UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
SCHEDULE 14A
(RULE 14a-101)
Information required in proxy statement
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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 message from Putnam
Investments and the Trustees
of the Putnam funds
| 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 | |
A few minutes of your time now can help save time and expenses later.
Dear Fellow Shareholder:
We are asking for your vote on important matters affecting your investment in one or more of the Putnam open-end funds. These Putnam funds will hold a special shareholder meeting on June 29, 2022 in Boston, Massachusetts. We are asking you — and all shareholders — to consider and vote on the important matters described below.
You may vote conveniently by:
• Visiting the website listed on the proxy card.
• Calling by telephone, using the toll-free number listed on the proxy card.
• Mailing the 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 June 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 protecting shareholders. Trustees are responsible for approving the fees paid to your fund’s investment adviser and its affiliates, reviewing overall fund expenses, selecting the fund’s auditors, monitoring conflicts of interest, overseeing the fund’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 and 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 Board. 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 serve in that capacity without interruption.
We recommend you vote to elect all Trustees.
2. Approving a change to certain funds’ sub-classification under the 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.
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’ recommendations.
Your vote is extremely important. If you have questions, please call toll-free 1-833-501-4818 or contact your financial professional.
We appreciate your participation and prompt response, and thank you for investing in the Putnam funds.
[ ], 2022
Table of Contents
| Notice of Special Meeting of Shareholders | [] |
| Trustees’ Recommendations | [] |
| The Proposals | [] |
| 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 | [] |
| Fund Information | [] |
| Appendix A—Number of Shares Outstanding as of the Record Date | A-1 |
| Appendix B—Auditors | B-1 |
| Appendix C—Dollar Range and Number of Shares Beneficially Owned | C-1 |
| Appendix D—Trustee Compensation Table | D-1 |
| Appendix E—5% Beneficial Ownership | E-1 |
PROXY CARD(S) ENCLOSED
If you have any questions, please call toll-free 1-833-501-4818 or call your financial professional.
Important Notice Regarding the Availability of Proxy Materials for the Special Shareholder Meeting to be Held on June 29, 2022.
The proxy statement is available at https://www.putnam.com/static/pdf/email/all-putnam-funds-proxy-statement.pdf.
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Notice of 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
| 2 |
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 June 29, 2022 at 11:00 a.m., Eastern Time, at the principal offices of the funds, 100 Federal Street, Boston, Massachusetts, 02110, to consider the following 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 |
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.
By Michael J. Higgins, Clerk, and by the Trustees
Kenneth R. Leibler, Chair
| Liaquat Ahamed | Paul L. Joskow |
| Ravi Akhoury | George Putnam, III |
| Barbara M. Baumann | Robert L. Reynolds |
| 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 card(s) in the postage-paid envelope provided.
[ ], 2022
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Proxy Statement
This document gives you the information you need to vote on the proposals. Much of the information is required under rules of the Securities and Exchange Commission (the “SEC”); some of it is technical. If there is anything you don’t understand, please call toll-free 1-833-501-4818 or call your financial 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 funds for use at each fund’s special meeting of shareholders to be held on June 29, 2022 and, if a fund’s meeting is adjourned, at any later meetings, for the purposes stated in the Notice of Special Meeting of Shareholders (see previous pages). The Notice of Special Meeting of Shareholders, the proxy card, and this proxy statement are being mailed beginning on or about [May 20], 2022.
How do your fund’s Trustees recommend that shareholders vote on the proposals?
The Trustees unanimously recommend that you vote:
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 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 each fund at the close of business on April 1, 2022 (the “Record Date”) are entitled to be present and to vote at the special meeting or, if it is adjourned, at any later sessions.
| 4 |
The number of shares of each fund outstanding on the Record Date is shown in Appendix A. Each share is entitled to one vote, with fractional shares voting proportionately. 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’ recommendations. If any other business comes before your fund’s special meeting, your shares will be voted at the discretion of the persons designated on the proxy card.
Shareholders 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.
| 5 |
The Proposals
| 1. | ELECTING TRUSTEES |
Affected funds: All funds
Who 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.
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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. |
| 7 |
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 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.
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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.
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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,
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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, by their nature, typically summaries of the relevant information. Moreover, the Board recognizes that not all risks that may affect your fund can be identified in advance; that it 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 result of the foregoing and for other 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 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.
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Board 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 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 proxy 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 it determines would most benefit the Putnam funds at the time the evaluation is made. 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 this 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 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 practices and procedures relating to the implementation of those policies. The Committee 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.
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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.
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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 |
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| 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 Independent Trustees of the funds are Trustees of all of the Putnam funds.
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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 Trustee 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 Board for 16 years. He also has extensive experience in the financial services industry, including as Chief 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.
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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 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 electing Trustees?
All of the funds within a trust will vote together on the election of Trustees as a single class. If a quorum for your 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?
The 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.
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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
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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):
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| 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 |
2. With respect to 75% of its total assets, acquire more than 10% of the voting securities of any issuer. | 2. With respect to |
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 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 voting securities of the fund are present or represented by proxy at the shareholder meeting, or (b) more than 50% of the outstanding voting securities of the fund.
What is the plan for implementation if the proposal is approved?
If shareholders 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 do 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 bearing the costs 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 borne by the funds affected by Proposal 2 pro rata based on the number of shareholder accounts.
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What are the Trustees recommending?
The Trustees unanimously recommend that shareholders approve a change to your fund’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 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.
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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 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. Further, to the extent your fund invests its assets in other Putnam 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 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 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 voting securities of the fund are present or represented by proxy at the shareholder meeting, or (b) more than 50% of the outstanding voting securities of the fund.
What is the plan for implementation if the proposal is approved?
If shareholders approve the proposal, it is anticipated that the change to each fund’s fundamental investment policy regarding the acquisition of voting securities of any issuer would take effect on July 1, 2022.
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What if the proposal is not approved by shareholders?
If shareholders do not approve the changes to a fund’s fundamental investment policy regarding the acquisition of voting securities of any issuer, the fund would continue to 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 expenses of the preparation of proxy statements and related materials, including printing, delivery and solicitation costs, attributable to Proposal 3 will be borne by the funds affected by Proposal 3 pro rata based on the number of shareholder accounts.
What are the Trustees recommending?
The Trustees unanimously recommend that shareholders approve an amendment to your fund’s fundamental investment policy regarding the acquisition of voting securities of any issuer.
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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. Thirty percent of the shares entitled to vote constitutes a quorum for the transaction of business with respect to any proposal at the 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 a 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., 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. With 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 have the effect of a negative vote on the proposal. Because 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 abstentions (that is, they would be treated as being present and entitled to vote on the matter for purposes of determining the presence of a quorum, and as if they were votes against the 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, PFTC 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 a proposal will be acted upon (approved or disapproved) and that PFTC or Putnam Investor Services, each of which
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is an affiliate of Putnam Management, may benefit indirectly from the approval or disapproval, in accordance with the Trustees’ recommendations, of the proposals.
Shareholders who object to any proposal in this proxy statement will not be entitled under Massachusetts law or your fund’s Amended and Restated Agreement and Declaration of Trust (“Declaration of Trust”) to demand payment for, or an appraisal of, their shares.
Other business. The Trustees know of no matters other than those 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(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. 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 care 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, such votes would not be counted at the special meeting. Your fund is unaware of any such challenge at this time.
Shareholders 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. The 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. 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.
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Revocation of proxies. Giving your proxy, whether by returning the proxy card(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
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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.
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Date for receipt of shareholders’ proposals for subsequent meetings of 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 and the funds’ governing documents, in order to be eligible for inclusion in a 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, will also consider nominees recommended by shareholders of the 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 funds’ Declaration of Trust and Amended and Restated Bylaws (“Bylaws”).
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 the 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, such 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 may propose adjournment of the meeting and 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
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present and entitled to vote at a meeting 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 may be proposed for a reasonable period or periods to permit further solicitation of proxies or for any other reason. The funds will bear the costs of any additional solicitation and of any adjourned 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. 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. 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 Investor Services, P.O. Box 219697, Kansas City, MO 64121-9697 or by phone at 1-800 225-1581. You may also access copies of these reports by visiting Putnam’s website at putnam.com/individual.
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Fund Information
Putnam Investments. Putnam Management is an indirect wholly-owned subsidiary of Putnam 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 interests in life insurance, health insurance, retirement and investment services, asset management and reinsurance 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.
The address of each of Putnam Investments and Putnam Management is 100 Federal Street, Boston, Massachusetts 02110. The address of The Desmarais Family Residuary Trust is 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 Great-West Lifeco Inc. is 100 Osborne Street North, Winnipeg, Manitoba, R3C 1V3.
Robert L. Reynolds is the President and Chief Executive Officer of Putnam Investments. His address is 100 Federal Street, Boston, MA 02110.
Putnam Investments Limited. Putnam Investments Limited is a registered investment adviser that has been retained by Putnam Management as investment sub-manager with respect to a portion of the assets of certain funds, and is directly owned by Putnam Advisory Holdings II, LLC, which is a Delaware holding company, and is owned indirectly by Putnam Investments. The directors of Putnam Investments Limited, listed along with their principal business occupations at Putnam Investments, are Vivek Gandhi, Portfolio Manager, and Alan G. McCormack, Head of Quantitative Equities and Risk. The address of Putnam Investments Limited, Vivek Gandhi, and Alan G. McCormack is 16 St. James’s Street, London, SW1A 1ER, U.K. The address of Putnam Advisory Holdings II, LLC is 100 Federal Street, Boston, Massachusetts 02110.
The Putnam Advisory Company, LLC. The Putnam Advisory 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 Company, LLC is 100 Federal Street, Boston, Massachusetts 02110.
Putnam Retail Management. Putnam Retail Management, the 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. Putnam Investor Services serves as your fund’s investor servicing agent. Putnam Investor Services is an indirect wholly-owned subsidiary of Putnam Investments. The address of Putnam Investor Services is 100 Federal Street, Boston, Massachusetts 02110.
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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 that 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.
| 31 |
Officers and other 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. Because 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 | |||||
| Name, Address1, Year of Birth, | with the | Principal Occupation(s) | |||
| Position(s) Held with Putnam funds | Putnam funds2 | During Past 5 Years3 | |||
| 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 | |||||
| Stephen J. Tate (Born 1974) | Since 2021 | General Counsel, Putnam Investments, | |||
| Vice President and Chief Legal Officer | Putnam Management and Putnam Retail | ||||
Management (2021 – Present). Deputy General Counsel and related positions, | |||||
| 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, | ||||
| Putnam 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 Putnam Retail | ||||
| Management | |||||
| 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). | ||||
| Risk Analyst, Putnam Investments | |||||
| (2016 – 2020). | |||||
| 32 |
| Nancy E. Florek4 (Born 1957) | Since 2000 | Vice President, Director of Proxy Voting | |||
| Vice President, Director of Proxy Voting | and Corporate Governance, Assistant | ||||
| and Corporate Governance, Assistant | Clerk and Associate Treasurer, The | ||||
| Clerk, and Associate Treasurer | Putnam Funds | ||||
| Denere P. Poulack4 (Born 1968) | Since 2004 | Assistant Vice President, Assistant Clerk, | |||
| Assistant Vice President, Assistant Clerk, | and Assistant Treasurer, The Putnam | ||||
| and Assistant Treasurer | Funds | ||||
1 The address of each officer is 100 Federal Street, Boston, MA 02110.
2 Each officer serves 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 have been omitted.
4 Officers of the fund who 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.
| 33 |
Appendix A — Number of Shares Outstanding as of the Record Date [TO BE UPDATED]
| 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 |
| 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 |
| A-1 |
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 |
| B-1 |
| 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 |
| B-2 |
| 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 |
| B-3 |
| 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 |
| B-4 |
| 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 |
| B-5 |
| 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 the fund for services relating to a fund merger.
2 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.
3 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.
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 review of the financial statements included in annual reports and registration statements, and other services that are normally provided in connection with statutory and regulatory filings or engagements.
Audit-Related Fees represent fees billed in a fund’s last two fiscal years for services traditionally performed by the fund’s auditor, including accounting consultation for proposed transactions or concerning financial accounting and reporting standards and other audit or attest services not required by statute or regulation.
Tax Fees represent fees billed in a fund’s last two fiscal years for tax compliance, tax planning and tax advice services. Tax planning and tax advice services include assistance with tax audits, employee benefit plans and requests for rulings or technical advice from taxing authorities.
| B-6 |
The following tables present the amounts the fund’s auditor billed for aggregate non-audit fees to each fund, Putnam Management, and any entity controlling, controlled by or under common control with Putnam Management that provides ongoing services to the 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 |
| B-7 |
| 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 |
| B-8 |
| 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 funds 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 entity controlling, controlled by or under common control with Putnam Management that provides ongoing services to the funds was approved in
| B-9 |
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 |
| Putnam 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 |
| B-10 |
| 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 |
| B-11 |
| 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 period 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 the period 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 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.
| B-12 |
Appendix C — Dollar Range and Number of Shares Beneficially Owned
The tables below show the number of 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 number of shares beneficially owned exceeds 1% percent of the class owned, the percentage is included in parentheses below. As of December 31, 2021, none of the Trustees or nominees owned shares of any of the following 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. All references in the tables are to Class 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 |
| C-1 |
| 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 |
| 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 |
| C-2 |
| 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 |
| C-3 |
| 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 |
| C-4 |
| 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 |
| C-5 |
| 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 |
| C-6 |
| 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 |
| C-7 |
| 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 |
| C-8 |
| 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 |
| 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 |
| C-9 |
| 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 | ||
| C-10 |
| Aggregate Dollar Range of Shares Held in All of the | |
| Name 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 |
* 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.
# 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.
† Trustee who is an “interested person” (as defined in the Investment Company Act of 1940) 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 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.
| C-11 |
| 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-$50,000 | N/A |
* Dr. Joskow is retiring and is not standing for re-election to your fund’s Board. He will serve until June 30, 2022, when he will retire.
| C-12 |
Appendix D — Trustee Compensation Table
The following table includes the year each Trustee became a Trustee of the Putnam funds, the fees paid to each of those Trustees by each fund included in this proxy statement for its most recent fiscal year (ended prior to March 31, 2022), and the fees paid to each of those Trustees by all of the Putnam funds during calendar year 2021. Mses. Murphy and Pillai did not serve as Trustees of the Board during any fund’s recently completed fiscal year or during the calendar year 2021 and are therefore not included in the table below.
| Trustees | Aggregate compensation from the fund ($) | 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 | $290 | N/A |
| Robert L. Reynolds / 2008(8) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| D-1 |
| Trustees | Aggregate compensation from the fund ($) | 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 | $1,049 | N/A |
| Robert L. Reynolds / 2008(8) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| D-2 |
| Trustees | Aggregate compensation from the fund ($) | 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 | $1,259 | N/A |
| Robert L. Reynolds / 2008(8) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| D-3 |
| Trustees | Aggregate compensation from the fund ($) | 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 | $1,938 | N/A |
| Robert L. Reynolds / 2008(8) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| D-4 |
| Trustees | Aggregate compensation from the fund ($) | 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 | $1,484 | N/A |
| Robert L. Reynolds / 2008(8) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| D-5 |
| Trustees | Aggregate compensation from the fund ($) | 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 | $0 | N/A |
| Robert L. Reynolds / 2008(8) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| D-6 |
| Trustees | Aggregate compensation from the fund ($) | 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 | $0 | N/A |
| Robert L. Reynolds / 2008(8) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| D-7 |
| Trustees | Aggregate compensation from the fund ($) | 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 | $2,423 | N/A |
| Robert L. Reynolds / 2008(8) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| D-8 |
| Trustees | Aggregate compensation from the fund ($) | 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 | $607 | N/A |
| Robert L. Reynolds / 2008(8) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| D-9 |
| Trustees | Aggregate compensation from the fund ($) | 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 | $594 | N/A |
| Robert L. Reynolds / 2008(8) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| D-10 |
| Trustees | Aggregate compensation from the fund ($) | 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 | $201 | N/A |
| Robert L. Reynolds / 2008(8) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| D-11 |
| Trustees | Aggregate compensation from the fund ($) | 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):
| D-12 |
| 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 |
| D-13 |
| 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 of the Putnam funds.
(6) Includes additional compensation to Mr. Putnam for service as Chair of the Contract Committee.
(7) Includes additional compensation to Mr. Singh for service as Chair of the Audit, Compliance and Risk Committee.
(8) Mr. Reynolds is an “interested person” of the funds and Putnam Management.
| D-14 |
Appendix E — 5% Beneficial Ownership
As of [ ], to the knowledge of the Putnam funds, no person owned beneficially or of record 5% or more of any class of shares of any Putnam fund, except as shown in the tables below. Additional ownership information for the Putnam closed-end funds is shown separately at the end of this Appendix E.
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Putnam [ ] Fund | |||
| [ ] | [ ] | [ ] | [ ]% |
| E-1 |
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
[ ]
