing between fund shareholders and Putnam Management of such economies of scale as may exist in the managementby all of the Putnam funds at that time.during calendar year 2021. Mses. Murphy and Pillai did not serve as Trustees of the Board during any fund’s recently completed fiscal year or during the calendar year 2021 and are therefore not included in the table below.
| Trustees | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) |
| | Putnam California
Tax Exempt Income Fund | Putnam Convertible
Securities Fund | Putnam Diversified
Income Trust | Putnam Dynamic Asset
Allocation Balanced Fund |
| Liaquat Ahamed / 2012(3) | $3,299 | N/A | $4,270 | N/A | $7,858 | N/A | $7,563 | N/A |
| Ravi Akhoury / 2009(4) | $3,299 | N/A | $4,270 | N/A | $7,858 | N/A | $7,563 | N/A |
| Barbara M. Baumann / 2010(3) | $3,299 | N/A | $4,270 | N/A | $7,858 | N/A | $7,563 | N/A |
| Katinka Domotorffy / 2012(3) | $3,299 | N/A | $4,270 | N/A | $7,858 | N/A | $7,563 | N/A |
| Catharine Bond Hill / 2017 | $3,299 | N/A | $4,270 | N/A | $7,858 | N/A | $7,563 | N/A |
| Paul L. Joskow / 1997(3)(4) | $3,299 | $612 | $4,270 | $415 | $7,858 | $1,520 | $7,563 | $1,373 |
| Kenneth R. Leibler / 2006(5) | $4,395 | N/A | $5,807 | N/A | $10,472 | N/A | $10,073 | N/A |
| George Putnam, III / 1984(6) | $3,527 | $1,049 | $4,591 | $708 | $8,403 | $2,606 | $8,086 | $2,353 |
| Manoj P. Singh / 2017(7) | $3,527 | N/A | $4,591 | N/A | $8,403 | N/A | $8,086 | N/A |
| Mona K. Sutphen / 2020 | $3,141 | N/A | $4,136 | N/A | $7,477 | N/A | $7,212 | N/A |
| Robert L. Reynolds / 2008(8) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| | | | | | | | | | | | | | | | |
| Trustees | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) |
| | Putnam Dynamic Asset Allocation Conservative Fund | Putnam Dynamic Asset Allocation Equity Fund | Putnam Dynamic Asset Allocation Growth Fund | Putnam Dynamic Risk Allocation Fund |
| Liaquat Ahamed / 2012(3) | $3,033 | N/A | $258 | N/A | $8,436 | N/A | $301 | N/A |
| Ravi Akhoury / 2009(4) | $3,033 | N/A | $258 | N/A | $8,436 | N/A | $301 | N/A |
| Barbara M. Baumann / 2010(3) | $3,033 | N/A | $263 | N/A | $8,436 | N/A | $306 | N/A |
| Katinka Domotorffy / 2012(3) | $3,033 | N/A | $258 | N/A | $8,436 | N/A | $301 | N/A |
| Catharine Bond Hill / 2017 | $3,033 | N/A | $258 | N/A | $8,436 | N/A | $301 | N/A |
| Paul L. Joskow / 1997(3)(4) | $3,033 | $561 | $258 | $41 | $8,436 | $1,473 | $301 | $47 |
| Kenneth R. Leibler / 2006(5) | $4,041 | N/A | $349 | N/A | $11,233 | N/A | $407 | N/A |
| George Putnam, III / 1984(6) | $3,243 | $962 | $277 | $71 | $9,019 | $2,523 | $323 | $82 |
| Manoj P. Singh / 2017(7) | $3,243 | N/A | $272 | N/A | $9,019 | N/A | $317 | N/A |
| Mona K. Sutphen / 2020 | $2,890 | N/A | $249 | N/A | $8,048 | N/A | $290 | N/A |
| Robert L. Reynolds / 2008(8) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
The information examined by
| Trustees | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) |
| | Putnam Emerging Markets Equity Fund | Putnam Fixed Income Absolute Return Fund | Putnam Floating Rate Income Fund | Putnam Focused Equity Fund |
| Liaquat Ahamed / 2012(3) | $1,916 | N/A | $2,058 | N/A | $1,285 | N/A | $2,587 | N/A |
| Ravi Akhoury / 2009(4) | $1,916 | N/A | $2,058 | N/A | $1,285 | N/A | $2,587 | N/A |
| Barbara M. Baumann / 2010(3) | $1,916 | N/A | $2,058 | N/A | $1,335 | N/A | $2,587 | N/A |
| Katinka Domotorffy / 2012(3) | $1,916 | N/A | $2,058 | N/A | $1,285 | N/A | $2,587 | N/A |
| Catharine Bond Hill / 2017 | $1,916 | N/A | $2,058 | N/A | $1,285 | N/A | $2,587 | N/A |
| Paul L. Joskow / 1997(3)(4) | $1,916 | $241 | $2,058 | $205 | $1,285 | $59 | $2,587 | $391 |
| Kenneth R. Leibler / 2006(5) | $2,577 | N/A | $2,802 | N/A | $1,742 | N/A | $3,494 | N/A |
| George Putnam, III / 1984(6) | $2,054 | $413 | $2,213 | $350 | $1,380 | $100 | $2,776 | $670 |
| Manoj P. Singh / 2017(7) | $2,054 | N/A | $2,213 | N/A | $1,330 | N/A | $2,776 | N/A |
| Mona K. Sutphen / 2020 | $1,852 | N/A | $1,994 | N/A | $1,135 | N/A | $2,491 | N/A |
| Robert L. Reynolds / 2008(8) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Trustees | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) |
| | Putnam Focused International Equity Fund | George Putnam Balanced Fund | Putnam Global Health Care Fund | Putnam Global Income Trust |
| Liaquat Ahamed / 2012(3) | $4,329 | N/A | 6,225 | N/A | $5,475 | N/A | $1,083 | N/A |
| Ravi Akhoury / 2009(4) | $4,329 | N/A | 6,225 | N/A | $5,475 | N/A | $1,083 | N/A |
| Barbara M. Baumann / 2010(3) | $4,329 | N/A | 6,225 | N/A | $5,475 | N/A | $1,083 | N/A |
| Katinka Domotorffy / 2012(3) | $4,329 | N/A | 6,225 | N/A | $5,475 | N/A | $1,083 | N/A |
| Catharine Bond Hill / 2017 | $4,329 | N/A | 6,225 | N/A | $5,475 | N/A | $1,083 | N/A |
| Paul L. Joskow / 1997(3)(4) | $4,329 | $409 | 6,225 | $879 | $5,475 | $784 | $1,083 | $107 |
| Kenneth R. Leibler / 2006(5) | $5,887 | N/A | 8,399 | N/A | $7,394 | N/A | $1,473 | N/A |
| George Putnam, III / 1984(6) | $4,654 | $700 | 6,678 | $1,508 | $5,875 | $1,344 | $1,164 | $182 |
| Manoj P. Singh / 2017(7) | $4,654 | N/A | 6,678 | N/A | $5,875 | N/A | $1,164 | N/A |
| Mona K. Sutphen / 2020 | $4,199 | N/A | 5,999 | N/A | $5,273 | N/A | $1,049 | N/A |
| Robert L. Reynolds / 2008(8) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Trustees | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) |
| | Putnam Global Technology Fund | Putnam Government Money Market Fund | Putnam Growth Opportunities Fund | Putnam High Yield Fund |
| Liaquat Ahamed / 2012(3) | $3,678 | N/A | 564 | N/A | $30,621 | N/A | $5,268 | N/A |
| Ravi Akhoury / 2009(4) | $3,678 | N/A | 564 | N/A | $30,621 | N/A | $5,268 | N/A |
| Barbara M. Baumann / 2010(3) | $3,678 | N/A | 564 | N/A | $30,621 | N/A | $5,268 | N/A |
| Katinka Domotorffy / 2012(3) | $3,678 | N/A | 564 | N/A | $30,621 | N/A | $5,268 | N/A |
| Catharine Bond Hill / 2017 | $3,678 | N/A | 564 | N/A | $30,621 | N/A | $5,268 | N/A |
| Paul L. Joskow / 1997(3)(4) | $3,678 | $480 | 564 | $106 | $30,621 | $4,264 | $5,268 | $407 |
| Kenneth R. Leibler / 2006(5) | $4,952 | N/A | 752 | N/A | $41,314 | N/A | $7,165 | N/A |
| George Putnam, III / 1984(6) | $3,943 | $822 | 603 | $182 | $32,849 | $7,316 | $5,663 | $692 |
| Manoj P. Singh / 2017(7) | $3,943 | N/A | 603 | N/A | $32,849 | N/A | $5,663 | N/A |
| Mona K. Sutphen / 2020 | $3,546 | N/A | 537 | N/A | $29,526 | N/A | $5,100 | N/A |
| Robert L. Reynolds / 2008(8) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Trustees | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) |
| | Putnam Income Fund | Putnam Income Strategies Portfolio | Putnam Intermediate-Term Municipal Income Fund | Putnam International Capital Opportunities Fund |
| Liaquat Ahamed / 2012(3) | $16,263 | N/A | $51 | N/A | $60 | N/A | $1,307 | N/A |
| Ravi Akhoury / 2009(4) | $16,263 | N/A | $51 | N/A | $60 | N/A | $1,307 | N/A |
| Barbara M. Baumann / 2010(3) | $16,263 | N/A | $51 | N/A | $60 | N/A | $1,307 | N/A |
| Katinka Domotorffy / 2012(3) | $16,263 | N/A | $51 | N/A | $60 | N/A | $1,307 | N/A |
| Catharine Bond Hill / 2017 | $16,263 | N/A | $51 | N/A | $60 | N/A | $1,307 | N/A |
| Paul L. Joskow / 1997(3)(4) | $16,263 | $1,649 | $51 | $7 | $60 | $5 | $1,307 | $182 |
| Kenneth R. Leibler / 2006(5) | $22,137 | N/A | $69 | N/A | $82 | N/A | $1,762 | N/A |
| George Putnam, III / 1984(6) | $17,487 | $2,818 | $55 | $12 | $64 | $8 | $1,402 | $313 |
| Manoj P. Singh / 2017(7) | $17,487 | N/A | $55 | N/A | $64 | N/A | $1,402 | N/A |
| Mona K. Sutphen / 2020 | $15,737 | N/A | $49 | N/A | $58 | N/A | $1,259 | N/A |
| Robert L. Reynolds / 2008(8) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Trustees | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) |
| | Putnam International Equity Fund | Putnam International Value Fund | Putnam Large Cap Value Fund | Putnam Massachusetts Tax Exempt Income Fund |
| Liaquat Ahamed / 2012(3) | $2,929 | N/A | $440 | N/A | $63,674 | N/A | $1,098 | N/A |
| Ravi Akhoury / 2009(4) | $2,929 | N/A | $440 | N/A | $63,674 | N/A | $1,098 | N/A |
| Barbara M. Baumann / 2010(3) | $2,982 | N/A | $447 | N/A | $63,674 | N/A | $1,119 | N/A |
| Katinka Domotorffy / 2012(3) | $2,929 | N/A | $440 | N/A | $63,674 | N/A | $1,098 | N/A |
| Catharine Bond Hill / 2017 | $2,929 | N/A | $440 | N/A | $63,674 | N/A | $1,098 | N/A |
| Paul L. Joskow / 1997(3)(4) | $2,929 | $449 | $440 | $65 | $63,674 | $4,262 | $1,098 | $167 |
| Kenneth R. Leibler / 2006(5) | $3,962 | N/A | $594 | N/A | $86,517 | N/A | $1,485 | N/A |
| George Putnam, III / 1984(6) | $3,144 | $770 | $472 | $112 | $68,433 | $7,249 | $1,179 | $287 |
| Manoj P. Singh / 2017(7) | $3,091 | N/A | $464 | N/A | $68,433 | N/A | $1,158 | N/A |
| Mona K. Sutphen / 2020 | $2,818 | N/A | $423 | N/A | $61,895 | N/A | $1,058 | N/A |
| Robert L. Reynolds / 2008(8) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Trustees | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) |
| | Putnam Minnesota Tax Exempt Income Fund | Putnam Money Market Fund | Putnam Mortgage Opportunities Fund | Putnam Mortgage Securities Fund |
| Liaquat Ahamed / 2012(3) | $527 | N/A | $2,182 | N/A | $733 | N/A | $2,036 | N/A |
| Ravi Akhoury / 2009(4) | $527 | N/A | $2,182 | N/A | $733 | N/A | $2,036 | N/A |
| Barbara M. Baumann / 2010(3) | $537 | N/A | $2,182 | N/A | $752 | N/A | $2,036 | N/A |
| Katinka Domotorffy / 2012(3) | $527 | N/A | $2,182 | N/A | $733 | N/A | $2,036 | N/A |
| Catharine Bond Hill / 2017 | $527 | N/A | $2,182 | N/A | $733 | N/A | $2,036 | N/A |
| Paul L. Joskow / 1997(3)(4) | $527 | $80 | $2,182 | $425 | $733 | $111 | $2,036 | $390 |
| Kenneth R. Leibler / 2006(5) | $713 | N/A | $2,908 | N/A | $988 | N/A | $2,713 | N/A |
| George Putnam, III / 1984(6) | $566 | $138 | $2,333 | $729 | $786 | $191 | $2,177 | $669 |
| Manoj P. Singh / 2017(7) | $556 | N/A | $2,333 | N/A | $768 | N/A | $2,177 | N/A |
| Mona K. Sutphen / 2020 | $508 | N/A | $2,074 | N/A | $711 | N/A | $1,938 | N/A |
| Robert L. Reynolds / 2008(8) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Trustees | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) |
| | Putnam Multi-Asset
Absolute Return Fund | Putnam Multi-Cap Core Fund | Putnam New Jersey Tax Exempt Income Fund | Putnam New York Tax Exempt Income Fund |
| Liaquat Ahamed / 2012(3) | $3,066 | N/A | $11,878 | N/A | $605 | N/A | $4,395 | N/A |
| Ravi Akhoury / 2009(4) | $3,066 | N/A | $11,878 | N/A | $605 | N/A | $4,395 | N/A |
| Barbara M. Baumann / 2010(3) | $3,066 | N/A | $12,208 | N/A | $617 | N/A | $4,395 | N/A |
| Katinka Domotorffy / 2012(3) | $3,066 | N/A | $11,878 | N/A | $605 | N/A | $4,395 | N/A |
| Catharine Bond Hill / 2017 | $3,066 | N/A | $11,878 | N/A | $605 | N/A | $4,395 | N/A |
| Paul L. Joskow / 1997(3)(4) | $3,066 | $317 | $11,878 | $1,503 | $605 | $94 | $4,395 | $325 |
| Kenneth R. Leibler / 2006(5) | $4,180 | N/A | $16,080 | N/A | $818 | N/A | $5,982 | N/A |
| George Putnam, III / 1984(6) | $3,298 | $543 | $12,753 | $2,584 | $650 | $162 | $4,726 | $553 |
| Manoj P. Singh / 2017(7) | $3,298 | N/A | $12,424 | N/A | $638 | N/A | $4,726 | N/A |
| Mona K. Sutphen / 2020 | $2,969 | N/A | $10,869 | N/A | $583 | N/A | $4,263 | N/A |
| Robert L. Reynolds / 2008(8) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Trustees | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) |
| | Putnam Ohio Tax Exempt Income Fund | Putnam Pennsylvania Tax Exempt Income Fund | Putnam PanAgora Risk Parity Fund | Putnam Research Fund |
| Liaquat Ahamed / 2012(3) | $404 | N/A | $563 | N/A | $157 | N/A | $1,538 | N/A |
| Ravi Akhoury / 2009(4) | $404 | N/A | $563 | N/A | $157 | N/A | $1,538 | N/A |
| Barbara M. Baumann / 2010(3) | $412 | N/A | $574 | N/A | $157 | N/A | $1,538 | N/A |
| Katinka Domotorffy / 2012(3) | $404 | N/A | $563 | N/A | $157 | N/A | $1,538 | N/A |
| Catharine Bond Hill / 2017 | $404 | N/A | $563 | N/A | $157 | N/A | $1,538 | N/A |
| Paul L. Joskow / 1997(3)(4) | $404 | $63 | $563 | $87 | $157 | $22 | $1,538 | $215 |
| Kenneth R. Leibler / 2006(5) | $546 | N/A | $761 | N/A | $212 | N/A | $2,074 | N/A |
| George Putnam, III / 1984(6) | $433 | $108 | $604 | $150 | $169 | $38 | $1,649 | $369 |
| Manoj P. Singh / 2017(7) | $425 | N/A | $593 | N/A | $169 | N/A | $1,649 | N/A |
| Mona K. Sutphen / 2020 | $389 | N/A | $542 | N/A | $151 | N/A | $1,484 | N/A |
| Robert L. Reynolds / 2008(8) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Trustees | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) |
| | Putnam Retirement Advantage 2025 Fund | Putnam Retirement Advantage 2030 Fund | Putnam Retirement Advantage 2035 Fund | Putnam Retirement Advantage 2040 Fund |
| Liaquat Ahamed / 2012(3) | $0 | N/A | $0 | N/A | $0 | N/A | $0 | N/A |
| Ravi Akhoury / 2009(4) | $0 | N/A | $0 | N/A | $0 | N/A | $0 | N/A |
| Barbara M. Baumann / 2010(3) | $0 | N/A | $0 | N/A | $0 | N/A | $0 | N/A |
| Katinka Domotorffy / 2012(3) | $0 | N/A | $0 | N/A | $0 | N/A | $0 | N/A |
| Catharine Bond Hill / 2017 | $0 | N/A | $0 | N/A | $0 | N/A | $0 | N/A |
| Paul L. Joskow / 1997(3)(4) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Kenneth R. Leibler / 2006(5) | $0 | N/A | $0 | N/A | $0 | N/A | $0 | N/A |
| George Putnam, III / 1984(6) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Manoj P. Singh / 2017(7) | $0 | N/A | $0 | N/A | $0 | N/A | $0 | N/A |
| Mona K. Sutphen / 2020 | $0 | N/A | $0 | N/A | $0 | N/A | $0 | N/A |
| Robert L. Reynolds / 2008(8) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Trustees | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) |
| | Putnam Retirement Advantage 2045 Fund | Putnam Retirement Advantage 2050 Fund | Putnam Retirement Advantage 2055 Fund | Putnam Retirement Advantage 2060 Fund |
| Liaquat Ahamed / 2012(3) | $0 | N/A | $0 | N/A | $0 | N/A | $0 | N/A |
| Ravi Akhoury / 2009(4) | $0 | N/A | $0 | N/A | $0 | N/A | $0 | N/A |
| Barbara M. Baumann / 2010(3) | $0 | N/A | $0 | N/A | $0 | N/A | $0 | N/A |
| Katinka Domotorffy / 2012(3) | $0 | N/A | $0 | N/A | $0 | N/A | $0 | N/A |
| Catharine Bond Hill / 2017 | $0 | N/A | $0 | N/A | $0 | N/A | $0 | N/A |
| Paul L. Joskow / 1997(3)(4) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Kenneth R. Leibler / 2006(5) | $0 | N/A | $0 | N/A | $0 | N/A | $0 | N/A |
| George Putnam, III / 1984(6) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Manoj P. Singh / 2017(7) | $0 | N/A | $0 | N/A | $0 | N/A | $0 | N/A |
| Mona K. Sutphen / 2020 | $0 | N/A | $0 | N/A | $0 | N/A | $0 | N/A |
| Robert L. Reynolds / 2008(8) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Trustees | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) |
| | Putnam Retirement Advantage 2065 Fund | Putnam Retirement Advantage Maturity Fund | Putnam RetirementReady 2025 Fund | Putnam RetirementReady 2030 Fund |
| Liaquat Ahamed / 2012(3) | $0 | N/A | $0 | N/A | $0 | N/A | $0 | N/A |
| Ravi Akhoury / 2009(4) | $0 | N/A | $0 | N/A | $0 | N/A | $0 | N/A |
| Barbara M. Baumann / 2010(3) | $0 | N/A | $0 | N/A | $0 | N/A | $0 | N/A |
| Katinka Domotorffy / 2012(3) | $0 | N/A | $0 | N/A | $0 | N/A | $0 | N/A |
| Catharine Bond Hill / 2017 | $0 | N/A | $0 | N/A | $0 | N/A | $0 | N/A |
| Paul L. Joskow / 1997(3)(4) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Kenneth R. Leibler / 2006(5) | $0 | N/A | $0 | N/A | $0 | N/A | $0 | N/A |
| George Putnam, III / 1984(6) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Manoj P. Singh / 2017(7) | $0 | N/A | $0 | N/A | $0 | N/A | $0 | N/A |
| Mona K. Sutphen / 2020 | $0 | N/A | $0 | N/A | $0 | N/A | $0 | N/A |
| Robert L. Reynolds / 2008(8) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Trustees | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) |
| | Putnam RetirementReady 2035 Fund | Putnam RetirementReady 2040 Fund | Putnam RetirementReady 2045 Fund | Putnam RetirementReady 2050 Fund |
| Liaquat Ahamed / 2012(3) | $0 | N/A | $0 | N/A | $0 | N/A | $0 | N/A |
| Ravi Akhoury / 2009(4) | $0 | N/A | $0 | N/A | $0 | N/A | $0 | N/A |
| Barbara M. Baumann / 2010(3) | $0 | N/A | $0 | N/A | $0 | N/A | $0 | N/A |
| Katinka Domotorffy / 2012(3) | $0 | N/A | $0 | N/A | $0 | N/A | $0 | N/A |
| Catharine Bond Hill / 2017 | $0 | N/A | $0 | N/A | $0 | N/A | $0 | N/A |
| Paul L. Joskow / 1997(3)(4) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Kenneth R. Leibler / 2006(5) | $0 | N/A | $0 | N/A | $0 | N/A | $0 | N/A |
| George Putnam, III / 1984(6) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Manoj P. Singh / 2017(7) | $0 | N/A | $0 | N/A | $0 | N/A | $0 | N/A |
| Mona K. Sutphen / 2020 | $0 | N/A | $0 | N/A | $0 | N/A | $0 | N/A |
| Robert L. Reynolds / 2008(8) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Trustees | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) |
| | Putnam RetirementReady 2055 Fund | Putnam RetirementReady 2060 Fund | Putnam RetirementReady 2065 Fund | Putnam RetirementReady Maturity Fund |
| Liaquat Ahamed / 2012(3) | $0 | N/A | $0 | N/A | $0 | N/A | $0 | N/A |
| Ravi Akhoury / 2009(4) | $0 | N/A | $0 | N/A | $0 | N/A | $0 | N/A |
| Barbara M. Baumann / 2010(3) | $0 | N/A | $0 | N/A | $0 | N/A | $0 | N/A |
| Katinka Domotorffy / 2012(3) | $0 | N/A | $0 | N/A | $0 | N/A | $0 | N/A |
| Catharine Bond Hill / 2017 | $0 | N/A | $0 | N/A | $0 | N/A | $0 | N/A |
| Paul L. Joskow / 1997(3)(4) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Kenneth R. Leibler / 2006(5) | $0 | N/A | $0 | N/A | $0 | N/A | $0 | N/A |
| George Putnam, III / 1984(6) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Manoj P. Singh / 2017(7) | $0 | N/A | $0 | N/A | $0 | N/A | $0 | N/A |
| Mona K. Sutphen / 2020 | $0 | N/A | $0 | N/A | $0 | N/A | $0 | N/A |
| Robert L. Reynolds / 2008(8) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Trustees | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) |
| | Putnam Short Duration Bond Fund | Putnam Short-Term Investment Fund | Putnam Short-Term Municipal Income Fund | Putnam Small Cap Growth Fund |
| Liaquat Ahamed / 2012(3) | $9,411 | N/A | $10,971 | N/A | $203 | N/A | $2,524 | N/A |
| Ravi Akhoury / 2009(4) | $9,411 | N/A | $10,971 | N/A | $203 | N/A | $2,524 | N/A |
| Barbara M. Baumann / 2010(3) | $9,411 | N/A | $10,971 | N/A | $203 | N/A | $2,564 | N/A |
| Katinka Domotorffy / 2012(3) | $9,411 | N/A | $10,971 | N/A | $203 | N/A | $2,524 | N/A |
| Catharine Bond Hill / 2017 | $9,411 | N/A | $10,971 | N/A | $203 | N/A | $2,524 | N/A |
| Paul L. Joskow / 1997(3)(4) | $9,411 | $854 | $10,971 | $1,760 | $203 | $16 | $2,524 | $373 |
| Kenneth R. Leibler / 2006(5) | $12,804 | N/A | $14,863 | N/A | $277 | N/A | $3,415 | N/A |
| George Putnam, III / 1984(6) | $10,118 | $1,459 | $11,782 | $3,023 | $219 | $27 | $2,710 | $640 |
| Manoj P. Singh / 2017(7) | $10,118 | N/A | $11,782 | N/A | $219 | N/A | $2,669 | N/A |
| Mona K. Sutphen / 2020 | $9,143 | N/A | $10,560 | N/A | $197 | N/A | $2,423 | N/A |
| Robert L. Reynolds / 2008(8) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Trustees | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) |
| | Putnam Small Cap
Value Fund | Putnam Strategic Intermediate Municipal Fund | Putnam Sustainable Future Fund | Putnam Sustainable Leaders Fund |
| Liaquat Ahamed / 2012(3) | $552 | N/A | $953 | N/A | $2,290 | N/A | $20,439 | N/A |
| Ravi Akhoury / 2009(4) | $552 | N/A | $953 | N/A | $2,290 | N/A | $20,439 | N/A |
| Barbara M. Baumann / 2010(3) | $572 | N/A | $953 | N/A | $2,350 | N/A | $20,797 | N/A |
| Katinka Domotorffy / 2012(3) | $552 | N/A | $953 | N/A | $2,290 | N/A | $20,439 | N/A |
| Catharine Bond Hill / 2017 | $552 | N/A | $953 | N/A | $2,290 | N/A | $20,439 | N/A |
| Paul L. Joskow / 1997(3)(4) | $552 | $35 | $953 | $148 | $2,290 | $291 | $20,439 | $3,045 |
| Kenneth R. Leibler / 2006(5) | $748 | N/A | $1, 288 | N/A | $3,102 | N/A | $27,659 | N/A |
| George Putnam, III / 1984(6) | $593 | $60 | $1,023 | $253 | $2,460 | $500 | $21,943 | $5,227 |
| Manoj P. Singh / 2017(7) | $573 | N/A | $1,023 | N/A | $2,400 | N/A | $21,584 | N/A |
| Mona K. Sutphen / 2020 | $491 | N/A | $917 | N/A | $2,105 | N/A | $19,671 | N/A |
| Robert L. Reynolds / 2008(8) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Trustees | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) |
| | Putnam Tax Exempt Income Fund | Putnam Tax-Free High Yield Fund | Putnam Ultra Short Duration Income Fund | Putnam VT Diversified Income Fund |
| Liaquat Ahamed / 2012(3) | $2,579 | N/A | $3,027 | N/A | $59,779 | N/A | $631 | N/A |
| Ravi Akhoury / 2009(4) | $2,579 | N/A | $3,027 | N/A | $59,779 | N/A | $631 | N/A |
| Barbara M. Baumann / 2010(3) | $2,579 | N/A | $3,027 | N/A | $59,779 | N/A | $631 | N/A |
| Katinka Domotorffy / 2012(3) | $2,579 | N/A | $3,027 | N/A | $59,779 | N/A | $631 | N/A |
| Catharine Bond Hill / 2017 | $2,579 | N/A | $3,027 | N/A | $59,778 | N/A | $631 | N/A |
| Paul L. Joskow / 1997(3)(4) | $2,579 | $474 | $3,027 | $454 | $59,779 | $9,326 | $631 | $42 |
| Kenneth R. Leibler / 2006(5) | $3,436 | N/A | $4,089 | N/A | $80,876 | N/A | $850 | N/A |
| George Putnam, III / 1984(6) | $2,758 | $813 | $3,248 | $780 | $64,174 | $16,009 | $676 | $72 |
| Manoj P. Singh / 2017(7) | $2,758 | N/A | $3,248 | N/A | $64,174 | N/A | $676 | N/A |
| Mona K. Sutphen / 2020 | $2,458 | N/A | $2,917 | N/A | $57,510 | N/A | $607 | N/A |
| Robert L. Reynolds / 2008(8) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Trustees | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) |
| | Putnam VT Emerging Markets Equity Fund | Putnam VT Focused International Equity Fund | Putnam VT George Putnam Balanced Fund | Putnam VT Global Asset Allocation Fund |
| Liaquat Ahamed / 2012(3) | $128 | N/A | $756 | N/A | $819 | N/A | $449 | N/A |
| Ravi Akhoury / 2009(4) | $128 | N/A | $756 | N/A | $819 | N/A | $449 | N/A |
| Barbara M. Baumann / 2010(3) | $128 | N/A | $756 | N/A | $819 | N/A | $449 | N/A |
| Katinka Domotorffy / 2012(3) | $128 | N/A | $756 | N/A | $819 | N/A | $449 | N/A |
| Catharine Bond Hill / 2017 | $128 | N/A | $756 | N/A | $819 | N/A | $449 | N/A |
| Paul L. Joskow / 1997(3)(4) | $128 | $9 | $756 | $48 | $819 | $52 | $449 | $29 |
| Kenneth R. Leibler / 2006(5) | $173 | N/A | $1,019 | N/A | $1,104 | N/A | $605 | N/A |
| George Putnam, III / 1984(6) | $138 | $15 | $811 | $83 | $878 | $90 | $482 | $50 |
| Manoj P. Singh / 2017(7) | $138 | N/A | $811 | N/A | $878 | N/A | $482 | N/A |
| Mona K. Sutphen / 2020 | $124 | N/A | $729 | N/A | $790 | N/A | $433 | N/A |
| Robert L. Reynolds / 2008(8) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Trustees | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) |
| | Putnam VT Global Health Care Fund | Putnam VT Government Money Market Fund | Putnam VT Growth Opportunities Fund | Putnam VT High Yield Fund |
| Liaquat Ahamed / 2012(3) | $567 | N/A | 288 | N/A | $3,980 | N/A | $617 | N/A |
| Ravi Akhoury / 2009(4) | $567 | N/A | 288 | N/A | $3,980 | N/A | $617 | N/A |
| Barbara M. Baumann / 2010(3) | $567 | N/A | 288 | N/A | $3,980 | N/A | $617 | N/A |
| Katinka Domotorffy / 2012(3) | $567 | N/A | 288 | N/A | $3,980 | N/A | $617 | N/A |
| Catharine Bond Hill / 2017 | $567 | N/A | 288 | N/A | $3,980 | N/A | $617 | N/A |
| Paul L. Joskow / 1997(3)(4) | $567 | $35 | 288 | $19 | $3,980 | $251 | $617 | $40 |
| Kenneth R. Leibler / 2006(5) | $764 | N/A | 389 | N/A | $5,364 | N/A | $832 | N/A |
| George Putnam, III / 1984(6) | $608 | $61 | 309 | $33 | $4,268 | $434 | $662 | $70 |
| Manoj P. Singh / 2017(7) | $608 | N/A | 309 | N/A | $4,268 | N/A | $662 | N/A |
| Mona K. Sutphen / 2020 | $546 | N/A | 277 | N/A | $3,833 | N/A | $594 | N/A |
| Robert L. Reynolds / 2008(8) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Trustees | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) |
| | Putnam VT Income Fund | Putnam VT International Equity Fund | Putnam VT International Value Fund | Putnam VT Large Cap Value Fund |
| Liaquat Ahamed / 2012(3) | $808 | N/A | $854 | N/A | $272 | N/A | $5,442 | N/A |
| Ravi Akhoury / 2009(4) | $808 | N/A | $854 | N/A | $272 | N/A | $5,442 | N/A |
| Barbara M. Baumann / 2010(3) | $808 | N/A | $854 | N/A | $272 | N/A | $5,442 | N/A |
| Katinka Domotorffy / 2012(3) | $808 | N/A | $854 | N/A | $272 | N/A | $5,442 | N/A |
| Catharine Bond Hill / 2017 | $808 | N/A | $854 | N/A | $272 | N/A | $5,442 | N/A |
| Paul L. Joskow / 1997(3)(4) | $808 | $52 | $854 | $55 | $272 | $17 | $5,442 | $339 |
| Kenneth R. Leibler / 2006(5) | $1,089 | N/A | $1,151 | N/A | $367 | N/A | $7,335 | N/A |
| George Putnam, III / 1984(6) | $867 | $90 | $916 | $95 | $292 | $30 | $5,836 | $586 |
| Manoj P. Singh / 2017(7) | $867 | N/A | $916 | N/A | $292 | N/A | $5,836 | N/A |
| Mona K. Sutphen / 2020 | $776 | N/A | $823 | N/A | $263 | N/A | $5,256 | N/A |
| Robert L. Reynolds / 2008(8) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Trustees | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) |
| | Putnam VT Mortgage Securities Fund | Putnam VT Multi-Asset Absolute Return Fund | Putnam VT Multi-Cap Core Fund | Putnam VT Research Fund |
| Liaquat Ahamed / 2012(3) | $162 | N/A | $83 | N/A | $1,005 | N/A | $208 | N/A |
| Ravi Akhoury / 2009(4) | $162 | N/A | $83 | N/A | $1,005 | N/A | $208 | N/A |
| Barbara M. Baumann / 2010(3) | $162 | N/A | $83 | N/A | $1,005 | N/A | $208 | N/A |
| Katinka Domotorffy / 2012(3) | $162 | N/A | $83 | N/A | $1,005 | N/A | $208 | N/A |
| Catharine Bond Hill / 2017 | $162 | N/A | $83 | N/A | $1,005 | N/A | $208 | N/A |
| Paul L. Joskow / 1997(3)(4) | $162 | $11 | $83 | $5 | $1,005 | $64 | $208 | $12 |
| Kenneth R. Leibler / 2006(5) | $218 | N/A | $111 | N/A | $1,355 | N/A | $280 | N/A |
| George Putnam, III / 1984(6) | $174 | $19 | $89 | $9 | $1,078 | $111 | $223 | $21 |
| Manoj P. Singh / 2017(7) | $174 | N/A | $89 | N/A | $1,078 | N/A | $223 | N/A |
| Mona K. Sutphen / 2020 | $156 | N/A | $79 | N/A | $970 | N/A | $201 | N/A |
| Robert L. Reynolds / 2008(8) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Trustees | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) | Aggregate
compensation
from the
fund ($) | Pension or
retirement
benefits accrued
as part of fund
expenses ($) |
| | Putnam VT Small Cap Growth Fund | Putnam VT Small Cap Value Fund | Putnam VT Sustainable Future Fund | Putnam VT Sustainable Leaders Fund |
| Liaquat Ahamed / 2012(3) | $132 | N/A | $489 | N/A | $163 | N/A | $3,415 | N/A |
| Ravi Akhoury / 2009(4) | $132 | N/A | $489 | N/A | $163 | N/A | $3,415 | N/A |
| Barbara M. Baumann / 2010(3) | $132 | N/A | $489 | N/A | $163 | N/A | $3,415 | N/A |
| Katinka Domotorffy / 2012(3) | $132 | N/A | $489 | N/A | $163 | N/A | $3,415 | N/A |
| Catharine Bond Hill / 2017 | $132 | N/A | $489 | N/A | $163 | N/A | $3,415 | N/A |
| Paul L. Joskow / 1997(3)(4) | $132 | $9 | $489 | $32 | $163 | $11 | $3,415 | $213 |
| Kenneth R. Leibler / 2006(5) | $178 | N/A | $659 | N/A | $219 | N/A | $4,602 | N/A |
| George Putnam, III / 1984(6) | $142 | $15 | $524 | $55 | $175 | $19 | $3,662 | $368 |
| Manoj P. Singh / 2017(7) | $142 | N/A | $524 | N/A | $175 | N/A | $3,662 | N/A |
| Mona K. Sutphen / 2020 | $127 | N/A | $473 | N/A | $157 | N/A | $3,293 | N/A |
| Robert L. Reynolds / 2008(8) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Trustees/Year | Estimated annual benefits from all
Putnam Funds upon retirement ($)(1) | Total compensation from all Putnam funds ($)(2) |
| Liaquat Ahamed / 2012(3) | N/A | $345,000 |
| Ravi Akhoury / 2009(4) | N/A | $345,000 |
| Barbara M. Baumann / 2010(3) | N/A | $345,000 |
| Katinka Domotorffy / 2012(3) | N/A | $345,000 |
| Catharine Bond Hill / 2017 | N/A | $345,000 |
| Paul L. Joskow / 1997(3)(4) | $113,417 | $345,000 |
| Kenneth R. Leibler / 2006(5) | N/A | $465,000 |
| George Putnam, III / 1984(6) | $130,333 | $370,000 |
| Manoj P. Singh / 2017(7) | N/A | $370,000 |
| Mona K. Sutphen / 2020 | N/A | $332,500 |
| Robert L. Reynolds / 2008(8) | N/A | N/A |
(1) Estimated benefits for each Trustee are based on Trustee fee rates for calendar years 2003, 2004 and 2005.
(2) As of March 31, 2022, there were 100 funds in the Putnam family.
(3) Certain Trustees are also owed compensation deferred pursuant to a Trustee Compensation Deferral Plan. As of each fund’s fiscal year ended prior to December 31, 2021, the total amounts of deferred compensation payable each fund listed below, including income earned on such amounts, to these Trustees were (in dollars):
| Fund | Mr. Ahamed | Ms. Baumann | Ms. Domotorffy | Dr. Hill | Dr. Joskow |
| Putnam California Tax Exempt Income Fund | $21,434 | $17,167 | $17,534 | $7,606 | $76,500 |
| Putnam Convertible Securities Fund | $12,230 | $9,769 | $9,972 | $4,553 | $43,510 |
| Putnam Diversified Income Fund | $45,702 | $36,603 | $37,387 | $16,218 | $163,114 |
| Putnam Dynamic Asset Allocation Balanced Fund | $19,786 | $15,847 | $16,186 | $7,021 | $70,618 |
| Putnam Dynamic Asset Allocation Conservative Fund | $8,325 | $6,668 | $6,811 | $2,955 | $29,716 |
| Putnam Dynamic Asset Allocation Equity Fund | $304 | $245 | $252 | $101 | $1,093 |
| Putnam Dynamic Asset Allocation Growth Fund | $20,666 | $16,552 | $16,906 | $7,334 | $73,759 |
| Putnam Dynamic Risk Allocation Fund | $935 | $756 | $775 | $312 | $3,366 |
| Putnam Emerging Markets Equity Fund | $11,721 | $9,408 | $9,619 | $4,172 | $41,896 |
| Putnam Fixed Income Absolute Return Fund | $6,257 | $4,998 | $5,102 | $2,329 | $22,259 |
| Putnam Floating Rate Income Fund | $5,172 | $4,214 | $4,332 | $1,627 | $18,757 |
| Putnam Focused Equity Fund | $39,852 | $31,986 | $32,703 | $14,184 | $142,443 |
| Putnam Focused International Equity Fund | $36,572 | $29,212 | $29,821 | $13,615 | $130,110 |
| George Putnam Balanced Fund | $28,733 | $23,124 | $23,664 | $10,256 | $102,975 |
| Putnam Global Health Care Fund | $25,320 | $20,323 | $20,778 | $9,012 | $90,502 |
| Putnam Global Income Fund | $5,876 | $4,693 | $4,791 | $2,187 | $20,903 |
| Putnam Global Technology Fund | $798 | $641 | $655 | $284 | $2,853 |
| Putnam Government Money Market Fund | $211 | $169 | $172 | $75 | $752 |
| Putnam Growth Opportunities Fund | $94,561 | $76,102 | $77,879 | $33,754 | $338,891 |
| Putnam High Yield Fund | $39,803 | $31,708 | $32,338 | $15,089 | $143,667 |
| Putnam Income Fund | $23,297 | $18,609 | $18,997 | $8,673 | $82,884 |
| Putnam Income Strategies Portfolio | $1 | $01 | $1 | $0 | $4 |
| Putnam Intermediate-Term Municipal Fund | $63 | $50 | $51 | $24 | $226 |
| Putnam International Capital Opportunities Fund | $9,472 | $7,602 | $7,773 | $3,371 | $33,856 |
| Putnam International Equity Fund | $37,174 | $29,998 | $30,727 | $12,373 | $133,651 |
| Putnam International Value Fund | $5,593 | $4,513 | $4,623 | $1,861 | $20,107 |
| Putnam Large Cap Value Fund | $169,701 | $135,549 | $138,373 | $63,177 | $603,738 |
| Putnam Massachusetts Tax Exempt Income Fund | $3,832 | $3,099 | $3,177 | $1,279 | $13,796 |
| Putnam Minnesota Tax Exempt Income Fund | $2,231 | $1,805 | $1,850 | $745 | $8,034 |
| Putnam Money Market Fund | $21,414 | $17,151 | $17,518 | $7,599 | $76,429 |
| Putnam Mortgage Opportunities Fund | $287 | $232 | $238 | $96 | $1,033 |
| Putnam Mortgage Securities Fund | $33,532 | $26,856 | $27,431 | $11,899 | $119,676 |
| Putnam Multi-Asset Absolute Return Fund | $12,546 | $10,021 | $10,230 | $4,671 | $44,633 |
| Putnam Multi-Cap Core Fund | $34,607 | $28,061 | $28,797 | $11,586 | $124,937 |
| Putnam New Jersey Tax Exempt Income Fund | $3,055 | $2,471 | $2,533 | $1,020 | $11,000 |
| Putnam New York Tax Exempt Income Fund | $16,606 | $13,229 | $13,492 | $6,295 | $59,939 |
| Putnam Ohio Tax Exempt Income Fund | $2,499 | $2,020 | $2,072 | $834 | $8,996 |
| Putnam PanAgora Risk Parity Fund | $38 | $31 | $31 | $14 | $136 |
| Putnam Pennsylvania Tax Exempt Fund | $2,927 | $2,367 | $2,427 | $977 | $10,540 |
| Putnam Research Fund | $5,492 | $4,420 | $4,523 | $1,961 | $19,683 |
| Putnam Short Duration Income Fund | $22,789 | $18,340 | $18,768 | $8,135 | $81,671 |
| Putnam Short Term Investment Fund | $13,153 | $10,586 | $10,833 | $4,695 | $47,139 |
| Putnam Short-Term Municipal Income Fund | $78 | $62 | $64 | $30 | $282 |
| Putnam Small Cap Growth Fund | $8,171 | $6,594 | $6,754 | $2,720 | $29,378 |
| Putnam Small Cap Value Fund | $4,326 | $3,525 | $3,624 | $1,361 | $15,691 |
| Putnam Strategic Intermediate Municipal Fund | $6,269 | $5,045 | $5,163 | $2,238 | $22,467 |
| Putnam Sustainable Future Fund | $4,487 | $3,639 | $3,734 | $1,502 | $16,200 |
| Putnam Sustainable Leaders Fund | $116,999 | $94,414 | $96,709 | $38,941 | $420,648 |
| Putnam Tax Exempt Income Fund | $21,872 | $17,518 | $17,893 | $7,762 | $78,064 |
| Putnam Tax-Free High Yield Fund | $19,413 | $15,623 | $15,988 | $6,929 | $69,572 |
| Putnam Ultra Short Duration Bond Fund | $2,254 | $1,800 | $1,838 | $839 | $8,018 |
| Putnam VT Diversified Income Fund | $4,451 | $3,813 | $4,327 | $1,833 | $17,143 |
| Putnam VT Emerging Markets Equity Fund | $2,141 | $1,834 | $2,081 | $882 | $8,244 |
| Putnam VT Focused International Equity Fund | $13,718 | $11,752 | $13,334 | $5,650 | $52,831 |
| Putnam VT George Putnam Balanced Fund | $3,389 | $2,903 | $3,294 | $1,396 | $13,050 |
| Putnam VT Global Asset Allocation Fund | $5,143 | $4,406 | $4,999 | $2,119 | $19,809 |
| Putnam VT Global Health Care Fund | $2,640 | $2,262 | $2,566 | $1,087 | $10,167 |
| Putnam VT Government Money Market Fund | $3,270 | $2,802 | $3,179 | $1,347 | $12,595 |
| Putnam VT Growth Opportunities Fund | $22,561 | $19,328 | $21,930 | $9,293 | $86,890 |
| Putnam VT High Yield Fund | $7,329 | $6,279 | $7,124 | $3,019 | $28,227 |
| Putnam VT Income Fund | $7,532 | $6,452 | $7,321 | $3,102 | $29,006 |
| Putnam VT International Equity Fund | $5,329 | $4,565 | $5,179 | $2,195 | $20,522 |
| Putnam VT International Value Fund | $2,607 | $2,233 | $2,534 | $1,074 | $10,039 |
| Putnam VT Large Cap Value Fund | $33,333 | $28,556 | $32,400 | $13,730 | $128,376 |
| Putnam VT Mortgage Securities Fund | $2,331 | $1,997 | $2,266 | $960 | $8,978 |
| Putnam VT Multi-Asset Absolute Return Fund | $143 | $122 | $139 | $59 | $550 |
| Putnam VT Multi-Cap Core Fund | $4,895 | $4,194 | $4,758 | $2,016 | $18,853 |
| Putnam VT Research Fund | $2,050 | $1,756 | $1,993 | $844 | $7,895 |
| Putnam VT Small Cap Growth Fund | $1,067 | $914 | $1,037 | $440 | $4,110 |
| Putnam VT Small Cap Value Fund | $3,444 | $2,951 | $3,348 | $1,419 | $13,264 |
| Putnam VT Sustainable Futures Fund | $1,249 | $1,070 | $1,214 | $515 | $4,812 |
| Putnam VT Sustainable Leaders Fund | $20,220 | $17,322 | $19,654 | $8,329 | $77,872 |
(4) Mr. Akhoury and Dr. Joskow are not standing for re-election and each will serve until June 30, 2022, when he will retire.
(5) Includes additional compensation to Mr. Leibler for service as Chair of the Trustees in connection with their annual contract review for the Putnam funds included information regarding fees charged by Putnam Management and its affiliates to institutional clients, including defined benefit pension and profit-sharing plans and sub-advised mutual funds. This information included, in cases where an institutional product’s investment strategy corresponds with a fund’s strategy, comparisons of those fees with fees charged to the Putnam funds, as well as an assessment of the differences in the services provided to these different types of clients as compared to the services provided to the Putnam funds. The Trustees observed that the differences in fee rates between these clients and the Putnam funds are by no means uniform when examined by individual asset sectors, suggesting that differences in the pricing of investment management services to these types of clients may reflect, among other things, historical competitive forces operating in separate markets. The Trustees considered the fact that in many cases fee rates across different asset classes are higher on average for mutual funds than for institutional clients, as well as the differences between the services that Putnam Management provides to the Putnam funds and those that it provides to its other clients. The Trustees did not rely on these comparisons to any significant extent in concluding that the management fees paid by your fund are reasonable.
Investment performance
The quality of the investment process provided by Putnam Management represented a major factor in the Trustees’ evaluation of the quality of services provided by Putnam Management under your fund’s management contract. The Trustees were assisted in their review of the Putnam funds’ investment process and performance by the workfunds.
(6) Includes additional compensation to Mr. Putnam for service as Chair of the investment oversight committeesContract Committee.
(7) Includes additional compensation to Mr. Singh for service as Chair of the TrusteesAudit, Compliance and the full Board of Trustees, which meet on a regular basis with the funds’ portfolio teams and with the Chief Investment Officers and other senior members of Putnam Management’s Investment Division throughout the year. The Trustees concluded that Putnam Management generally provides a high-quality investment process — based on the experience and skillsRisk Committee.
(8) Mr. Reynolds is an “interested person” of the individuals assignedfunds and Putnam Management.
Appendix E — 5% Beneficial Ownership
As of [ ], to the management of fund portfolios, the resources made available to them, and in general Putnam Management’s ability to attract and retain high-quality
personnel — but also recognized that this does not guarantee favorable investment results for every fund in every time period.
The Trustees considered that 2017 was a strong year for the performanceknowledge of the Putnam funds, with generally favorable results for most asset classes, including U.S. equity, international and global equity, taxable and tax exempt fixed income, and global asset allocation Funds. In this regard,no person owned beneficially or of record 5% or more of any class of shares of any Putnam fund, except as shown in the Trustees considered that,tables below. Additional ownership information for the one-year period ended December 31, 2017,Putnam closed-end funds is shown separately at the Putnam open-end Funds’ performance, on an asset-weighted basis, ranked in the 32nd percentileend of their Lipper peers (excluding those Putnam funds that are evaluated based on their total returns and/or comparisons of those returns versus selected investment benchmarks or targeted annual returns). The Trustees observed that this strong performance has continued a positive trend that began in mid-year 2016 across most Putnam funds. They noted that the longer-term performance of the Putnam funds continued to be strong, exemplified by the fact that the Putnam funds were ranked by the Barron’s/Lipper Fund Families survey as the 7th-best performing mutual fund complex out of 55 complexes for the five-year period ended December 31, 2017 and the 9th-best performing mutual fund complex out of 50 complexes for the ten-year period ended 2017. In addition, the survey ranked the Putnam funds 7th out of 59 mutual fund complexes for the one-year period ended 2017; the Putnam funds have ranked 1st or 2nd in the survey for the one-year period three times since 2009 (most recently in 2013). They also noted, however, the disappointing investment performance of some funds for periods ended December 31, 2017 and considered information provided by Putnam Management regarding the factors contributing to the underperformance and actions being taken to improve the performance of these particular funds. The Trustees indicated their intention to continue to monitor closely the performance of those funds, including the effectiveness of any efforts Putnam Management has undertaken to address underperformance and whether additional actions to address areas of underperformance are warranted.Appendix E.
For purposes of the Trustees’ evaluation of the Putnam Funds’ investment performance, the Trustees generally focus on a competitive industry ranking of each fund’s total net return over a one-year, three-year and five-year period. For a number of Putnam funds with relatively unique investment mandates for which Putnam Management informed the Trustees that meaningful competitive performance rankings are not considered to be available, the Trustees evaluated performance based on their total gross and net returns and, in most cases, comparisons of those returns with the returns of selected investment benchmarks. In the case of your fund, the Trustees considered that its class A share cumulative total return performance at net asset value was in the following quartiles of its Lipper Inc. (“Lipper”) peer group (Lipper Multi-Cap Growth Funds) for the one-year, three-year and five-year periods ended December 31, 2017 (the first quartile representing the best-performing funds and the fourth quartile the worst-performing funds):
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
One-year periodPutnam [ ] Fund | Three-year period | Five-year period |
2nd [ ] | 2nd [ ] | 2nd [ ] | [ ]% |
Over the one-year, three-year and five-year periods ended December 31, 2017, there were 511, 462 and 402 funds, respectively, in your fund’s Lipper peer group. (When considering performance information, shareholders should be mindful that past performance is not a guarantee of future results.)
The Trustees considered Putnam Management’s continued efforts to support fund performance through initiatives including structuring compensation for portfolio managers and research analysts to enhance accountability for fund performance, emphasizing accountability in the portfolio management process, and affirming its commitment to a fundamental-driven approach to investing. The Trustees noted further that Putnam Management continued to strengthen its fundamental research capabilities by adding new investment personnel.
Brokerage and soft-dollar allocations; investor servicing
The Trustees considered various potential benefits that Putnam Management may receive in connection with the services it provides under the management contract with your fund. These include benefits related to brokerage allocation and the use of soft dollars, whereby a portion of the commissions paid by a fund for brokerage may be used to acquire research services that are expected to be useful to Putnam Management in managing the assets of the fund and of other clients. Subject to policies established by the Trustees, soft dollars generated by these means are used predominantly to acquire brokerage and research services (including third-party research and market data) that enhance Putnam Management’s investment capabilities and supplement Putnam Management’s internal research efforts. However, the Trustees noted that a portion of available soft dollars continues to be used to pay fund expenses. The Trustees indicated their continued intent to monitor regulatory and industry developments in this area with the assistance of their Brokerage Committee. The Trustees also indicated their continued intent to monitor the allocation of the Putnam funds’ brokerage in order to ensure that the principle of seeking best price and execution remains paramount in the portfolio trading process.
Putnam Management may also receive benefits from payments that the funds make to Putnam Management’s affiliates for investor or distribution services. In conjunction with the annual review of your fund’s management and sub-management contracts, the Trustees reviewed your fund’s investor servicing agreement with Putnam Investor Services, Inc. (“PSERV”) and its distributor’s contracts and distribution plans with Putnam Retail Management Limited Partnership (“PRM”), both of which are affiliates of Putnam Management. The Trustees concluded that the fees payable by the funds to PSERV and PRM, as applicable, for such services are fair and reasonable in relation to the nature and quality of such services, the fees paid by competitive funds, and the costs incurred by PSERV and PRM, as applicable, in providing such services. Furthermore, the Trustees were of the view that the services provided were required for the operation of the funds, and that they were of a quality at least equal to those provided by other providers.
| | | | | |
| Other Similar Funds Advised by Putnam Management | | | |
Fund | Net Assets as of | Current Management Fee Schedule | Amount of Management Fee Paid in the Most Recent | Has compensation been waived, | Current Investment |
| 12/31/18 ($) (in | | Fiscal Year (after applicable waivers, performance | reduced or otherwise agreed to be | Goal |
| millions) | | adjustments and reimbursements, if any) ($) | reduced under any applicable contract? | |
Putnam | $336.43 million | 0.710% of the first $5 billion of Total Open-End Mutual Fund Average Net Assets; | 0.553% | An expense limitation agreement is in | long-term capital |
Sustainable | | 0.660% of the next $5 billion of Total Open-End Mutual Fund Average Net Assets; | | place; however, the fund’s expenses | appreciation |
Future Fund | | 0.610% of the next $10 billion of Total Open-End Mutual Fund Average Net Assets; | | were not reduced as a result of this limit | |
| | 0.560% of the next $10 billion of Total Open-End Mutual Fund Average Net Assets; | | for the most recent fiscal year. | |
| | 0.510% of the next $50 billion of Total Open-End Mutual Fund Average Net Assets; | | | |
| | 0.490% of the next $50 billion of Total Open-End Mutual Fund Average Net Assets; | | | |
| | 0.480% of the next $100 billion of Total Open-End Mutual Fund Average Net Assets; | | | |
| | 0.475% of any excess thereafter. | | | |
Putnam Growth | $4.615 billion | 0.710% of the first $5 billion of Total Open-End Mutual Fund Average Net Assets; | 0.445% | An expense limitation agreement is in | capital appreciation |
Opportunities | | 0.660% of the next $5 billion of Total Open-End Mutual Fund Average Net Assets; | | place; however, the fund’s expenses | |
Fund | | 0.610% of the next $10 billion of Total Open-End Mutual Fund Average Net Assets; | | were not reduced as a result of this limit | |
| | 0.560% of the next $10 billion of Total Open-End Mutual Fund Average Net Assets; | | for the most recent fiscal year. | |
| | 0.510% of the next $50 billion of Total Open-End Mutual Fund Average Net Assets; | | | |
| | 0.490% of the next $50 billion of Total Open-End Mutual Fund Average Net Assets; | | | |
| | 0.480% of the next $100 billion of Total Open-End Mutual Fund Average Net Assets; | | | |
| | 0.475% of any excess thereafter. | | | |
| | Benchmark: Russell 1000 Growth Index | | | |
| | Maximum Performance Adjustment Rate: 0.12% | | | |
| | Minimum Performance Adjustment Rate: 0.12% | | | |
Putnam Small | $385.56 million | 0.780% of the first $5 billion of Total Open | 0.573% | An expense limitation agreement is in | capital appreciation |
Cap Growth | | End Mutual Fund Average Net Assets; | | place and during the most recent fiscal | |
Fund | | 0.730% of the next $5 billion of Total Open End Mutual Fund Average Net Assets; | | year the fund’s expenses were reduced | |
| | 0.680% of the next $10 billion of Total Open End Mutual Fund Average Net Assets; | | by $77,871. | |
| | 0.630% of the next $10 billion of Total Open End Mutual Fund Average Net Assets; | | | |
| | 0.580% of the next $50 billion of Total Open End Mutual Fund Average Net Assets; | | | |
| | 0.560% of the next $50 billion of Total Open End Mutual Fund Average Net Assets; | | | |
| | 0.550% of the next $100 billion of Total Open End Mutual Fund Average Net Assets; | | | |
| | 0.545% of any excess thereafter. | | | |
| | Benchmark: Russell 2000 Growth Index | | | |
| | Maximum Performance Adjustment Rate: 0.18% | | | |
| | Minimum Performance Adjustment Rate: 0.18% | | | |
Putnam VT | $29.14 million | 0.710% of the first $5 billion of Total | 0.551% | An expense limitation agreement is in | long-term capital |
Sustainable | | Open-End Mutual Fund Average Net Assets; | | place and during the most recent fiscal | appreciation |
Future Fund | | 0.660% of the next $5 billion of Total Open-End Mutual Fund Average Net Assets; | | year the fund’s expenses were reduced | |
| | 0.610% of the next $10 billion of Total | | by $26,289. | |
| | Open-End Mutual Fund Average Net Assets; | | | |
| | 0.560% of the next $10 billion of Total | | | |
| | Open-End Mutual Fund Average Net Assets; | | | |
| | 0.510% of the next $50 billion of Total | | | |
| | Open-End Mutual Fund Average Net Assets; | | | |
| | 0.490% of the next $50 billion of Total | | | |
| | Open-End Mutual Fund Average Net Assets; | | | |
| | 0.480% of the next $100 billion of Total Open-End Mutual Fund Average Net Assets; | | | |
| | 0.475% of any excess thereafter. | | | |
Putnam Investments
100 Federal Street
Boston, MA 02110
1-800-225-1581
Address correspondence to
Putnam Investor Services
P.O. Box 8383
Boston, MA 02266-8383
putnam.com
[ ]
| | | | | |
|
Fund | Net Assets as of | Current Management Fee Schedule | Amount of Management Fee Paid in the Most Recent | Has compensation been waived, | Current Investment |
| 12/31/18 ($) (in | | Fiscal Year (after applicable waivers, performance | reduced or otherwise agreed to be | Goal |
| millions) | | adjustments and reimbursements, if any) ($) | reduced under any applicable contract? | |
Putnam VT | $663.97 million | 0.710% of the first $5 billion of Total | 0.552% | An expense limitation agreement is in | long-term capital |
Sustainable | | Open-End Mutual Fund Average Net Assets; | | place; however, the fund’s expenses | appreciation |
Leaders Fund | | 0.660% of the next $5 billion of Total Open-End Mutual Fund Average Net Assets; | | were not reduced as a result of this limit | |
| | 0.610% of the next $10 billion of Total | | for the most recent fiscal year. | |
| | Open-End Mutual Fund Average Net Assets; | | | |
| | 0.560% of the next $10 billion of Total | | | |
| | Open-End Mutual Fund Average Net Assets; | | | |
| | 0.510% of the next $50 billion of Total | | | |
| | Open-End Mutual Fund Average Net Assets; | | | |
| | 0.490% of the next $50 billion of Total | | | |
| | Open-End Mutual Fund Average Net Assets; | | | |
| | 0.480% of the next $100 billion of Total | | | |
| | Open-End Mutual Fund Average Net Assets; | | | |
| | 0.475% of any excess thereafter. | | | |
Putnam | $736.47 million | 0.710% of the first $5 billion of Total Open-End Mutual Fund Average Net Assets; | 0.552% | An expense limitation agreement is in | capital appreciation |
VT Growth | | 0.660% of the next $5 billion of Total Open-End Mutual Fund Average Net Assets; | | place; however, the fund’s expenses | |
Opportunities | | 0.610% of the next $10 billion of Total | | were not reduced as a result of this limit | |
Fund | | Open-End Mutual Fund Average Net Assets; | | for the most recent fiscal year. | |
| | 0.560% of the next $10 billion of Total | | | |
| | Open-End Mutual Fund Average Net Assets; | | | |
| | 0.510% of the next $50 billion of Total | | | |
| | Open-End Mutual Fund Average Net Assets; | | | |
| | 0.490% of the next $50 billion of Total | | | |
| | Open-End Mutual Fund Average Net Assets; | | | |
| | 0.480% of the next $100 billion of Total Open-End Mutual Fund Average Net Assets; | | | |
| | 0.475% of any excess thereafter. | | | |
Putnam VT | $21.69 million | 0.780% of the first $5 billion of Total Open-End Mutual Fund Average Net Assets; | 0.621% | An expense limitation agreement is in | capital appreciation |
Small Cap | | 0.730% of the next $5 billion of Total Open-End Mutual Fund Average Net Assets; | | place and during the most recent fiscal | |
Growth Fund | | 0.680% of the next $10 billion of Total | | year the fund’s expenses were reduced | |
| | Open-End Mutual Fund Average Net Assets; | | by $38,870. | |
| | 0.630% of the next $10 billion of Total | | | |
| | Open-End Mutual Fund Average Net Assets; | | | |
| | 0.580% of the next $50 billion of Total | | | |
| | Open-End Mutual Fund Average Net Assets; | | | |
| | 0.560% of the next $50 billion of Total | | | |
| | Open-End Mutual Fund Average Net Assets; | | | |
| | 0.550% of the next $100 billion of Total Open-End Mutual Fund Average Net Assets; | | | |
| | 0.545% of any excess thereafter. | | | |
1Each fund is subject to an expense limitation agreement pursuant to which Putnam Management has contractually agreed, through one year after the most recent annual prospectus update, to waive fees and/or reimburse the fund’s expenses to the extent necessary to limit the cumulative expenses of the fund (exclusive of brokerage, interest, taxes, investment-related expenses (including borrowing costs, i.e., short selling and lines of credit costs), extraordinary expenses, acquired fund fees and expenses, and payments under the fund’s investor servicing contract, the fund’s investment management contract (including any applicable performance-based upward or downward adjustment to a fund’s base management fee), and the fund’s distribution plans), on a fiscal year-to-date basis to an annual rate of 0.20% of the fund’s average net assets over such fiscal year-to-date period
Putnam Investments
100 Federal Street
Boston, MA 02110
1-800-225-1581
Address correspondence to:
Putnam Investments
P.O. Box 219697
Kansas City, MO 64121-9697
