| UNITED STATES |
| SECURITIES AND EXCHANGE COMMISSION |
| WASHINGTON, DC 20549 |
| SCHEDULE 14A |
| (RULE 14A-101) |
| INFORMATION REQUIRED IN PROXY STATEMENT |
| SCHEDULE 14A INFORMATION |
| Proxy Statement Pursuant to Section 14(a) |
| of the Securities Exchange Act of 1934 |
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/ / Definitive Proxy Statement.
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| PUTNAM AMERICAN GOVERNMENT INCOME FUND |
| PUTNAM ARIZONA TAX EXEMPT INCOME FUND |
| PUTNAM ASSET ALLOCATION FUNDS |
| PUTNAM CALIFORNIA TAX EXEMPT INCOME FUND |
| PUTNAM CONVERTIBLE SECURITIES FUND |
| PUTNAM DIVERSIFIED INCOME TRUST |
| PUTNAM EQUITY INCOME FUND |
| PUTNAM EUROPE EQUITY FUND |
| THE PUTNAM FUND FOR GROWTH AND INCOME |
| PUTNAM FUNDS TRUST |
| THE GEORGE PUTNAM FUND OF BOSTON (d/b/a GEORGE PUTNAM BALANCED |
| FUND) |
| PUTNAM GLOBAL EQUITY FUND |
| PUTNAM GLOBAL HEALTH CARE FUND |
| PUTNAM GLOBAL INCOME TRUST |
| PUTNAM GLOBAL NATURAL RESOURCES FUND |
| PUTNAM GLOBAL UTILITIES FUND |
| PUTNAM HIGH INCOME SECURITIES FUND |
| PUTNAM HIGH YIELD ADVANTAGE FUND |
| PUTNAM HIGH YIELD TRUST |
| PUTNAM INCOME FUND |
| PUTNAM INTERNATIONAL EQUITY FUND |
| PUTNAM INVESTMENT FUNDS |
| PUTNAM INVESTORS FUND |
| PUTNAM MANAGED MUNICIPAL INCOME TRUST |
| PUTNAM MASSACHUSETTS TAX EXEMPT INCOME FUND |
| PUTNAM MASTER INTERMEDIATE INCOME TRUST |
| PUTNAM MUNICIPAL OPPORTUNITIES TRUST |
| PUTNAM MICHIGAN TAX EXEMPT INCOME FUND |
| PUTNAM MINNESOTA TAX EXEMPT INCOME FUND |
| PUTNAM MONEY MARKET FUND |
| PUTNAM MULTI-CAP GROWTH FUND |
| PUTNAM MUNICIPAL OPPORTUNITIES TRUST |
| 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 PREMIER INCOME TRUST |
| PUTNAM RETIREMENTREADY FUNDS |
| PUTNAM TAX EXEMPT INCOME FUND |
| PUTNAM TAX EXEMPT MONEY MARKET FUND |
| PUTNAM TAX-FREE INCOME TRUST |
| PUTNAM U.S. GOVERNMENT INCOME TRUST |
| PUTNAM VARIABLE TRUST |
| PUTNAM VOYAGER FUND |
| (Name of Registrant as Specified in its Charter) |
| (Name of Person(s) Filing Proxy Statement, |
| if Other Than the Registrant) |
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A message from Putnam Investments and the Trustees of the Putnam funds
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 the Putnam funds. The Putnam funds will hold a special shareholder meeting on February 27, 2014 in Boston, Massachusetts. We are asking you — and all shareholders — to consider and vote on the important matters described below.
You may conveniently vote by:•Visitingthe website listed on the proxy card.
•Callingby telephone, using the toll-free number listed on the proxy card.
•Mailingthe enclosed proxy card — be sure to sign, date, and return the card in the enclosed postage-paid envelope.
Of course, you are also welcome to attend the special shareholder meeting on February 27, 2014 and vote your shares in person.
The Trustees of the Putnam funds unanimously recommend that you vote “FOR” all proposals described below.
1. Approving new management contracts.Shareholders of all Putnam funds, including your fund, are being asked to approve a new management contract with Putnam Investment Management, LLC (“Putnam Management”), your fund’s investment adviser. The proposed new management contract is identical (except for its effective date and initial term) to your fund’s current management contract with Putnam Management.
On October 8, 2013, The Honourable Paul G. Desmarais, who was the controlling shareholder of Power Corporation of Canada, Putnam Management’s ultimate parent company, passed away. Upon his death, voting control of the shares of Power Corporation of Canada that Mr. Desmarais controlled was transferred to a family trust. (See pages [ ] to [ ] for further details.) The transfer of voting control of these shares may have constituted an “assignment” of the management contract between Putnam Management and your fund, resulting in its automatic termination as required by law. The transfer of voting control will not have any practical impact on the operations of Putnam Management or your fund. You are being asked to approve a new management contract for your fund to ensure that Putnam Management is able to continue to manage your fund.
2. Electing Trustees.Shareholders of all open-end Putnam funds are being asked to elect Trustees at the upcoming special meeting. (Shareholders of the closed-end Putnam funds will be asked to elect Trustees at their 2014 annual meeting, expected to be held in April 2014.) 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 is independent of the fund and Putnam Management.
3. Approving an Amended and Restated Declaration of Trust.Shareholders of all open-end Putnam funds are being asked to authorize the Trustees to adopt a single form of Amended and Restated Declaration of Trust for each Trust. The open-end Putnam funds operate under thirty-eight distinct
declarations of trust, which were created at different times in the past and differ from each other in several ways. The Amended and Restated Declaration of Trust will benefit the affected funds by harmonizing the terms of these governing documents, eliminating the inefficiencies inherent in operating under a variety of declarations of trust, allowing increased flexibility in the management of your fund, modernizing and streamlining governance provisions, reducing the risks and costs of potential litigation and eliminating certain ambiguities and inconsistencies.
4. Other Matters.Shareholders of three funds are being asked to approve changes to certain investment policies designed to conform their operations with those of other Putnam funds.
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, 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 [[ ]] or contact your financial advisor.
We appreciate your participation and prompt response, and thank you for investing in the Putnam funds.
| Table of Contents | |
| Notice of a Special Meeting of Shareholders | 1 |
| Trustees’ Recommendations | 3 |
| The Proposals | |
| 1. APPROVING A NEW MANAGEMENT CONTRACT | 4 |
| 2. ELECTING TRUSTEES | 10 |
| 3. APPROVING AN AMENDED AND | |
| RESTATED DECLARATION OF TRUST | 18 |
| 4. APPROVING AN AMENDMENT TO A | |
| FUNDAMENTAL INVESTMENT | |
| RESTRICTION — COMMODITIES | 23 |
| 5. APPROVING A CHANGE IN FUNDAMENTAL INVESTMENT | |
| POLICY — NON-DIVERSIFIED STATUS | 24 |
| Further Information About Voting and the | |
| Special Meeting | 25 |
| Fund Information | 29 |
| Appendix A — Number of Shares Outstanding | |
| as of the Record Date | A-1 |
| Appendix B — Forms of Proposed | |
| Management Contract | B-1 |
| Appendix C — Management Contracts: | |
| Dates and Approvals | C-1 |
| Appendix D — Management Contracts: Fees | D-1 |
| Appendix E — Current Sub-Management and | |
| Sub-Advisory Contract | E-1 |
| Appendix F — Description of Contract | |
| Approval Process | F-1 |
| Appendix G — Auditors | G-1 |
| Appendix H — Dollar Range and Number of Shares | |
| Beneficially Owned | H-1 |
| Appendix I — Trustee Compensation Table | I-1 |
| Appendix J — Other Similar Funds Advised | |
| by Putnam Management | J-1 |
| Appendix K — Payments to Putnam | |
| Management and its Affiliates | K-1 |
| Appendix L — 5% Beneficial Ownership | L-1 |
| Appendix M — Form of Amended and | |
| Restated Declaration of Trust | M-1 |
| Appendix N — Table of Constituent Series | |
| of each Trust of the open-end Putnam funds | N-1 |
PROXY CARD(S) ENCLOSED
If you have any questions, please call toll-free [[ ]] or call your financial advisor.
Important Notice Regarding the Availability of Proxy Materials for the Special Shareholder Meeting to be Held on February 27, 2014.
The proxy statement is available at [[https:// ]]
Notice of a Special Meeting
of Shareholders
To the Shareholders of:
PUTNAM AMERICAN GOVERNMENT INCOME FUND
PUTNAM ARIZONA TAX EXEMPT INCOME FUND
PUTNAM ASSET ALLOCATION FUNDS
PUTNAM DYNAMIC ASSET ALLOCATION
BALANCED FUND
PUTNAM DYNAMIC ASSET ALLOCATION
CONSERVATIVE FUND
PUTNAM DYNAMIC ASSET ALLOCATION GROWTH FUND
PUTNAM CALIFORNIA TAX EXEMPT INCOME FUND
PUTNAM CONVERTIBLE SECURITIES FUND
PUTNAM DIVERSIFIED INCOME TRUST
PUTNAM EQUITY INCOME FUND
PUTNAM EUROPE EQUITY FUND
THE PUTNAM FUND FOR GROWTH AND INCOME
PUTNAM FUNDS TRUST
PUTNAM ABSOLUTE RETURN 100 FUND
PUTNAM ABSOLUTE RETURN 300 FUND
PUTNAM ABSOLUTE RETURN 500 FUND
PUTNAM ABSOLUTE RETURN 700 FUND
PUTNAM ASIA PACIFIC EQUITY FUND
PUTNAM CAPITAL SPECTRUM FUND
PUTNAM DYNAMIC ASSET ALLOCATION EQUITY FUND
PUTNAM DYNAMIC RISK ALLOCATION FUND
PUTNAM EMERGING MARKETS EQUITY FUND
PUTNAM EMERGING MARKETS INCOME FUND
PUTNAM EQUITY SPECTRUM FUND
PUTNAM FLOATING RATE INCOME FUND
PUTNAM GLOBAL CONSUMER FUND
PUTNAM GLOBAL DIVIDEND FUND
PUTNAM GLOBAL ENERGY FUND
PUTNAM GLOBAL FINANCIALS FUND
PUTNAM GLOBAL INDUSTRIALS FUND
PUTNAM GLOBAL SECTOR FUND
PUTNAM GLOBAL TECHNOLOGY FUND
PUTNAM GLOBAL TELECOMMUNICATIONS FUND
PUTNAM INTERMEDIATE-TERM MUNICIPAL INCOME FUND
PUTNAM INTERNATIONAL VALUE FUND
PUTNAM LOW VOLATILITY EQUITY FUND
PUTNAM MONEY MARKET LIQUIDITY FUND
PUTNAM MULTI-CAP CORE FUND
PUTNAM RETIREMENT INCOME FUND LIFESTYLE 2
PUTNAM RETIREMENT INCOME FUND LIFESTYLE 3
PUTNAM SHORT DURATION INCOME FUND
PUTNAM SHORT TERM INVESTMENT FUND
PUTNAM SHORT-TERM MUNICIPAL INCOME FUND
PUTNAM SMALL CAP GROWTH FUND
PUTNAM STRATEGIC VOLATILITY EQUITY FUND
THE GEORGE PUTNAM FUND OF BOSTON (d/b/a GEORGE
PUTNAM BALANCED FUND)
PUTNAM GLOBAL EQUITY FUND
PUTNAM GLOBAL HEALTH CARE FUND
PUTNAM GLOBAL INCOME TRUST
PUTNAM GLOBAL NATURAL RESOURCES FUND
PUTNAM GLOBAL UTILITIES FUND
PUTNAM HIGH INCOME SECURITIES FUND*
PUTNAM HIGH YIELD ADVANTAGE FUND
PUTNAM HIGH YIELD TRUST
PUTNAM INCOME FUND
PUTNAM INTERNATIONAL EQUITY FUND
PUTNAM INVESTMENT FUNDS
PUTNAM CAPITAL OPPORTUNITIES FUND
PUTNAM GROWTH OPPORTUNITIES FUND
PUTNAM INTERNATIONAL CAPITAL
OPPORTUNITIES FUND
PUTNAM INTERNATIONAL GROWTH FUND
PUTNAM MULTI-CAP VALUE FUND
PUTNAM RESEARCH FUND
PUTNAM SMALL CAP VALUE FUND
PUTNAM INVESTORS FUND
PUTNAM MANAGED MUNICIPAL INCOME TRUST*
PUTNAM MASSACHUSETTS TAX EXEMPT INCOME FUND
PUTNAM MASTER INTERMEDIATE INCOME TRUST*
PUTNAM MUNICIPAL OPPORTUNITIES TRUST*
PUTNAM MICHIGAN TAX EXEMPT INCOME FUND
PUTNAM MINNESOTA TAX EXEMPT INCOME FUND
PUTNAM MONEY MARKET FUND
PUTNAM MULTI-CAP GROWTH 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 PREMIER INCOME TRUST*
PUTNAM RETIREMENTREADY FUNDS
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 RETIREMENTREADY 2020 FUND
PUTNAM RETIREMENTREADY 2015 FUND
PUTNAM RETIREMENT INCOME FUND LIFESTYLE 1
PUTNAM TAX EXEMPT INCOME FUND
PUTNAM TAX EXEMPT MONEY MARKET FUND
PUTNAM TAX-FREE INCOME TRUST
PUTNAM AMT-FREE MUNICIPAL FUND
PUTNAM TAX-FREE HIGH YIELD FUND
PUTNAM U.S. GOVERNMENT INCOME TRUST
PUTNAM VARIABLE TRUST
PUTNAM VT ABSOLUTE RETURN 500 FUND
PUTNAM VT AMERICAN GOVERNMENT INCOME FUND
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PUTNAM VT CAPITAL OPPORTUNITIES FUND
PUTNAM VT DIVERSIFIED INCOME FUND
PUTNAM VT EQUITY INCOME FUND
PUTNAM VT GEORGE PUTNAM BALANCED FUND
PUTNAM VT GLOBAL ASSET ALLOCATION FUND
PUTNAM VT GLOBAL EQUITY FUND
PUTNAM VT GLOBAL HEALTH CARE FUND
PUTNAM VT GLOBAL UTILITIES FUND
PUTNAM VT GROWTH AND INCOME FUND
PUTNAM VT GROWTH OPPORTUNITIES FUND
PUTNAM VT HIGH YIELD FUND
PUTNAM VT INCOME FUND
PUTNAM VT INTERNATIONAL EQUITY FUND
PUTNAM VT INTERNATIONAL GROWTH FUND
PUTNAM VT INTERNATIONAL VALUE FUND
PUTNAM VT INVESTORS FUND
PUTNAM VT MONEY MARKET FUND
PUTNAM VT MULTI-CAP GROWTH FUND
PUTNAM VT MULTI-CAP VALUE FUND
PUTNAM VT RESEARCH FUND
PUTNAM VT SMALL CAP VALUE FUND
PUTNAM VT VOYAGER FUND
PUTNAM VOYAGER FUND
* Denotes closed-end funds; all other funds are open-end funds 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 the event you attend in person.
A special meeting of Shareholders of your fund will be held on February 27, 2014 at 11:00 a.m., Boston time, at the principal offices of the funds, One Post Office Square, Boston, Massachu-setts 02109, 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. | Approving a proposed new management contract | All funds |
| for your fund | ||
| 2. | Electing Trustees | All open-end funds |
| 3. | Approving an Amended and Restated Declaration | All open-end funds |
| of Trust for your fund | ||
| 4. | Approving an amendment to a fundamental | Putnam Dynamic Asset Allocation Conservative Fund |
| investment restriction with respect to investments | ||
| in commodities | ||
| 5. | Approving a change in fundamental investment policy | Putnam Global Consumer Fund |
| with respect to diversification of investments | Putnam Global Financials Fund | |
By Michael J. Higgins, Clerk, and by the Trustees
Jameson A. Baxter, Chair
Liaquat Ahamed
Ravi Akhoury
Barbara M. Baumann
Charles B. Curtis
Robert J. Darretta
Katinka Domotorffy
John A. Hill
Paul L. Joskow
Kenneth R. Leibler
Robert E. Patterson
George Putnam, III
Robert L. Reynolds
W. Thomas Stephens
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.
December 23, 2013
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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; some of it is technical. If there is anything you don’t understand, please call our proxy information line at _____________ or call your financial advisor.
Why has a special meeting of shareholders been called?
The 1940 Act, which regulates investment companies such as your fund, requires management contracts to terminate automatically upon an “assignment” of the contract, which includes a “change of control” affecting an investment company’s investment adviser. Until his death on October 8, 2013, The Honourable Paul G. Desmarais, directly and through holding companies controlled by him, controlled a majority of the voting shares of Power Corporation of Canada, the ultimate parent company of Putnam Management, your fund’s investment adviser. Upon Mr. Desmarais’ death, voting control over Power Corporation of Canada shares was transferred to The Desma-rais Family Residuary Trust. Throughout this proxy statement, this transfer of voting control of Power Corporation of Canada shares is referred to as the “Transfer.” Because Putnam Management is indirectly controlled by Power Corporation of Canada, the Transfer may have resulted in a change of control of Putnam Management and an assignment of your fund’s management contract within the meaning of the Investment Company Act of 1940, as amended (the “1940 Act”). This means that, even though the Transfer will not have any impact on the operations of Putnam Management, it is possible that your fund’s management contract with Putnam Management terminated automatically upon the Transfer. To eliminate any ambiguity as to the effectiveness of your fund’s management contract, a special meeting of shareholders has been called so that shareholders may approve a new management contract with Putnam Management to allow Putnam Management to continue as your fund’s investment adviser.
Will the Transfer affect Putnam Management?
The Transfer will not have any effect on Putnam Management or your fund.
Does the proposed new management contract differ from your fund’s current management contract?
The proposed new management contract is identical to your fund’s current management contract, except for its effective date and initial term and other non-substantive changes. There will be no change in the services that your fund will receive or to the fees and costs that your fund will bear.
What other proposals are being presented to shareholders at the special meeting?
In addition to being asked to approve a new management contract with Putnam Management, you are being asked to vote for the election of trustees and to authorize the Trustees to adopt an Amended and Restated Declaration of Trust for your fund. Shareholders of Putnam Dynamic Asset Allocation Conservative Fund are also being asked to approve an amendment to that fund’s fundamental investment restriction with respect to commodities, and shareholders of Putnam Global Consumer Fund and Putnam Global Financials Fund are also being asked to approve an amendment to those funds’ fundamental investment policies with respect to diversification of investments.
Who is asking for your vote?
The enclosed proxy is solicited by the Trustees of the Putnam funds for use at the special meeting of shareholders of each fund to be held on Thursday, February 27, 2014 and, if your fund’s meeting is adjourned, at any later meetings, for the purposes stated in the Notice of a Special Meeting (see previous pages). The Notice of a Special Meeting, the proxy card and this proxy statement are being mailed beginning on or about December 23, 2013.
How do your fund’s Trustees recommend that shareholders vote on the proposals?
The Trustees unanimously recommend that you voteFOReach proposal.
Please see the table beginning on page [ ] for a list of the affected funds for each proposal.
Who is eligible to vote?
Shareholders of record of each fund at the close of business on Monday, December 2, 2013 (the “Record Date”) are entitled to be present and to vote at the special meeting or any adjournment.
The number of shares of each fund outstanding on the Record Date is shown inAppendix 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 each fund vote separately with respect to the proposal to approve a new management contract and the proposed changes in investment policies. Shareholders of all series of a trust vote together with respect to the other proposals. 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.
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The Proposals
1. APPROVING A NEW MANAGEMENT CONTRACT FOR YOUR FUND
Background Information
Putnam Management, your fund’s investment adviser, is majority owned (indirectly through other companies) by Power Corporation of Canada, a diversified international management and holding company with interests in companies in the financial services, communications and other business sectors. Until his death on October 8, 2013, The Honourable Paul G. Desmarais controlled a majority of the voting shares of Power Corporation of Canada, directly and through holding companies that he controlled.
Since 1996, Mr. Desmarais’ two sons, Paul Desmarais, Jr. and André Desmarais, have managed the day-to-day affairs of Power Corporation of Canada, serving as Chairman and Co-Chief Executive Officer and President and Co-Chief Executive Officer, respectively. Until his death, The Honourable Paul G. Desmarais served as Director of Power Corporation of Canada and Chairman of the Executive Committee of the Board of Directors. He also served as Director of Power Financial Corporation, a majority-owned subsidiary of Power Corporation of Canada, and continued to exercise voting control over a majority of the voting shares of Power Corporation of Canada. However, he did not participate actively in the management or affairs of Putnam Investments, LLC, the parent company of Putnam Management (“Putnam Investments”). Paul Desmarais, Jr. and André Desmarais, in addition to their executive roles at Power Corporation of Canada, are active members of the Boards of Directors of numerous subsidiaries of Power Corporation of Canada, including Putnam Investments.
Following Mr. Desmarais’ death, voting control of the shares of Power Corporation of Canada that he owned directly and controlled indirectly was transferred to The Desmarais Family Residuary Trust, a trust established pursuant to the Last Will and Testament of The Honourable Paul G. Desmarais. (This transfer of voting control of Power Corporation of Canada shares is referred to as the “Transfer” throughout this proxy statement.) There are five trustees of The Desmarais Family Residuary Trust, consisting of Mr. Desmarais’ two sons, Paul Desmarais, Jr. and André Desmarais, his widow, Jacqueline Desmarais, and Guy Fortin and Michel Plessis-Bélair. The family member trustees (or the family member successor trustees) effectively determine how the shares of Power Corporation of Canada owned or controlled by The Desmarais Family Residuary Trust will be voted.
The Transfer has not impacted the ownership of any of the companies owned, directly or indirectly, by Power Corporationof Canada. As indicated in the accompanying chart, Power Corporation of Canada continues to own a majority of the voting shares of Power Financial Corporation, which in turn owns a majority of the voting shares of Great-West Lifeco Inc. All of the voting shares of Putnam Investments are owned by Great-West Lifeco Inc. Putnam Investments, through a series of wholly-owned holding companies, is the sole owner of Putnam Management. 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 3A5. The address of Putnam Investments and Putnam Management is One Post Office Square, Boston, Massachusetts 02109.
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Representatives of Power Corporation of Canada, Power Financial Corporation, and Great-West Lifeco have confirmed that the Transfer will not impact Putnam Investments’ operations. Paul Desmarais, Jr. and André Desmarais, who as trustees of The Desmarais Family Residuary Trust determine how to vote the shares of Power Corporation of Canada that are controlled by the trust, continue to serve as Co-Chief Executive Officers of Power Corporation of Canada and as Directors of Putnam Investments. In these roles, they will continue to oversee the operations and affairs of Power Corporation of Canada and its subsidiary companies, including Putnam Investments. Putnam Investments will continue to operate as a separate business unit within the Power Corporation of Canada group of companies, overseen by its separate Board of Directors, and will retain its existing management team. There are no current plans to make any changes to the operations of the funds as a result of the Transfer. In particular, the funds have been advised that there are no current plans to make changes with respect to existing management fees, expense limitations, distribution arrangements, or the quality of any services provided to the funds or their shareholders as a result of the Transfer. In addition, the Putnam brand, Putnam Investments’ current business strategy and Putnam Management’s investment management philosophy will not change as a result of the Transfer and there will not be any disruption or change for fund shareholders or the Putnam organization.
Although the Transfer is unrelated to, and will not have any impact on, the operations of Putnam Management and your fund, it is possible that the Transfer, as a technical matter under the 1940 Act, constitutes a “change of control” of Putnam Management. Under the 1940 Act, which regulates investment companies such as the Putnam funds, investment advisory contracts are required to terminate automatically when there is a change of control of the investment adviser. Fund shareholders must then approve new investment advisory contracts so that the fund may continue to receive advisory services.
The Interim Management Contracts
Each of the Putnam funds’ management contracts with Putnam Management terminates automatically in the event of an “assignment.” In light of the possibility that the Transfer constituted a change of control of Putnam Management and therefore an assignment of your fund’s management contract, Putnam Management is currently providing services to your fund under an interim management contract.
Rule 15a-4 under the 1940 Act allows an investment company to enter into an interim management contract with a maximum term of 150 days without first obtaining shareholder approval, so that the investment company may receive investment management services without interruption following an assignment of a previous management contract. Shortly after Mr. Desmarais’ death, the Putnam funds’ Board of Trustees met in person on October 18, 2013 and approved interim management contracts for each of the Putnam funds, effective as of October 8, 2013.Consistent with the 1940 Act and Rule 15a-4 thereunder, each interim management contract will continue in effect until the earlier to occur of (i) approval by a “majority of the outstanding voting securities,” as defined in the 1940 Act, of a new management contract and (ii) March 7, 2014, which is the 150th day after October 8, 2013, unless the Securities and Exchange Commission or its staff permit the contract to remain in effect for a longer period. Each fund’s interim management contract is identical to the contract it replaced, except for its date and the provisions regarding the term of the contract and for certain non-substantive changes.
The Proposed New Management Contract; Comparison with your Fund’s Prior Management Contract
To eliminate any ambiguity as to the status of your fund’s management contract, the Trustees have concluded that it is in the best interests of your fund’s shareholders to call a special meeting so that shareholders may approve a new management contract with Putnam Management and Putnam Management can continue as your fund’s investment adviser. At an in-person meeting on November 21 and 22, 2013, the Trustees unanimously approved, and recommend to the shareholders of each fund that they approve, a new management contract between each fund and Putnam Management. The form of the proposed new management contract for your fund is attached atAppendix B. You should refer toAppendix Bfor the complete terms of your fund’s proposed management contract.
The terms of the proposed new management contract (described generally below) are identical to those of the previous management contract except for the effective dates and initial term and for certain non-substantive changes. The date of each fund’s previous management contract, the date on which it was last submitted to a vote of shareholders, and the purpose of the submission is set forth inAppendix C.
Fees.There is no change in the rate of the fees that the funds will pay Putnam Management under the proposed new management contracts. The current fee schedule for investment management services and administrative services for each fund is set forth inAppendix D. The actual fees paid by some funds are subject to expense limitations, which are unaffected by the Transfer.
Investment Management Services.The proposed new management contract for your fund provides that Putnam Management will furnish continuously an investment program for the fund, determining what investments to purchase, hold, sell or exchange and what portion of the fund’s assets will be held uninvested, in compliance with the fund’s governing documents, investment objectives, policies and restrictions, and subject to the oversight and control of the Trustees. As indicated above, Putnam Management’s responsibilities under the proposed new management contract are identical to those under both the previous management contract and the current interim management contract.
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Putnam Management is authorized under the proposed new management contract to place orders for the purchase and sale of portfolio investments for your fund with brokers or dealers that Putnam Management selects. Putnam Management must select brokers and dealers, and place orders, using its best efforts to obtain for the funds the most favorable price and execution available, except that Putnam Management may pay higher brokerage commissions if it determines in good faith that the commission is reasonable in relation to the value of brokerage and research services provided by the broker or dealer (a practice commonly known as “soft dollars”). Putnam Management may make this determination in terms of either the particular transaction or Putnam Management’s overall responsibilities with respect to a fund and to other clients of Putnam Management for which Putnam Management exercises investment discretion. Putnam Management’s use of soft dollars is subject to policies established by the Trustees from time to time and applicable guidance issued by the Securities and Exchange Commission.
Delegation of Responsibilities.The proposed new management contract for your fund expressly provides that Putnam Management may, in its discretion and with the approval of the Trustees (including a majority of the Trustees who are not “interested persons”) and, if required, the approval of shareholders, delegate responsibilities under the contract to one or more sub-advisers or sub-administrators. The separate costs of employing any sub-adviser or sub-administrator must be borne by Putnam Management or the sub-adviser or sub-administrator, not by the fund. Putnam Management is responsible for overseeing the performance of any sub-adviser or sub-administrator and remains fully responsible to the fund under the proposed new management contract regardless of whether it delegates any responsibilities.
At present, Putnam Management has delegated certain responsibilities to affiliated sub-advisers, as described below under the heading “Sub-Adviser Arrangements.” The sub-management and sub-advisory contracts governing these arrangements, like the management contracts, terminate upon a change of control of Putnam Management. In connection with their approval of the interim management contracts, the Trustees approved the continuance of the existing sub-management and sub-advisory contracts with these sub-advisers at their in-person meeting held on October 18, 2013. If your fund’s shareholders approve the proposed new management contract, pursuant to the new management contract Putnam Management will enter into equivalent sub-management and sub-advisory contracts with these affiliated sub-advisers, effective at the time the new management contract becomes effective. See “Sub-Adviser Arrangements” below for a description of the sub-advisers, and seeAppendix Efor copies of the current sub-management and sub-advisory contracts. The new sub-management and sub-advisory contracts will be identical to the current sub-management and sub-advisory contracts except for theireffective dates and initial term. Consistent with current law and interpretations of the Securities and Exchange Commission staff, it is not necessary for shareholders to approve the sub-management and sub-advisory contracts. (Shareholder approval would be required were Putnam Management to delegate any of its advisory responsibilities to advisers that are not subsidiaries of Putnam Investments.) Shareholders should be aware that a vote to approve your fund’s new management contract will have the effect of voting for the continuation of these arrangements.
Administrative Services.Like the previous management contract and the current interim management contract, the proposed new management contract provides that Putnam Management will manage, supervise and conduct the other (i.e., non-investment) affairs and business of each fund and incidental matters. These administrative services include providing suitable office space for the fund and administrative facilities, such as bookkeeping, clerical personnel and equipment necessary for the efficient conduct of the fund’s affairs, including determination of the net asset value of the fund, but excluding shareholder accounting services.
Putnam Management has delegated certain administrative, pricing and bookkeeping services to State Street Bank and Trust Company. This delegation was not affected by the Transfer.
Expenses.Like the previous management contract and the current interim management contract, the proposed new management contract requires Putnam Management to bear the expenses associated with (i) furnishing all necessary investment and management facilities, including salaries of personnel, required for it to execute its duties faithfully, (ii) providing suitable office space for each fund and (iii) providing administrative services. The proposed new management contract also provides that the fund will pay the fees of its Trustees and will reimburse Putnam Management for compensation paid to officers and persons assisting officers of the fund, and all or part of the cost of suitable office space, utilities, support services and equipment used by such officers and persons, as the Trustees may determine. Under this provision, the fund will bear the costs of the Trustees’ independent staff, which assists the Trustees in overseeing each of the funds.
Term and Termination.If approved by shareholders of your fund, the proposed new management contract will become effective upon its execution and will remain in effect continuously, unless terminated under the termination provisions of the contract. Like the previous management contract and the current interim management contract, the proposed new management contract provides that the management contract may be terminated at any time, by either Putnam Management or the fund by not less than 60 days’ written notice to the other party and without the payment of any penalty by Putnam Management or the fund. A fund may effect termination by vote of a majority of its Trustees or by the affirmative vote of a “majority of the
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outstanding voting securities” of the fund, as defined in the 1940 Act. The proposed new management contract also will terminate automatically in the event of its “assignment.”
The proposed new management contract will, unless terminated as described above, continue until June 30, 2014 and will continue in effect from year to year thereafter so long as its continuance is approved at least annually by (i) the Trustees of the fund or the shareholders by the affirmative vote of a majority of the outstanding shares of the fund and (ii) a majority of the Trustees who are not “interested persons” of the fund or of Putnam Management, by vote cast in person at a meeting called for the purpose of voting on such approval.
Limitation of Liability.Under the proposed new management contract, Putnam Management is not liable to a fund or to any shareholder of the fund for any act or omission in the course of, or connected with, rendering services under the proposed management contract, unless there is willful misfeasance, bad faith or gross negligence on the part of Putnam Management or reckless disregard of its obligations and duties under the proposed management contract.
As required under each fund’s Declaration of Trust, the proposed new management contract contains a notice provision stating that the fund’s Declaration of Trust is on file with the Secretary of The Commonwealth of Massachusetts and that the proposed management contract is executed on behalf of the Trustees as Trustees of the fund and not individually. Also, the fund’s obligations arising out of the proposed management contract are limited only to the assets and property of the fund and are not binding on any of the Trustees, officers or shareholders individually.
Amendments; Defined Terms.The proposed new management contract may only be amended in writing, and any amendments must be approved in a manner consistent with the 1940 Act, the rules and regulations under the 1940 Act and any applicable guidance or interpretations of the Securities and Exchange Commission or its staff. Similarly, certain terms used in the proposed new management contract are used as defined in the 1940 Act, the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff.
Sub-Adviser Arrangements
Sub-Management Contract.Putnam Management has retained an affiliate, Putnam Investments Limited (“PIL”), as the sub-manager for a portion of the funds’ assets as determined by Putnam Management from time to time (an “Allocated Sleeve”). PIL is currently authorized to serve as the sub-manager, to the extent determined by Putnam Management from time to time, for each of the funds. PIL is a wholly owned subsidiary of The Putnam Advisory Company, LLC (“PAC”), which is itself a subsidiary of Putnam Investments.
PIL serves as sub-manager for the funds under a sub-management contract between Putnam Management and PIL. Under the sub-management contract, Putnam Management (and not the fund) pays a quarterly sub-management fee to PIL for its services at the annual rates set forth in the accompanying table, in each case measured as a percentage of the average aggregate net asset value of assets invested in an Allocated Sleeve.
| Fee | Funds Covered by Sub-Management Fee | |
| 0.40% | Putnam Arizona Tax Exempt Income Fund | Putnam Municipal Opportunities Trust |
| Putnam California Tax Exempt Income Fund | Putnam Michigan Tax Exempt Income Fund | |
| Putnam Diversified Income Trust | Putnam Minnesota Tax Exempt Income Fund | |
| Putnam Emerging Markets Income Fund | Putnam New Jersey Tax Exempt Income Fund | |
| Putnam Floating Rate Income Fund | Putnam New York Tax Exempt Income Fund | |
| Putnam Intermediate-Term Municipal Income Fund | Putnam Ohio Tax Exempt Income Fund | |
| The George Putnam Fund of Boston | Putnam Pennsylvania Tax Exempt | |
| (d/b/a George Putnam Balanced Fund) | Income Fund | |
| Putnam Global Income Trust | Putnam Premier Income Trust | |
| Putnam High Income Securities Fund | Putnam Tax Exempt Income Fund | |
| Putnam High Yield Advantage Fund | Putnam AMT-Free Municipal Fund | |
| Putnam High Yield Trust | Putnam Tax-Free High Yield Fund | |
| Putnam Managed Municipal Income Trust | Putnam VT Diversified Income Fund | |
| Putnam Massachusetts Tax Exempt Income Fund | Putnam VT High Yield Fund | |
| Putnam Master Intermediate Income Trust | Putnam VT George Putnam Balanced Fund | |
| 0.25% | Putnam American Government Income Fund | Putnam Tax Exempt Money Market Fund |
| Putnam Income Fund | Putnam U.S. Government Income Trust | |
| Putnam Money Market Fund | Putnam VT American Government Income Fund | |
| Putnam Short Duration Income Fund | Putnam VT Income Fund | |
| Putnam Short-Term Municipal Income Fund | Putnam VT Money Market Fund | |
| 0.20% | Putnam Money Market Liquidity Fund | |
| Putnam Short Term Investment Fund | ||
| 0.35% | All other funds | |
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Under the terms of the sub-management contract, PIL, at its own expense, furnishes continuously an investment program for the portion of each fund that Putnam Management allocates to PIL from time to time and makes investment decisions on behalf of these portions of the fund, subject to Putnam Management’s supervision. Putnam Management may also, at its discretion, request PIL to provide assistance with purchasing and selling securities for the fund, including order placement with certain broker-dealers. PIL, at its expense, furnishes all necessary investment and management facilities, including salaries of personnel, required for it to execute its duties.
The sub-management contract provides that PIL is not subject to any liability to Putnam Management, the fund or any shareholder of the fund for any act or omission in the course of or connected with rendering services to the fund in the absence of PIL’s willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations and duties.
The sub-management contract may be terminated with respect to a fund without penalty by vote of the Trustees or theshareholders of the fund, or by PIL or Putnam Management, on not less than 30 days’ nor more than 60 days’ written notice. The sub-management contract also terminates without payment of any penalty in the event of its assignment. Subject to applicable law, it may be amended by a majority of the Trustees who are not “interested persons” of Putnam Management or the fund. The sub-management contract provides that it will continue in effect only so long as such continuance is approved at least annually by vote of either the Trustees or the shareholders and, in either case, by a majority of the Trustees who are not “interested persons” of Putnam Management or the fund. In each of the foregoing cases, the vote of the shareholders is the affirmative vote of a “majority of the outstanding voting securities” as defined in the 1940 Act.
Sub-Advisory Contract.PAC has been retained as a sub-adviser for a portion of the assets of the funds identified in the accompanying table (collectively referred to herein as the “PAC Funds”) as determined from time to time by Putnam Management or, with respect to portions of such fund’s assets for which PIL acts as sub-adviser as described above, by PIL.
| The following is a complete list of the PAC Funds: | |
| Putnam Absolute Return 100 Fund | Putnam Global Natural Resources Fund |
| Putnam Absolute Return 300 Fund | Putnam Global Sector Fund |
| Putnam Absolute Return 500 Fund | Putnam Global Technology Fund |
| Putnam Absolute Return 700 Fund | Putnam Global Telecommunications Fund |
| Putnam Asia Pacific Equity Fund | Putnam Global Utilities Fund |
| Putnam Capital Spectrum Fund | Putnam International Equity Fund |
| Putnam Dynamic Asset Allocation Balanced Fund | Putnam International Growth Fund |
| Putnam Dynamic Asset Allocation Conservative Fund | Putnam International Value Fund |
| Putnam Dynamic Asset Allocation Equity Fund | Putnam Research Fund |
| Putnam Dynamic Asset Allocation Growth Fund | Putnam Retirement Income Fund Lifestyle 2 |
| Putnam Emerging Markets Equity Fund | Putnam Retirement Income Fund Lifestyle 3 |
| Putnam Equity Spectrum Fund | Putnam VT Absolute Return 500 Fund |
| Putnam Europe Equity Fund | Putnam VT Global Asset Allocation Fund |
| Putnam Global Consumer Fund | Putnam VT Global Equity Fund |
| Putnam Global Dividend Fund | Putnam VT Global Health Care Fund |
| Putnam Global Energy Fund | Putnam VT Global Utilities Fund |
| Putnam Global Equity Fund | Putnam VT International Equity Fund |
| Putnam Global Financials Fund | Putnam VT International Growth Fund |
| Putnam Global Health Care Fund | Putnam VT International Value Fund |
| Putnam Global Industrials Fund | Putnam VT Research Fund |
PAC serves as sub-adviser under the sub-advisory contract. Pursuant to the terms of the sub-advisory contract, Putnam Management or, with respect to portions of a PAC Fund’s assets for which PIL acts as sub-adviser, PIL (and not the fund) pays a quarterly sub-advisory fee to PAC for its services at the annual rate of 0.35% of the average aggregate net asset value of the portion of such fund with respect to which PAC acts as sub-adviser.
Under the terms of the sub-advisory contract, PAC, at its own expense, furnishes continuously an investment program for that portion of a fund that is allocated to PAC from time to time by Putnam Management or PIL, as applicable, and makes investmentdecisions on behalf of such portion of the fund, subject to the supervision of Putnam Management or PIL, as applicable. PAC, at its expense, furnishes all necessary investment and management facilities, including salaries of personnel, required for it to execute its duties.
The sub-advisory contract provides that PAC is not subject to any liability to Putnam Management, PIL, a PAC Fund or any shareholder of such fund for any act or omission in the course of or connected with rendering services to the fund in the absence of PAC’s willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations and duties.
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The sub-advisory contract may be terminated without penalty by vote of the Trustees or the shareholders of the relevant PAC Fund, or by PAC, PIL or Putnam Management, on not less than 30 days’ nor more than 60 days’ written notice. The sub-advisory contract also terminates without payment of any penalty in the event of its assignment. Subject to applicable law, it may be amended by a majority of the Trustees who are not “interested persons” of Putnam Management or the PAC fund. The sub-advisory contract provides that it will continue in effect only so long as its continuance is approved at least annually by vote of either the Trustees or shareholders of the respective PAC Fund and, in either case, by a majority of the Trustees who are not “interested persons” of Putnam Management or the PAC Fund. In each of the foregoing cases, the vote of the shareholders of a PAC Fund is the affirmative vote of a “majority of the outstanding voting securities” as defined in the 1940 Act.
To the extent that the Transfer may have constituted a “change of control” of Putnam Management, terminating automatically the funds’ previous management contracts, then the funds’ sub-management contract and the sub-advisory contract would also have terminated. To ensure that your fund did not lose the benefit of PIL’s or PAC’s services, at their in-person meeting held on October 18, 2013, the Trustees approved the continuance of the sub-management contract with PIL and the sub-advisory contract with PIL and PAC. The sub-management contract and sub-advisory contract are not interim in nature and will continue in effect through June 30, 2014. However, as described above, Putnam Management, PIL and PAC intend to enter into new sub-management and sub-advisory contracts contemporaneously with the execution of the proposed new management contracts if the new management contracts are approved by fund shareholders. SeeAppendix Efor copies of the current sub-management and sub-advisory contracts.
What did the Trustees consider in evaluating the proposed new management contracts?
In considering whether to approve the proposed new management contracts, as well as the interim management contracts, the Trustees took into account that they had recently approved the annual continuation of all of the previous management contracts and the sub-management and sub-advisory contracts for the Putnam funds in June 2013. That approval, on which the Trustees voted at an in-person meeting held on June 20 and 21, 2013, followed a lengthy process during which the Trustees considered a variety of factors that the Trustees considered to have a bearing on the contracts.Appendix Fcontains a general description of the Trustees’ deliberations.
At their in-person meeting on October 18, 2013, the Trustees, including the Trustees who are not “interested persons” as defined in the 1940 Act, considered the potential implications of Mr. Desmarais’ death and the Transfer. To address the possibility that the Transfer constituted an assignment of the funds’ management contracts, on October 18, 2013, the Trustees unanimously voted to approve interim management contractsfor the funds. The Trustees considered that, except for the effective date (October 8, 2013) and duration (until the earlier of either (i) March 7, 2014 (which, pursuant to Rule 15a-4 under the 1940 Act, represents the maximum allowable 150-day duration of an interim management contract) or (ii) the effective date of new management contracts that have been approved by fund shareholders, unless the Securities and Exchange Commission or its staff permits the contracts’ continuance through a later date), the interim management contracts were identical to the funds’ previous management contracts. Under the interim management contracts, Putnam Management provides investment advisory services to each fund on essentially the same terms and conditions, and for the same fees, as it did under the previous management contracts.
On November 21 and 22, 2013, the Trustees met in person to discuss further the Transfer and the possibility that a change of control of Putnam Management had occurred. The Trustees considered the approval of new management contracts for each fund, proposed to become effective upon their execution following approval by shareholders, as well as calling a special meeting of fund shareholders and filing a preliminary proxy statement. They reviewed the terms of the proposed new management contracts and the disclosure included in the preliminary proxy statement. They noted that, as described above, the terms of the proposed new management contracts were identical to the previous management contracts, except for the effective dates and initial terms and for certain non-substantive changes. In particular, the Trustees considered:
• Information about the operations of The Desmarais Family Residuary Trust, including that Paul Desmarais, Jr. and André Desmarais, Mr. Desmarais’ sons, were expected to exercise, jointly, voting control over the Power Corporation of Canada shares controlled by The Desmarais Family Residuary Trust.
• That Paul Desmarais, Jr. and André Desmarais had been playing active managerial roles at Power Corporation of Canada, with responsibility for the oversight of Power Corporation of Cana-da’s subsidiaries, including Putnam Investments, since Power Corporation of Canada had acquired Putnam Investments in 2007, including serving as Directors of Putnam Investments, and that the Transfer would not affect their responsibilities as officers of Power Corporation of Canada.
• The intention expressed by representatives of Power Corporation of Canada, Power Financial Corporation, and Great-West Lifeco that there would be no change to the operations or management of Putnam Investments, to Putnam Management’s management of the funds or to investment, advisory and other services provided to the funds by Putnam Management and its affiliates as a result of the Transfer.
• Putnam Management’s assurances that, following the Transfer, Putnam Management would continue to provide the same level of services to each fund and that the Transfer will not have an adverse impact on the ability of Putnam Management and
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its affiliates to continue to provide high quality investment advisory and other services to the funds.
• Putnam Management’s assurances that there are no current plans to make any changes to the operations of the funds, existing management fees, expense limitations, distribution arrangements, or the quality of any services provided to the funds or their shareholders, as a result of the Transfer.
• The benefits that the funds have received and may potentially receive as a result of Putnam Management being a member of the Power Corporation of Canada group of companies, which promotes the stability of the Putnam organization.
• The commitment of Putnam Investments to bear a reasonable share of the expenses incurred by the Putnam funds in connection with the Transfer, including one-half of the costs associated with this proxy solicitation (see page [ ] below).
Based upon the foregoing considerations, the Trustees concluded that, to eliminate any ambiguity as to the status of your fund’s management contract, it was in the best interests of your fund’s shareholders to call a special meeting so that shareholders may approve a new management contract with Putnam Management and Putnam Management can continue as your fund’s investment adviser. On November 22, 2013, the Trustees, including all of the Trustees present who are not “interested persons” of the funds or Putnam Investments, unanimously approved the proposed new management contracts and determined to recommend their approval to the shareholders of the Putnam funds.
What is the voting requirement for approving the proposal?
Approval of your fund’s proposed new management contract requires the affirmative vote of a “majority of the outstanding voting securities” of the fund, which is defined under the 1940 Act to bethe lesser of(a) more than 50% of the outstanding shares of the fund, or (b) 67% or more of the shares of the fund present (in person or by proxy) at the special meeting if more than 50% of the outstanding shares of the fund are present at the meeting in person or by proxy.The Trustees unanimously recommend that shareholders vote FOR the proposed new management contracts.
2. ELECTING TRUSTEES
Affected funds:All open-end funds (i.e. all funds except Putnam High Income Securities Fund, Putnam Managed Municipal Income Trust, Putnam Master Intermediate Income Trust, Putnam Municipal Opportunities Trust, and Putnam Premier Income Trust)
Who are the nominees for Trustees?
The Board Policy and Nominating Committee of the Board is responsible for making recommendations concerning the 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 yourfund. Those Trustees who are not “interested persons” of your fund are referred to as “Independent Trustees” in this Section II. of 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 14 and recommends that you vote for the election of the nominees described in the following pages. Each nominee is currently a Trustee of your fund and of the other Putnam funds.
Your fund does not regularly hold an annual shareholder meeting, but may from time to time schedule a special meeting. Except for Putnam Asia Pacific Equity Fund and Putnam International Value Fund, each of which held a special meeting in 2011, the last such meeting was held in 2009.
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 5 years, and other information about the nominee’s professional background, including other directorships the nominee holds. Each Trustee 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 is One Post Office Square, Boston, Massachusetts 02109. As of September 30, 2013, there were 116 Putnam funds.
Independent Trustees
Liaquat Ahamed(Born 1952)
Trustee since 2012
Mr. Ahamed is the Pulitzer Prize-winning author ofLords of Finance: The Bankers Who Broke the World. His articles on economics have appeared in the New York Times, ForeignAffairs, and the Financial Times.
Mr. Ahamed serves as a director of Aspen Insurance Co., a New York Stock Exchange company, and is the Chair of the Aspen Board’s Investment Committee. He is a Trustee of the Brookings Institution, where he serves as Chair of the Investment Committee. He is also a director of the Rohatyn Group, an emerging-market fund complex that manages money for institutions. Mr. Ahamed was previously the Chief Executive Officer of Fischer Francis Trees & Watts, Inc., a fixed income investment management subsidiary of BNP Paribas. He was formerly the head of the investment division at the World Bank, and is a member of the Foreign Affairs Policy Board of the U.S. Department of State.
Mr. Ahamed holds a B.A. in economics from Trinity College, Cambridge University and an M.A. in economics from Harvard University.
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Ravi Akhoury(Born 1947)
Trustee since 2009
Mr. Akhoury serves as a Trustee of the Rubin Museum, serving on the Investment Committee, and of the American India Foundation. Mr. Akhoury is also a Director ofRAGE Frameworks, Inc. and English Helper, Inc. (each a private software company).
Previously, Mr. Akhoury served as a Director of Jacob Ballas Capital India (a non-banking finance company focused on private equity advisory services) and a member of its Compensation Committee. He was also a Director and on the Compensation Committee of MaxIndia/New York Life Insurance Company in India. He was also Vice President and Investment Policy Committee member of Fischer Francis Trees & Watts, a fixed income investment management firm. He has also served on the Board of Bharti Telecom (an Indian telecommunications company), serving as a member of its Audit and Compensation Committees, and as a Director and member of the Audit Committee on the Board of Thompson Press (a publishing company). From 1992 to 2007, he was Chairman and CEO of MacKay Shields, a multi-product investment management firm with over $40 billion in assets under management.
Mr. Akhoury graduated from the Indian Institute of Technology with a B.S. in Engineering and obtained an M.S. in Quantitative Methods from SUNY at Stony Brook.
Barbara M. Baumann(Born 1955)
Trustee since 2010
Ms. Baumann is President and Owner of Cross Creek Energy Corporation, a strategic consultant to domestic energy firms and direct investor in energy projects.
Ms. Baumann currently serves as a Director of SM Energy Company (a publicly held U.S. exploration and production company) and UNS Energy Corporation (a publicly held electric and gas utility in Arizona). She is a director of Cody Resources management (a private company in the energy and ranching businesses). Ms. Baumann is a Trustee of Mount Holyoke College. She is a former Chair of the Board and a current Board member of Girls Inc. of Metro Denver, and serves on the Finance Committee of The Children’s Hospital of Colorado, as well as the Investment Committee of The Denver Foundation.
Until May 2012, Ms. Baumann was a Director of CVR Energy (a publicly held petroleum refiner and fertilizer manufacturer). Prior to 2003, Ms. Baumann was Executive Vice President of Associated Energy Managers, a domestic private equity firm. From 1981 until 2000, she held a variety of financial and operational management positions with the global energy company Amoco Corporation and its successor, BP, most recently serving as Commercial Operations Manager of its Western Business Unit.Ms. Baumann holds an M.B.A. from The Wharton School of the University of Pennsylvania and a B.A. from Mount Holyoke College.
Jameson A. Baxter(Born 1943)
Trustee since 1994, Vice Chair from 2005 to2011 and Chair since 2011
Ms. Baxter is the President of Baxter Associates, Inc., a private investment firm.
Ms. Baxter serves as Chair of the Mutual FundDirectors Forum, Director of the Adirondack Land Trust and Trustee of the Nature Conservancy’s Adirondack Chapter. Until 2011, Ms. Baxter was a director of ASHTA Chemical, Inc. Until 2007, she was a Director of Banta Corporation (a printing and supply chain management company), Ryerson, Inc. (a metals service corporation), and Advocate Health Care. She has also served as a director on a number of other boards, including BoardSource (formerly the National Center for Nonprofit Boards), Intermatic Corporation (a manufacturer of energy control products), and MB Financial. She is Chair Emeritus of the Board of Trustees of Mount Holyoke College, having served as Chair for five years.
Ms. Baxter has held various positions in investment banking and corporate finance, including Vice President of and Consultant to First Boston Corporation and Vice President and Principal of the Regency Group. She is a graduate of Mount Holyoke College.
Charles B. Curtis(Born 1940)
Trustee since 2001
Mr. Curtis serves as Senior Advisor to the Center for Strategic and International Studies and is President Emeritus of the Nuclear Threat Initiative (a private foundation dealing with nationalsecurity issues).
Mr. Curtis is a member of the Council on Foreign Relations and the U.S. State Department International Security Advisory Board. He also serves as a Director of Edison International and Southern California Edison.
Mr. Curtis is an attorney with over 15 years in private practice and 19 years in various positions in public service, including service at the Department of Treasury, the U.S. House of Representatives, the Securities and Exchange Commission, the Federal Energy Regulatory Commission and the Department of Energy.
Robert J. Darretta(Born 1946)
Trustee since 2007
Mr. Darretta serves as Director of UnitedHealth Group, a diversified health-care company.
Until April 2007, Mr. Darretta was Vice Chairman of the Board of Directors of Johnson & Johnson,one of the world’s largest and most broadly based health-care companies. Prior to 2007, he had responsibility for Johnson & Johnson’s finance, investor relations, information technology, and procurement functions. He served as Johnson & Johnson Chief Financial Officer for a decade, prior to which he spent two
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years as Treasurer of the corporation and over 10 years leading various Johnson & Johnson operating companies. From 2009 until 2012, Mr. Darretta served as the Health Care Industry Adviser to Permira, a global private equity firm.
Mr. Darretta received a B.S. in Economics from Villanova University.
Katinka Domotorffy(Born 1975)
Trustee since 2012
Ms. Domotorffy is a voting member of the Investment Committee of the Anne Ray Charitable Trust, part of the Margaret A. Cargill Philanthropies. She also serves as the Vice Chairof Reach Out and Read of Greater New York, an organization dedicated to promoting childhood literacy.
Until December 2011, Ms. Domotorffy was Partner, Chief Investment Officer, and Global Head of Quantitative Investment Strategies at Goldman Sachs Asset Management.
Ms. Domotorffy holds a BSc in Economics from the University of Pennsylvania and an MSc in Accounting and Finance from the London School of Economics.
John A. Hill(Born 1942)
Trustee since 1985 and Chairman from 2000to 2011
Mr. Hill is founder and Vice-Chairman of First Reserve Corporation, the leading private equity buyout firm specializing in the world-wide energy industry, with offices in Greenwich, Connecticut; Houston, Texas; London, England; and Hong Kong, China. The firm’s investments on behalf of some of the nation’s largest pension and endowment funds are currently concentrated in 31 companies with annual revenues in excess of $15 billion, which employ over 100,000 people in 23 countries.
Mr. Hill is a Director of Devon Energy Corporation (a leading independent natural gas and oil exploration and production company) and various private companies owned by First Reserve, and serves as a Trustee of Sarah Lawrence College where he serves as Chairman and also chairs the Investment Committee. He is also a member of the Advisory Board of the Millstein Center for Global Markets and Corporate Ownership at The Columbia University Law School.
Prior to forming First Reserve in 1983, Mr. Hill served as President of F. Eberstadt and Company, an investment banking and investment management firm. Between 1969 and 1976, Mr. Hill held various senior positions in Washington, D.C. with the federal government, including Deputy Associate Director of the Office of Management and Budget and Deputy Administrator of the Federal Energy Administration during the Ford Administration.
Born and raised in Midland, Texas, he received his B.A. in Economics from Southern Methodist University and pursued graduate studies as a Woodrow Wilson Fellow.
Paul L. Joskow(Born 1947)
Trustee since 1997
Dr. Joskow is an economist and President of the Alfred P. Sloan Foundation (a philanthropic institution focused primarily on research and education on issues related to science,technology, and economic performance). He is the Elizabeth and James Killian Professor of Economics, Emeritus at the Massachusetts Institute of Technology (MIT), where he joined the faculty in 1972. Dr. Joskow was the Director of the Center for Energy and Environmental Policy Research at MIT from 1999 through 2007.
Dr. Joskow serves as a Trustee of Yale University, as a Director of TransCanada Corporation (an energy company focused on natural gas transmission, oil pipelines, and power services) and of Exelon Corporation (an energy company focused on power services), and as a member of the Board of Overseers of the Boston Symphony Orchestra. Prior to August 2007, he served as a Director of National Grid (a UK-based holding company with interests in electric and gas transmission and distribution and telecommunications infrastructure). Prior to July 2006, he served as President of the Yale University Council. Prior to February 2005, he served on the Board of the Whitehead Institute for Biomedical Research (a non-profit research institution). Prior to February 2002, he was a Director of State Farm Indemnity Company (an automobile insurance company), and prior to March 2000, he was a Director of New England Electric System (a public utility holding company).
Dr. Joskow has published seven books and numerous articles on industrial organization, government regulation of industry, and competition policy. He is active in industry restructuring, environmental, energy, competition, and privatization policies — having served as an advisor to governments and corporations worldwide. Dr. Joskow holds a Ph.D. and M.Phil. from Yale University and a B.A. from Cornell University.
Kenneth R. Leibler(Born 1949)
Trustee since 2006
Mr. Leibler is a founder and former Chairman of the Boston Options Exchange, an electronic marketplace for the trading of derivative securities.
Mr. Leibler currently serves on the Board of Trustees of Beth Israel Deaconess Hospital in Boston. He is also a Director of Northeast Utilities, which operates New England’s largest energy delivery system, and, until November 2010, was a Director of Ruder Finn Group, a global communications and advertising firm. Prior to December 2006, he served as a Director of the Optimum Funds group. Prior to October 2006, he served as a Director of ISO New England, the organization responsible for the operation of the electric generation system in the New England states. Prior to 2000, Mr. Leibler was a Director of the Investment Company Institute in Washington, D.C.
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Prior to January 2005, Mr. Leibler served as Chairman and Chief Executive Officer of the Boston Stock Exchange. Prior to January 2000, he served as President and Chief Executive Officer of Liberty Financial Companies, a publicly traded diver-sified asset management organization. Prior to June 1990, Mr. Leibler served as President and Chief Operating Officer of the American Stock Exchange (AMEX), and at the time was the youngest person in AMEX history to hold the title of President. Prior to serving as AMEX President, he held the position of Chief Financial Officer, and headed its management and marketing operations. Mr. Leibler graduated with a degree in Economics from Syracuse University.
Robert E. Patterson(Born 1945)
Trustee since 1984
Mr. Patterson is Co-Chairman of Cabot Properties, Inc. (a private equity firm investing in commercial real estate) and Chairman of its Investment Committee.
Mr. Patterson is past Chairman and served as a Trustee of the Joslin Diabetes Center. He previously was a Trustee of the Sea Education Association. Prior to December 2001, Mr. Patterson was President and Trustee of Cabot Industrial Trust (a publicly traded real estate investment trust). Prior to February 1998, he was Executive Vice President and Director of Acquisitions of Cabot Partners Limited Partnership (a registered investment adviser involved in institutional real estate investments). Prior to 1990, he served as Executive Vice President of Cabot, Cabot & Forbes Realty Advisors, Inc. (the predecessor company of Cabot Partners).
Mr. Patterson practiced law and held various positions in state government, and was the founding Executive Director of the Massachusetts Industrial Finance Agency. Mr. Patterson is a graduate of Harvard College and Harvard Law School.
George Putnam, III(Born 1951)
Trustee since 1984
Mr. Putnam is Chairman of New Generation Research, Inc. (a publisher of financial advisory and other research services), and President of New Generation Advisors, LLC (a registeredinvestment adviser to private funds). Mr. Putnam founded the New Generation companies in 1986.
Mr. Putnam is a Director of The Boston Family Office, LLC (a registered investment adviser). He is a Trustee of Epiphany School and a Trustee of the Marine Biological Laboratory in Woods Hole, Massachusetts. Prior to June 2007, Mr. Putnam was President of the Putnam funds. Until 2010, he was a Trustee of St. Mark’s School, until 2006, he was a Trustee of Shore Country Day School, and until 2002, he was a Trustee of the Sea Education Association.
Mr. Putnam previously worked as an attorney with the law firm of Dechert LLP (formerly known as Dechert Price & Rhoads) in Philadelphia. He is a graduate of Harvard College, Harvard Business School, and Harvard Law School.
W. Thomas Stephens(Born 1942)
Trustee from 1997 to 2008, and since 2009
Mr. Stephens retired as Chairman and Chief Executive Officer of Boise Cascade, LLC (a paper, forest products and timberland assets company) in December 2008.
Mr. Stephens is a Director of TransCanada Pipelines, Ltd. (an energy infrastructure company).Until 2010, Mr. Stephens was a Director of Boise Inc. (a manufacturer of paper and packaging products). Until 2004, Mr. Stephens was a Director of Xcel Energy Incorporated (a public utility company), Qwest Communications and Norske Canada, Inc. (a paper manufacturer). Until 2003, Mr. Stephens was a Director of Mail-Well, Inc. (a diversified printing company). He served as Chairman of Mail-Well until 2001 and as CEO of MacMillan-Bloedel, Ltd. (a forest products company) until 1999.
Prior to 1996, Mr. Stephens was Chairman and Chief Executive Officer of Johns Manville Corporation (a manufacturing company). He holds B.S. and M.S. degrees from the University of Arkansas.
Interested Trustee*
Robert L. Reynolds(Born 1952)
Trustee since 2008 and President of the
Putnam funds since July 2009
Mr. Reynolds is President and Chief Executive Officer of Putnam Investments, a member of Putnam Investments’ Executive Board ofDirectors, and President of the Putnam funds. He has more than 30 years of investment and financial services experience.
Prior to joining Putnam Investments in 2008, Mr. Reynolds was Vice Chairman and Chief Operating Officer of Fidelity Investments from 2000 to 2007. During this time, he served on the Board of Directors for FMR Corporation, Fidelity Investments Insurance Ltd., Fidelity Investments Canada Ltd., and Fidelity Management Trust Company. He was also a Trustee of the Fidelity Family of Funds. From 1984 to 2000, Mr. Reynolds served in a number of increasingly responsible leadership roles at Fidelity.
Mr. Reynolds serves on several not-for-profit boards, including those of the West Virginia University Foundation, Concord Museum, Dana-Farber Cancer Institute and Boston Chamber of Commerce. He is a member of the Chief Executives Club of Boston, the National Innovation Initiative, and the Council on Competitiveness, and he is a former President of the Commercial Club of Boston.
Mr. Reynolds received a B.S. in Business Administration/Finance from West Virginia University.
* 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 position as an officer of the fund and Putnam Management. Mr. Reynolds is the President and Chief Executive Officer of Putnam Investments and the President of your fund and each of the other Putnam funds.
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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 or appointment of the current Board members as Trustees, the Committee generally considered the educational, business and professional experience of each Trustee in determining his or her qualifications to serve as a Trustee of the fund, including the Trustee’s record of service as a director or trustee of public and private organizations. This included, as applicable, their previous service as a member of the Board of Trustees of the Putnam funds, during which they have 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.
Independent Trustees:
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.
Ravi Akhoury — Mr. Akhoury’s experience as Chairman and Chief Executive Officer of a major investment management organization.
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 three NYSE companies.
Jameson A. Baxter — Ms. Baxter’s experience in corporate finance acquired in the course of her career at a major investment bank, her experience as a director and audit committee chair of two NYSE companies and her role as Chair of the Mutual Fund Directors Forum.
Charles B. Curtis — Mr. Curtis’s experience in public and regulatory policy matters relating to energy and finance acquired in the course of his service in various senior positions in government and on numerous boards of public and private organizations.
Robert J. Darretta — Mr. Darretta’s experience as the Chief Financial Officer and Vice Chairman of the board of a major NYSE health products company.
Katinka Domotorffy — Ms. Domotorffy’s experience as Chief Investment Officer and Global Head of Quantitative Investment Strategies at a major asset management organization.
John A. Hill — Mr. Hill’s experience as founder and Chairman of an open-end mutual fund and as a founder and lead managing partner of one of the largest private equity firms in the United States.
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.
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.
Robert E. Patterson — Mr. Patterson’s training and experience as an attorney and his experience as president of a NYSE 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.
W. Thomas Stephens — Mr. Stephens’s extensive business experience, including his service as Chief Executive Officer of four public companies, as non-executive chairman of two public companies and as a director of numerous other public companies.
Interested Trustee:
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.
Each of the nominees has agreed to serve as a Trustee, if elected. If any of the nominees 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 14 for your fund.
What are the Trustees’ responsibilities?
Your fund’s Trustees are responsible for the general oversight of your fund’s affairs and for assuring that your fund is managed in the best interests of its shareholders. 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, distribution and shareholder servicing. 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, 13 of the 14 Trustees of your fund are 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
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to control or influence a fund. Your fund’s Independent Trustees meet regularly as a group in executive session. 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. Certain committees (the Executive Committee, Distributions Committee and Audit and Compliance Committee) are authorized to act for the Trustees as specified in their charters. The other committees 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 auditors, independent staff and counsel as well as other experts. The committees meet as often as necessary, either in conjunction with regular meetings of the Trustees or otherwise. The membership and chair of each committee are appointed by the Trustees upon recommendation of the Board Policy and Nominating Committee. Each committee is chaired by an Independent Trustee and, except as noted below, the membership and chairs of each committee consist exclusively of Independent Trustees.
The Trustees have determined that this committee structure also allows the Board to focus more effectively on the oversight of risk as part of its broader oversight of the fund’s affairs. While risk management is the primary responsibility of the fund’s investment manager, the Trustees regularly receive reports regarding investment risks and compliance risks. 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 fund’s investment manager how it monitors and controls such risks.
Audit and Compliance Committee.The Audit and Compliance Committee provides oversight on matters relating to the preparation of the Putnam funds’ financial statements, compliance matters, internal audit functions, and Codes of Ethics issues. This oversight is discharged by regularly meeting with management and the funds’ auditors and keeping current on industry developments. Duties of this Committee also include the review and evaluation of all matters and relationships pertaining to the funds’ auditors, including their independence. Information about the fees billed to the fund by the funds’ auditors, as well as information about the Committee’s pre-approval policies relating to the work performed by the funds’ auditors, is included inAppendix Gof this proxy statement. The members of the Committee include only Independent Trustees. Each member of the Committee also is “independent,” as that term is interpreted for purposes of Rule 10A-3(b)(1) of 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 putnam.com/about-putnam/. TheCommittee currently consists of Messrs. Leibler (Chairperson), Curtis, Darretta and Hill and Mses. Baumann and Domotorffy.
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 their staff, 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 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 (as described below) will be considered and evaluated on the same basis as candidates recommended by other sources. 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 Committee will consider nominees for Trustee recommended by shareholders of a fund provided shareholders submit their recommendations by the date disclosed in the paragraph entitled “Date for receipt of shareholders’ proposals
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for subsequent meetings of shareholders” in the section “Further Information About Voting and the Special Meeting,” and provided the shareholders’ recommendations otherwise comply with applicable securities laws, including Rule 14a-8 under the Exchange Act.
The Committee consists only of Independent Trustees. The Trustees have adopted a written charter for the Board Policy and Nominating Committee, a current copy of which is available at putnam.com/about-putnam/. The Board Policy and Nominating Committee currently consists of Messrs. Hill (Chairperson), Curtis, Patterson and Putnam and Ms. Baxter.
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 Dr. Joskow (Chairperson), Ms. Baxter and Messrs. Ahamed, Akhoury, Patterson, Putnam and Stephens.
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 funds’ assets for distribution purposes pursuant to Distribution Plans of the 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. The Committee reports and makes recommendations to the Trustees regarding these matters. The Committee currently consists of Mr. Patterson (Chairperson), Dr. Joskow, Ms. Baxter and Messrs. Ahamed, Akhoury, Putnam and Stephens.
Distributions Committee.The Distributions Committee oversees all dividends and distributions by the Putnam 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 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 theTrustees regarding these matters. The Committee currently consists of Ms. Baumann (Chairperson), Ms. Domotorffy and Messrs. Curtis, Darretta, Hill and Leibler.
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 establish annual and ongoing goals, objectives and priorities for the Board, and to ensure coordination of all efforts between the Trustees and Putnam Management on behalf of the shareholders of the funds. The Committee currently consists of Ms. Baxter (Chairperson) and Messrs. Hill, Leibler, Patterson and Putnam.
Investment Oversight Committees.The Investment Oversight Committees regularly meet with investment personnel of Putnam Management to review the investment performance and strategies of the Putnam funds in light of their stated investment objectives 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. Investment Oversight Committee A currently consists of Messrs. Akhoury (Chairperson), Ahamed, Darretta, Hill, Patterson and Reynolds and Ms. Baxter. Investment Oversight Committee B currently consists of Messrs. Putnam (Chairperson), Curtis, Leibler and Stephens, Dr. Joskow and Mses. Baumann and Domotorffy.
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 also 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 oversees compliance by money market funds with Rule 2a-7 under the 1940 Act and the correction of occasional pricing errors. The Committee also reviews matters related to the liquidity of portfolio holdings. The Committee reports to the Trustees and makes recommendations to the Trustees regarding these matters. The Committee currently consists of Messrs. Darretta (Chairperson), Curtis, Hill and Leibler and Mses. Baumann and Domotorffy.
How large 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 nominee for Trustee, as well as the value of each nominee’s holdings in each fund and in all of the Putnam funds as of September 30, 2013 is included inAppendix H. As a group, the Trustees owned shares of the Putnam funds valued at approximately $[[ ]] million, as of September 30, 2013.
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As of September 30, 2013, to the knowledge of your fund, each Trustee, and the officers and Trustees of the fund as a group, owned less than 1% of the outstanding shares of each class of each fund, except as listed inAppendix H.
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) |
| One Post Office Square |
| Boston, Massachusetts 02109 |
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. 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 at least two formal committee meetings during each regular meeting of the Trustees. In addition, the Trustees meet in small groups 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 calendar year 2012, the average Trustee participated in approximately 37 committee and Board meetings.
The number of times each committee met during calendar year 2012 is shown in the table below:
| Audit and Compliance Committee | 8 |
| Board Policy and Nominating Committee | 8 |
| Brokerage Committee | 5 |
| Contract Committee | 8 |
| Distributions Committee | 8 |
| Executive Committee | 3 |
| Investment Oversight Committees A | 8 |
| Investment Oversight Committee B | 8 |
| Pricing Committee | 8 |
The funds do not have a formal policy with respect to Trustee attendance at shareholder meetings, although, where possible, the Chair of the Trustees generally seeks to attend all meetings involving non-routine business matters. With the exception of Putnam Asia Pacific Equity Fund, Putnam High Income Securities Fund, Putnam International Value Fund, Putnam Managed Municipal Income Trust, Putnam Master Intermediate Income Trust, Putnam Municipal Opportunities Trust and Putnam Premier Income Trust, your fund’s Trustees other than John A. Hill did not attend the last shareholder meeting of your fund. The Trustees are generally represented at routine 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 such 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, soft dollar expenditures and similar expenses of your fund;
• 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 fund 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 fund are Trustees of all of the Putnam funds and receive fees for their services.
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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 fund, estimates that committee and Trustee meeting time, together with the appropriate preparation, requires the equivalent of at least four business days per Trustee meeting. The table found inAppendix Iincludes 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 October 1, 2013) and the fees paid to each of those Trustees by all of the Putnam funds during calendar year 2012.
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.
Why should you vote for your fund’s nominees?
Your current Trustees are independent, experienced, and highly qualified fiduciaries who exercise strong fund governance practices.
Independent
• The Chair of your fund, Jameson Baxter, is independent of Putnam Management and has served on the Board for nearly 20 years. She also serves as the Chair of the Mutual Fund Directors Forum, which provides educational and outreach programs for independent directors;
• 13 of the 14 Trustees are independent of Putnam Management; and
• The Independent Trustees are assisted by an independent administrative staff and legal counsel who are selected by the Independent Trustees and are independent of Putnam Management.
Highly Qualified
• The Trustees have significant current and past related industry experience, and have a demonstrated history of actively pursuing the interests of the fund’s shareholders; and
• The Board includes individuals with substantial professional accomplishments and prior experience in a variety of fields, including investment management, economics, finance, energy, health care, manufacturing, national security and real estate; and
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, including your fund, which has been developed over a long period of time; and
• The fund does 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 fourteen 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 table inAppendix Nincludes each Trust, and if applicable, its constituent series.The Trustees unanimously recommend that shareholders vote “FOR” the election of your fund’s nominees.
3. APPROVING AN AMENDED AND RESTATED DECLARATION OF TRUST FOR YOUR FUND
Affected funds:All open-end funds (i.e. all funds except Putnam High Income Securities Fund, Putnam Managed Municipal Income Fund, Putnam Master Intermediate Income Trust, Putnam Municipal Opportunities Trust, and Putnam Premier Income Trust)
Each Putnam fund is organized as a series of a Massachusetts business trust or as a stand-alone Massachusetts business trust (each, a “Trust”). Each Trust is governed by a declaration of trust established under the laws of The Commonwealth of Massachusetts. The declaration of trust sets forth, among other things, details regarding the organization and operation of a fund, shareholder rights, powers of the Trustees and the characteristics of fund shares.
The Putnam funds affected by this proposal currently operate under thirty-eight distinct declarations of trust (each a “Current Declaration” and together, the “Current Declarations”). The Current Declarations were created at different times in the past and differ from each other in a number of ways. These differences create certain inefficiencies in the operations of the Putnam funds that can be disadvantageous to the funds and their shareholders. In addition, the terms of many of the Current Declarations do not provide for the flexibility and the
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same limitations of liabilities that more recent declarations of trust provide to many other mutual funds organized as Massa-chusetts business trusts and to their trustees and officers. The Trustees of your fund believe that the adoption of a single form of Amended and Restated Declaration of Trust (the “Revised Declaration”) for each Trust will, among other things: (i) provide the Trustees and Putnam Management increased flexibility in managing the affairs of the funds in an efficient and cost-effective manner in the best interests of shareholders; (ii) modernize and streamline certain corporate governance provisions, potentially resulting in a reduction or elimination of costs and delays over time and a reduction in the risks and costs of litigation; and (iii) eliminate certain ambiguities in and among the Current Declarations. On the basis of these and other considerations noted below, the Trustees recommend that shareholders of your Fund vote to authorize the Trustees to adopt the Revised Declaration, a form of which is included herein asAppendix M.
The discussion below highlights certain differences between the Current Declarations and the Revised Declaration. The most significant changes are described below under the caption “Significant Changes.” There are other differences between the Revised Declaration and the Current Declarations, mostly in the nature of clarifying and conforming changes, certain of which are described below under the caption “Other Changes.” Because there are many variations among the Current Declarations, not all of the changes described below will necessarily pertain to your fund. In addition, not all of the differences between the Current Declarations and the Revised Declaration are described below, so you should carefully review the form of the Revised Declaration inAppendix M. For a copy of your fund’s Current Declaration, you may call Putnam Investments at (800) 225-1581. Your fund’s Current Declaration is also on file with the Secretary of the Commonwealth of Massachusetts.
Significant Changes
1. Class Reorganizations and Terminations (all funds)
Each Current Declaration permits the Trustees to divide the shares of any series into one or more classes. The Trustees have historically used this power to create classes of shares that reflect different methods of distribution. It may be desirable at some point in the future for the Trustees discontinue certain share classes, in which case it may be desirable to reorganize the shares of a discontinued class with another series or class or to liquidate the shares of such class. The Revised Declaration (Article III, Section 1) clarifies the Trustees’ authority to combine shares of two or more classes of a fund into a single class without shareholder approval. Likewise, the Revised Declaration (Article IX, Section 5) permits the Trustees to authorize the reorganization of a class (by way of merger, consolidation or sale of assets) with another entity (including another series or class) without shareholder approval to the extent permitted by law. Finally, the Revised Declaration permits the Trustees to terminate and liquidate a particular class without shareholderapproval. These additional powers are intended to provide the Board the flexibility to implement changes in a fund’s class structure that it believes to be in the shareholders’ best interests, without causing the funds to incur the time and expense of soliciting shareholder approval. Putnam Management has advised the Trustees that it has no present intention of proposing any changes in the current class structure of the funds.
2. Derivative Actions and Exclusive Selection of Forum for Certain Shareholder Actions (all funds)
The Revised Declaration (Article III, Section 6) provides that a shareholder may not bring or maintain any court action, proceeding or claim on behalf of a Trust without first making demand on the Trustees requesting the Trustees to bring the action. The Current Declarations do not contain a similar provision, although Massachusetts courts have generally imposed a similar demand requirement in the past based on the Trustees’ inherent authority to manage all affairs of the Trust, including the bringing of litigation on behalf of the Trust. This requirement also conforms to a recent change in Massachusetts law applicable to business corporations requiring that demand be made in all circumstances. The requirement for shareholder demand is intended to prevent the potential disruption and expense that could result when a shareholder attempts to bring a suit that the Trustees in their judgment do not believe would be in the best interests of a Trust. The effect of these changes may be to discourage suits brought on behalf of the funds by shareholders against Putnam Management or the Trustees, but is not intended to affect any right of shareholders to bring actions in their own name.
The Revised Declaration (Article III, Section 7) also provides that any action brought by a shareholder seeking to enforce any right or privilege of shareholders under the Revised Declaration, challenging the powers of the Trustees thereunder, alleging a breach of fiduciary duty by any Trustee or officer of a Trust, or otherwise involving primarily the internal affairs of a Trust may be brought only in the courts of The Commonwealth of Massachusetts. The Current Declarations do not contain a similar provision. This proposed change is intended to ensure that the courts of The Commonwealth of Massachusetts will be the exclusive forum in which certain lawsuits against a fund, its Trustees or officers may be brought. In recent years, lawsuits against mutual funds and their officers and directors have often been brought and decided outside of a fund’s state of organization. Forum selection provisions can benefit funds and their shareholders by reducing the cost and disruption of multi-forum litigation (i.e.,litigation brought by shareholders simultaneously in different forums that challenges the same action) and limiting the ability of plaintiffs’ lawyers to seek out judicial forums that are particularly favorable to plaintiffs’ actions, sometimes referred to as “forum shopping.” Forum selection provisions are intended to permit a fund and its shareholders to benefit from the special expertise and long history of Massachusetts courts in dealing with declarations of trust governing the affairs of entities organized as Massachusetts business trusts. This provision would not, however, limit the
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ability of plaintiffs to bring actions outside of Massachusetts with respect to claims that do not fall within the scope of the forum selection provision, such as claims based on violations of federal securities law, contract claims or tort claims.
3. Removal of a Trustee (all funds)
The Revised Declaration (Article IV, Section 2) provides that a Trustee may be removed by the vote of two-thirds of the remaining Trustees or by the vote of two-thirds of a fund’s outstanding shares. Under the Current Declarations, the only mechanism for removing a Trustee is by the vote of two-thirds of the fund’s outstanding shares. This change is intended to increase administrative efficiency by providing Trustees the authority to remove a Trustee without causing the funds to incur the time and expense of soliciting shareholder approval. A Trustee would only be removed if the remaining Trustees deem such removal as necessary to ensure the effective operation of the Board or otherwise serve the best interests of shareholders, for example, to deal with the situation of a trustee who has become incapacitated, who refuses to resign in accordance with the Board’s retirement policy, or who has become involved in personal or business-related legal matters that could call into question his or her continuing fitness to serve. The ability of the Board to remove a Trustee without shareholder action is also consistent with recent changes in Massachusetts law applicable to business corporations.
4. Involuntary Redemptions (all funds)
The Current Declarations generally provide that the Trustees have the power to redeem the shares of any shareholder if either (i) the shareholder owns fewer shares than, or shares having an aggregate net asset value less than, an amount determined from time to time by the Trustees (the current minimum is 20 shares) or (ii) the shareholder owns shares of the fund in excess of a maximum amount set by the Trustees. In addition to these circumstances, the Revised Declaration (Article VI, Section 3) permits a fund to make involuntary redemptions in certain additional circumstances, including: (i) if a shareholder fails to supply appropriate personal and tax identification information requested by the fund; (ii) if a shareholder fails to meet or maintain the qualifications for ownership of a particular series or class; (iii) to collect a small account fee imposed on certain accounts (as described further below); or (iv) if the Trustees determine for any other reason, in their sole discretion, that the ownership of fund shares by a shareholder is not in the best interests of the remaining shareholders of the Trust or of the applicable series or class. A fund will provide advance notice to a shareholder of the intention to redeem shares involuntarily.
It is common for mutual funds to pay transfer agent and other shareholder servicing costs that are incurred in whole or in part on a per account basis. As a result, having a large number of relatively small shareholder accounts can potentially increase a fund’s expense ratio, with larger shareholders bearing a disproportionate amount of such costs. The Current Declarations already permitthe Trustees to redeem all shares held in an account falling below a number fixed by the Trustees. The Revised Declaration would provide the Trustees the additional flexibility to impose fees on accounts that do not meet a minimum investment amount and to redeem shares in any such account in an amount required to pay such fees. This would allow a fund to cause those shareholders who maintain small accounts to bear a fair portion of the costs of maintaining small accounts in lieu of redeeming such accounts altogether. A fund will provide advance notice to shareholders of its intention to impose fees on accounts that do not exceed a minimum investment size. Any such action would be subject to approval by the Trustees on such terms as they consider to be in the best interests of all shareholders.
5. Indemnification of Trustees, Officers, etc. (all funds)
The Revised Declaration (Article VIII, Section 2) modifies certain provisions relating to the availability of indemnification to the Trust’s Trustees and officers (including persons who serve at the Trust’s request as directors, officers or trustees of another organization in which the Trust has any interest as a shareholder, creditor or otherwise) (each a “Covered Person”). Under the Revised Declaration, a Covered Person would not be indemni-fied with respect to any matter as to which such person had been finally adjudicated (i) not to have acted in good faith, (ii) not to have acted in the reasonable belief that his or her action was in the best interest of a Trust or at least was not opposed to the best interest of the Trust, (iii) in the case of a criminal proceeding, to have had reasonable cause to believe his or her action was unlawful, or (iv) to be liable by reason of such person’s willful misfeasance, bad faith, gross negligence or reckless disregard of his or her duties (referred to below as “Disabling Conduct”). The Current Declarations contain a similar provision but do not expressly permit indemnification in circumstances where such person has been finally adjudicated to have acted in good faith in the reasonable belief that his or her action was not opposed to the best interest of the Trust. The Current Declarations also do not contain the exception noted above for criminal proceedings. These changes are intended to conform to recent changes in law applicable to Massachusetts corporations.
The Revised Declaration (Article VIII, Section 1) also adds a provision that creates a rebuttable presumption in favor of a Covered Person when determining whether there is reason to believe the Covered Person ultimately will be entitled to indem-nification and hence may receive advancements of expenses in connection with indemnification. The Revised Declaration provides that the persons making determinations concerning advance payments will afford the Covered Person a rebuttable presumption that he or she did not engage in Disabling Conduct. This rebuttable presumption is consistent with recent guidance of the Securities and Exchange Commission staff. The Revised Declaration both provides greater certainty to Trustees and other indemnified persons as to the circumstances where they might be denied indemnification, and makes it less likely in most circumstances that a Covered Person will be denied
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indemnification. The Trustees believe that providing for indem-nification to the extent permitted by law is consistent with best corporate practices and will aid in attracting and retaining high quality members of the Board.
6. Limitation of Liability (all funds)
The Revised Declaration (Article VIII, Sections 1 and 2) clari-fies that the duties, obligations and liability imposed upon a Trustee that is appointed, designated or identified as an officer of the fund or a member of any committee of the Trustees, or as an expert with respect to certain matters (including an audit committee financial expert), or a Trustee who has special skills or expertise shall be the same as those imposed on a Trustee in the absence of such appointment, designation, identifica-tion or expertise. The Revised Declaration also clarifies that no such appointment, designation, identification or expertise would affect any right or privilege to which the Trustee would otherwise be entitled as a Trustee, including the right to indem-nification. While the Current Declarations do not address the standard of care with respect to Trustees with special skills or designations, nothing herein is intended to suggest that a different result was intended by the Current Declarations.
In the Security and Exchange Commission’s 2003 adopting release for disclosure requirements related to the “audit committee financial expert” designation, the Securities and Exchange Commission stated that “[w]e find no support in the Sarbanes-Oxley Act or in related legislative history that Congress intended to change the duties, obligations or liability of any audit committee member, including the audit committee financial expert, through this provision.” Although this is persuasive guidance, the standard of care imposed on a Trustee is primarily a matter governed by Massachusetts law rather than by federal law or regulations. The proposed change is intended to provide an extra safeguard for the Trustees in the event of litigation, making it clear that one standard of liability applies for all Trustees without regard to designation of additional responsibilities or titles or any actual or implied individual expertise or qualifications. By providing greater clarity regarding the applicable standard of care, the Trustees hope to reduce the uncertainties associated with potential litigation and enhance the ability of the funds to attract and retain high quality members of the Board.
7. Merger, Consolidation, Sale of Assets and Other Reorganizations (all funds)
The Revised Declaration (Article VIII, Section 5) permits the Trustees to authorize various types of reorganization transactions in which a Trust, or a series or class, may be combined with another entity, typically another mutual fund. Such transactions are typically contemplated when a fund has declined in size to a point where it is no longer able to operate at an efficient cost level or to effectively distribute its shares, to reduce existing overlap in portfolios within the same asset class of a family of funds, and to change a fund’s investment philosophy,among others. For most funds, the Current Declarations already permit the Trustees to sell or exchange all or substantially all of the assets of the Trust without shareholder authorization, but is otherwise silent with regard to other types of reorganization transactions. However, in the case of those Affected Funds listed below, shareholder authorization is explicitly required before any sale or exchange of all or substantially all of the assets of the Trust or before any merger or consolidation of the Trust with any other trust or corporation.
The proposed changes would expand the authority of the Trustees to authorize reorganization transactions without shareholder approval where permitted by applicable law. The proposed changes would permit the Trustees to make decisions they believe are in the shareholders’ best interests when considering a reorganization of a Trust (or a series or class of the Trust) without causing a Trust to incur the time and expense of soliciting shareholder approval, unless the law otherwise requires it.
Any exercise of the Trustees’ increased authority under the Revised Declaration would be subject to the Trustees’ general fiduciary responsibilities to act in the best interests of all shareholders and subject to the requirements of applicable law, including the 1940 Act. For example, Rule 17a-8 under the 1940 Act requires reorganizations involving affiliated funds to be approved by the shareholders of the trust or series being acquired unless certain conditions are satisfied. Because of this regulatory requirement, some transactions will continue to require shareholder approval. Should shareholders approve the Revised Declaration, shareholders would not have the right to vote under the trust’s organizational document on any reorganization that may be effected without a shareholder vote pursuant to Rule 17a-8, unless the Trustees determined that it would be appropriate in the circumstance to permit shareholders to vote on the reorganization.
Affected Funds: Putnam Convertible Securities Fund, The Putnam Fund for Growth and Income, The George Putnam Fund of Boston (d/b/a George Putnam Balanced Fund), Putnam Global Equity Fund, Putnam Income Fund, Putnam Investors Fund, and Putnam Voyager Fund are currently not permitted to engage in any form of reorganization without shareholder approval; the remaining open-end funds would be affected only by the additional authority to engage in mergers or consolidations.
8. Redemption Fees (listed funds only)
The Revised Declaration (Article VI, Section 3) makes explicit that fees or charges may be imposed on shares being redeemed. Such fees or charges would typically be applied in circumstances where the Trustees believe that such fees are necessary or appropriate to protect non-redeeming shareholders from the transaction costs associated with redemptions, for example, during periods of market turmoil resulting in reduced trading liquidity. While the Current Declarations for most funds state that the Trustees may impose redemption fees, the declarations of trust of the Affected Funds listed below do not explicitly contemplate this power. In order to conform your fund’s Current Declaration with the majority of the Putnam funds’ declarations of trust and to avoid
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any ambiguity with respect to the ability of a fund to impose redemption fees, the Trustees believe it is prudent to make this power explicit in each fund’s Revised Declaration.
Affected Funds: Putnam American Government Income Fund, Putnam California Tax Exempt Income Fund, Putnam Convertible Securities Fund, Putnam Equity Income Fund, Putnam Global Equity Fund, Putnam Global Health Care Fund, Putnam Global Income Trust, Putnam Global Natural Resources Fund, Putnam High Yield Advantage Fund, Putnam High Yield Trust, Putnam Income Fund, Putnam International Equity Fund, Putnam Investors Fund, Putnam Massachusetts Tax Exempt Income Fund, Putnam Michigan Tax Exempt Income Fund, Putnam Minnesota Tax Exempt Income Fund, Putnam Money Market Fund, Putnam New York Tax Exempt Income Fund, Putnam Ohio Tax Exempt Income Fund, Putnam Tax Exempt Income Fund, Putnam U.S. Government Income Trust, and Putnam Voyager Fund.
9. In-Kind Redemptions and Distributions (listed funds only)
The Revised Declaration (Article VI, Section 2) clarifies that redemption and distribution payments made to shareholders may be made in cash, fund shares or other property, or a combination thereof, as determined by the Trustees. While the Current Declarations for most funds expressly permit the Trustees to make redemption payments in property other than cash or fund shares (e.g., a fund’s portfolio securities), the Current Declarations for the Affected Funds listed below do not explicitly contemplate such an “in-kind” redemption or distribution. The Trustees believe that standardizing the provisions relating to in-kind redemptions and distributions across the funds’ declarations of trust would enhance efficiency in administering the Putnam funds. The Trustees expect that the flexibility to pay redemptions in-kind would be used only in extraordinary circumstances, for example, to ensure that transaction costs associated with unusually large and unanticipated redemptions or large redemptions during periods of unusually limited market liquidity are not borne by all other fund shareholders. In addition, if the Revised Declaration is approved by a trust, the trust intends to file an election with the Securities and Exchange Commission under Rule 18f-1 under the 1940 Act, which will commit the trust to pay in cash in all cases involving requests for redemption by a single shareholder during any 90-day period of up to the lesser of $250,000 or 1% of the relevant fund’s net asset value measured at the beginning of the 90-day period.
Affected Funds for In-Kind Distributions: Putnam American Government Income Fund, Putnam AMT-Free Municipal Fund, Putnam California Tax Exempt Income Fund, Putnam Convertible Securities Fund, Putnam Diversified Income Trust, Putnam Equity Income Fund, The Putnam Fund for Growth and Income, The George Putnam Fund of Boston (d/b/a George Putnam Balanced Fund), Putnam Global Equity Fund, Putnam Global Health Care Fund, Putnam Global Income Trust, Putnam Global Natural Resources Fund, Putnam High Yield AdvantageFund, Putnam High Yield Trust, Putnam Income Fund, Putnam International Equity Fund, Putnam Investors Fund, Putnam New York Tax Exempt Income Fund, Putnam Massachusetts Tax Exempt Income Fund, Putnam Michigan Tax Exempt Income Fund, Putnam Minnesota Tax Exempt Income Fund, Putnam Money Market Fund, Putnam Ohio Tax Exempt Income Fund, Putnam Tax Exempt Income Fund, Putnam Tax-Free High Yield Fund, Putnam U.S. Government Income Trust, and Putnam Voyager Fund.
Affected Fund for In-Kind Redemptions: Putnam American Government Income Fund, Putnam AMT-Free Municipal Fund, Putnam Arizona Tax Exempt Income Fund, Putnam California Tax Exempt Income Fund, Putnam Capital Opportunities Fund, Putnam Convertible Securities Fund, Putnam Diversi-fied Income Trust, Putnam Dynamic Asset Allocation Balanced Fund, Putnam Dynamic Asset Allocation Conservative Fund, Putnam Dynamic Asset Allocation Growth Fund, Putnam Equity Income Fund, Putnam Europe Equity Fund, The Putnam Fund for Growth and Income, The George Putnam Fund of Boston (d/b/a George Putnam Balanced Fund), Putnam Growth Opportunities Fund, Putnam Global Equity Fund, Putnam Global Health Care Fund, Putnam Global Income Trust, Putnam Global Natural Resources Fund, Putnam Global Utilities Fund, Putnam High Yield Advantage Fund, Putnam High Yield Trust, Putnam Income Fund, Putnam International Capital Opportunities Fund, Putnam International Equity Fund, Putnam International Growth Fund, Putnam Investors Fund, Putnam Massachusetts Tax Exempt Income Fund, Putnam Michigan Tax Exempt Income Fund, Putnam Minnesota Tax Exempt Income Fund, Putnam Money Market Fund, Putnam Multi-Cap Growth Fund, Putnam Multi-Cap Value 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 Research Fund, Putnam Small Cap Value Fund, Putnam U.S. Government Income Trust, Putnam Tax Exempt Income Fund, Putnam Tax Exempt Money Market Fund, Putnam Tax-Free High Yield Fund, and Putnam Voyager Fund.
10. Amendment of the Declaration of Trust (all funds)
Under the Revised Declaration (Article VIII, Section 8), the Trustees have the authority to amend the declaration of trust without shareholder approval if (i) the amendment would be for the purpose of changing the name of the Trust or curing any omission, ambiguity, defect or inconsistency or (ii) the amendment would not, in the judgment of the Trustees, have a material adverse effect on the shareholders of any series or class of shares. In contrast, the Current Declarations for most funds permit the Trustees to amend the declaration of trust without shareholder authorization only for the purpose of changing the name of the trust or curing any omission, ambiguity, defect or inconsistency. (In the case of The George Putnam Fund of Boston (d/b/a George Putnam Balanced Fund) and The Putnam Fund for Growth and Income, the Current Declarations permit the
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Trustees to amend the declaration of trust without shareholder authorization to change the name of the Trust only in certain limited circumstances.) The proposed changes would expand, to a certain extent, the Trustees’ authority to amend a declaration of trust without obtaining a shareholder vote. The proposed changes are designed to give the Trustees the flexibility to react quickly to future contingencies, changes to applicable law or other changes, and to take action without causing the Trust to incur the time and expense of soliciting shareholder approval. These situations could arise as a result of regulatory changes or changes in markets or mutual fund structures generally. In addition, any exercise of this power by the Trustees would be subject to their general fiduciary responsibilities to act in the best interests of all shareholders.
Where a shareholder vote is required to authorize an amendment of the Revised Declaration, approval requires the affirmative vote of at least a majority of shares voted, subject to applicable quorum requirements and applicable law. Under the Current Declarations, approval requires a vote of at least a majority of the outstanding shares entitled to vote on the matter. Obtaining the favorable vote of a majority of the outstanding shares can be difficult and expensive when shareholders do not return their proxies in sufficient numbers, even though a substantial majority of those shareholders voting have voted in favor of a proposal. These proposed changes are designed to enhance the ability of the Trustees to obtain shareholder approval of amendments to the declarations of trust provided that the current 30% quorum requirement is satisfied.
Other Changes
In addition to the changes described above, the Revised Declaration would result in numerous minor changes to many of the Current Declarations for the purposes of eliminating immaterial inconsistencies in language and clarifying potential ambiguities. None of these additional changes is considered to have a material impact on the rights and privileges of shareholders and, in many cases, the Trustees would have the power under the Current Declarations to implement such changes in any event without shareholder approval.
What is the voting requirement for approving the proposal?
All of the funds within a Trust will vote together on the Revised Declaration, as a single class. Approval of the Revised Declaration with respect to a Trust requires the vote of a majority of the shares of such Trust outstanding and entitled to vote. If the shareholders of a Trust fail to approve the Revised Declaration, the Current Declaration will remain in effect for that Trust. The table inAppendix Nincludes each Trust, and if applicable, its constituent series.
4. APPROVING AN AMENDMENT TO A FUNDAMENTAL INVESTMENT RESTRICTION WITH RESPECT TO INVESTMENTS IN COMMODITIES
Affected fund:Putnam Dynamic Asset Allocation Conservative Fund only
What is this proposal?
Under the 1940 Act, a fund’s investment policy relating to the purchase and sale of commodities must be fundamental, which means that it can be modified only by a vote of a majority of the fund’s outstanding voting securities. Commodities include physical commodities, such as gold and other metals, agricultural products, and oil, as well as certain financial instruments, such as futures contracts and related options.
Putnam Dynamic Asset Allocation Conservative Fund’s current fundamental investment restriction with respect to investments in commodities states that the fund may not:
Purchase or sell physical commodities unless acquired as a result of ownership of securities or other instruments.
This restriction shall not prevent the fund from purchasing or selling financial instruments representing interests in commodities (or the values of which are determined by reference to commodities), but which do not involve the delivery of physical commodities to or by the fund, or from entering into financial futures contracts, options, foreign exchange contracts and other financial transactions.
Although the fund’s current restriction expressly permits investments in financial instruments whose values are determined by reference to physical commodities, it generally prohibits direct investment in physical commodities.
The proposed amended fundamental investment restriction would state that your fund may not:
Purchase or sell commodities, except as permitted by applicable law.
This proposal would permit your fund to obtain exposure to commodities, whether through direct investment in physical commodities or through related financial instruments, in the manner Putnam Management deems most efficient, as from time to time authorized by the Trustees.
What effect will amending the current restriction with respect to investments in commodities have on your fund?
Under the proposed fundamental investment restriction, the fund will be able to invest directly in gold and other physical commodities, as well as engage in a variety of transactions involving the use of commodity-linked investments, including commodity-based exchange-traded funds or notes (ETFs or ETNs) and commodity-linked notes, to the extent permitted by law and consistent with the fund’s investment objectives and policies.
Putnam Management believes that this added investment flexi-bility could assist your fund in achieving its investment objective, both because commodities and commodity-linked investments may offer the opportunity for attractive investment returns
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and because economic exposure to gold or other commodities through these investments may enhance the ability of the fund to diversify risks, particularly to the extent that the returns of commodities are not correlated with the returns of other asset classes in which the fund invests. The proposed fundamental investment restriction amendment would also align your fund’s investment restriction with the investment restriction of many other Putnam funds, which had the same amendment approved by shareholders in 2009.
The fund intends to continue to qualify for treatment as a regulated investment company (a “RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”). If the fund qualifies as a RIC, the fund will generally not be subject to federal income tax on income and gains it distributes to its shareholders. In order to maintain its special status as a RIC, the fund must limit any “non-qualifying income” to a maximum of 10% of its annual gross income. Generally, the fund’s investments in commodity-linked derivatives or physical commodities will be limited by this requirement. Putnam Management presently has no specific intention to change the fund’s exposures to commodities or commodity-linked investments in response to the revision of the fund’s investment restriction, but this intention is subject to change based on Putnam Management’s assessment of both market conditions at any given time and those investments most likely to assist your fund in meeting its investment objective.
While commodities and commodity-linked investments offer significant potential benefits to the fund, investment in this asset class presents particular risks as well, as described in the fund’s prospectus. The values of commodities and commodity-linked investments may be highly volatile, and may be subject to a wide variety of risks relevant to particular physical commodities (such as the risks of drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments) to which the markets for other investments are not typically subject. Investments in physical commodities may also involve different custody arrangements and greater custody risks than other types of commodity-related investments. Putnam Management will take these risks into account in determining whether to invest directly in physical commodities.
What are the Trustees recommending?
The Trustees unanimously recommend that shareholders approve an amendment to the fund’s fundamental investment restriction with respect to investments in commodities.
What is the voting requirement for approving the proposal?
Approval of the proposed amendment to the fund’s fundamental investment restriction requires the affirmative vote of “a majority of the outstanding voting securities” of the fund, which is defined under the 1940 Act to bethe lesser of(a) more than 50% of the outstanding shares of the fund, or (b) 67% or more of the shares of the fund present (in person or by proxy) at themeeting if more than 50% of the outstanding shares of the fund are present at the meeting in person or by proxy.
5. APPROVING AN AMENDMENT TO A FUNDAMENTAL INVESTMENT POLICY REGARDING DIVERSIFICATION OF INVESTMENTS
Affected funds:
Putnam Global Consumer Fund
Putnam Global Financials Fund
What is this proposal?
The Trustees recommend that each affected fund adopt a fundamental investment policy to operate as a “non-diversified” fund.
Each affected fund is currently sub-classified as a “diversified” fund for purposes of Section 5(b)(1) of the 1940 Act. As a diver-sified fund, with respect to 75% of its total assets, no more than 5% of each fund’s total assets may be invested in the securities of any single issuer, and it may not hold more than 10% of the outstanding voting securities of any single issuer. With respect to the remaining 25% of its total assets, there is no limit on the percentage of assets each fund may invest in the securities of a single issuer or on the outstanding voting securities of an issuer that may be held by each fund. These 1940 Act limits do not apply to securities issued or guaranteed by the U.S. government, its agencies or instrumentalities, or to securities issued by other investment companies. These limits apply only at the time a fund purchases a security. Each affected fund may exceed these limits if positions it already holds increase in value relative to the rest of the fund’s holdings.
The Trustees, subject to shareholder approval, have approved a change to each affected fund’s sub-classification under the 1940 Act from a “diversified” fund to a “non-diversified” fund under the 1940 Act. The Trustees and Putnam Management believe that changing each affected fund from a diversified fund to a non-diversified fund would give Putnam Investments more flexibility in implementing each fund’s investment strategies, in response to market or industry developments or to changes in Putnam Management’s views about issuers in the relevant sector. The proposed change would also conform the affected funds’ fundamental investment restriction to the standard restriction currently used by Putnam’s other global sector funds, which operate as non-diversified funds.
Each affected fund was originally organized and operated as a non-diversified fund pursuant to the following fundamental investment policy, which matches that of other global sector funds. The policy provides that the fund may not:
With respect to 50% of its total assets, invest in securities of any issuer if, immediately after such investment, more than 5% of the total assets of the fund (taken at current value) would be invested in the securities of such issuer; provided that this limitation does not apply to obligations issued or guaranteed as to interest or principal by the U.S. government or its agencies or instrumentalities or to securities issued by other investment companies.
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As discussed above, the affected funds are currently operating as diversified funds. Shareholder approval is required to permit each affected fund to once again operate as a non-diversified fund. If shareholders approve this Proposal, the fundamental investment policy with respect to diversification of investments would be restored and Putnam Management would have the flexibility to operate the affected funds as non-diversified, although it has no immediate plans to alter materially its management of the affected funds.
For each of the affected funds, the proposed change would allow the fund to operate as a non-diversified fund, able to invest more of its assets in the securities of fewer issuers than a diversified fund. The fund would be exposed to non-diversification risk, as its ability to invest more of its assets in the securities of fewer issuers would increase its vulnerability to factors affecting a single investment; therefore, the fund may be more exposed to the risks of loss and volatility than a fund that invests more broadly.
What are the Trustees recommending?
The Trustees unanimously recommend that shareholders approve an amendment to each affected fund’s fundamental investment policy with respect to diversification of investments. What is the voting requirement for approving the proposal?
Approval of this proposal requires the affirmative vote of a “majority of the outstanding voting securities” of the affected fund, which is defined under the 1940 act to bethe lesser of(1) more than 50% of the outstanding shares of the affected fund, or (2) 67% or more of the shares of the affected fund present at the meeting if more than 50% of the outstanding shares of the affected fund are present at the meeting in person or by proxy.
Further Information About Voting and the Special Meeting
Meeting Quorum and Methods of Tabulation.The shareholders of each fund vote separately with respect to approving a new management contract (Proposal 1). The shareholders of all of the series of a trust vote together as a single class with respect to the election of Trustees (Proposal 2) and approval of an Amended and Restated Declaration of Trust (Proposal 3). Shareholders of Putnam Dynamic Asset Allocation Conservative Fund vote separately with respect to approving an amendment to that fund’s fundamental investment restriction with respect to investments in commodities (Proposal 4), and shareholders of certain funds vote separately with respect to approving an amendment to those funds’ fundamental investment policies with respect to diversification of investments (Proposal 5). 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 except Putnam High Income Securities Fund, Putnam Managed Municipal Income Trust, Putnam Master Intermediate Income Trust, Putnam Municipal Opportunities Trust and Putnam Premier Income Trust, for which a majority of the shares entitled to vote constitutes a quorum. Votes cast by proxy or in personat 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 bene-ficial 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.
The documents that authorize Putnam Fiduciary Trust Company or Putnam Investor Services, Inc. to act as Trustee for certain individual retirement accounts (including traditional, Roth and SEP IRAs, 403(b)(7) accounts and Coverdell Education Savings Accounts) provide that if an account owner does not submit voting instructions for his or her shares, Putnam Fiduciary Trust Company 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 Putnam Fiduciary Trust Company or Putnam Investor Services, Inc., each of which is an affiliate of Putnam Management, may benefit indirectly from the approval of the proposed management contracts.
With respect to Proposals 2 and 3, neither abstentions nor broker non-votes have an effect on the outcome of the proposal. With respect to other proposals, abstentions and broker non-votes have the effect of votes against the proposal. For Proposals 1, 4, and 5, treating broker non-votes as negative votes may result in the proposal not being approved, even though the votes cast in favor would have been sufficient to approve the proposal if some or all of the broker non-votes had been withheld. In certain circumstances in which a fund has received sufficient votes to approve a matter being recommended for approval by the fund’s Trustees, the fund may request that brokers and nominees, in their discretion, withhold or withdraw submission of broker non-votes in order to avoid the need for solicitation of additional votes in favor of the proposal. A fund may also request that selected brokers and nominees, in their discretion, submit broker non-votes, if doing so is necessary to obtain a quorum.
Shareholders who object to any proposal in this Proxy Statement will not be entitled under Massachusetts law or the Agreement and Declaration of Trust of the particular Putnam fund to demand payment for, or an appraisal of, their shares.
Special Rule for Proportional Voting for Putnam Managed Municipal Income Trust and Putnam Municipal Opportunities Trust.For funds listed on the New York Stock Exchange that have outstanding preferred shares, in accordance with the rules of the exchange, brokerage firms may vote for (or against)
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a proposal, on behalf of their clients who beneficially own the remarketed or auction rate preferred shares and from whom they have not received voting instructions, in the same proportion as votes for (and against) such proposal have been received from holders of preferred shares if (i) the holders of a minimum of 30% of the outstanding preferred shares have been voted by the holders of preferred shares, (ii) the holders of less than 10% of the outstanding preferred shares have voted against such proposal, and (iii) the holders of the common shares have approved such proposal.
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.
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 fundsexceptfunds 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 case 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 bya 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.
Shareholders voting over the Internet should understand that there may be costs associated with electronic access, such as usage charges from Internet access providers and telephone companies, that must be borne by the shareholders.
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.
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 or funds of funds sold exclusively to insurance company separate accounts and other variable insurance products (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
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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, Inc., 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. 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.” 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 orby 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 use 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 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.
Contract Owners voting over the Internet should understand that there may be costs associated with electronic access, such as usage charges from Internet access providers and telephone companies, that must be borne by the Contract Owners.
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 other than Putnam High Income Securities Fund, Putnam Managed Municipal Income Trust, Putnam Master Intermediate Income Trust, Putnam Municipal Opportunities Trust and Putnam Premier Income Trust
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. Putnam Asia Pacific Equity Fund and Putnam International Value Fund last held a special meeting in 2011. Each other fund’s last special meeting was held in 2009. In accordance with the regulations of the Securities and Exchange Commission, in order to be eligible for inclusion in the 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.
As described in more detail earlier in this proxy statement, the Board Policy and Nominating Committee of the Board of
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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 Securities and Exchange Commission’s proxy rules. All shareholder proposals must also comply with other requirements of the Security and Exchange Commission’s rules and the fund’s Agreement and Declaration of Trust and Bylaws.
Expense of the solicitation.Persons holding shares as nominees will, upon request, be reimbursed for their reasonable expenses in soliciting instructions from their principal. The Putnam funds have retained [[ ]], to aid in the solicitation of instructions for registered and nominee accounts. [[Vendor’s]] fee (estimated to be approximately $[[ ]]), as well as other expenses of the preparation of proxy statements and related materials, including printing, delivery and solicitation costs, are being borne by Putnam Investments and the funds.
Information for Putnam High Income Securities Fund, Putnam Managed Municipal Income Trust, Putnam Master Intermediate Income Trust and Putnam Premier Income Trust
Date for receipt of shareholders’ proposals for subsequent meetings of shareholders.It is currently anticipated that your fund’s next annual meeting of shareholders will be held on April 25, 2014, although the Trustees of your fund reserve the right to set an earlier or later date for the annual meeting for the 2013-2014 fiscal year. Shareholder proposals to be included in the proxy statement for that meeting must be received by your fund on or before January 31, 2014. In order for a shareholder proposal to be included in the proxy statement, both the submitting shareholder and the proposal itself must satisfy the requirements set forth in Rule 14a-8 under the Exchange Act. Shareholders who wish to make a proposal at the annual meeting for the 2013-2014 fiscal year — other than one that will be included in the fund’s proxy materials — should notify the fund no later than January 31, 2014. The fund may exclude from the proxy materials and consideration at a meeting certain proposals as permitted by Securities and Exchange Commission rules and state law. Shareholders who wish to propose one or more nominees for election as Trustees, or to make a proposal fixing the number of Trustees, at the annual meeting for the 2013–2014 fiscal year must provide written notice to the fund (including all required information) so that such notice is received in good order by the fund no later than February 3, 2014.
Information for Putnam Municipal Opportunities Trust
Date for receipt of shareholders’ proposals for subsequent meeting of shareholders.It is currently anticipated that your fund’s next annual meeting of shareholders will be held on April 25, 2014, although the Trustees of your fund reserve the right to set an earlier or later date for the annual meeting for the 2013-2014 fiscal year. Shareholder proposals to be included in the proxy statement for that meeting must have been received by the fund on or before November 20, 2013, as was indicated in the proxy statement for the fund’s April 2013 annual meeting. In order for a shareholder proposal to be included in the proxy statement, both the submitting shareholder and the proposal itself must satisfy the requirements set forth in Rule 14a-8 under the Exchange Act. Shareholders who wish to make a proposal at the annual meeting for the 2013-2014 fiscal year — other than one that will be included in the fund’s proxy materials — should notify the fund no later than February 3, 2014, as was indicated in the proxy statement for the fund’s April 2013 annual meeting. The fund may exclude from the proxy materials and consideration at a meeting certain proposals as permitted by Securities and Exchange Commission rules and state law. Shareholders who wish to propose one or more nominees for election as Trustees, or to make a proposal fixing the number of Trustees, at the annual meeting for the 2013–2014 fiscal year must provide written notice to the fund (including all required information) so that such notice is received in good order by the fund no earlier than January 25, 2014 and no later than February 24, 2014, as was indicated in the proxy statement for the fund’s April 2013 annual meeting.
Information for all Putnam funds
Adjournment.To the extent permitted by each fund’s Declaration of Trust and Bylaws, any meeting of shareholders may, by action of the chair of the meeting, be adjourned without further notice with respect to one or more matters to be considered at such meeting to a designated time and place, whether or not a quorum is present with respect to such matter. Upon motion of the chair of the meeting, the question of adjournment may 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, to the extent permitted by each fund’s Declaration of Trust and Bylaws. If the quorum required for the special meeting has not been met, the persons named as proxies intend to propose adjournment of the meeting and to vote all shares that they are entitled to vote in favor of such adjournment. If the quorum required for the special meeting has been met, but sufficient votes in favor of one or more of Proposals 1, 3, 4, and 5 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
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that they are entitled to vote in favor of a proposal. They will vote against adjournment those proxies required to be voted against a proposal. Unless a proxy is otherwise limited in this regard, any shares present and entitled to vote at a meeting that are represented by broker non-votes, may, at the discretion of the proxies named therein, be voted in favor of such an adjournment. Adjournments of the special meeting may be proposed for a period or periods of not more than 60 days in the aggregate to permit further solicitation of proxies. Putnam Investments and the funds will share equally the costs of any additional solicitation and of any adjourned session. Any proposal for which sufficient favorable votes 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 Securities and Exchange Commission 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 8383, Boston, MA 02266-8383.
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 semi-annual report for any subsequent semiannual period. You may direct these requests to Putnam Investor Services, P.O. Box 8383, Boston, MA 02266-8383 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.
Fund Information
Putnam Investments.Putnam Management is an indirect wholly-owned subsidiary of Putnam Investments. Great-West Lifeco Inc., a financial services holding company with operations in Canada, the United States and Europe and a member of the Power Financial Corporation group of companies, owns a majority interest in Putnam Investments through a series of subsidiaries. Power Financial Corporation, a diversified management and holding company with direct and indirect interests in the financial services sector in Canada, the United States and Europe, is a subsidiary of Power Corporation of Canada, a diversified international management and holding company with interests in companies in the financial services, communications and other business sectors. The Desmarais Family Residuary Trust, a trust established pursuant to the Last Will and Testament of The Honourable Paul G. Desmarais, directly and indirectly controls a majority of the voting shares of Power Corporation of Canada.
The address of each of Putnam Investments and Putnam Management is One Post Office Square, Boston, Massachusetts 02109. 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 3A5. Robert L. Reynolds is the President and Chief Executive Officer of Putnam Investments. His address is One Post Office Square, Boston, MA 02109.
Putnam Management provides investment advisory services to other funds that may have investment objectives and policies similar to those of your fund. The table inAppendix Jidentifies these other funds and states their net assets and their current management fee schedules.
Putnam Investments Limited.Putnam Investments Limited, which has been retained by Putnam Management as investment sub-manager with respect to a portion of the assets of certain funds, is owned by The Putnam Advisory Company, LLC, which is a registered investment adviser owned indirectly by Putnam Investments. The directors of Putnam Investments Limited, listed along with their principal business occupations at Putnam Investments, are Simon Davis, Co-Head of International Equities, Alan G. McCormack, Head of Quantitative Equities and Risk, Joseph T. Phoenix, Head of Global Institutional Management, and Clare Richer, Chief Financial Officer. The address of Putnam Investments Limited, Alan G. McCormack and Simon Davis is Cassini House, 57-59 St. James’s Street, London, England SW1A 1LD. The address of The Putnam Advisory Company, LLC and of Joseph T. Phoenix and Clare Richer is One Post Office Square, Boston, Massachusetts 02109.
The Putnam Advisory Company, LLC.The Putnam Advisory Company, LLC, 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 One Post Office Square, Boston, Massachusetts 02109.
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 One Post Office Square, Boston, Massachusetts 02109.
Putnam Investor Services, Inc.Putnam Investor Services, Inc. serves as your fund’s investor servicing agent. Putnam Investor Services, Inc. is an indirect wholly-owned subsidiary of Putnam Investments. The address of Putnam Investor Services, Inc. is One Post Office Square, Boston, Massachusetts 02109.
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Payments to Putnam Management or its affiliates. Appendix Kshows amounts paid to Putnam Management or its affiliates during each fund’s most recent fiscal year ended prior to October 1, 2013 for the services noted. The funds made no other material payments to Putnam Management or its affiliates during the periods shown.
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 in the reasonable belief that their actions were in the best interests of the fund 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.
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:
| Name, Address1, Year of | Length of Service | |
| Birth, Position(s) Held | with the | Principal Occupations |
| with Fund | Putnam funds2 | During Past 5 Years3 |
| Jonathan S. Horwitz4 | Since 2004 | Executive Vice President, |
| (Born 1955)* | Principal Executive Officer, | |
| Executive Vice President, | and Compliance Liaison, | |
| Principal Executive Officer | The Putnam Funds | |
| and Compliance Liaison | ||
| Steven D. Krichmar | Since 2002 | Chief of Operations, |
| (Born 1958) | Putnam Investments and | |
| Vice President and | Putnam Management | |
| Principal Financial Officer | ||
| Robert T. Burns | Since 2011 | General Counsel, Putnam |
| (Born 1961) | Investments, Putnam | |
| Vice President and Chief | Management, and Putnam | |
| Legal Officer | Retail Management | |
| Robert R. Leveille | Since 2007 | Chief Compliance Officer, |
| (Born 1969) | Putnam Investments, | |
| Vice President and Chief | Putnam Management, | |
| Compliance Officer | and Putnam Retail | |
| Management | ||
| Michael J. Higgins4 | Since 2010 | Manager of Finance, |
| (Born 1976)* | Dunkin’ Brands (2008– | |
| Vice President, Treasurer, | 2010); Senior Financial | |
| and Clerk | Analyst, Old Mutual Asset | |
| Management (2007–2008) | ||
| Janet C. Smith | Since 2007 | Director of Fund |
| (Born 1965) | Administration Services, | |
| Vice President, Principal | Putnam Investments and | |
| Accounting Officer and | Putnam Management | |
| Assistant Treasurer | ||
| Susan G. Malloy | Since 2007 | Director of Accounting and |
| (Born 1957) | Control Services, Putnam | |
| Vice President and | Investments and Putnam | |
| Assistant Treasurer | Management | |
| James P. Pappas | Since 2004 | Director of Trustee |
| (Born 1953) | Relations, Putnam | |
| Vice President | Investments and Putnam | |
| Management | ||
| Mark C. Trenchard | Since 2002 | Director of Operational |
| (Born 1962) | Compliance, Putnam | |
| Vice President and BSA | Investments and Putnam | |
| Compliance Officer | Retail Management | |
| Nancy E. Florek4 | Since 2000 | Vice President, Director |
| (Born 1957)* | of Proxy Voting and | |
| Vice President, Director | Corporate Governance, | |
| of Proxy Voting and | Assistant Clerk, and | |
| Corporate Governance, | Associate Treasurer, The | |
| Assistant Clerk, and | Putnam Funds | |
| Associate Treasurer | ||
* Officers of each fund who are members of the Trustees’ independent administrative staff. Compensation for these individuals is fixed by the Trustees and reimbursed to Putnam Management.
5% Beneficial Ownership.As of September 30, 2013, to the knowledge of the funds, no person other than those listed onAppendix Lowned beneficially or of record 5% or more of any class of shares of any Putnam fund.
1 The address of each officer is One Post Office Square, Boston, MA 02109
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 Fund.
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Appendix A — Number of Shares Outstanding as of the Record Date
| Putnam Absolute Return | Putnam Absolute Return | Putnam Absolute Return | Putnam Absolute Return | Putnam American | |
| 100 Fund | 300 Fund | 500 Fund | 700 Fund | Government Income Fund | |
| Class A | 2,441,289.24 | 6,376,771.13 | 7,977,540.85 | 5,157,420.45 | 68,015,107.89 |
| Class B | 141,762.78 | 420,790.32 | 892,098.85 | 461,160.50 | 2,036,209.93 |
| Class C | 1,227,893.48 | 2,968,058.77 | 2,540,027.84 | 1,839,144.24 | 1,126,889.65 |
| Class M | 27,297.05 | 95,708.04 | 134,381.52 | 122,665.67 | 245,252.68 |
| Class R | 1,180.28 | 8,575.42 | 10,136.56 | 6,433.95 | 71,225.89 |
| Class Y | 1,586,197.39 | 3,071,040.21 | 1,960,011.30 | 1,719,440.18 | 846,881.68 |
| Putnam AMT-Free | Putnam Arizona Tax | Putnam Asia Pacific | Putnam Asset Allocation: | Putnam Asset Allocation: | |
| Municipal Fund | Exempt Income Fund | Equity Fund | Balanced Portfolio | Conservative Portfolio | |
| Class A | 22,454,768.96 | 7,086,505.79 | 540,864.97 | 95,421,517.82 | 42,883,286.22 |
| Class B | 1,002,396.04 | 350,785.63 | 9,220.00 | 13,795,600.39 | 4,458,001.62 |
| Class C | 1,387,445.97 | 158,340.60 | 2,050.06 | 10,391,816.28 | 4,767,212.77 |
| Class M | 86,379.06 | 133,049.17 | 1,187.97 | 2,233,090.12 | 1,039,504.39 |
| Class R | — | — | 1,000.00 | 688,108.58 | 256,659.05 |
| Class Y | 319,993.16 | 149,216.71 | 21,386.48 | 30,255,886.12 | 64,795,832.39 |
| Putnam Asset Allocation: | Putnam Asset Allocation: | Putnam California Tax | Putnam Capital | Putnam Capital | |
| Equity Portfolio | Growth Portfolio | Exempt Income Fund | Opportunities Fund | Spectrum Fund | |
| Class A | 1,276.65 | 103,809,940.21 | 209,280,358.18 | 23,980,414.07 | 924,400.93 |
| Class B | — | 18,957,296.27 | 3,897,016.24 | 5,095,953.37 | 24,124.19 |
| Class C | — | 12,778,357.56 | 5,376,037.49 | 1,453,134.72 | 65,689.24 |
| Class M | — | 2,784,387.18 | 491,239.76 | 633,627.41 | 1,451.08 |
| Class R | — | 899,534.41 | — | 288,480.30 | 666.67 |
| Class Y | 3,167,109.14 | 26,391,900.11 | 2,276,197.10 | 1,962,729.02 | 954,424.49 |
| Putnam Convertible | Putnam Diversified | Putnam Emerging | Putnam Equity | Putnam Equity | |
| Income-Growth Trust | Income Trust | Markets Equity Fund | Income Fund | Spectrum Fund | |
| Class A | 29,195,092.58 | 160,345,983.05 | 1,489,093.28 | 173,091,118.97 | 581,090.86 |
| Class B | 933,182.01 | 10,646,451.93 | 183,424.87 | 15,093,251.91 | 28,039.50 |
| Class C | 3,512,159.83 | 32,100,800.76 | 34,937.26 | 5,305,307.38 | 27,336.47 |
| Class M | 298,453.28 | 59,049,073.98 | 27,147.44 | 2,560,893.11 | 1,456.53 |
| Class R | 166,217.81 | 391,009.58 | 1,000.00 | 1,023,816.11 | 666.67 |
| Class Y | 4,256,132.23 | 35,837,549.24 | 176,536.08 | 24,707,911.51 | 127,353.13 |
| Putnam Europe | Putnam Floating Rate | The Putnam Fund for | The George Putnam Fund | Putnam Global | |
| Equity Fund | Income Fund | Growth and Income | of Boston | Consumer Fund | |
| Class A | 10,957,553.86 | 19,083,981.99 | 423,778,844.81 | 112,205,071.75 | 325,309.85 |
| Class B | 658,680.27 | 1,057,724.20 | 22,206,731.23 | 8,393,751.14 | 4,115.41 |
| Class C | 148,768.66 | 6,915,994.07 | 3,443,733.04 | 2,293,735.41 | 3,930.11 |
| Class M | 266,664.66 | 321,023.85 | 3,670,294.25 | 8,081,479.38 | 2,480.99 |
| Class R | 6,729.26 | 20,585.47 | 324,127.48 | 148,736.67 | 1,000.90 |
| Class Y | 584,925.70 | 13,025,560.39 | 7,142,552.85 | 10,128,025.58 | 26,923.77 |
| Putnam Global | Putnam Global | Putnam Global | Putnam Global Health | Putnam Global | |
| Energy Fund | Equity Fund | Financials Fund | Care Fund | Income Trust | |
| Class A | 454,728.64 | 108,866,232.79 | 517,416.11 | 24,865,629.05 | 7,940,959.73 |
| Class B | 22,145.82 | 7,477,847.75 | 16,640.85 | 2,008,854.90 | 630,325.33 |
| Class C | 13,017.42 | 1,994,239.39 | 17,139.23 | 534,053.44 | 306,525.46 |
| Class M | 5,680.09 | 1,939,463.76 | 1,586.89 | 309,568.40 | 1,492,843.73 |
| Class R | 1,000.20 | 195,725.86 | 1,000.70 | 39,119.99 | 44,891.49 |
| Class Y | 21,352.14 | 2,772,553.73 | 42,228.86 | 400,020.39 | 345,750.97 |
| A-1 |
| Putnam Global | Putnam Global Natural | Putnam Global | Putnam Global | Putnam Global | |
| Industrials Fund | Resources Fund | Technology Fund | Telecommunications Fund | Utilities Fund | |
| Class A | 319,944.75 | 19,113,901.74 | 410,407.52 | 302,539.28 | 28,112,165.34 |
| Class B | 3,903.22 | 2,046,104.59 | 12,556.50 | 2,034.39 | 1,283,315.76 |
| Class C | 1,756.20 | 915,261.84 | 4,883.61 | 1,002.78 | 370,438.22 |
| Class M | 1,002.07 | 350,225.49 | 3,423.57 | 1,000.00 | 181,987.06 |
| Class R | 1,002.16 | 585,825.10 | 1,000.00 | 1,000.00 | 109,433.74 |
| Class Y | 12,258.07 | 656,390.58 | 22,955.51 | 9,220.13 | 353,938.35 |
| Putnam Growth | Putnam High Yield | Putnam Income | |||
| Opportunities Fund | Advantage Fund | Putnam High Yield Trust | Putnam Income Fund | Strategies Fund | |
| Class A | 20,713,194.77 | 83,172,360.74 | 160,452,092.18 | 96,280,904.74 | 1,370,743.75 |
| Class B | 3,228,236.17 | 1,652,197.71 | 9,845,328.68 | 7,274,441.24 | 110,211.00 |
| Class C | 1,055,082.13 | 1,562,260.70 | 5,270,961.17 | 5,227,604.30 | 303,987.20 |
| Class M | 386,501.20 | 33,755,967.14 | 2,587,732.76 | 30,071,243.49 | 46,717.47 |
| Class R | 15,360.31 | 728,966.96 | 343,587.27 | 347,900.88 | 117.07 |
| Class Y | 450,767.47 | 9,365,964.65 | 6,407,080.39 | 30,558,704.19 | 2,767,856.54 |
| Putnam International | Putnam International | Putnam International | Putnam International New | ||
| Capital Opportunities Fund | Equity Fund | Growth and Income Fund | Opportunities Fund | Putnam Investors Fund | |
| Class A | 30,545,765.00 | 82,611,326.17 | 34,147,949.39 | 25,897,452.11 | 125,093,062.42 |
| Class B | 2,570,337.78 | 8,165,953.98 | 3,417,998.84 | 1,922,067.94 | 12,272,326.87 |
| Class C | 2,201,155.65 | 5,972,279.38 | 1,611,291.07 | 719,049.42 | 3,638,366.53 |
| Class M | 385,631.75 | 1,879,711.51 | 697,637.17 | 689,681.95 | 2,191,473.75 |
| Class R | 1,990,186.95 | 289,562.44 | 262,354.56 | 115,213.38 | 133,481.44 |
| Class Y | 3,663,438.49 | 8,007,506.68 | 3,956,919.18 | 1,984,015.51 | 9,046,220.79 |
| Putnam Massachusetts | Putnam Michigan Tax | Putnam Mid Cap | Putnam Minnesota Tax | Putnam Money | |
| Tax Exempt Income Fund | Exempt Income Fund | Value Fund | Exempt Income Fund | Market Fund | |
| Class A | 26,107,136.80 | 9,281,805.84 | 50,785,937.19 | 9,015,087.92 | 2,547,401,446.87 |
| Class B | 1,675,822.93 | 433,937.23 | 2,951,345.47 | 705,076.00 | 69,768,030.48 |
| Class C | 1,528,960.41 | 31,985.44 | 1,657,297.07 | 365,569.83 | 28,041,998.06 |
| Class M | 407,196.79 | 78,197.89 | 517,058.00 | 71,099.16 | 47,190,115.94 |
| Class R | — | — | 803,907.76 | — | 11,907,710.91 |
| Class T | — | — | — | — | 29,000,297.99 |
| Class Y | 1,075,602.31 | 19,406.20 | 4,088,970.60 | 56,457.39 | — |
| Putnam Money Market | Putnam New Jersey Tax | Putnam New | Putnam New York Tax | Putnam Ohio Tax Exempt | |
| Liquidity Fund | Exempt Income Fund | Opportunities Fund | Exempt Income Fund | Income Fund | |
| Class A | — | 20,577,091.11 | 52,367,631.48 | 124,997,330.70 | 15,639,854.15 |
| Class B | — | 2,027,890.87 | 4,667,366.40 | 2,968,946.89 | 627,679.94 |
| Class C | — | 1,943,695.97 | 867,188.80 | 3,980,959.60 | 669,897.29 |
| Class M | — | 261,529.05 | 1,124,213.27 | 223,757.06 | 121,242.61 |
| Class P | 2,472,523,576.00 | — | — | — | — |
| Class R | — | — | 59,488.11 | — | — |
| Class Y | — | 419,841.04 | 6,833,758.04 | 351,160.42 | 178,816.64 |
| Putnam Pennsylvania Tax | Putnam RetirementReady | Putnam RetirementReady | Putnam RetirementReady | ||
| Exempt Income Fund | Putnam Research Fund | 2010 Fund | 2015 Fund | 2020 Fund | |
| Class A | 17,316,086.63 | 15,468,115.70 | 1,137,546.10 | 3,067,660.06 | 2,488,778.66 |
| Class B | 1,375,560.11 | 2,456,219.18 | 13,190.43 | 34,790.34 | 51,665.61 |
| Class C | 1,309,685.47 | 989,020.61 | 22,292.74 | 28,595.43 | 27,709.65 |
| Class M | 280,015.43 | 379,958.85 | 4,371.70 | 21,233.81 | 15,637.19 |
| Class R | — | 9,088.34 | 31,932.15 | 57,616.89 | 33,696.85 |
| Class Y | 208,497.55 | 325,780.02 | 248,046.50 | 400,914.47 | 561,773.16 |
| A-2 |
| Putnam RetirementReady | Putnam RetirementReady | Putnam RetirementReady | Putnam RetirementReady | Putnam RetirementReady | |
| 2025 Fund | 2030 Fund | 2035 Fund | 2040 Fund | 2045 Fund | |
| Class A | 2,304,460.10 | 2,042,039.35 | 1,508,091.06 | 1,011,173.94 | 772,053.76 |
| Class B | 56,865.58 | 52,133.72 | 31,213.54 | 16,627.48 | 11,125.83 |
| Class C | 14,859.86 | 11,177.07 | 9,899.02 | 2,986.29 | 1,345.46 |
| Class M | 8,245.80 | 47,405.22 | 4,463.06 | 1,119.26 | 369.07 |
| Class R | 81,143.57 | 45,924.75 | 47,896.89 | 46,066.85 | 27,242.35 |
| Class Y | 774,114.54 | 707,957.85 | 651,264.23 | 444,747.65 | 292,789.53 |
| Putnam RetirementReady | Putnam RetirementReady | Putnam Small Cap | Putnam Small Cap | Putnam Tax Exempt | |
| 2050 Fund | Maturity Fund | Growth Fund | Value Fund | Income Fund | |
| Class A | 421,383.55 | 723,299.90 | 8,859,737.34 | 20,845,017.62 | 133,277,512.45 |
| Class B | 11,228.54 | 2,811.00 | 656,889.58 | 966,362.32 | 2,083,198.37 |
| Class C | 4,162.96 | 6,690.64 | 540,195.24 | 1,512,156.33 | 2,807,652.29 |
| Class M | 3,548.68 | 25,852.33 | 100,260.44 | 207,894.66 | 663,089.34 |
| Class R | 23,736.06 | 5,363.08 | 433,106.83 | 22,465.08 | — |
| Class Y | 162,319.75 | 214,657.76 | 619,338.15 | 2,471,260.78 | 589,312.79 |
| Putnam Tax Exempt Money | Putnam Tax-Free High | Putnam U.S. Government | |||
| Market Fund | Yield Fund | Income Trust | Putnam Vista Fund | Putnam Voyager Fund | |
| Class A | 65,331,183.00 | 77,657,120.31 | 77,696,934.97 | 110,923,420.11 | 160,944,731.64 |
| Class B | — | 3,026,226.80 | 4,862,528.25 | 11,030,713.90 | 14,822,958.18 |
| Class C | — | 2,032,357.56 | 3,633,723.11 | 2,557,020.11 | 2,504,717.94 |
| Class M | — | 750,858.97 | 1,943,242.41 | 2,001,629.23 | 1,642,639.04 |
| Class R | — | — | 267,629.56 | 288,411.92 | 132,143.77 |
| Class Y | — | 420,528.87 | 1,000,928.54 | 6,761,068.57 | 7,173,555.78 |
| Putnam VT American | Putnam VT Capital | Putnam VT Diversified | Putnam VT Equity | Putnam VT The George | |
| Government Income Fund | Opportunities Fund | Income Fund | Income Fund | Putnam Fund of Boston | |
| Class IA | 7,606,269.42 | 981,891.11 | 21,566,462.63 | 16,860,691.01 | 15,654,047.26 |
| Class IB | 4,755,961.00 | 1,200,414.07 | 40,136,829.95 | 17,729,792.06 | 18,533,149.81 |
| Putnam VT Global Asset | Putnam VT Global | Putnam VT Global | Putnam VT Global | Putnam VT Growth | |
| Allocation Fund | Equity Fund | Health Care Fund | Utilities Fund | and Income Fund | |
| Class IA | 12,158,943.56 | 22,684,036.05 | 4,668,462.74 | 12,015,306.17 | 86,444,462.67 |
| Class IB | 5,482,668.99 | 3,382,207.22 | 7,253,262.39 | 2,264,366.85 | 21,733,158.10 |
| Putnam VT Growth | Putnam VT International | Putnam VT International | |||
| Opportunities Fund | Putnam VT High Yield Fund | Putnam VT Income Fund | Equity Fund | Growth and Income Fund | |
| Class IA | 2,571,055.76 | 48,896,096.17 | 22,930,353.83 | 16,195,705.21 | 14,425,140.43 |
| Class IB | 3,472,210.16 | 18,304,940.73 | 16,928,359.03 | 41,235,161.02 | 6,988,438.28 |
| Putnam VT International | Putnam VT Mid Cap | Putnam VT Money | Putnam VT New | ||
| New Opportunities Fund | Putnam VT Investors Fund | Value Fund | Market Fund | Opportunities Fund | |
| Class IA | 3,741,110.84 | 10,951,219.95 | 2,541,266.66 | 202,024,444.50 | 30,237,398.10 |
| Class IB | 1,838,998.92 | 22,172,997.60 | 1,383,088.97 | 179,311,894.61 | 4,811,769.44 |
| Putnam VT Small Cap | |||||
| Putnam VT Research Fund | Value Fund | Putnam VT Vista Fund | Putnam VT Voyager Fund | ||
| Class IA | 2,746,716.62 | 6,267,411.95 | 7,649,143.06 | 25,286,054.07 | |
| Class IB | 4,455,818.95 | 19,159,340.19 | 10,268,447.90 | 8,016,910.28 | |
| A-3 |
Appendix B — Forms of Proposed Management Contract
| For the following funds only: | Putnam Pennsylvania Tax Exempt Income Fund |
| Putnam American Government Income Fund | Putnam Research Fund |
| Putnam AMT-Free Municipal Fund | Putnam RetirementReady 2055 Fund |
| Putnam Arizona Tax Exempt Income Fund | Putnam RetirementReady 2050 Fund |
| Putnam California Tax Exempt Income Fund | Putnam RetirementReady 2045 Fund |
| Putnam Capital Opportunities Fund | Putnam RetirementReady 2040 Fund |
| Putnam Convertible Securities Fund | Putnam RetirementReady 2035 Fund |
| Putnam Diversified Income Trust | Putnam RetirementReady 2030 Fund |
| Putnam Dynamic Asset Allocation Balanced Fund | Putnam RetirementReady 2025 Fund |
| Putnam Dynamic Asset Allocation Conservative Fund | Putnam RetirementReady 2020 Fund |
| Putnam Dynamic Asset Allocation Equity Fund | Putnam RetirementReady 2015 Fund |
| Putnam Dynamic Asset Allocation Growth Fund | Putnam Retirement Income Fund Lifestyle 1 |
| Putnam Dynamic Risk Allocation Fund | Putnam Retirement Income Fund Lifestyle 2 |
| Putnam Equity Income Fund | Putnam Retirement Income Fund Lifestyle 3 |
| Putnam Emerging Markets Income Fund | Putnam Short Duration Income Fund |
| Putnam Floating Rate Income Fund | Putnam Short Term Investment Fund |
| The George Putnam Fund of Boston | Putnam Short-Term Municipal Income Fund |
| (d/b/a George Putnam Balanced Fund) | Putnam Small Cap Value Fund |
| Putnam Global Consumer Fund | Putnam Tax Exempt Income Fund |
| Putnam Global Energy Fund | Putnam Tax Exempt Money Market Fund |
| Putnam Global Financials Fund | Putnam Tax-Free High Yield Fund |
| Putnam Global Health Care Fund | Putnam U.S. Government Income Trust |
| Putnam Global Income Trust | Putnam VT Absolute Return 500 Fund |
| Putnam Global Industrials Fund | Putnam VT American Government Income Fund |
| Putnam Global Natural Resources Fund | Putnam VT Capital Opportunities Fund |
| Putnam Global Sector Fund | Putnam VT Diversified Income Fund |
| Putnam Global Technology Fund | Putnam VT Equity Income Fund |
| Putnam Global Telecommunications Fund | Putnam VT George Putnam Balanced Fund |
| Putnam Global Utilities Fund | Putnam VT Global Asset Allocation Fund |
| The Putnam Fund for Growth and Income | Putnam VT Global Equity Fund |
| Putnam High Yield Advantage Fund | Putnam VT Global Health Care Fund |
| Putnam High Yield Trust | Putnam VT Global Utilities Fund |
| Putnam Income Fund | Putnam VT Growth and Income Fund |
| Putnam Intermediate-Term Municipal Income Fund | Putnam VT Growth Opportunities Fund |
| Putnam Investors Fund | Putnam VT High Yield Fund |
| Putnam Low Volatility Equity Fund | Putnam VT Income Fund |
| Putnam Massachusetts Tax Exempt Income Fund | Putnam VT International Equity Fund |
| Putnam Michigan Tax Exempt Income Fund | Putnam VT International Growth Fund |
| Putnam Minnesota Tax Exempt Income Fund | Putnam VT International Value Fund |
| Putnam Money Market Fund | Putnam VT Investors Fund |
| Putnam Money Market Liquidity Fund | Putnam VT Money Market Fund |
| Putnam Multi-Cap Core Fund | Putnam VT Multi-Cap Growth Fund |
| Putnam Multi-Cap Value Fund | Putnam VT Multi-Cap Value Fund |
| Putnam New Jersey Tax Exempt Income Fund | Putnam VT Research Fund |
| Putnam New York Tax Exempt Income Fund | Putnam VT Small Cap Value Fund |
| Putnam Ohio Tax Exempt Income Fund | Putnam VT Voyager Fund |
FORM OF PROPOSED MANAGEMENT CONTRACT
This Management Contract is dated as of February 27, 2014 between [NAME OF FUND], a Massachusetts business trust(the “Fund”), and PUTNAM INVESTMENT MANAGEMENT, LLC, a Delaware limited liability company (the “Manager”).
| B-1 |
In consideration of the mutual covenants herein contained, it is agreed as follows:
1. SERVICES TO BE RENDERED BY MANAGER TO FUND.
(a) The Manager, at its expense, will furnish continuously an investment program for the Fund or, in the case of a Fund that has divided its shares into two or more series under Section 18(f) (2) of the Investment Company Act of 1940, as amended (the “1940 Act”), each series of the Fund identified from time to time onSchedule Ato this Contract (each reference in this Contract to “a Fund” or to “the Fund” is also deemed to be a reference to any existing series of the Fund, as appropriate in the particular context), will determine what investments will be purchased, held, sold or exchanged by the Fund and what portion, if any, of the assets of the Fund will be held uninvested and will, on behalf of the Fund, make changes in such investments. Subject always to the control of the Trustees of the Fund and except for the functions carried out by the officers and personnel referred to in Section 1(d), the Manager will also manage, supervise and conduct the other affairs and business of the Fund and matters incidental thereto. In the performance of its duties, the Manager will comply with the provisions of the Agreement and Declaration of Trust and By-Laws of the Fund and the stated investment objectives, policies and restrictions of the Fund, will use its best efforts to safeguard and promote the welfare of the Fund and to comply with other policies which the Trustees may from time to time determine and will exercise the same care and diligence expected of the Trustees.
(b) The Manager, at its expense, except as such expense is paid by the Fund as provided in Section 1(d), will furnish (1) all necessary investment and management facilities, including salaries of personnel, required for it to execute its duties faithfully; (2) suitable office space for the Fund; and (3) administrative facilities, including bookkeeping, clerical personnel and equipment necessary for the efficient conduct of the affairs of the Fund, including determination of the net asset value of the Fund, but excluding shareholder accounting services. Except as otherwise provided in Section 1(d), the Manager will pay the compensation, if any, of the officers of the Fund.
(c) The Manager, at its expense, will place all orders for the purchase and sale of portfolio investments for the Fund’s account with brokers or dealers selected by the Manager. In the selection of such brokers or dealers and the placing of such orders, the Manager will use its best efforts to obtain for the Fund the most favorable price and execution available, except to the extent it may be permitted to pay higher brokerage commissions for brokerage and research services as described below. In using its best efforts to obtain for the Fund the most favorable price and execution available, the Manager, bearing in mind the Fund’s best interests at all times, will consider all factors it deems relevant, including by way of illustration, price, the size of the transaction, the nature of the market for the security, the amount of the commission, the timing of the transaction taking into account market prices and trends, thereputation, experience and financial stability of the broker or dealer involved and the quality of service rendered by the broker or dealer in other transactions. Subject to such policies as the Trustees of the Fund may determine, the Manager will not be deemed to have acted unlawfully or to have breached any duty created by this Contract or otherwise solely by reason of its having caused the Fund to pay a broker or dealer that provides brokerage and research services to the Manager an amount of commission for effecting a portfolio investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Manager determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular transaction or the Manager’s overall responsibilities with respect to the Fund and to other clients of the Manager as to which the Manager exercises investment discretion. The Manager agrees that in connection with purchases or sales of portfolio investments for the Fund’s account, neither the Manager nor any officer, director, employee or agent of the Manager shall act as a principal or receive any commission other than as provided in Section 3.
(d) The Fund will pay or reimburse the Manager for the compensation in whole or in part of such officers of the Fund and persons assisting them as may be determined from time to time by the Trustees of the Fund. The Fund will also pay or reimburse the Manager for all or part of the cost of suitable office space, utilities, support services and equipment attributable to such officers and persons as may be determined in each case by the Trustees of the Fund. The Fund will pay the fees, if any, of the Trustees of the Fund.
(e) The Manager will not be obligated to pay any expenses of or for the Fund not expressly assumed by the Manager pursuant to this Section 1 other than as provided in Section 3.
(f) Subject to the prior approval of a majority of the Trustees, including a majority of the Trustees who are not “interested persons” and, to the extent required by the 1940 Act and the rules and regulations under the 1940 Act, subject to any applicable guidance or interpretation of the Securities and Exchange Commission or its staff, by the shareholders of the Fund, the Manager may, from time to time, delegate to a sub-adviser or sub-administrator any of the Manager’s duties under this Contract, including the management of all or a portion of the assets being managed. In all instances, however, the Manager must oversee the provision of delegated services, the Manager must bear the separate costs of employing any sub-adviser or sub-administrator, and no delegation will relieve the Manager of any of its obligations under this Contract.
2. OTHER AGREEMENTS, ETC.
It is understood that any of the shareholders, Trustees, officers and employees of the Fund may be a shareholder, director, officer or employee of, or be otherwise interested in, the
| B-2 |
Manager, and in any person controlled by or under common control with the Manager, and that the Manager and any person controlled by or under common control with the Manager may have an interest in the Fund. It is also understood that the Manager and any person controlled by or under common control with the Manager may have advisory, management, service or other contracts with other organizations and persons and may have other interests and business.
3. COMPENSATION TO BE PAID BY THE FUND TOTHE MANAGER.
The Fund will pay to the Manager as compensation for the Manager’s services rendered, for the facilities furnished and for the expenses borne by the Manager pursuant to paragraphs (a), (b), and (c) of Section 1, a fee, based on the Fund’s Average Net Assets, computed and paid monthly at the annual rate(s) set forth onSchedule Battached to this Contract, as from time to time amended. The Fund’s “Average Net Assets” means the average of all of the determinations of the Fund’s net asset value at the close of business on each business day during each month while this Contract is in effect, except as is otherwise specified onSchedule B. [The fee is payable for each month within 15 days after the close of the month.]1
The fees payable by the Fund to the Manager pursuant to this Section 3 will be reduced by any commissions, fees, brokerage or similar payments received by the Manager or any affiliated person of the Manager in connection with the purchase and sale of portfolio investments of the Fund, less any direct expenses approved by the Trustees incurred by the Manager or any affiliated person of the Manager in connection with obtaining such payments.
In the event that expenses of the Fund for any fiscal year exceed the expense limitation on investment company expenses imposed by any statute or regulatory authority of any jurisdiction in which shares of the Fund are qualified for offer or sale, the compensation due the Manager for such fiscal year will be reduced by the amount of excess by a reduction or refund thereof. In the event that the expenses of the Fund exceed any expense limitation which the Manager may, by written notice to the Fund, voluntarily declare to be effective subject to such terms and conditions as the Manager may prescribe in such notice, the compensation due the Manager will be reduced, and if necessary, the Manager will assume expenses of the Fund, to the extent required by the terms and conditions of such expense limitation.
If the Manager serves for less than the whole of a month, the foregoing compensation will be prorated.
4. ASSIGNMENT TERMINATES THIS CONTRACT; AMENDMENTSOF THIS CONTRACT.
This Contract will automatically terminate, without the payment of any penalty, in the event of its assignment, provided thatno delegation of responsibilities by the Manager pursuant to Section 1(f) will be deemed to constitute an assignment. No provision of this Contract may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought. No amendment of this Contract is effective until approved in a manner consistent with the 1940 Act, the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff.
5. EFFECTIVE PERIOD AND TERMINATION OF THIS CONTRACT.
This Contract is effective upon its execution and will remain in full force and effect as to a Fund continuously thereafter (unless terminated automatically as set forth in Section 4 or terminated in accordance with the following paragraph) through June 30, 2014, and will continue in effect from year to year thereafter so long as its continuance is approved at least annually by (i) the Trustees, or the shareholders by the affirmative vote of a majority of the outstanding shares of the respective Fund, and (ii) a majority of the Trustees who are not interested persons of the Fund or of the Manager, by vote cast in person at a meeting called for the purpose of voting on such approval.
Either party hereto may at any time terminate this Contract as to a Fund by not less than 60 days’ written notice delivered or mailed by registered mail, postage prepaid, to the other party. Action with respect to a Fund may be taken either (i) by vote of a majority of the Trustees or (ii) by the affirmative vote of a majority of the outstanding shares of the respective Fund.
Termination of this Contract pursuant to this Section 5 will be without the payment of any penalty.
6. CERTAIN DEFINITIONS.
For the purposes of this Contract, the “affirmative vote of a majority of the outstanding shares” of a Fund means the affirmative vote, at a duly called and held meeting of shareholders of the respective Fund, (a) of the holders of 67% or more of the shares of the Fund present (in person or by proxy) and entitled to vote at the meeting, if the holders of more than 50% of the outstanding shares of the Fund entitled to vote at the meeting are present in person or by proxy or (b) of the holders of more than 50% of the outstanding shares of the Fund entitled to vote at the meeting, whichever is less.
For the purposes of this Contract, the terms “affiliated person,” “control,” “interested person” and “assignment” have their respective meanings defined in the 1940 Act, subject, however, to the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff; the term “approve at least annually” will be construed in a manner consistent with the 1940 Act and the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange
1 For each series of Putnam RetirementReady Funds only, the fee is payable for each month within 30 days after the close of the month.
| B-3 |
Commission or its staff; and the term “brokerage and research services” has the meaning given in the Securities Exchange Act of 1934 and the rules and regulations under the Securities Exchange Act of 1934 and under any applicable guidance or interpretation of the Securities and Exchange Commission or its staff.
7. NON-LIABILITY OF MANAGER.
In the absence of willful misfeasance, bad faith or gross negligence on the part of the Manager, or reckless disregard of its obligations and duties hereunder, the Manager shall not be subject to any liability to the Fund or to any shareholder of the Fund for any act or omission in the course of, or connected with, rendering services hereunder.
8. LIMITATION OF LIABILITY OF THE TRUSTEES, OFFICERS, AND SHAREHOLDERS.
A copy of the Agreement and Declaration of Trust of the Fund is on file with the Secretary of The Commonwealth of Massachusetts, and notice is hereby given that this instrument is executed on behalf of the Trustees of the Fund as Trustees and not individually and that the obligations of or arising out of this instrument are not binding upon any of the Trustees, officers or shareholders individually but are binding only upon the assets and property of the respective Fund.
IN WITNESS WHEREOF, [NAME OF FUND] and PUTNAM INVESTMENT MANAGEMENT, LLC have each caused this instrument to be signed on its behalf by its President or a Vice President thereunto duly authorized, all as of the day and year first above written.
| [NAME OF FUND] | ||
| By: | ||
| PUTNAM INVESTMENT MANAGEMENT, LLC | ||
| By: | ||
Schedule A
[LIST OF FUNDS]
Schedule B
[FEE SCHEDULE: SeeAppendix Dto this proxy statement for each fund’s detailed fee information. The management fee for each fund under the proposed new management contract is identical to that for each fund under the fund’s previous management contract.]
For the following funds only:
Putnam Absolute Return 500 Fund
Putnam Absolute Return 700 Fund
Putnam Asia Pacific Equity Fund
Putnam Capital Spectrum Fund
Putnam Emerging Markets Equity Fund
Putnam Equity Spectrum Fund
Putnam Europe Equity Fund
Putnam Global Dividend Fund
Putnam Global Equity Fund
Putnam Growth Opportunities Fund
Putnam International Capital Opportunities Fund
Putnam International Equity Fund
Putnam International Growth Fund
Putnam International Value Fund
Putnam Multi-Cap Growth Fund
Putnam Small Cap Growth Fund
Putnam Strategic Volatility Equity Fund
Putnam Voyager Fund
FORM OF PROPOSED MANAGEMENT CONTRACT
This Management Contract is dated as of February 27, 2014 between [NAME OF FUND], a Massachusetts business trust (the “Fund”), and PUTNAM INVESTMENT MANAGEMENT, LLC, a Delaware limited liability company (the “Manager”).
In consideration of the mutual covenants herein contained, it is agreed as follows:
1. SERVICES TO BE RENDERED BY MANAGER TO FUND.
(a) The Manager, at its expense, will furnish continuously an investment program for the Fund or, in the case of a Fund that has divided its shares into two or more series under Section 18(f) (2) of the Investment Company Act of 1940, as amended (the “1940 Act”), each series of the Fund identified from time to time onSchedule Ato this Contract (each reference in this Contract to “a Fund” or to “the Fund” is also deemed to be a reference to any existing series of the Fund, as appropriate in the particular context), will determine what investments will be purchased, held, sold or exchanged by the Fund and what portion, if any, of the assets of the Fund will be held uninvested and will, on behalf of the Fund, make changes in such investments. Subject always to the control of the Trustees of the Fund and except for the functions carried out by the officers and personnel referred to in Section 1(d), the Manager will also manage, supervise and conduct the other affairs and business of the Fund and matters incidental thereto. In the performance of its duties, the Manager will comply with the provisions of the Agreement and Declaration of Trust and By-Laws of the Fund and the stated investment objectives, policies and restrictions of the Fund, will use its best efforts to safeguard and promote the welfare of the Fund and to comply with other policies which the Trustees may from time to time determine and will exercise the same care and diligence expected of the Trustees.
| B-4 |
(b) The Manager, at its expense, except as such expense is paid by the Fund as provided in Section 1(d), will furnish (1) all necessary investment and management facilities, including salaries of personnel, required for it to execute its duties faithfully; (2) suitable office space for the Fund; and (3) administrative facilities, including bookkeeping, clerical personnel and equipment necessary for the efficient conduct of the affairs of the Fund, including determination of the net asset value of the Fund, but excluding shareholder accounting services. Except as otherwise provided in Section 1(d), the Manager will pay the compensation, if any, of the officers of the Fund.
(c) The Manager, at its expense, will place all orders for the purchase and sale of portfolio investments for the Fund’s account with brokers or dealers selected by the Manager. In the selection of such brokers or dealers and the placing of such orders, the Manager will use its best efforts to obtain for the Fund the most favorable price and execution available, except to the extent it may be permitted to pay higher brokerage commissions for brokerage and research services as described below. In using its best efforts to obtain for the Fund the most favorable price and execution available, the Manager, bearing in mind the Fund’s best interests at all times, will consider all factors it deems relevant, including by way of illustration, price, the size of the transaction, the nature of the market for the security, the amount of the commission, the timing of the transaction taking into account market prices and trends, the reputation, experience and financial stability of the broker or dealer involved and the quality of service rendered by the broker or dealer in other transactions. Subject to such policies as the Trustees of the Fund may determine, the Manager will not be deemed to have acted unlawfully or to have breached any duty created by this Contract or otherwise solely by reason of its having caused the Fund to pay a broker or dealer that provides brokerage and research services to the Manager an amount of commission for effecting a portfolio investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Manager determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular transaction or the Manager’s overall responsibilities with respect to the Fund and to other clients of the Manager as to which the Manager exercises investment discretion. The Manager agrees that in connection with purchases or sales of portfolio investments for the Fund’s account, neither the Manager nor any officer, director, employee or agent of the Manager shall act as a principal or receive any commission other than as provided in Section 3.
(d) The Fund will pay or reimburse the Manager for the compensation in whole or in part of such officers of the Fund and persons assisting them as may be determined from time to time by the Trustees of the Fund. The Fund will also pay or reimburse the Manager for all or part of the cost of suitable office space,utilities, support services and equipment attributable to such officers and persons as may be determined in each case by the Trustees of the Fund. The Fund will pay the fees, if any, of the Trustees of the Fund.
(e) The Manager will not be obligated to pay any expenses of or for the Fund not expressly assumed by the Manager pursuant to this Section 1 other than as provided in Section 3.
(f) Subject to the prior approval of a majority of the Trustees, including a majority of the Trustees who are not “interested persons” and, to the extent required by the 1940 Act and the rules and regulations under the 1940 Act, subject to any applicable guidance or interpretation of the Securities and Exchange Commission or its staff, by the shareholders of the Fund, the Manager may, from time to time, delegate to a sub-adviser or sub-administrator any of the Manager’s duties under this Contract, including the management of all or a portion of the assets being managed. In all instances, however, the Manager must oversee the provision of delegated services, the Manager must bear the separate costs of employing any sub-adviser or sub-administrator, and no delegation will relieve the Manager of any of its obligations under this Contract.
2. OTHER AGREEMENTS, ETC.
It is understood that any of the shareholders, Trustees, officers and employees of the Fund may be a shareholder, director, officer or employee of, or be otherwise interested in, the Manager, and in any person controlled by or under common control with the Manager, and that the Manager and any person controlled by or under common control with the Manager may have an interest in the Fund. It is also understood that the Manager and any person controlled by or under common control with the Manager may have advisory, management, service or other contracts with other organizations and persons and may have other interests and business.
3. COMPENSATION TO BE PAID BY THE FUND TOTHE MANAGER.
The Fund will pay to the Manager as compensation for the Manager’s services rendered, for the facilities furnished and for the expenses borne by the Manager pursuant to paragraphs (a), (b), and (c) of Section 1, a Base Fee, computed and paid monthly on the Average Net Assets of the Fund at the annual rates set forth onSchedule Battached to this Contract, as from time to time amended, subject to adjustment as set forth onSchedule Cattached to this Contract, as from time to time amended. The Fund’s “Average Net Assets” means the average of all of the determinations of the Fund’s net asset value at the close of business on each business day during each period for which such computation is made. The Base Fee, as adjusted, is payable for each month within 15 days after the close of the month.
The fees payable by the Fund to the Manager pursuant to this Section 3 will be reduced by any commissions, fees, brokerage or similar payments received by the Manager or any affiliated person of the Manager in connection with the purchase and sale
| B-5 |
of portfolio investments of the Fund, less any direct expenses approved by the Trustees incurred by the Manager or any affiliated person of the Manager in connection with obtaining such payments.
In the event that expenses of the Fund for any fiscal year exceed the expense limitation on investment company expenses imposed by any statute or regulatory authority of any jurisdiction in which shares of the Fund are qualified for offer or sale, the compensation due the Manager for such fiscal year will be reduced by the amount of excess by a reduction or refund thereof. In the event that the expenses of the Fund exceed any expense limitation which the Manager may, by written notice to the Fund, voluntarily declare to be effective subject to such terms and conditions as the Manager may prescribe in such notice, the compensation due the Manager will be reduced, and if necessary, the Manager will assume expenses of the Fund, to the extent required by the terms and conditions of such expense limitation.
If the Manager serves for less than the whole of a month, the foregoing compensation will be prorated.
4. ASSIGNMENT TERMINATES THIS CONTRACT; AMENDMENTSOF THIS CONTRACT.
This Contract will automatically terminate, without the payment of any penalty, in the event of its assignment, provided that no delegation of responsibilities by the Manager pursuant to Section 1(f) will be deemed to constitute an assignment. No provision of this Contract may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought. No amendment of this Contract is effective until approved in a manner consistent with the 1940 Act, the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff.
5. EFFECTIVE PERIOD AND TERMINATION OF THIS CONTRACT.
This Contract is effective upon its execution and will remain in full force and effect as to a Fund continuously thereafter (unless terminated automatically as set forth in Section 4 or terminated in accordance with the following paragraph) through June 30, 2014, and will continue in effect from year to year thereafter so long as its continuance is approved at least annually by (i) the Trustees, or the shareholders by the affirmative vote of a majority of the outstanding shares of the respective Fund, and (ii) a majority of the Trustees who are not interested persons of the Fund or of the Manager, by vote cast in person at a meeting called for the purpose of voting on such approval.
Either party hereto may at any time terminate this Contract as to a Fund by not less than 60 days’ written notice delivered or mailed by registered mail, postage prepaid, to the other party. Action with respect to a Fund may be taken either (i) by vote of a majority of the Trustees or (ii) by the affirmative vote of a majority of the outstanding shares of the respective Fund.
Termination of this Contract pursuant to this Section 5 will be without the payment of any penalty.
6. CERTAIN DEFINITIONS.
For the purposes of this Contract, the “affirmative vote of a majority of the outstanding shares” of a Fund means the affirmative vote, at a duly called and held meeting of shareholders of the respective Fund, (a) of the holders of 67% or more of the shares of the Fund present (in person or by proxy) and entitled to vote at the meeting, if the holders of more than 50% of the outstanding shares of the Fund entitled to vote at the meeting are present in person or by proxy or (b) of the holders of more than 50% of the outstanding shares of the Fund entitled to vote at the meeting, whichever is less.
For the purposes of this Contract, the terms “affiliated person,” “control,” “interested person” and “assignment” have their respective meanings defined in the 1940 Act, subject, however, to the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff; the term “approve at least annually” will be construed in a manner consistent with the 1940 Act and the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff; and the term “brokerage and research services” has the meaning given in the Securities Exchange Act of 1934 and the rules and regulations under the Securities Exchange Act of 1934 and under any applicable guidance or interpretation of the Securities and Exchange Commission or its staff.
7. NON-LIABILITY OF MANAGER.
In the absence of willful misfeasance, bad faith or gross negligence on the part of the Manager, or reckless disregard of its obligations and duties hereunder, the Manager shall not be subject to any liability to the Fund or to any shareholder of the Fund for any act or omission in the course of, or connected with, rendering services hereunder.
8. LIMITATION OF LIABILITY OF THE TRUSTEES, OFFICERS, AND SHAREHOLDERS.
A copy of the Agreement and Declaration of Trust of the Fund is on file with the Secretary of The Commonwealth of Massachusetts, and notice is hereby given that this instrument is executed on behalf of the Trustees of the Fund as Trustees and not individually and that the obligations of or arising out of this instrument are not binding upon any of the Trustees, officers or shareholders individually but are binding only upon the assets and property of the respective Fund.
IN WITNESS WHEREOF, [NAME OF FUND] and PUTNAM INVESTMENT MANAGEMENT, LLC have each caused this instrument to be signed on its behalf by its President or a Vice President thereunto duly authorized, all as of the day and year first above written.
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| [NAME OF FUND] | ||
| By: | ||
| PUTNAM INVESTMENT MANAGEMENT, LLC | ||
| By: | ||
Schedule A
[LIST OF FUNDS]
Schedule B
[FEE SCHEDULE: SeeAppendix Dto this proxy statement for each fund’s detailed fee information. The management fee for each fund under the proposed new management contract is identical to that for each fund under the fund’s previous management contract.]
Schedule C
PUTNAM ABSOLUTE RETURN 500 FUND, PUTNAM ABSOLUTE RETURN 700 FUND, PUTNAM CAPITAL SPECTRUM FUND, PUTNAM EQUITY SPECTRUM FUND, PUTNAM GLOBAL DIVIDEND FUND, AND PUTNAM STRATEGIC VOLATILITY EQUITY FUND: Commencing with the thirteenth whole calendar month of the Fund’s operations, the Fund’s Base Fee computed in accordance withSchedule Bwill be adjusted, on a monthly basis, upward or downward, as the case may be, by an amount computed by applying the Performance Adjustment Rate to the Average Net Assets of the Fund for the Performance Period and dividing the result by twelve.
PUTNAM ASIA PACIFIC EQUITY FUND, PUTNAM EMERGING MARKETS EQUITY FUND, PUTNAM EUROPE EQUITY FUND, PUTNAM GLOBAL EQUITY FUND, PUTNAM GROWTH OPPORTUNITIES FUND, PUTNAM INTERNATIONAL CAPITAL OPPORTUNITIES FUND, PUTNAM INTERNATIONAL EQUITY FUND, PUTNAM INTERNATIONAL GROWTH FUND, PUTNAM INTERNATIONAL VALUE FUND, PUTNAM MULTI-CAP GROWTH FUND, PUTNAM SMALL CAP GROWTH FUND, AND PUTNAM VOYAGER FUND: The Fund’s Base Fee computed in accordance withSchedule Bwill be adjusted, on a monthly basis, upward or downward, as the case may be, by an amount computed by applying the Performance Adjustment Rate to the Average Net Assets of the Fund for the Performance Period and dividing the result by twelve.
PUTNAM ABSOLUTE RETURN 500 FUND, PUTNAM ABSOLUTE RETURN 700 FUND, PUTNAM CAPITAL SPECTRUM FUND, PUTNAM EQUITY SPECTRUM FUND, PUTNAM GLOBALDIVIDEND FUND, AND PUTNAM STRATEGIC VOLATILITY EQUITY FUND:Performance Period.The Performance Period is equal to the shorter of (i) the period from the date the Fund commenced operations to the end of the month for which the fee adjustment is being computed or (ii) the thirty-six month period then ended.
PUTNAM ASIA PACIFIC EQUITY FUND, PUTNAM EMERGING MARKETS EQUITY FUND, PUTNAM EUROPE EQUITY FUND, PUTNAM GLOBAL EQUITY FUND, PUTNAM GROWTH OPPORTUNITIES FUND, PUTNAM INTERNATIONAL CAPITAL OPPORTUNITIES FUND, PUTNAM INTERNATIONAL EQUITY FUND, PUTNAM INTERNATIONAL GROWTH FUND, PUTNAM INTERNATIONAL VALUE FUND, PUTNAM SMALL CAP GROWTH FUND, AND PUTNAM VOYAGER FUND:Performance Period.The Performance Period is equal to the shorter of (i) the period from January 1, 2010 to the end of the month for which the fee adjustment is being computed or (ii) the thirty-six month period then ended.
PUTNAM MULTI-CAP GROWTH FUND:Performance Period.The Performance Period is equal to the shorter of (i) the period from February 1, 2010 to the end of the month for which the fee adjustment is being computed or (ii) the thirty-six month period then ended.
PUTNAM ABSOLUTE RETURN 500 FUND AND PUTNAM ABSOLUTE RETURN 700 FUND:Performance Adjustment Rate.The Performance Adjustment Rate is equal to the product of 0.04 multiplied by the difference, positive or negative, obtained by subtracting (i) the sum of the Investment Record of the Benchmark for the Performance Period plus the Hurdle from (ii) the Investment Performance of the Measuring Class for the Performance Period;providedthat the Performance Adjustment Rate for the Fund may not exceed the Maximum Performance Adjustment Rate set forth onSchedule Bor be less than the Minimum Performance Adjustment Rate set forth onSchedule B.
PUTNAM CAPITAL SPECTRUM FUND AND PUTNAM EQUITY SPECTRUM FUND:Performance Adjustment Rate.The Performance Adjustment Rate is equal to the product of 0.04 multiplied by the difference, positive or negative, obtained by subtracting (i) the Investment Record of the Benchmark for the Performance Period from (ii) the Investment Performance of the Measuring Class for the Performance Period;providedthat the Performance Adjustment Rate for the Fund may not exceed the Maximum Performance Adjustment Rate set forth onSchedule Bor be less than the Minimum Performance Adjustment Rate set forth onSchedule B.
PUTNAM ASIA PACIFIC EQUITY FUND, PUTNAM EMERGING MARKETS EQUITY FUND, PUTNAM EUROPE EQUITY FUND, PUTNAM GLOBAL DIVIDEND FUND, PUTNAM GLOBAL EQUITY FUND, PUTNAM GROWTH OPPORTUNITIES FUND, PUTNAM INTERNATIONAL CAPITAL OPPORTUNITIES FUND, PUTNAM INTERNATIONAL EQUITY FUND, PUTNAM INTERNATIONAL
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GROWTH FUND, PUTNAM INTERNATIONAL VALUE FUND, PUTNAM MULTI-CAP GROWTH FUND, PUTNAM SMALL CAP GROWTH FUND, PUTNAM STRATEGIC VOLATILITY EQUITY FUND, AND PUTNAM VOYAGER FUND:Performance Adjustment Rate.The Performance Adjustment Rate is equal to the product of 0.03 multiplied by the difference, positive or negative, obtained by subtracting (i) the Investment Record of the Benchmark for the Performance Period from (ii) the Investment Performance of the Measuring Class for the Performance Period;providedthat the Performance Adjustment Rate for the Fund may not exceed the Maximum Performance Adjustment Rate set forth onSchedule Bor be less than the Minimum Performance Adjustment Rate set forth onSchedule B.
ALL FUNDS:Investment Performance and Investment Record.These terms are used as defined in Rule 205-1 under the Investment Advisers Act of 1940, as amended, and shall each be computed on an annualized basis for any Performance Period greater than one year.
PUTNAM ABSOLUTE RETURN 500 FUND AND PUTNAM ABSOLUTE RETURN 700 FUND: Hurdle. The Fund’s Hurdle is set forth inSchedule B.
PUTNAM ABSOLUTE RETURN 500 FUND, PUTNAM ABSOLUTE RETURN 700 FUND, PUTNAM CAPITAL SPECTRUM FUND, PUTNAM EMERGING MARKETS EQUITY FUND, PUTNAM EQUITY SPECTRUM FUND, PUTNAM EUROPE EQUITY FUND, PUTNAM GLOBAL DIVIDEND FUND, PUTNAM GLOBAL EQUITY FUND, PUTNAM GROWTH OPPORTUNITIES FUND, PUTNAM INTERNATIONAL CAPITAL OPPORTUNITIES FUND, PUTNAM INTERNATIONAL EQUITY FUND, PUTNAM INTERNATIONAL GROWTH FUND, PUTNAM MULTI-CAP GROWTH FUND, PUTNAM SMALL CAP GROWTH FUND, PUTNAM STRATEGIC VOLATILITY EQUITY FUND, AND PUTNAM VOYAGER FUND:Benchmark.The Fund’s initial Benchmark is set forth inSchedule B. If the Trustees determine that another appropriate index of securities prices should be substituted as the Benchmark, the Trustees may determine, with the consent of the Manager, to use such other appropriate index of securities prices for purposes of thisSchedule C(the “Replacement Benchmark”) without shareholder approval, unless shareholder approval of the change is otherwise required by applicable law. Any Replacement Benchmark will be applied prospectively to determine the amount of the Performance Adjustment. The Benchmark will continue to be used to determine the amount of the Performance Adjustment for that part of the Performance Period prior to the effective date of the Replacement Benchmark.
PUTNAM ASIA PACIFIC EQUITY FUND AND PUTNAM INTERNATIONAL VALUE FUND:Benchmark.The Fund’s initial Benchmark is set forth inSchedule B. If the Trustees determine that another appropriate index of securities prices should be substituted as the Benchmark, the Trustees may determine, with the consent of the Manager, to use such other appropriate index of securities prices for purposes of thisSchedule C(the “Replacement Benchmark”) without shareholder approval,unless shareholder approval of the change is otherwise required by applicable law. Any Replacement Benchmark will be applied prospectively to determine the amount of the Performance Adjustment. The Benchmark will continue to be used to determine the amount of the Performance Adjustment for that part of the Performance Period prior to the effective date of the Replacement Benchmark.
The Fund’s initial Replacement Benchmark is set forth inSchedule B, together with its effective date of incorporation into the calculation of any adjustment to the Fund’s Base Fee. Any further Replacement Benchmark, and its effective date of incorporation into the calculation of any adjustment to the Fund’s Base Fee, will also be identified onSchedule B.
ALL FUNDS:Measuring Class.The “Measuring Class” of shares of the Fund initially is Class A shares of the Fund. If the Trustees determine that a different class of shares of the Fund is the most appropriate for use in calculating the Performance Adjustment, the Trustees may change, with the consent of the Manager, the class of shares used as the Measuring Class without shareholder approval, unless shareholder approval of such change is otherwise required by applicable law. If a different class of shares (“Replacement Measuring Class”) is substituted in calculating the Performance Adjustment, the use of that Replacement Measuring Class of shares for purposes of calculating the Performance Adjustment may apply to the entire Performance Period so long as the Replacement Measuring Class was outstanding at the beginning of such period. If the Replacement Measuring Class of shares was not outstanding for all or a portion of the Performance Period, it may only be used in calculating that portion of the Performance Adjustment attributable to the period during which the Replacement Measuring Class was outstanding and any previous portion of the Performance Period will be calculated using the Measuring Class.
Notwithstanding any other provisions in thisSchedule C, the computation of the Performance Adjustment Rate, the Investment Performance of the Measuring Class and the Investment Record of the Benchmark will be made in accordance with the Investment Advisers Act of 1940, as amended, and any applicable rules thereunder.
For the following funds only:
Putnam Absolute Return 100 Fund
Putnam Absolute Return 300 Fund
FORM OF PROPOSED MANAGEMENT CONTRACT
This Management Contract is dated as of February 27, 2014 between [NAME OF FUND], a Massachusetts business trust (the “Fund”), and PUTNAM INVESTMENT MANAGEMENT, LLC, a Delaware limited liability company (the “Manager”).
In consideration of the mutual covenants herein contained, it is agreed as follows:
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1. SERVICES TO BE RENDERED BY MANAGER TO FUND.
(a) The Manager, at its expense, will furnish continuously an investment program for the Fund or, in the case of a Fund that has divided its shares into two or more series under Section 18(f) (2) of the Investment Company Act of 1940, as amended (the “1940 Act”), each series of the Fund identified from time to time onSchedule Ato this Contract (each reference in this Contract to “a Fund” or to “the Fund” is also deemed to be a reference to any existing series of the Fund, as appropriate in the particular context), will determine what investments will be purchased, held, sold or exchanged by the Fund and what portion, if any, of the assets of the Fund will be held uninvested and will, on behalf of the Fund, make changes in such investments. Subject always to the control of the Trustees of the Fund and except for the functions carried out by the officers and personnel referred to in Section 1(d), the Manager will also manage, supervise and conduct the other affairs and business of the Fund and matters incidental thereto. In the performance of its duties, the Manager will comply with the provisions of the Agreement and Declaration of Trust and By-Laws of the Fund and the stated investment objectives, policies and restrictions of the Fund, will use its best efforts to safeguard and promote the welfare of the Fund and to comply with other policies which the Trustees may from time to time determine and will exercise the same care and diligence expected of the Trustees.
(b) The Manager, at its expense, except as such expense is paid by the Fund as provided in Section 1(d), will furnish (1) all necessary investment and management facilities, including salaries of personnel, required for it to execute its duties faithfully; (2) suitable office space for the Fund; and (3) administrative facilities, including bookkeeping, clerical personnel and equipment necessary for the efficient conduct of the affairs of the Fund, including determination of the net asset value of the Fund, but excluding shareholder accounting services. Except as otherwise provided in Section 1(d), the Manager will pay the compensation, if any, of the officers of the Fund.
(c) The Manager, at its expense, will place all orders for the purchase and sale of portfolio investments for the Fund’s account with brokers or dealers selected by the Manager. In the selection of such brokers or dealers and the placing of such orders, the Manager will use its best efforts to obtain for the Fund the most favorable price and execution available, except to the extent it may be permitted to pay higher brokerage commissions for brokerage and research services as described below. In using its best efforts to obtain for the Fund the most favorable price and execution available, the Manager, bearing in mind the Fund’s best interests at all times, will consider all factors it deems relevant, including by way of illustration, price, the size of the transaction, the nature of the market for the security, the amount of the commission, the timing of the transaction taking into account market prices and trends, the reputation, experience and financial stability of the broker or dealer involved and the quality of service rendered by the broker or dealer in othertransactions. Subject to such policies as the Trustees of the Fund may determine, the Manager will not be deemed to have acted unlawfully or to have breached any duty created by this Contract or otherwise solely by reason of its having caused the Fund to pay a broker or dealer that provides brokerage and research services to the Manager an amount of commission for effecting a portfolio investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Manager determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular transaction or the Manager’s overall responsibilities with respect to the Fund and to other clients of the Manager as to which the Manager exercises investment discretion. The Manager agrees that in connection with purchases or sales of portfolio investments for the Fund’s account, neither the Manager nor any officer, director, employee or agent of the Manager shall act as a principal or receive any commission other than as provided in Section 3.
(d) In consideration of the fees payable by the Fund to the Manager pursuant to Section 3, the Manager will also pay, or reimburse the Fund for, all of the Fund’s organizational and other operating expenses, excluding only fees payable under distribution plans adopted pursuant to Rule 12b-1 under the 1940 Act, any upward or downward adjustments to the Fund’s Base Fee, brokerage, interest, taxes, investment-related expenses, extraordinary expenses, and acquired fund fees and expenses.
(e) Subject to the prior approval of a majority of the Trustees, including a majority of the Trustees who are not “interested persons” and, to the extent required by the 1940 Act and the rules and regulations under the 1940 Act, subject to any applicable guidance or interpretation of the Securities and Exchange Commission or its staff, by the shareholders of the Fund, the Manager may, from time to time, delegate to a sub-adviser or sub-administrator any of the Manager’s duties under this Contract, including the management of all or a portion of the assets being managed. In all instances, however, the Manager must oversee the provision of delegated services, the Manager must bear the separate costs of employing any sub-adviser or sub-administrator, and no delegation will relieve the Manager of any of its obligations under this Contract.
2. OTHER AGREEMENTS, ETC.
It is understood that any of the shareholders, Trustees, officers and employees of the Fund may be a shareholder, director, officer or employee of, or be otherwise interested in, the Manager, and in any person controlled by or under common control with the Manager, and that the Manager and any person controlled by or under common control with the Manager may have an interest in the Fund. It is also understood that the Manager and any person controlled by or under common control with the Manager may have advisory, management,
| B-9 |
service or other contracts with other organizations and persons and may have other interests and business.
3. COMPENSATION TO BE PAID BY THE FUND TOTHE MANAGER.
The Fund will pay to the Manager as compensation for the Manager’s services rendered, for the facilities furnished and for the expenses borne by the Manager pursuant to paragraphs (a), (b), and (c) of Section 1, a Base Fee, computed and paid monthly on the Average Net Assets of the Fund at the annual rate set forth onSchedule Battached to this Contract, as from time to time amended, subject to adjustment as set forth onSchedule Cattached to this Contract, as from time to time amended. The Fund’s “Average Net Assets” means the average of all of the determinations of the Fund’s net asset value at the close of business on each business day during each period for which such computation is made. The Base Fee, as adjusted, is payable for each month within 15 days after the close of the month.
The fees payable by the Fund to the Manager pursuant to this Section 3 will be reduced by any commissions, fees, brokerage or similar payments received by the Manager or any affiliated person of the Manager in connection with the purchase and sale of portfolio investments of the Fund, less any direct expenses approved by the Trustees incurred by the Manager or any affiliated person of the Manager in connection with obtaining such payments.
In the event that expenses of the Fund for any fiscal year exceed the expense limitation on investment company expenses imposed by any statute or regulatory authority of any jurisdiction in which shares of the Fund are qualified for offer or sale, the compensation due the Manager for such fiscal year will be reduced by the amount of excess by a reduction or refund thereof. In the event that the expenses of the Fund exceed any expense limitation which the Manager may, by written notice to the Fund, voluntarily declare to be effective subject to such terms and conditions as the Manager may prescribe in such notice, the compensation due the Manager will be reduced, and if necessary, the Manager will assume expenses of the Fund, to the extent required by the terms and conditions of such expense limitation.
If the Manager serves for less than the whole of a month, the foregoing compensation will be prorated.
4. ASSIGNMENT TERMINATES THIS CONTRACT; AMENDMENTSOF THIS CONTRACT.
This Contract will automatically terminate, without the payment of any penalty, in the event of its assignment, provided that no delegation of responsibilities by the Manager pursuant to Section 1(f) will be deemed to constitute an assignment. No provision of this Contract may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought. No amendment of this Contract is effective until approved in a manner consistent withthe 1940 Act, the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff.
5. EFFECTIVE PERIOD AND TERMINATION OF THIS CONTRACT.
This Contract is effective upon its execution and will remain in full force and effect as to a Fund continuously thereafter (unless terminated automatically as set forth in Section 4 or terminated in accordance with the following paragraph) through June 30, 2014, and will continue in effect from year to year thereafter so long as its continuance is approved at least annually by (i) the Trustees, or the shareholders by the affirmative vote of a majority of the outstanding shares of the respective Fund, and (ii) a majority of the Trustees who are not interested persons of the Fund or of the Manager, by vote cast in person at a meeting called for the purpose of voting on such approval.
Either party hereto may at any time terminate this Contract as to a Fund by not less than 60 days’ written notice delivered or mailed by registered mail, postage prepaid, to the other party. Action with respect to a Fund may be taken either (i) by vote of a majority of the Trustees or (ii) by the affirmative vote of a majority of the outstanding shares of the respective Fund.
Termination of this Contract pursuant to this Section 5 will be without the payment of any penalty.
6. CERTAIN DEFINITIONS.
For the purposes of this Contract, the “affirmative vote of a majority of the outstanding shares” of a Fund means the affirmative vote, at a duly called and held meeting of shareholders of the respective Fund, (a) of the holders of 67% or more of the shares of the Fund present (in person or by proxy) and entitled to vote at the meeting, if the holders of more than 50% of the outstanding shares of the Fund entitled to vote at the meeting are present in person or by proxy or (b) of the holders of more than 50% of the outstanding shares of the Fund entitled to vote at the meeting, whichever is less.
For the purposes of this Contract, the terms “affiliated person,” “control,” “interested person” and “assignment” have their respective meanings defined in the 1940 Act, subject, however, to the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff; the term “approve at least annually” will be construed in a manner consistent with the 1940 Act and the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff; and the term “brokerage and research services” has the meaning given in the Securities Exchange Act of 1934 and the rules and regulations under the Securities Exchange Act of 1934 and under any applicable guidance or interpretation of the Securities and Exchange Commission or its staff.
7. NON-LIABILITY OF MANAGER.
In the absence of willful misfeasance, bad faith or gross negligence on the part of the Manager, or reckless disregard of
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its obligations and duties hereunder, the Manager shall not be subject to any liability to the Fund or to any shareholder of the Fund for any act or omission in the course of, or connected with, rendering services hereunder.
8. LIMITATION OF LIABILITY OF THE TRUSTEES, OFFICERS, AND SHAREHOLDERS.
A copy of the Agreement and Declaration of Trust of the Fund is on file with the Secretary of The Commonwealth of Massachusetts, and notice is hereby given that this instrument is executed on behalf of the Trustees of the Fund as Trustees and not individually and that the obligations of or arising out of this instrument are not binding upon any of the Trustees, officers or shareholders individually but are binding only upon the assets and property of the respective Fund.
IN WITNESS WHEREOF, [NAME OF FUND] and PUTNAM INVESTMENT MANAGEMENT, LLC have each caused this instrument to be signed on its behalf by its President or a Vice President thereunto duly authorized, all as of the day and year first above written.
| [NAME OF FUND] | ||
| By: | ||
| PUTNAM INVESTMENT MANAGEMENT, LLC | ||
| By: | ||
Schedule A
[LIST OF FUNDS]
Schedule B
[FEE SCHEDULE: SeeAppendix Dto this proxy statement for each fund’s detailed fee information. The management fee for each fund under the proposed new management contract is identical to that for each fund under the fund’s previous management contract.]
Schedule C
Commencing with the thirteenth whole calendar month of the Fund’s operations, the Fund’s Base Fee computed in accordance withSchedule Bwill be adjusted, on a monthly basis, upward or downward, as the case may be, by an amount computed by applying the Performance Adjustment Rate to the Average Net Assets of the Fund for the Performance Period and dividing the result by twelve.
Performance Period.The Performance Period is equal to the shorter of (i) the period from the date the Fund commencedoperations to the end of the month for which the fee adjustment is being computed or (ii) the thirty-six month period then ended.
Performance Adjustment Rate.The Performance Adjustment Rate is equal to the product of 0.04 multiplied by the difference, positive or negative, obtained by subtracting (i) the sum of the Investment Record of the Benchmark for the Performance Period plus the Hurdle from (ii) the Investment Performance of the Measuring Class for the Performance Period; provided that the Performance Adjustment Rate for the Fund may not exceed the Maximum Performance Adjustment Rate set forth onSchedule Bor be less than the Minimum Performance Adjustment Rate set forth onSchedule B.
Investment Performance and Investment Record.These terms are used as defined in Rule 205-1 under the Investment Advisers Act of 1940, as amended, and shall each be computed on an annualized basis for any Performance Period greater than one year.
Hurdle.The Fund’s Hurdle is set forth inSchedule B.
Benchmark.The Fund’s initial Benchmark is set forth inSchedule B. If the Trustees determine that another appropriate index of securities prices should be substituted as the Benchmark, the Trustees may determine, with the consent of the Manager, to use such other appropriate index of securities prices for purposes of thisSchedule C(the “Replacement Benchmark”) without shareholder approval, unless shareholder approval of the change is otherwise required by applicable law. Any Replacement Benchmark will be applied prospectively to determine the amount of the Performance Adjustment. The Benchmark will continue to be used to determine the amount of the Performance Adjustment for that part of the Performance Period prior to the effective date of the Replacement Benchmark.
Measuring Class.The “Measuring Class” of shares of the Fund initially is Class A shares of the Fund. If the Trustees determine that a different class of shares of the Fund is the most appropriate for use in calculating the Performance Adjustment, the Trustees may change, with the consent of the Manager, the class of shares used as the Measuring Class without shareholder approval, unless shareholder approval of such change is otherwise required by applicable law. If a different class of shares (“Replacement Measuring Class”) is substituted in calculating the Performance Adjustment, the use of that Replacement Measuring Class of shares for purposes of calculating the Performance Adjustment may apply to the entire Performance Period so long as the Replacement Measuring Class was outstanding at the beginning of such period. If the Replacement Measuring Class of shares was not outstanding for all or a portion of the Performance Period, it may only be used in calculating that portion of the Performance Adjustment attributable to the period during which the Replacement Measuring Class was outstanding and any previous portion of the Performance Period will be calculated using the Measuring Class.
| B-11 |
Notwithstanding any other provisions in thisSchedule C, the computation of the Performance Adjustment Rate, the Investment Performance of the Measuring Class and the Investment Record of the Benchmark will be made in accordance with the Investment Advisers Act of 1940, as amended, and any applicable rules thereunder.
For the following funds only:
Putnam Managed Municipal Income Trust
Putnam Municipal Opportunities Trust
FORM OF PROPOSED MANAGEMENT CONTRACT
This Management Contract is dated as of February 27, 2014 between [NAME OF FUND], a Massachusetts business trust (the “Fund”), and PUTNAM INVESTMENT MANAGEMENT, LLC, a Delaware limited liability company (the “Manager”).
In consideration of the mutual covenants herein contained, it is agreed as follows:
1. SERVICES TO BE RENDERED BY MANAGER TO FUND.
(a) The Manager, at its expense, will furnish continuously an investment program for the Fund or, in the case of a Fund that has divided its shares into two or more series under Section 18(f) (2) of the Investment Company Act of 1940, as amended (the “1940 Act”), each series of the Fund identified from time to time onSchedule Ato this Contract (each reference in this Contract to “a Fund” or to “the Fund” is also deemed to be a reference to any existing series of the Fund, as appropriate in the particular context), will determine what investments will be purchased, held, sold or exchanged by the Fund and what portion, if any, of the assets of the Fund will be held uninvested and will, on behalf of the Fund, make changes in such investments. Subject always to the control of the Trustees of the Fund and except for the functions carried out by the officers and personnel referred to in Section 1(d), the Manager will also manage, supervise and conduct the other affairs and business of the Fund and matters incidental thereto. In the performance of its duties, the Manager will comply with the provisions of the Agreement and Declaration of Trust and By-Laws of the Fund and the stated investment objectives, policies and restrictions of the Fund, will use its best efforts to safeguard and promote the welfare of the Fund and to comply with other policies which the Trustees may from time to time determine and will exercise the same care and diligence expected of the Trustees.
(b) The Manager, at its expense, except as such expense is paid by the Fund as provided in Section 1(d), will furnish (1) all necessary investment and management facilities, including salaries of personnel, required for it to execute its duties faithfully; (2) suitable office space for the Fund; and (3) administrative facilities, including bookkeeping, clerical personnel and equipment necessary for the efficient conduct of the affairs of the Fund, including determination of the net asset value of the Fund, but excluding shareholder accounting services. Exceptas otherwise provided in Section 1(d), the Manager will pay the compensation, if any, of the officers of the Fund.
(c) The Manager, at its expense, will place all orders for the purchase and sale of portfolio investments for the Fund’s account with brokers or dealers selected by the Manager. In the selection of such brokers or dealers and the placing of such orders, the Manager will use its best efforts to obtain for the Fund the most favorable price and execution available, except to the extent it may be permitted to pay higher brokerage commissions for brokerage and research services as described below. In using its best efforts to obtain for the Fund the most favorable price and execution available, the Manager, bearing in mind the Fund’s best interests at all times, will consider all factors it deems relevant, including by way of illustration, price, the size of the transaction, the nature of the market for the security, the amount of the commission, the timing of the transaction taking into account market prices and trends, the reputation, experience and financial stability of the broker or dealer involved and the quality of service rendered by the broker or dealer in other transactions. Subject to such policies as the Trustees of the Fund may determine, the Manager will not be deemed to have acted unlawfully or to have breached any duty created by this Contract or otherwise solely by reason of its having caused the Fund to pay a broker or dealer that provides brokerage and research services to the Manager an amount of commission for effecting a portfolio investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Manager determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular transaction or the Manager’s overall responsibilities with respect to the Fund and to other clients of the Manager as to which the Manager exercises investment discretion. The Manager agrees that in connection with purchases or sales of portfolio investments for the Fund’s account, neither the Manager nor any officer, director, employee or agent of the Manager shall act as a principal or receive any commission other than as provided in Section 3.
(d) The Fund will pay or reimburse the Manager for the compensation in whole or in part of such officers of the Fund and persons assisting them as may be determined from time to time by the Trustees of the Fund. The Fund will also pay or reimburse the Manager for all or part of the cost of suitable office space, utilities, support services and equipment attributable to such officers and persons as may be determined in each case by the Trustees of the Fund. The Fund will pay the fees, if any, of the Trustees of the Fund.
(e) The Manager will not be obligated to pay any expenses of or for the Fund not expressly assumed by the Manager pursuant to this Section 1 other than as provided in Section 3.
(f) Subject to the prior approval of a majority of the Trustees, including a majority of the Trustees who are not “interested
| B-12 |
persons” and, to the extent required by the 1940 Act and the rules and regulations under the 1940 Act, subject to any applicable guidance or interpretation of the Securities and Exchange Commission or its staff, by the shareholders of the Fund, the Manager may, from time to time, delegate to a sub-adviser or sub-administrator any of the Manager’s duties under this Contract, including the management of all or a portion of the assets being managed. In all instances, however, the Manager must oversee the provision of delegated services, the Manager must bear the separate costs of employing any sub-adviser or sub-administrator, and no delegation will relieve the Manager of any of its obligations under this Contract.
2. OTHER AGREEMENTS, ETC.
It is understood that any of the shareholders, Trustees, officers and employees of the Fund may be a shareholder, director, officer or employee of, or be otherwise interested in, the Manager, and in any person controlled by or under common control with the Manager, and that the Manager and any person controlled by or under common control with the Manager may have an interest in the Fund. It is also understood that the Manager and any person controlled by or under common control with the Manager may have advisory, management, service or other contracts with other organizations and persons and may have other interests and business.
3. COMPENSATION TO BE PAID BY THE FUND TOTHE MANAGER.
The Fund will pay to the Manager as compensation for the Manager’s services rendered, for the facilities furnished and for the expenses borne by the Manager pursuant to paragraphs (a), (b), and (c) of Section 1, a fee, based on the Fund’s Average Net Assets, computed and paid quarterly at the annual rates set forth onSchedule Battached to this Contract, as from time to time amended.
“Average Net Assets” means the average of all of the determinations of the Fund’s net asset value during each quarter at the close of business on the last business day of each week, for each week which ends during the quarter. The fee is payable for each quarter within 30 days after the close of the quarter.
In the event that the amount of dividends payable with respect to any outstanding shares of beneficial interest of the Fund with preference rights (“Preferred Shares”) during any period for which regular payments of dividends or other distributions on such Preferred Shares are payable (each, a “Dividend Period”) plus expenses attributable to such Preferred Shares for such Dividend Period exceeds the portion of the Fund’s net income and net short-term capital gains (but not long-term capital gains) accruing during such Dividend Period as a result of the fact that such Preferred Shares were outstanding during such Period, then the fee payable to the Manager pursuant to this Section 3 shall be reduced by the amount of such excess; provided, however, that the amount of such reduction for any such Period shall not exceed the amount determined bymultiplying (i) the aggregate liquidation preference of the average number of Preferred Shares outstanding during the Period by (ii) the percentage of the aggregate net asset value of the Fund which the fee payable to the Manager during such Period pursuant to this Section 3 would constitute without giving effect to such reduction. The amount of such reduction attributable to any Dividend Period shall reduce the amount of the next quarterly payment of the fee payable pursuant to this Section 3 following the end of such Dividend Period, and of any subsequent quarterly or more frequent payments, as may be necessary. The expenses attributable to the Preferred Shares and the portion of the Fund’s net income and net short-term capital gains accruing during any Dividend Period as a result of the fact that Preferred Shares were outstanding during such Period shall be determined by the Trustees of the Fund.
The fees payable by the Fund to the Manager pursuant to this Section 3 will be reduced by any commissions, fees, brokerage or similar payments received by the Manager or any affiliated person of the Manager in connection with the purchase and sale of portfolio investments of the Fund, less any direct expenses approved by the Trustees incurred by the Manager or any affiliated person of the Manager in connection with obtaining such payments.
In the event that expenses of the Fund for any fiscal year exceed the expense limitation on investment company expenses imposed by any statute or regulatory authority of any jurisdiction in which shares of the Fund are qualified for offer or sale, the compensation due the Manager for such fiscal year will be reduced by the amount of excess by a reduction or refund thereof. In the event that the expenses of the Fund exceed any expense limitation which the Manager may, by written notice to the Fund, voluntarily declare to be effective subject to such terms and conditions as the Manager may prescribe in such notice, the compensation due the Manager will be reduced, and if necessary, the Manager will assume expenses of the Fund, to the extent required by the terms and conditions of such expense limitation.
If the Manager serves for less than the whole of a quarter, the foregoing compensation will be prorated.
4. ASSIGNMENT TERMINATES THIS CONTRACT; AMENDMENTSOF THIS CONTRACT.
This Contract will automatically terminate, without the payment of any penalty, in the event of its assignment, provided that no delegation of responsibilities by the Manager pursuant to Section 1(f) will be deemed to constitute an assignment. No provision of this Contract may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought. No amendment of this Contract is effective until approved in a manner consistent with the 1940 Act, the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff.
| B-13 |
5. EFFECTIVE PERIOD AND TERMINATION OF THIS CONTRACT.
This Contract is effective upon its execution and will remain in full force and effect as to a Fund continuously thereafter (unless terminated automatically as set forth in Section 4 or terminated in accordance with the following paragraph) through June 30, 2014, and will continue in effect from year to year thereafter so long as its continuance is approved at least annually by (i) the Trustees, or the shareholders by the affirmative vote of a majority of the outstanding shares of the respective Fund, and (ii) a majority of the Trustees who are not interested persons of the Fund or of the Manager, by vote cast in person at a meeting called for the purpose of voting on such approval.
Either party hereto may at any time terminate this Contract as to a Fund by not less than 60 days’ written notice delivered or mailed by registered mail, postage prepaid, to the other party. Action with respect to a Fund may be taken either (i) by vote of a majority of the Trustees or (ii) by the affirmative vote of a majority of the outstanding shares of the respective Fund.
Termination of this Contract pursuant to this Section 5 will be without the payment of any penalty.
6. CERTAIN DEFINITIONS.
For the purposes of this Contract, the “affirmative vote of a majority of the outstanding shares” of a Fund means the affirmative vote, at a duly called and held meeting of shareholders of the respective Fund, (a) of the holders of 67% or more of the shares of the Fund present (in person or by proxy) and entitled to vote at the meeting, if the holders of more than 50% of the outstanding shares of the Fund entitled to vote at the meeting are present in person or by proxy or (b) of the holders of more than 50% of the outstanding shares of the Fund entitled to vote at the meeting, whichever is less.
For the purposes of this Contract, the terms “affiliated person,” “control,” “interested person” and “assignment” have their respective meanings defined in the 1940 Act, subject, however, to the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff; the term “approve at least annually” will be construed in a manner consistent with the 1940 Act and the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff; and the term “brokerage and research services” has the meaning given in the Securities Exchange Act of 1934 and the rules and regulations under the Securities Exchange Act of 1934 and under any applicable guidance or interpretation of the Securities and Exchange Commission or its staff.
7. NON-LIABILITY OF MANAGER.
In the absence of willful misfeasance, bad faith or gross negligence on the part of the Manager, or reckless disregard of its obligations and duties hereunder, the Manager shall not be subject to any liability to the Fund or to any shareholder of theFund for any act or omission in the course of, or connected with, rendering services hereunder.
8. LIMITATION OF LIABILITY OF THE TRUSTEES, OFFICERS, AND SHAREHOLDERS.
A copy of the Agreement and Declaration of Trust of the Fund is on file with the Secretary of The Commonwealth of Massachusetts, and notice is hereby given that this instrument is executed on behalf of the Trustees of the Fund as Trustees and not individually and that the obligations of or arising out of this instrument are not binding upon any of the Trustees, officers or shareholders individually but are binding only upon the assets and property of the respective Fund.
IN WITNESS WHEREOF, [NAME OF FUND] and PUTNAM INVESTMENT MANAGEMENT, LLC have each caused this instrument to be signed on its behalf by its President or a Vice President thereunto duly authorized, all as of the day and year first above written.
| [NAME OF FUND] | ||
| By: | ||
| PUTNAM INVESTMENT MANAGEMENT, LLC | ||
| By: | ||
Schedule A
[LIST OF FUNDS]
Schedule B
[FEE SCHEDULE: SeeAppendix Dto this proxy statement for each fund’s detailed fee information. The management fee for each fund under the proposed new management contract is identical to that for each fund under the fund’s previous management contract.]
For the following funds only:
Putnam High Income Securities Fund
Putnam Master Intermediate Income Trust
Putnam Premier Income Trust
FORM OF PROPOSED MANAGEMENT CONTRACT
This Management Contract is dated as of February 27, 2014 between [NAME OF FUND], a Massachusetts business trust (the “Fund”), and PUTNAM INVESTMENT MANAGEMENT, LLC, a Delaware limited liability company (the “Manager”).
| B-14 |
In consideration of the mutual covenants herein contained, it is agreed as follows:
1. SERVICES TO BE RENDERED BY MANAGER TO FUND.
(a) The Manager, at its expense, will furnish continuously an investment program for the Fund or, in the case of a Fund that has divided its shares into two or more series under Section 18(f) (2) of the Investment Company Act of 1940, as amended (the “1940 Act”), each series of the Fund identified from time to time onSchedule Ato this Contract (each reference in this Contract to “a Fund” or to “the Fund” is also deemed to be a reference to any existing series of the Fund, as appropriate in the particular context), will determine what investments will be purchased, held, sold or exchanged by the Fund and what portion, if any, of the assets of the Fund will be held uninvested and will, on behalf of the Fund, make changes in such investments. Subject always to the control of the Trustees of the Fund and except for the functions carried out by the officers and personnel referred to in Section 1(d), the Manager will also manage, supervise and conduct the other affairs and business of the Fund and matters incidental thereto. In the performance of its duties, the Manager will comply with the provisions of the Agreement and Declaration of Trust and By-Laws of the Fund and the stated investment objectives, policies and restrictions of the Fund, will use its best efforts to safeguard and promote the welfare of the Fund and to comply with other policies which the Trustees may from time to time determine and will exercise the same care and diligence expected of the Trustees.
(b) The Manager, at its expense, except as such expense is paid by the Fund as provided in Section 1(d), will furnish (1) all necessary investment and management facilities, including salaries of personnel, required for it to execute its duties faithfully; (2) suitable office space for the Fund; and (3) administrative facilities, including bookkeeping, clerical personnel and equipment necessary for the efficient conduct of the affairs of the Fund, including determination of the net asset value of the Fund, but excluding shareholder accounting services. Except as otherwise provided in Section 1(d), the Manager will pay the compensation, if any, of the officers of the Fund.
(c) The Manager, at its expense, will place all orders for the purchase and sale of portfolio investments for the Fund’s account with brokers or dealers selected by the Manager. In the selection of such brokers or dealers and the placing of such orders, the Manager will use its best efforts to obtain for the Fund the most favorable price and execution available, except to the extent it may be permitted to pay higher brokerage commissions for brokerage and research services as described below. In using its best efforts to obtain for the Fund the most favorable price and execution available, the Manager, bearing in mind the Fund’s best interests at all times, will consider all factors it deems relevant, including by way of illustration, price, the size of the transaction, the nature of the market for the security, the amount of the commission, the timing of the transaction taking into account market prices and trends, thereputation, experience and financial stability of the broker or dealer involved and the quality of service rendered by the broker or dealer in other transactions. Subject to such policies as the Trustees of the Fund may determine, the Manager will not be deemed to have acted unlawfully or to have breached any duty created by this Contract or otherwise solely by reason of its having caused the Fund to pay a broker or dealer that provides brokerage and research services to the Manager an amount of commission for effecting a portfolio investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Manager determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular transaction or the Manager’s overall responsibilities with respect to the Fund and to other clients of the Manager as to which the Manager exercises investment discretion. The Manager agrees that in connection with purchases or sales of portfolio investments for the Fund’s account, neither the Manager nor any officer, director, employee or agent of the Manager shall act as a principal or receive any commission other than as provided in Section 3.
(d) The Fund will pay or reimburse the Manager for the compensation in whole or in part of such officers of the Fund and persons assisting them as may be determined from time to time by the Trustees of the Fund. The Fund will also pay or reimburse the Manager for all or part of the cost of suitable office space, utilities, support services and equipment attributable to such officers and persons as may be determined in each case by the Trustees of the Fund. The Fund will pay the fees, if any, of the Trustees of the Fund.
(e) The Manager will not be obligated to pay any expenses of or for the Fund not expressly assumed by the Manager pursuant to this Section 1 other than as provided in Section 3.
(f) Subject to the prior approval of a majority of the Trustees, including a majority of the Trustees who are not “interested persons” and, to the extent required by the 1940 Act and the rules and regulations under the 1940 Act, subject to any applicable guidance or interpretation of the Securities and Exchange Commission or its staff, by the shareholders of the Fund, the Manager may, from time to time, delegate to a sub-adviser or sub-administrator any of the Manager’s duties under this Contract, including the management of all or a portion of the assets being managed. In all instances, however, the Manager must oversee the provision of delegated services, the Manager must bear the separate costs of employing any sub-adviser or sub-administrator, and no delegation will relieve the Manager of any of its obligations under this Contract.
2. OTHER AGREEMENTS, ETC.
It is understood that any of the shareholders, Trustees, officers and employees of the Fund may be a shareholder, director, officer or employee of, or be otherwise interested in, the
| B-15 |
Manager, and in any person controlled by or under common control with the Manager, and that the Manager and any person controlled by or under common control with the Manager may have an interest in the Fund. It is also understood that the Manager and any person controlled by or under common control with the Manager may have advisory, management, service or other contracts with other organizations and persons and may have other interests and business.
3. COMPENSATION TO BE PAID BY THE FUND TOTHE MANAGER.
The Fund will pay to the Manager as compensation for the Manager’s services rendered, for the facilities furnished and for the expenses borne by the Manager pursuant to paragraphs (a), (b), and (c) of Section 1, a fee, based on the Fund’s Average Net Assets, computed and paid quarterly at the annual rates set forth onSchedule Battached to this Contract, as from time to time amended.
“Average Net Assets” means the average of the weekly determinations of the difference between the total assets of the Fund (including any assets attributable to leverage for investment purposes) and the total liabilities of the Fund (excluding liabilities incurred in connection with leverage for investment purposes), determined at the close of the last business day of each week, for each week which ends during the quarter. The fee is payable for each quarter within 30 days after the close of the quarter. As used in this Section 3, “leverage for investment purposes” means any incurrence of indebtedness the proceeds of which are to be invested in accordance with the Fund’s investment objective. For purposes of calculating Average Net Assets, liabilities associated with any instruments or transactions used to leverage the Fund’s portfolio for investment purposes (whether or not such instruments or transactions are “covered” within the meaning of the 1940 Act and the rules and regulations thereunder, giving effect to any interpretations of the Securities and Exchange Commission and its staff) are not considered liabilities. For purposes of calculating Average Net Assets, the total assets of the Fund will be deemed to include (a) any proceeds from the sale or transfer of an asset (the “Underlying Asset”) of the Fund to a counterparty in a reverse repurchase or dollar roll transaction and (b) the value of such Underlying Asset as of the relevant measuring date.
In the event that, during any period for which payments of interest or fees (whether designated as such or implied) are payable in connection with any indebtedness or other obligation of the Fund incurred for investment purposes (a “Measurement Period”), the amount of interest payments and fees with respect to such indebtedness or other obligation, plus additional expenses attributable to any such leverage for investment purposes for such Measurement Period, exceeds the portion of the Fund’s net income and net short-term capital gains (but not long-term capital gains) accruing during such Measurement Period as a result of the fact that such indebtedness or other obligation was outstanding during the Measurement Period, thenthe fee payable to the Manager pursuant to this Section 3 shall be reduced by the amount of such excess; provided, however, that the amount of such reduction for any such Period shall not exceed the amount determined by multiplying (i) the aggregate value of all assets representing leverage for investment purposes by (ii) the percentage of the Average Net Assets of the Fund which the fee payable to the Manager during such Measurement Period pursuant to this Section 3 would constitute without giving effect to such reduction. The amount of such reduction attributable to any Measurement Period shall reduce the amount of the next quarterly payment of the fee payable pursuant to this Section 3 following the end of such Measurement Period, and of any subsequent quarterly or more frequent payments, as may be necessary. The expenses attributable to leverage for investment purposes and the portion of the Fund’s net income and net short-term capital gains accruing during any Measurement Period as a result of the fact that leverage for investment purposes was outstanding during such Measurement Period shall be determined by the Trustees of the Fund.
The fees payable by the Fund to the Manager pursuant to this Section 3 will be reduced by any commissions, fees, brokerage or similar payments received by the Manager or any affiliated person of the Manager in connection with the purchase and sale of portfolio investments of the Fund, less any direct expenses approved by the Trustees incurred by the Manager or any affiliated person of the Manager in connection with obtaining such payments.
In the event that expenses of the Fund for any fiscal year exceed the expense limitation on investment company expenses imposed by any statute or regulatory authority of any jurisdiction in which shares of the Fund are qualified for offer or sale, the compensation due the Manager for such fiscal year will be reduced by the amount of excess by a reduction or refund thereof. In the event that the expenses of the Fund exceed any expense limitation which the Manager may, by written notice to the Fund, voluntarily declare to be effective subject to such terms and conditions as the Manager may prescribe in such notice, the compensation due the Manager will be reduced, and if necessary, the Manager will assume expenses of the Fund, to the extent required by the terms and conditions of such expense limitation.
If the Manager serves for less than the whole of a quarter, the foregoing compensation will be prorated.
4. ASSIGNMENT TERMINATES THIS CONTRACT; AMENDMENTSOF THIS CONTRACT.
This Contract will automatically terminate, without the payment of any penalty, in the event of its assignment, provided that no delegation of responsibilities by the Manager pursuant to Section 1(f) will be deemed to constitute an assignment. No provision of this Contract may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against which enforcement of the change, waiver,
| B-16 |
discharge or termination is sought. No amendment of this Contract is effective until approved in a manner consistent with the 1940 Act, the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff.
5. EFFECTIVE PERIOD AND TERMINATION OF THIS CONTRACT.
This Contract is effective upon its execution and will remain in full force and effect as to a Fund continuously thereafter (unless terminated automatically as set forth in Section 4 or terminated in accordance with the following paragraph) through June 30, 2014, and will continue in effect from year to year thereafter so long as its continuance is approved at least annually by (i) the Trustees, or the shareholders by the affirmative vote of a majority of the outstanding shares of the respective Fund, and (ii) a majority of the Trustees who are not interested persons of the Fund or of the Manager, by vote cast in person at a meeting called for the purpose of voting on such approval.
Either party hereto may at any time terminate this Contract as to a Fund by not less than 60 days’ written notice delivered or mailed by registered mail, postage prepaid, to the other party. Action with respect to a Fund may be taken either (i) by vote of a majority of the Trustees or (ii) by the affirmative vote of a majority of the outstanding shares of the respective Fund.
Termination of this Contract pursuant to this Section 5 will be without the payment of any penalty.
6. CERTAIN DEFINITIONS.
For the purposes of this Contract, the “affirmative vote of a majority of the outstanding shares” of a Fund means the affirmative vote, at a duly called and held meeting of shareholders of the respective Fund, (a) of the holders of 67% or more of the shares of the Fund present (in person or by proxy) and entitled to vote at the meeting, if the holders of more than 50% of the outstanding shares of the Fund entitled to vote at the meeting are present in person or by proxy or (b) of the holders of more than 50% of the outstanding shares of the Fund entitled to vote at the meeting, whichever is less.
For the purposes of this Contract, the terms “affiliated person,” “control,” “interested person” and “assignment” have their respective meanings defined in the 1940 Act, subject, however, to the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff; the term “approve at least annually” will be construed in a manner consistent with the 1940 Act and the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff; and the term “brokerage and research services” has the meaning given in the Securities Exchange Act of 1934 and the rules and regulations under the Securities Exchange Act of 1934 and under any applicable guidance or interpretation of the Securities and Exchange Commission or its staff.
7. NON-LIABILITY OF MANAGER.
In the absence of willful misfeasance, bad faith or gross negligence on the part of the Manager, or reckless disregard of its obligations and duties hereunder, the Manager shall not be subject to any liability to the Fund or to any shareholder of the Fund for any act or omission in the course of, or connected with, rendering services hereunder.
8. LIMITATION OF LIABILITY OF THE TRUSTEES, OFFICERS, AND SHAREHOLDERS.
A copy of the Agreement and Declaration of Trust of the Fund is on file with the Secretary of The Commonwealth of Massachusetts, and notice is hereby given that this instrument is executed on behalf of the Trustees of the Fund as Trustees and not individually and that the obligations of or arising out of this instrument are not binding upon any of the Trustees, officers or shareholders individually but are binding only upon the assets and property of the respective Fund.
IN WITNESS WHEREOF, [NAME OF FUND] and PUTNAM INVESTMENT MANAGEMENT, LLC have each caused this instrument to be signed on its behalf by its President or a Vice President thereunto duly authorized, all as of the day and year first above written.
| [NAME OF FUND] | ||
| By: | ||
| PUTNAM INVESTMENT MANAGEMENT, LLC | ||
| By: | ||
Schedule A
[LIST OF FUNDS]
Schedule B
[FEE SCHEDULE: SeeAppendix Dto this proxy statement for each fund’s detailed fee information. The management fee for each fund under the proposed new management contract is identical to that for each fund under the fund’s previous management contract.]
| B-17 |
Appendix C — Management Contracts: Dates and Approvals
Under the management contract between your fund and Putnam Management, subject to such policies as the Trustees may determine, Putnam Management, at its expense, furnishes continuously an investment program for the fund and makes investments decisions on behalf of the fund. Except for the funds included in the table below, the current management contract for your fund dated January 10, 2010 was last approved by shareholders on November 19, 2009. At that time, shareholders of the fund voted to approve the current management contract to include fund family breakpoints (under which the fund’s base management fee rate is determined on the basis of the aggregate net assets of all Putnam mutual funds, rather than thefund’s net assets). Shareholders of Putnam Europe Equity Fund, Putnam Global Equity Fund, Putnam Growth Opportunities Fund, Putnam International Capital Opportunities Fund, Putnam International Equity Fund and Putnam Voyager Fund also approved the institution of performance fees under the funds’ respective management contracts. The management contract has not been submitted for approval by the shareholders of your fund since that date.
The following table contains information regarding the date of each remaining fund’s current management contract, the date on which it was last approved by shareholders and the purpose for that submission.
| Date Current | |||
| Management Contract | |||
| Date of Current | Last Submitted to | Purpose of Last Submission of Current Management Contract | |
| Fund | Management Contract | Shareholder Vote | to Shareholder Vote |
| Putnam Absolute Return 100 Fund | July 1, 2013 | December 18, 2009 | Fee structure change |
| Putnam Absolute Return 300 Fund | July 1, 2013 | December 18, 2009 | Fee structure change |
| Putnam Absolute Return 500 Fund | July 1, 2013 | December 18, 2009 | Fee structure change |
| Putnam Absolute Return 700 Fund | July 1, 2013 | January 15, 2010 | Fee structure change |
| Putnam Asia Pacific Equity Fund | July 1, 2013 | May 26, 2011 | New performance index to calculate performance fees |
| Putnam Capital Opportunities Fund | September 1, 2010 | November 19, 2009 | Fee structure change |
| Putnam Capital Spectrum Fund | July 1, 2013 | November 19, 2009 | Fee structure change |
| Putnam Dynamic Asset Allocation | July 1, 2013 | November 19, 2009 | Fee structure change |
| Equity Fund | |||
| Putnam Dynamic Risk Allocation Fund | July 1, 2013 | September 9, 2011 | Organization of the fund |
| Putnam Emerging Markets Equity Fund | July 1, 2013 | November 19, 2009 | Fee structure change and institution of performance fees |
| Putnam Emerging Markets Income Fund | July 1, 2013 | March 18, 2013 | Organization of the fund |
| Putnam Equity Spectrum Fund | July 1, 2013 | November 19, 2009 | Fee structure change |
| Putnam Floating Rate Income Fund | July 1, 2013 | November 19, 2009 | Fee structure change |
| Putnam Global Consumer Fund | July 1, 2013 | November 19, 2009 | Fee structure change |
| Putnam Global Dividend Fund | July 1, 2013 | March 18, 2013 | Organization of the fund |
| Putnam Global Energy Fund | July 1, 2013 | November 19, 2009 | Fee structure change |
| Putnam Global Financials Fund | July 1, 2013 | November 19, 2009 | Fee structure change |
| Putnam Global Industrials Fund | July 1, 2013 | November 19, 2009 | Fee structure change |
| Putnam Global Sector Fund | July 1, 2013 | December 14, 2009 | Organization of the fund |
| Putnam Global Technology Fund | July 1, 2013 | November 19, 2009 | Fee structure change |
| Putnam Global Telecommunications Fund | July 1, 2013 | November 19, 2009 | Fee structure change |
| Putnam High Income Securities Fund | August 3, 2007 | May 15, 2007 | Approval of new management contract following change of |
| control of Putnam Management | |||
| Putnam Intermediate-Term Municipal | July 1, 2013 | March 18, 2013 | Organization of the fund |
| Income Fund | |||
| Putnam International Value Fund | July 1, 2013 | May 26, 2011 | New performance index to calculate performance fees |
| Putnam Low Volatility Equity Fund | July 1, 2013 | March 18, 2013 | Organization of the fund |
| Putnam Managed Municipal Income Trust | August 3, 2007 | May 15, 2007 | Approval of new management contract following change of |
| control of Putnam Management | |||
| Putnam Master Intermediate Income Trust | August 3, 2007 | May 15, 2007 | Approval of new management contract following change of |
| control of Putnam Management | |||
| Putnam Money Market Liquidity Fund | July 1, 2013 | April 13, 2009 | Organization of the fund |
| Putnam Multi-Cap Core Fund | July 1, 2013 | [May 14, 2010] | Organization of the fund |
| Putnam Multi-Cap Growth Fund | February 1, 2010 | January 15, 2010 | Fee structure change and institution of performance fees |
| Putnam Multi-Cap Value Fund | September 1, 2010 | November 19, 2009 | Fee structure change |
| Putnam Municipal Opportunities Trust | August 3, 2007 | May 15, 2007 | Approval of new management contract following change of |
| control of Putnam Management | |||
| Putnam Premier Income Trust | August 3, 2007 | May 15, 2007 | Approval of new management contract following change of |
| control of Putnam Management | |||
| Putnam Research Fund | September 1, 2010 | November 19, 2009 | Fee structure change |
| C-1 |
| Date Current | |||
| Management Contract | |||
| Date of Current | Last Submitted to | Purpose of Last Submission of Current Management Contract | |
| Fund | Management Contract | Shareholder Vote | to Shareholder Vote |
| Putnam RetirementReady 2055 Fund | November 30, 2010 | November 30, 2010 | Organization of fund |
| Putnam RetirementReady 2050 Fund | August 1, 2009 | May 15, 2007 | Approval of new management contract following change of |
| control of Putnam Management | |||
| Putnam RetirementReady 2045 Fund | August 1, 2009 | May 15, 2007 | Approval of new management contract following change of |
| control of Putnam Management | |||
| Putnam RetirementReady 2040 Fund | August 1, 2009 | May 15, 2007 | Approval of new management contract following change of |
| control of Putnam Management | |||
| Putnam RetirementReady 2035 Fund | August 1, 2009 | May 15, 2007 | Approval of new management contract following change of |
| control of Putnam Management | |||
| Putnam RetirementReady 2030 Fund | August 1, 2009 | May 15, 2007 | Approval of new management contract following change of |
| control of Putnam Management | |||
| Putnam RetirementReady 2025 Fund | August 1, 2009 | May 15, 2007 | Approval of new management contract following change of |
| control of Putnam Management | |||
| Putnam RetirementReady 2020 Fund | August 1, 2009 | May 15, 2007 | Approval of new management contract following change of |
| control of Putnam Management | |||
| Putnam RetirementReady 2015 Fund | August 1, 2009 | May 15, 2007 | Approval of new management contract following change of |
| control of Putnam Management | |||
| Putnam Retirement Income Fund | August 1, 2009 | May 15, 2007 | Approval of new management contract following change of |
| Lifestyle 1 | control of Putnam Management | ||
| Putnam Retirement Income Fund | July 1, 2013 | June 6, 2011 | Organization of the fund |
| Lifestyle 2 | |||
| Putnam Retirement Income Fund | July 1, 2013 | November 19, 2009 | Fee structure change |
| Lifestyle 3 | |||
| Putnam Short Duration Income Fund | July 1, 2013 | June 17, 2011 | Organization of the fund |
| Putnam Short Term Investment Fund | July 1, 2013 | November 9, 2012 | Organization of the fund |
| Putnam Short-Term Municipal Income | July 1, 2013 | March 18, 2013 | Organization of the fund |
| Fund | |||
| Putnam Small Cap Growth Fund | July 1, 2013 | November 19, 2009 | Fee structure change and institution of performance fees |
| Putnam Small Cap Value Fund | September 10, 2010 | November 19, 2009 | Fee structure change |
| Putnam Strategic Volatility Equity Fund | July 1, 2013 | March 18, 2013 | Organization of the fund |
| Putnam VT Absolute Return 500 Fund | February 4, 2011 | February 4, 2011 | Organization of the fund |
Appendix D — Management Contracts: Fees
| Amount of Management Fee Paid in the | |||||
| Most Recent Fiscal Year (after applicable | |||||
| waivers, performance adjustments and | |||||
| Fund | Management Fee Schedule | reimbursements, if any) ($) | Annual Rate at which Fees were Paid | ||
| PUTNAM ABSOLUTE RETURN | of Average Net Assets | 0.40% | $493,980 | 0.15% of average net assets | |
| 100 FUND | Benchmark: BofA Merrill | ||||
| Lynch U.S. Treasury Bill | |||||
| Index (G0BA) | |||||
| Hurdle: | 1.00% | ||||
| Maximum Performance | |||||
| Adjustment Rate: | 0.04% | ||||
| Minimum Performance | |||||
| Adjustment Rate: | -0.04% | ||||
| PUTNAM ABSOLUTE RETURN | of Average Net Assets | 0.60% | $4,354,861 | 0.37% of average net assets | |
| 300 FUND | Benchmark: BofA Merrill | ||||
| Lynch U.S. Treasury Bill | |||||
| Index (G0BA) | |||||
| Hurdle: | 3.00% | ||||
| Maximum Performance | |||||
| Adjustment Rate: | 0.12% | ||||
| Minimum Performance | |||||
| Adjustment Rate: | -0.12% | ||||
| C/D-1 |
| Amount of Management Fee Paid in the | |||||
| Most Recent Fiscal Year (after applicable | |||||
| waivers, performance adjustments and | |||||
| Fund | Management Fee Schedule | reimbursements, if any) ($) | Annual Rate at which Fees were Paid | ||
| PUTNAM ABSOLUTE RETURN | First $5 billion | 0.880% | $5,233,405 | 0.64% of average net assets | |
| 500 FUND | Next $5 billion | 0.830% | |||
| Next $10 billion | 0.780% | ||||
| Next $10 billion | 0.730% | ||||
| Next $50 billion | 0.680% | ||||
| Next $50 billion | 0.660% | ||||
| Next $100 billion | 0.650% | ||||
| Any excess thereafter | 0.645% | ||||
| Benchmark: BofA Merrill | |||||
| Lynch U.S. Treasury Bill | |||||
| Index (G0BA) | |||||
| Hurdle: | 5.00% | ||||
| Maximum Performance | |||||
| Adjustment Rate: | 0.20% | ||||
| Minimum Performance | |||||
| Adjustment Rate: | -0.20% | ||||
| PUTNAM ABSOLUTE RETURN | First $5 billion | 1.030% | $5,796,253 | 0.81% of average net assets | |
| 700 FUND | Next $5 billion | 0.980% | |||
| Next $10 billion | 0.930% | ||||
| Next $10 billion | 0.880% | ||||
| Next $50 billion | 0.830% | ||||
| Next $50 billion | 0.810% | ||||
| Next $100 billion | 0.800% | ||||
| Any excess thereafter | 0.795% | ||||
| Benchmark: BofA Merrill | |||||
| Lynch U.S. Treasury Bill | |||||
| Index (G0BA) | |||||
| Hurdle: | 7.00% | ||||
| Maximum Performance | |||||
| Adjustment Rate: | 0.28% | ||||
| Minimum Performance | |||||
| Adjustment Rate: | -0.28% | ||||
| PUTNAM AMERICAN | First $5 billion | 0.550% | $2,665,472 | 0.40% of average net assets | |
| GOVERNMENT INCOME FUND | Next $5 billion | 0.500% | |||
| Next $10 billion | 0.450% | ||||
| Next $10 billion | 0.400% | ||||
| Next $50 billion | 0.350% | ||||
| Next $50 billion | 0.330% | ||||
| Next $100 billion | 0.320% | ||||
| Any excess thereafter | 0.315% | ||||
| PUTNAM AMT-FREE MUNICIPAL | First $5 billion | 0.590% | $2,217,779 | 0.44% of average net assets | |
| FUND | Next $5 billion | 0.540% | |||
| Next $10 billion | 0.490% | ||||
| Next $10 billion | 0.440% | ||||
| Next $50 billion | 0.390% | ||||
| Next $50 billion | 0.370% | ||||
| Next $100 billion | 0.360% | ||||
| Any excess thereafter | 0.355% | ||||
| PUTNAM ARIZONA TAX EXEMPT | First $5 billion | 0.590% | $283,378 | 0.44% of average net assets | |
| INCOME FUND | Next $5 billion | 0.540% | |||
| Next $10 billion | 0.490% | ||||
| Next $10 billion | 0.440% | ||||
| Next $50 billion | 0.390% | ||||
| Next $50 billion | 0.370% | ||||
| Next $100 billion | 0.360% | ||||
| Any excess thereafter | 0.355% | ||||
| D-2 |
| Amount of Management Fee Paid in the | |||||
| Most Recent Fiscal Year (after applicable | |||||
| waivers, performance adjustments and | |||||
| Fund | Management Fee Schedule | reimbursements, if any) ($) | Annual Rate at which Fees were Paid | ||
| PUTNAM ASIA PACIFIC EQUITY | First $5 billion | 1.080% | $0 | 0.00% of average net assets | |
| FUND | Next $5 billion | 1.030% | |||
| Next $10 billion | 0.980% | ||||
| Next $10 billion | 0.930% | ||||
| Next $50 billion | 0.880% | ||||
| Next $50 billion | 0.860% | ||||
| Next $100 billion | 0.850% | ||||
| Any excess thereafter | 0.845% | ||||
| Benchmark: MSCI All | |||||
| Country ex-Japan Index | |||||
| (Net Dividends)* | |||||
| Hurdle: | N/A | ||||
| Maximum Performance | |||||
| Adjustment Rate: | 0.21% | ||||
| Minimum Performance | |||||
| Adjustment Rate: | -0.21% | ||||
| PUTNAM CALIFORNIA TAX | First $5 billion | 0.590% | $7,293,763 | 0.44% of average net assets | |
| EXEMPT INCOME FUND | Next $5 billion | 0.540% | |||
| Next $10 billion | 0.490% | ||||
| Next $10 billion | 0.440% | ||||
| Next $50 billion | 0.390% | ||||
| Next $50 billion | 0.370% | ||||
| Next $100 billion | 0.360% | ||||
| Any excess thereafter | 0.355% | ||||
| PUTNAM CAPITAL | First $5 billion | 0.780% | $2,219,656 | 0.63% of average net assets | |
| OPPORTUNITIES FUND | Next $5 billion | 0.730% | |||
| Next $10 billion | 0.680% | ||||
| Next $10 billion | 0.630% | ||||
| Next $50 billion | 0.580% | ||||
| Next $50 billion | 0.560% | ||||
| Next $100 billion | 0.550% | ||||
| Any excess thereafter | 0.545% | ||||
| PUTNAM CAPITAL SPECTRUM | First $5 billion | 0.880% | $13,364,984 | 0.81% of average net assets | |
| FUND | Next $5 billion | 0.830% | |||
| Next $10 billion | 0.780% | ||||
| Next $10 billion | 0.730% | ||||
| Next $50 billion | 0.680% | ||||
| Next $50 billion | 0.660% | ||||
| Next $100 billion | 0.650% | ||||
| Any excess thereafter | 0.645% | ||||
| Benchmark: 50/50 blend | |||||
| (balanced daily) of S&P | |||||
| 500 Index and JP Morgan | |||||
| Developed High Yield | |||||
| Index | |||||
| Hurdle: | N/A | ||||
| Maximum Performance | |||||
| Adjustment Rate: | 0.32% | ||||
| Minimum Performance | |||||
| Adjustment Rate: | -0.32% | ||||
| PUTNAM CONVERTIBLE | First $5 billion | 0.780% | $4,049,683 | 0.64% of average net assets | |
| SECURITIES FUND | Next $5 billion | 0.730% | |||
| Next $10 billion | 0.680% | ||||
| Next $10 billion | 0.630% | ||||
| Next $50 billion | 0.580% | ||||
| Next $50 billion | 0.560% | ||||
| Next $100 billion | 0.550% | ||||
| Any excess thereafter | 0.545% | ||||
| PUTNAM DIVERSIFIED | First $5 billion | 0.700% | $20,008,464 | 0.55% of average net assets | |
| INCOME TRUST | Next $5 billion | 0.650% | |||
| Next $10 billion | 0.600% | ||||
| Next $10 billion | 0.550% | ||||
| Next $50 billion | 0.500% | ||||
| Next $50 billion | 0.480% | ||||
| Next $100 billion | 0.470% | ||||
| Any excess thereafter | 0.465% | ||||
| D-3 |
| Amount of Management Fee Paid in the | |||||
| Most Recent Fiscal Year (after applicable | |||||
| waivers, performance adjustments and | |||||
| Fund | Management Fee Schedule | reimbursements, if any) ($) | Annual Rate at which Fees were Paid | ||
| PUTNAM DYNAMIC ASSET | First $5 billion | 0.680% | $7,021,376 | 0.53% of average net assets | |
| ALLOCATION BALANCED FUND | Next $5 billion | 0.630% | |||
| Next $10 billion | 0.580% | ||||
| Next $10 billion | 0.530% | ||||
| Next $50 billion | 0.480% | ||||
| Next $50 billion | 0.460% | ||||
| Next $100 billion | 0.450% | ||||
| Any excess thereafter | 0.445% | ||||
| PUTNAM DYNAMIC ASSET | First $5 billion | 0.680% | $3,001,267 | 0.53% of average net assets | |
| ALLOCATION CONSERVATIVE | Next $5 billion | 0.630% | |||
| FUND | Next $10 billion | 0.580% | |||
| Next $10 billion | 0.530% | ||||
| Next $50 billion | 0.480% | ||||
| Next $50 billion | 0.460% | ||||
| Next $100 billion | 0.450% | ||||
| Any excess thereafter | 0.445% | ||||
| PUTNAM DYNAMIC ASSET | First $5 billion | 0.750% | $0 | 0.00% of average net assets | |
| ALLOCATION EQUITY FUND | Next $5 billion | 0.700% | |||
| Next $10 billion | 0.650% | ||||
| Next $10 billion | 0.600% | ||||
| Next $50 billion | 0.550% | ||||
| Next $50 billion | 0.530% | ||||
| Next $100 billion | 0.520% | ||||
| Any excess thereafter | 0.515% | ||||
| PUTNAM DYNAMIC ASSET | First $5 billion | 0.750% | $9,791,000 | 0.60% of average net assets | |
| ALLOCATION GROWTH FUND | Next $5 billion | 0.700% | |||
| Next $10 billion | 0.650% | ||||
| Next $10 billion | 0.600% | ||||
| Next $50 billion | 0.550% | ||||
| Next $50 billion | 0.530% | ||||
| Next $100 billion | 0.520% | ||||
| Any excess thereafter | 0.515% | ||||
| PUTNAM DYNAMIC RISK | First $5 billion | 1.050% | $1,418,724 | 0.74% of average net assets | |
| ALLOCATION FUND | Next $5 billion | 1.000% | |||
| Next $10 billion | 0.950% | ||||
| Next $10 billion | 0.900% | ||||
| Next $50 billion | 0.850% | ||||
| Next $50 billion | 0.830% | ||||
| Next $100 billion | 0.820% | ||||
| Any excess thereafter | 0.815% | ||||
| PUTNAM EMERGING MARKETS | First $5 billion | 1.080% | $187,478 | 0.54% of average net assets | |
| EQUITY FUND | Next $5 billion | 1.030% | |||
| Next $10 billion | 0.980% | ||||
| Next $10 billion | 0.930% | ||||
| Next $50 billion | 0.880% | ||||
| Next $50 billion | 0.860% | ||||
| Next $100 billion | 0.850% | ||||
| Any excess thereafter | 0.845% | ||||
| Benchmark: MSCI | |||||
| Emerging Markets Index | |||||
| (Net Dividends)* | |||||
| Hurdle: | N/A | ||||
| Maximum Performance | |||||
| Adjustment Rate: | 0.21% | ||||
| Minimum Performance | |||||
| Adjustment Rate: | -0.21% | ||||
| PUTNAM EMERGING MARKETS | First $5 billion | 0.880% | $— | — | |
| INCOME FUND(1) | Next $5 billion | 0.830% | |||
| Next $10 billion | 0.780% | ||||
| Next $10 billion | 0.730% | ||||
| Next $50 billion | 0.680% | ||||
| Next $50 billion | 0.660% | ||||
| Next $100 billion | 0.650% | ||||
| Any excess thereafter | 0.645% | ||||
| D-4 |
| Amount of Management Fee Paid in the | |||||
| Most Recent Fiscal Year (after applicable | |||||
| waivers, performance adjustments and | |||||
| Fund | Management Fee Schedule | reimbursements, if any) ($) | Annual Rate at which Fees were Paid | ||
| PUTNAM EQUITY INCOME FUND | First $5 billion | 0.630% | $17,452,067 | 0.49% of average net assets | |
| Next $5 billion | 0.580% | ||||
| Next $10 billion | 0.530% | ||||
| Next $10 billion | 0.480% | ||||
| Next $50 billion | 0.430% | ||||
| Next $50 billion | 0.410% | ||||
| Next $100 billion | 0.400% | ||||
| Any excess thereafter | 0.395% | ||||
| PUTNAM EQUITY SPECTRUM | First $5 billion | 0.880% | $5,907,335 | 0.85% of average net assets | |
| FUND | Next $5 billion | 0.830% | |||
| Next $10 billion | 0.780% | ||||
| Next $10 billion | 0.730% | ||||
| Next $50 billion | 0.680% | ||||
| Next $50 billion | 0.660% | ||||
| Next $100 billion | 0.650% | ||||
| Any excess thereafter | 0.645% | ||||
| Benchmark: S&P 500 Index | |||||
| Hurdle: | N/A | ||||
| Maximum Performance | |||||
| Adjustment Rate: | 0.40% | ||||
| Minimum Performance | |||||
| Adjustment Rate: | -0.40% | ||||
| PUTNAM EUROPE EQUITY FUND | First $5 billion | 0.850% | $1,225,861 | 0.78% of average net assets | |
| Next $5 billion | 0.800% | ||||
| Next $10 billion | 0.750% | ||||
| Next $10 billion | 0.700% | ||||
| Next $50 billion | 0.650% | ||||
| Next $50 billion | 0.630% | ||||
| Next $100 billion | 0.620% | ||||
| Any excess thereafter | 0.615% | ||||
| Benchmark: MSCI Europe | |||||
| Index (Net Dividends)* | |||||
| Hurdle: | N/A | ||||
| Maximum Performance | |||||
| Adjustment Rate: | 0.15% | ||||
| Minimum Performance | |||||
| Adjustment Rate: | -0.15% | ||||
| PUTNAM FLOATING RATE | First $5 billion | 0.720% | $2,977,382 | 0.58% of average net assets | |
| INCOME FUND | Next $5 billion | 0.670% | |||
| Next $10 billion | 0.620% | ||||
| Next $10 billion | 0.570% | ||||
| Next $50 billion | 0.520% | ||||
| Next $50 billion | 0.500% | ||||
| Next $100 billion | 0.490% | ||||
| Any excess thereafter | 0.485% | ||||
| THE GEORGE PUTNAM FUND | First $5 billion | 0.680% | $6,488,744 | 0.53% of average net assets | |
| OF BOSTON (d/b/a GEORGE | Next $5 billion | 0.630% | |||
| PUTNAM BALANCED FUND) | Next $10 billion | 0.580% | |||
| Next $10 billion | 0.530% | ||||
| Next $50 billion | 0.480% | ||||
| Next $50 billion | 0.460% | ||||
| Next $100 billion | 0.450% | ||||
| Any excess thereafter | 0.445% | ||||
| PUTNAM GLOBAL CONSUMER | First $5 billion | 0.780% | $42,723 | 0.29% of average net assets | |
| FUND | Next $5 billion | 0.730% | |||
| Next $10 billion | 0.680% | ||||
| Next $10 billion | 0.630% | ||||
| Next $50 billion | 0.580% | ||||
| Next $50 billion | 0.560% | ||||
| Next $100 billion | 0.550% | ||||
| Any excess thereafter | 0.545% | ||||
| D-5 |
| Amount of Management Fee Paid in the | |||||
| Most Recent Fiscal Year (after applicable | |||||
| waivers, performance adjustments and | |||||
| Fund | Management Fee Schedule | reimbursements, if any) ($) | Annual Rate at which Fees were Paid | ||
| PUTNAM GLOBAL DIVIDEND | First $5 billion | 0.850% | $— | — | |
| FUND(2) | Next $5 billion | 0.800% | |||
| Next $10 billion | 0.750% | ||||
| Next $10 billion | 0.700% | ||||
| Next $50 billion | 0.650% | ||||
| Next $50 billion | 0.630% | ||||
| Next $100 billion | 0.620% | ||||
| Any excess thereafter | 0.615% | ||||
| Benchmark: MSCI World | |||||
| Index (Net Dividends)* | |||||
| Hurdle: | N/A | ||||
| Maximum Performance | |||||
| Adjustment Rate: | 0.15% | ||||
| Minimum Performance | |||||
| Adjustment Rate: | -0.15% | ||||
| PUTNAM GLOBAL | First $5 billion | 0.780% | $76,398 | 0.40% of average net assets | |
| ENERGY FUND | Next $5 billion | 0.730% | |||
| Next $10 billion | 0.680% | ||||
| Next $10 billion | 0.630% | ||||
| Next $50 billion | 0.580% | ||||
| Next $50 billion | 0.560% | ||||
| Next $100 billion | 0.550% | ||||
| Any excess thereafter | 0.545% | ||||
| PUTNAM GLOBAL EQUITY FUND | First $5 billion | 0.850% | $5,496,467 | 0.71% of average net assets | |
| Next $5 billion | 0.800% | ||||
| Next $10 billion | 0.750% | ||||
| Next $10 billion | 0.700% | ||||
| Next $50 billion | 0.650% | ||||
| Next $50 billion | 0.630% | ||||
| Next $100 billion | 0.620% | ||||
| Any excess thereafter | 0.615% | ||||
| Benchmark: MSCI World | |||||
| Index (Net Dividends)* | |||||
| Hurdle: | N/A | ||||
| Maximum Performance | |||||
| Adjustment Rate: | 0.15% | ||||
| Minimum Performance | |||||
| Adjustment Rate: | -0.15% | ||||
| PUTNAM GLOBAL FINANCIALS | First $5 billion | 0.780% | $38,961 | 0.26% of average net assets | |
| FUND | Next $5 billion | 0.730% | |||
| Next $10 billion | 0.680% | ||||
| Next $10 billion | 0.630% | ||||
| Next $50 billion | 0.580% | ||||
| Next $50 billion | 0.560% | ||||
| Next $100 billion | 0.550% | ||||
| Any excess thereafter | 0.545% | ||||
| PUTNAM GLOBAL HEALTH CARE | First $5 billion | 0.780% | $6,970,314 | 0.63% of average net assets | |
| FUND | Next $5 billion | 0.730% | |||
| Next $10 billion | 0.680% | ||||
| Next $10 billion | 0.630% | ||||
| Next $50 billion | 0.580% | ||||
| Next $50 billion | 0.560% | ||||
| Next $100 billion | 0.550% | ||||
| Any excess thereafter | 0.545% | ||||
| PUTNAM GLOBAL INCOME | First $5 billion | 0.700% | $1,999,189 | 0.56% of average net assets | |
| TRUST | Next $5 billion | 0.650% | |||
| Next $10 billion | 0.600% | ||||
| Next $10 billion | 0.550% | ||||
| Next $50 billion | 0.500% | ||||
| Next $50 billion | 0.480% | ||||
| Next $100 billion | 0.470% | ||||
| Any excess thereafter | 0.465% | ||||
| PUTNAM GLOBAL INDUSTRIALS | First $5 billion | 0.780% | $16,277 | 0.13% of average net assets | |
| FUND | Next $5 billion | 0.730% | |||
| Next $10 billion | 0.680% | ||||
| Next $10 billion | 0.630% | ||||
| Next $50 billion | 0.580% | ||||
| Next $50 billion | 0.560% | ||||
| Next $100 billion | 0.550% | ||||
| Any excess thereafter | 0.545% | ||||
| D-6 |
| Amount of Management Fee Paid in the | |||||
| Most Recent Fiscal Year (after applicable | |||||
| waivers, performance adjustments and | |||||
| Fund | Management Fee Schedule | reimbursements, if any) ($) | Annual Rate at which Fees were Paid | ||
| PUTNAM GLOBAL NATURAL | First $5 billion | 0.780% | $1,959,049 | 0.63% of average net assets | |
| RESOURCES FUND | Next $5 billion | 0.730% | |||
| Next $10 billion | 0.680% | ||||
| Next $10 billion | 0.630% | ||||
| Next $50 billion | 0.580% | ||||
| Next $50 billion | 0.560% | ||||
| Next $100 billion | 0.550% | ||||
| Any excess thereafter | 0.545% | ||||
| PUTNAM GLOBAL SECTOR | N/A | N/A | N/A | N/A | |
| FUND | |||||
| PUTNAM GLOBAL TECHNOLOGY | First $5 billion | 0.780% | $17,533 | 0.15% of average net assets | |
| FUND | Next $5 billion | 0.730% | |||
| Next $10 billion | 0.680% | ||||
| Next $10 billion | 0.630% | ||||
| Next $50 billion | 0.580% | ||||
| Next $50 billion | 0.560% | ||||
| Next $100 billion | 0.550% | ||||
| Any excess thereafter | 0.545% | ||||
| PUTNAM GLOBAL | First $5 billion | 0.780% | $51,642 | 0.32% of average net assets | |
| TELECOMMUNICATIONS FUND | Next $5 billion | 0.730% | |||
| Next $10 billion | 0.680% | ||||
| Next $10 billion | 0.630% | ||||
| Next $50 billion | 0.580% | ||||
| Next $50 billion | 0.560% | ||||
| Next $100 billion | 0.550% | ||||
| Any excess thereafter | 0.545% | ||||
| PUTNAM GLOBAL UTILITIES | First $5 billion | 0.780% | $1,327,033 | 0.63% of average net assets | |
| FUND | Next $5 billion | 0.730% | |||
| Next $10 billion | 0.680% | ||||
| Next $10 billion | 0.630% | ||||
| Next $50 billion | 0.580% | ||||
| Next $50 billion | 0.560% | ||||
| Next $100 billion | 0.550% | ||||
| Any excess thereafter | 0.545% | ||||
| THE PUTNAM FUND FOR | First $5 billion | 0.630% | $21,457,542 | 0.49% of average net assets | |
| GROWTH AND INCOME | Next $5 billion | 0.580% | |||
| Next $10 billion | 0.530% | ||||
| Next $10 billion | 0.480% | ||||
| Next $50 billion | 0.430% | ||||
| Next $50 billion | 0.410% | ||||
| Next $100 billion | 0.400% | ||||
| Any excess thereafter | 0.395% | ||||
| PUTNAM GROWTH | First $5 billion | 0.710% | $1,825,919 | 0.51% of average net assets | |
| OPPORTUNITIES FUND | Next $5 billion | 0.660% | |||
| Next $10 billion | 0.610% | ||||
| Next $10 billion | 0.560% | ||||
| Next $50 billion | 0.510% | ||||
| Next $50 billion | 0.490% | ||||
| Next $100 billion | 0.480% | ||||
| Any excess thereafter | 0.475% | ||||
| Benchmark: Russell 1000 | |||||
| Growth Index | |||||
| Hurdle: | N/A | ||||
| Maximum Performance | |||||
| Adjustment Rate: | 0.12% | ||||
| Minimum Performance | |||||
| Adjustment Rate: | -0.12% | ||||
| D-7 |
| Amount of Management Fee Paid in the | |||||
| Most Recent Fiscal Year (after applicable | |||||
| waivers, performance adjustments and | |||||
| Fund | Management Fee Schedule | reimbursements, if any) ($) | Annual Rate at which Fees were Paid | ||
| PUTNAM HIGH INCOME | First $500 million | 0.700% | $1,039,414 | 0.70% of average net assets | |
| SECURITIES FUND | Next $500 million | 0.600% | |||
| Next $500 million | 0.550% | ||||
| Next $5 billion | 0.500% | ||||
| Next $5 billion | 0.475% | ||||
| Next $5 billion | 0.455% | ||||
| Next $5 billion | 0.440% | ||||
| Next $5 billion | 0.430% | ||||
| Next $5 billion | 0.420% | ||||
| Next $5 billion | 0.410% | ||||
| Next $5 billion | 0.400% | ||||
| Next $5 billion | 0.390% | ||||
| Next $8.5 billion | 0.380% | ||||
| Any excess thereafter | 0.370% | ||||
| PUTNAM HIGH YIELD | First $5 billion | 0.720% | $5,206,491 | 0.58% of average net assets | |
| ADVANTAGE FUND | Next $5 billion | 0.670% | |||
| Next $10 billion | 0.620% | ||||
| Next $10 billion | 0.570% | ||||
| Next $50 billion | 0.520% | ||||
| Next $50 billion | 0.500% | ||||
| Next $100 billion | 0.490% | ||||
| Any excess thereafter | 0.485% | ||||
| PUTNAM HIGH YIELD TRUST | First $5 billion | 0.720% | $8,476,385 | 0.57% of average net assets | |
| Next $5 billion | 0.670% | ||||
| Next $10 billion | 0.620% | ||||
| Next $10 billion | 0.570% | ||||
| Next $50 billion | 0.520% | ||||
| Next $50 billion | 0.500% | ||||
| Next $100 billion | 0.490% | ||||
| Any excess thereafter | 0.485% | ||||
| PUTNAM INCOME FUND | First $5 billion | 0.550% | $5,608,363 | 0.41% of average net assets | |
| Next $5 billion | 0.500% | ||||
| Next $10 billion | 0.450% | ||||
| Next $10 billion | 0.400% | ||||
| Next $50 billion | 0.350% | ||||
| Next $50 billion | 0.330% | ||||
| Next $100 billion | 0.320% | ||||
| Any excess thereafter | 0.315% | ||||
| PUTNAM INTERMEDIATE-TERM | First $5 billion | 0.590% | $— | — | |
| MUNICIPAL INCOME FUND(3) | Next $5 billion | 0.540% | |||
| Next $10 billion | 0.490% | ||||
| Next $10 billion | 0.440% | ||||
| Next $50 billion | 0.390% | ||||
| Next $50 billion | 0.370% | ||||
| Next $100 billion | 0.360% | ||||
| Any excess thereafter | 0.355% | ||||
| PUTNAM INTERNATIONAL | First $5 billion | 1.080% | $7,166,274 | 0.84% of average net assets | |
| CAPITAL OPPORTUNITIES FUND | Next $5 billion | 1.030% | |||
| Next $10 billion | 0.980% | ||||
| Next $10 billion | 0.930% | ||||
| Next $50 billion | 0.880% | ||||
| Next $50 billion | 0.860% | ||||
| Next $100 billion | 0.850% | ||||
| Any excess thereafter | 0.845% | ||||
| Benchmark: S&P | |||||
| Developed/Ex-U.S. | |||||
| SmallCap Index | |||||
| Hurdle: | N/A | ||||
| Maximum Performance | |||||
| Adjustment Rate: | 0.21% | ||||
| Minimum Performance | |||||
| Adjustment Rate: | -0.21% | ||||
| D-8 |
| Amount of Management Fee Paid in the | |||||
| Most Recent Fiscal Year (after applicable | |||||
| waivers, performance adjustments and | |||||
| Fund | Management Fee Schedule | reimbursements, if any) ($) | Annual Rate at which Fees were Paid | ||
| PUTNAM INTERNATIONAL | First $5 billion | 0.850% | $7,100,664 | 0.72% of average net assets | |
| EQUITY FUND | Next $5 billion | 0.800% | |||
| Next $10 billion | 0.750% | ||||
| Next $10 billion | 0.700% | ||||
| Next $50 billion | 0.650% | ||||
| Next $50 billion | 0.630% | ||||
| Next $100 billion | 0.620% | ||||
| Any excess thereafter | 0.615% | ||||
| Benchmark: MSCI EAFE | |||||
| Index (Net Dividends)* | |||||
| Hurdle: | N/A | ||||
| Maximum Performance | |||||
| Adjustment Rate: | 0.15% | ||||
| Minimum Performance | |||||
| Adjustment Rate: | -0.15% | ||||
| PUTNAM INTERNATIONAL | First $5 billion | 1.080% | $3,022,995 | 0.89% of average net assets | |
| GROWTH FUND | Next $5 billion | 1.030% | |||
| Next $10 billion | 0.980% | ||||
| Next $10 billion | 0.930% | ||||
| Next $50 billion | 0.880% | ||||
| Next $50 billion | 0.860% | ||||
| Next $100 billion | 0.850% | ||||
| Any excess thereafter | 0.845% | ||||
| Benchmark: MSCI EAFE | |||||
| Growth Index (Net | |||||
| Dividends)* | |||||
| Hurdle: | N/A | ||||
| Maximum Performance | |||||
| Adjustment Rate: | 0.21% | ||||
| Minimum Performance | |||||
| Adjustment Rate: | -0.21% | ||||
| PUTNAM INTERNATIONAL | First $5 billion | 0.850% | $1,437,355 | 0.71% of average net assets | |
| VALUE FUND | Next $5 billion | 0.800% | |||
| Next $10 billion | 0.750% | ||||
| Next $10 billion | 0.700% | ||||
| Next $50 billion | 0.650% | ||||
| Next $50 billion | 0.630% | ||||
| Next $100 billion | 0.620% | ||||
| Any excess thereafter | 0.615% | ||||
| Benchmark: MSCI | |||||
| EAFE Value Index (Net | |||||
| Dividends)* | |||||
| Hurdle: | N/A | ||||
| Maximum Performance | |||||
| Adjustment Rate: | 0.15% | ||||
| Minimum Performance | |||||
| Adjustment Rate: | -0.15% | ||||
| PUTNAM INVESTORS FUND | First $5 billion | 0.710% | $7,966,034 | 0.56% of average net assets | |
| Next $5 billion | 0.660% | ||||
| Next $10 billion | 0.610% | ||||
| Next $10 billion | 0.560% | ||||
| Next $50 billion | 0.510% | ||||
| Next $50 billion | 0.490% | ||||
| Next $100 billion | 0.480% | ||||
| Any excess thereafter | 0.475% | ||||
| PUTNAM LOW VOLATILITY | First $5 billion | 0.780% | $0 | 0.00% of average net assets | |
| EQUITY FUND(4) | Next $5 billion | 0.730% | |||
| Next $10 billion | 0.680% | ||||
| Next $10 billion | 0.630% | ||||
| Next $50 billion | 0.580% | ||||
| Next $50 billion | 0.560% | ||||
| Next $100 billion | 0.550% | ||||
| Any excess thereafter | 0.545% | ||||
| PUTNAM MANAGED MUNICIPAL | First $500 million | 0.650% | $3,149,331 | 0.70% of average net assets | |
| INCOME TRUST | Next $500 million | 0.550% | |||
| Next $500 million | 0.500% | ||||
| Next $5 billion | 0.450% | ||||
| Next $5 billion | 0.425% | ||||
| Next $5 billion | 0.405% | ||||
| Next $5 billion | 0.390% | ||||
| Any excess thereafter | 0.380% | ||||
| D-9 |
| Amount of Management Fee Paid in the | |||||
| Most Recent Fiscal Year (after applicable | |||||
| waivers, performance adjustments and | |||||
| Fund | Management Fee Schedule | reimbursements, if any) ($) | Annual Rate at which Fees were Paid | ||
| PUTNAM MASSACHUSETTS TAX | First $5 billion | 0.590% | $1,868,568 | 0.44% of average net assets | |
| EXEMPT INCOME FUND | Next $5 billion | 0.540% | |||
| Next $10 billion | 0.490% | ||||
| Next $10 billion | 0.440% | ||||
| Next $50 billion | 0.390% | ||||
| Next $50 billion | 0.370% | ||||
| Next $100 billion | 0.360% | ||||
| Any excess thereafter | 0.355% | ||||
| PUTNAM MASTER | First $500 million | 0.750% | $2,723,636 | 0.75% of average net assets | |
| INTERMEDIATE INCOME TRUST | Next $500 million | 0.650% | |||
| Next $500 million | 0.600% | ||||
| Next $5 billion | 0.550% | ||||
| Next $5 billion | 0.525% | ||||
| Next $5 billion | 0.505% | ||||
| Next $5 billion | 0.490% | ||||
| Next $5 billion | 0.480% | ||||
| Next $5 billion | 0.470% | ||||
| Next $5 billion | 0.460% | ||||
| Next $5 billion | 0.450% | ||||
| Next $5 billion | 0.440% | ||||
| Next $8.5 billion | 0.430% | ||||
| Any excess thereafter | 0.420% | ||||
| PUTNAM MICHIGAN TAX | First $5 billion | 0.590% | $362,014 | 0.44% of average net assets | |
| EXEMPT INCOME FUND | Next $5 billion | 0.540% | |||
| Next $10 billion | 0.490% | ||||
| Next $10 billion | 0.440% | ||||
| Next $50 billion | 0.390% | ||||
| Next $50 billion | 0.370% | ||||
| Next $100 billion | 0.360% | ||||
| Any excess thereafter | 0.355% | ||||
| PUTNAM MINNESOTA TAX | First $5 billion | 0.590% | $532,651 | 0.44% of average net assets | |
| EXEMPT INCOME FUND | Next $5 billion | 0.540% | |||
| Next $10 billion | 0.490% | ||||
| Next $10 billion | 0.440% | ||||
| Next $50 billion | 0.390% | ||||
| Next $50 billion | 0.370% | ||||
| Next $100 billion | 0.360% | ||||
| Any excess thereafter | 0.355% | ||||
| PUTNAM MONEY MARKET FUND | First $5 billion | 0.440% | $0 | 0.00% of average net assets | |
| Next $5 billion | 0.390% | ||||
| Next $10 billion | 0.340% | ||||
| Next $10 billion | 0.290% | ||||
| Next $50 billion | 0.240% | ||||
| Next $50 billion | 0.220% | ||||
| Next $100 billion | 0.210% | ||||
| Any excess thereafter | 0.205% | ||||
| PUTNAM MONEY MARKET | of Average net assets | 0.25% | $0 | 0.00% of average net assets | |
| LIQUIDITY FUND | |||||
| PUTNAM MULTI-CAP CORE | First $5 billion | 0.710% | $8,719 | 0.08% of average net assets | |
| FUND | Next $5 billion | 0.660% | |||
| Next $10 billion | 0.610% | ||||
| Next $10 billion | 0.560% | ||||
| Next $50 billion | 0.510% | ||||
| Next $50 billion | 0.490% | ||||
| Next $100 billion | 0.480% | ||||
| Any excess thereafter | 0.475% | ||||
| D-10 |
| Amount of Management Fee Paid in the | |||||
| Most Recent Fiscal Year (after applicable | |||||
| waivers, performance adjustments and | |||||
| Fund | Management Fee Schedule | reimbursements, if any) ($) | Annual Rate at which Fees were Paid | ||
| PUTNAM MULTI-CAP GROWTH | First $5 billion | 0.710% | $16,342,403 | 0.50% of average net assets | |
| FUND | Next $5 billion | 0.660% | |||
| Next $10 billion | 0.610% | ||||
| Next $10 billion | 0.560% | ||||
| Next $50 billion | 0.510% | ||||
| Next $50 billion | 0.490% | ||||
| Next $100 billion | 0.480% | ||||
| Any excess thereafter | 0.475% | ||||
| Benchmark: Russell 3000 | |||||
| Growth Index | |||||
| Hurdle: | N/A | ||||
| Maximum Performance | |||||
| Adjustment Rate: | 0.12% | ||||
| Minimum Performance | |||||
| Adjustment Rate: | -0.12% | ||||
| PUTNAM MULTI-CAP VALUE | First $5 billion | 0.710% | $2,138,018 | 0.56% of average net assets | |
| FUND | Next $5 billion | 0.660% | |||
| Next $10 billion | 0.610% | ||||
| Next $10 billion | 0.560% | ||||
| Next $50 billion | 0.510% | ||||
| Next $50 billion | 0.490% | ||||
| Next $100 billion | 0.480% | ||||
| Any excess thereafter | 0.475% | ||||
| PUTNAM MUNICIPAL | First $500 million | 0.650% | $4,118,860 | 0.72% of average net assets | |
| OPPORTUNITIES TRUST | Next $500 million | 0.550% | |||
| Next $500 million | 0.500% | ||||
| Next $5 billion | 0.450% | ||||
| Next $5 billion | 0.425% | ||||
| Next $5 billion | 0.405% | ||||
| Next $5 billion | 0.390% | ||||
| Any excess thereafter | 0.380% | ||||
| PUTNAM NEW JERSEY TAX | First $5 billion | 0.590% | $1,277,096 | 0.44% of average net assets | |
| EXEMPT INCOME FUND | Next $5 billion | 0.540% | |||
| Next $10 billion | 0.490% | ||||
| Next $10 billion | 0.440% | ||||
| Next $50 billion | 0.390% | ||||
| Next $50 billion | 0.370% | ||||
| Next $100 billion | 0.360% | ||||
| Any excess thereafter | 0.355% | ||||
| PUTNAM NEW YORK TAX | First $5 billion | 0.590% | $5,479,662 | 0.45% of average net assets | |
| EXEMPT INCOME FUND | Next $5 billion | 0.540% | |||
| Next $10 billion | 0.490% | ||||
| Next $10 billion | 0.440% | ||||
| Next $50 billion | 0.390% | ||||
| Next $50 billion | 0.370% | ||||
| Next $100 billion | 0.360% | ||||
| Any excess thereafter | 0.355% | ||||
| PUTNAM OHIO TAX EXEMPT | First $5 billion | 0.590% | $720,433 | 0.44% of average net assets | |
| INCOME FUND | Next $5 billion | 0.540% | |||
| Next $10 billion | 0.490% | ||||
| Next $10 billion | 0.440% | ||||
| Next $50 billion | 0.390% | ||||
| Next $50 billion | 0.370% | ||||
| Next $100 billion | 0.360% | ||||
| Any excess thereafter | 0.355% | ||||
| PUTNAM PENNSYLVANIA TAX | First $5 billion | 0.590% | $1,105,281 | 0.44% of average net assets | |
| EXEMPT INCOME FUND | Next $5 billion | 0.540% | |||
| Next $10 billion | 0.490% | ||||
| Next $10 billion | 0.440% | ||||
| Next $50 billion | 0.390% | ||||
| Next $50 billion | 0.370% | ||||
| Next $100 billion | 0.360% | ||||
| Any excess thereafter | 0.355% | ||||
| D-11 |
| Amount of Management Fee Paid in the | |||||
| Most Recent Fiscal Year (after applicable | |||||
| waivers, performance adjustments and | |||||
| Fund | Management Fee Schedule | reimbursements, if any) ($) | Annual Rate at which Fees were Paid | ||
| PUTNAM PREMIER INCOME | First $500 million | 0.750% | $5,947,565 | 0.71% of average net assets | |
| TRUST | Next $500 million | 0.650% | |||
| Next $500 million | 0.600% | ||||
| Next $5 billion | 0.550% | ||||
| Next $5 billion | 0.525% | ||||
| Next $5 billion | 0.505% | ||||
| Next $5 billion | 0.490% | ||||
| Next $5 billion | 0.480% | ||||
| Next $5 billion | 0.470% | ||||
| Next $5 billion | 0.460% | ||||
| Next $5 billion | 0.450% | ||||
| Next $5 billion | 0.440% | ||||
| Next $8.5 billion | 0.430% | ||||
| Any excess thereafter | 0.420% | ||||
| PUTNAM RESEARCH FUND | First $5 billion | 0.710% | $1,251,275 | 0.56% of average net assets | |
| Next $5 billion | 0.660% | ||||
| Next $10 billion | 0.610% | ||||
| Next $10 billion | 0.560% | ||||
| Next $50 billion | 0.510% | ||||
| Next $50 billion | 0.490% | ||||
| Next $100 billion | 0.480% | ||||
| Any excess thereafter | 0.475% | ||||
| PUTNAM RETIREMENTREADY | N/A | N/A | N/A | N/A | |
| 2055 FUND | |||||
| PUTNAM RETIREMENTREADY | N/A | N/A | N/A | N/A | |
| 2050 FUND | |||||
| PUTNAM RETIREMENTREADY | N/A | N/A | N/A | N/A | |
| 2045 FUND | |||||
| PUTNAM RETIREMENTREADY | N/A | N/A | N/A | N/A | |
| 2040 FUND | |||||
| PUTNAM RETIREMENTREADY | N/A | N/A | N/A | N/A | |
| 2035 FUND | |||||
| PUTNAM RETIREMENTREADY | N/A | N/A | N/A | N/A | |
| 2030 FUND | |||||
| PUTNAM RETIREMENTREADY | N/A | N/A | N/A | N/A | |
| 2025 FUND | |||||
| PUTNAM RETIREMENTREADY | N/A | N/A | N/A | N/A | |
| 2020 FUND | |||||
| PUTNAM RETIREMENTREADY | N/A | N/A | N/A | N/A | |
| 2015 FUND | |||||
| PUTNAM RETIREMENT INCOME | N/A | N/A | N/A | N/A | |
| FUND LIFESTYLE 1 | |||||
| PUTNAM RETIREMENT INCOME | First $5 billion | 0.680% | $0 | 0.00% of average net assets | |
| FUND LIFESTYLE 2 | Next $5 billion | 0.630% | |||
| Next $10 billion | 0.580% | ||||
| Next $10 billion | 0.530% | ||||
| Next $50 billion | 0.480% | ||||
| Next $50 billion | 0.460% | ||||
| Next $100 billion | 0.450% | ||||
| Any excess thereafter | 0.445% | ||||
| PUTNAM RETIREMENT INCOME | First $5 billion | 0.680% | $0 | 0.00% of average net assets | |
| FUND LIFESTYLE 3 | Next $5 billion | 0.630% | |||
| Next $10 billion | 0.580% | ||||
| Next $10 billion | 0.530% | ||||
| Next $50 billion | 0.480% | ||||
| Next $50 billion | 0.460% | ||||
| Next $100 billion | 0.450% | ||||
| Any excess thereafter | 0.445% | ||||
| D-12 |
| Amount of Management Fee Paid in the | |||||
| Most Recent Fiscal Year (after applicable | |||||
| waivers, performance adjustments and | |||||
| Fund | Management Fee Schedule | reimbursements, if any) ($) | Annual Rate at which Fees were Paid | ||
| PUTNAM SHORT DURATION | First $5 billion | 0.500% | $1,293,633 | 0.21% of average net assets | |
| INCOME FUND | Next $5 billion | 0.450% | |||
| Next $10 billion | 0.400% | ||||
| Next $10 billion | 0.350% | ||||
| Next $50 billion | 0.300% | ||||
| Next $50 billion | 0.280% | ||||
| Next $100 billion | 0.270% | ||||
| Any excess thereafter | 0.265% | ||||
| PUTNAM SHORT TERM | of Average net assets | 0.25% | $0 | 0.00% of average net assets | |
| INVESTMENT FUND(5) | |||||
| PUTNAM SHORT-TERM | First $5 billion | 0.500% | $— | — | |
| MUNICIPAL INCOME FUND(6) | Next $5 billion | 0.450% | |||
| Next $10 billion | 0.400% | ||||
| Next $10 billion | 0.350% | ||||
| Next $50 billion | 0.300% | ||||
| Next $50 billion | 0.280% | ||||
| Next $100 billion | 0.270% | ||||
| Any excess thereafter | 0.265% | ||||
| PUTNAM SMALL CAP GROWTH | First $5 billion | 0.780% | $710,052 | 0.60% of average net assets | |
| FUND | Next $5 billion | 0.730% | |||
| Next $10 billion | 0.680% | ||||
| Next $10 billion | 0.630% | ||||
| Next $50 billion | 0.580% | ||||
| Next $50 billion | 0.560% | ||||
| Next $100 billion | 0.550% | ||||
| Any excess thereafter | 0.545% | ||||
| Benchmark: Russell 2000 | |||||
| Growth Index | |||||
| Hurdle: | N/A | ||||
| Maximum Performance | |||||
| Adjustment Rate: | 0.18% | ||||
| Minimum Performance | |||||
| Adjustment Rate: | -0.18% | ||||
| PUTNAM SMALL CAP VALUE | First $5 billion | 0.780% | $1,004,942 | 0.64% of average net assets | |
| FUND | Next $5 billion | 0.730% | |||
| Next $10 billion | 0.680% | ||||
| Next $10 billion | 0.630% | ||||
| Next $50 billion | 0.580% | ||||
| Next $50 billion | 0.560% | ||||
| Next $100 billion | 0.550% | ||||
| Any excess thereafter | 0.545% | ||||
| PUTNAM STRATEGIC | First $5 billion | 0.880% | $0 | 0.00% of average net assets | |
| VOLATILITY EQUITY FUND(7) | Next $5 billion | 0.830% | |||
| Next $10 billion | 0.780% | ||||
| Next $10 billion | 0.730% | ||||
| Next $50 billion | 0.680% | ||||
| Next $50 billion | 0.660% | ||||
| Next $100 billion | 0.650% | ||||
| Any excess thereafter | 0.645% | ||||
| Benchmark: S&P 500 Index | |||||
| Hurdle: | N/A | ||||
| Maximum Performance | |||||
| Adjustment Rate: | 0.40% | ||||
| Minimum Performance | |||||
| Adjustment Rate: | -0.40% | ||||
| PUTNAM TAX EXEMPT INCOME | First $5 billion | 0.590% | $5,249,245 | 0.44% of average net assets | |
| FUND | Next $5 billion | 0.540% | |||
| Next $10 billion | 0.490% | ||||
| Next $10 billion | 0.440% | ||||
| Next $50 billion | 0.390% | ||||
| Next $50 billion | 0.370% | ||||
| Next $100 billion | 0.360% | ||||
| Any excess thereafter | 0.355% | ||||
| D-13 |
| Amount of Management Fee Paid in the | |||||
| Most Recent Fiscal Year (after applicable | |||||
| waivers, performance adjustments and | |||||
| Fund | Management Fee Schedule | reimbursements, if any) ($) | Annual Rate at which Fees were Paid | ||
| PUTNAM TAX EXEMPT MONEY | First $5 billion | 0.440% | $0 | 0.00% of average net assets | |
| MARKET FUND | Next $5 billion | 0.390% | |||
| Next $10 billion | 0.340% | ||||
| Next $10 billion | 0.290% | ||||
| Next $50 billion | 0.240% | ||||
| Next $50 billion | 0.220% | ||||
| Next $100 billion | 0.210% | ||||
| Any excess thereafter | 0.205% | ||||
| PUTNAM TAX-FREE HIGH YIELD | First $5 billion | 0.630% | $5,642,898 | 0.48% of average net assets | |
| FUND | Next $5 billion | 0.580% | |||
| Next $10 billion | 0.530% | ||||
| Next $10 billion | 0.480% | ||||
| Next $50 billion | 0.430% | ||||
| Next $50 billion | 0.410% | ||||
| Next $100 billion | 0.400% | ||||
| Any excess thereafter | 0.395% | ||||
| PUTNAM U.S. GOVERNMENT | First $5 billion | 0.550% | $5,771,426 | 0.40% of average net assets | |
| INCOME TRUST | Next $5 billion | 0.500% | |||
| Next $10 billion | 0.450% | ||||
| Next $10 billion | 0.400% | ||||
| Next $50 billion | 0.350% | ||||
| Next $50 billion | 0.330% | ||||
| Next $100 billion | 0.320% | ||||
| Any excess thereafter | 0.315% | ||||
| PUTNAM VOYAGER FUND | First $5 billion | 0.710% | $15,286,375 | 0.43% of average net assets | |
| Next $5 billion | 0.660% | ||||
| Next $10 billion | 0.610% | ||||
| Next $10 billion | 0.560% | ||||
| Next $50 billion | 0.510% | ||||
| Next $50 billion | 0.490% | ||||
| Next $100 billion | 0.480% | ||||
| Any excess thereafter | 0.475% | ||||
| Benchmark: Russell 1000 | |||||
| Growth Index | |||||
| Hurdle: | N/A | ||||
| Maximum Performance | |||||
| Adjustment Rate: | 0.12% | ||||
| Minimum Performance | |||||
| Adjustment Rate: | -0.12% | ||||
| PUTNAM VT ABSOLUTE RETURN | First $5 billion | 0.880% | $0 | 0.00% of average net assets | |
| 500 FUND | Next $5 billion | 0.830% | |||
| Next $10 billion | 0.780% | ||||
| Next $10 billion | 0.730% | ||||
| Next $50 billion | 0.680% | ||||
| Next $50 billion | 0.660% | ||||
| Next $100 billion | 0.650% | ||||
| Any excess thereafter | 0.645% | ||||
| PUTNAM VT AMERICAN | First $5 billion | 0.550% | $505,029 | 0.41% of average net assets | |
| GOVERNMENT INCOME FUND | Next $5 billion | 0.500% | |||
| Next $10 billion | 0.450% | ||||
| Next $10 billion | 0.400% | ||||
| Next $50 billion | 0.350% | ||||
| Next $50 billion | 0.330% | ||||
| Next $100 billion | 0.320% | ||||
| Any excess thereafter | 0.315% | ||||
| PUTNAM VT CAPITAL | First $5 billion | 0.780% | $207,222 | 0.64% of average net assets | |
| OPPORTUNITIES FUND | Next $5 billion | 0.730% | |||
| Next $10 billion | 0.680% | ||||
| Next $10 billion | 0.630% | ||||
| Next $50 billion | 0.580% | ||||
| Next $50 billion | 0.560% | ||||
| Next $100 billion | 0.550% | ||||
| Any excess thereafter | 0.545% | ||||
| D-14 |
| Amount of Management Fee Paid in the | |||||
| Most Recent Fiscal Year (after applicable | |||||
| waivers, performance adjustments and | |||||
| Fund | Management Fee Schedule | reimbursements, if any) ($) | Annual Rate at which Fees were Paid | ||
| PUTNAM VT DIVERSIFIED | First $5 billion | 0.700% | $2,532,568 | 0.56% of average net assets | |
| INCOME FUND | Next $5 billion | 0.650% | |||
| Next $10 billion | 0.600% | ||||
| Next $10 billion | 0.550% | ||||
| Next $50 billion | 0.500% | ||||
| Next $50 billion | 0.480% | ||||
| Next $100 billion | 0.470% | ||||
| Any excess thereafter | 0.465% | ||||
| PUTNAM VT EQUITY INCOME | First $5 billion | 0.630% | $1,806,301 | 0.49% of average net assets | |
| FUND | Next $5 billion | 0.580% | |||
| Next $10 billion | 0.530% | ||||
| Next $10 billion | 0.480% | ||||
| Next $50 billion | 0.430% | ||||
| Next $50 billion | 0.410% | ||||
| Next $100 billion | 0.400% | ||||
| Any excess thereafter | 0.395% | ||||
| PUTNAM VT GEORGE PUTNAM | First $5 billion | 0.680% | $956,470 | 0.54% of average net assets | |
| BALANCED FUND | Next $5 billion | 0.630% | |||
| Next $10 billion | 0.580% | ||||
| Next $10 billion | 0.530% | ||||
| Next $50 billion | 0.480% | ||||
| Next $50 billion | 0.460% | ||||
| Next $100 billion | 0.450% | ||||
| Any excess thereafter | 0.445% | ||||
| PUTNAM VT GLOBAL ASSET | First $5 billion | 0.750% | $1,280,104 | 0.61% of average net assets | |
| ALLOCATION FUND | Next $5 billion | 0.700% | |||
| Next $10 billion | 0.650% | ||||
| Next $10 billion | 0.600% | ||||
| Next $50 billion | 0.550% | ||||
| Next $50 billion | 0.530% | ||||
| Next $100 billion | 0.520% | ||||
| Any excess thereafter | 0.515% | ||||
| PUTNAM VT GLOBAL EQUITY | First $5 billion | 0.850% | $1,394,894 | 0.71% of average net assets | |
| FUND | Next $5 billion | 0.800% | |||
| Next $10 billion | 0.750% | ||||
| Next $10 billion | 0.700% | ||||
| Next $50 billion | 0.650% | ||||
| Next $50 billion | 0.630% | ||||
| Next $100 billion | 0.620% | ||||
| Any excess thereafter | 0.615% | ||||
| PUTNAM VT GLOBAL HEALTH | First $5 billion | 0.780% | $663,474 | 0.64% of average net assets | |
| CARE FUND | Next $5 billion | 0.730% | |||
| Next $10 billion | 0.680% | ||||
| Next $10 billion | 0.630% | ||||
| Next $50 billion | 0.580% | ||||
| Next $50 billion | 0.560% | ||||
| Next $100 billion | 0.550% | ||||
| Any excess thereafter | 0.545% | ||||
| PUTNAM VT GLOBAL UTILITIES | First $5 billion | 0.780% | $724,377 | 0.64% of average net assets | |
| FUND | Next $5 billion | 0.730% | |||
| Next $10 billion | 0.680% | ||||
| Next $10 billion | 0.630% | ||||
| Next $50 billion | 0.580% | ||||
| Next $50 billion | 0.560% | ||||
| Next $100 billion | 0.550% | ||||
| Any excess thereafter | 0.545% | ||||
| PUTNAM VT GROWTH AND | First $5 billion | 0.630% | $5,691,727 | 0.49% of average net assets | |
| INCOME FUND | Next $5 billion | 0.580% | |||
| Next $10 billion | 0.530% | ||||
| Next $10 billion | 0.480% | ||||
| Next $50 billion | 0.430% | ||||
| Next $50 billion | 0.410% | ||||
| Next $100 billion | 0.400% | ||||
| Any excess thereafter | 0.395% | ||||
| D-15 |
| Amount of Management Fee Paid in the | |||||
| Most Recent Fiscal Year (after applicable | |||||
| waivers, performance adjustments and | |||||
| Fund | Management Fee Schedule | reimbursements, if any) ($) | Annual Rate at which Fees were Paid | ||
| PUTNAM VT GROWTH | First $5 billion | 0.710% | $120,564 | 0.47% of average net assets | |
| OPPORTUNITIES FUND | Next $5 billion | 0.660% | |||
| Next $10 billion | 0.610% | ||||
| Next $10 billion | 0.560% | ||||
| Next $50 billion | 0.510% | ||||
| Next $50 billion | 0.490% | ||||
| Next $100 billion | 0.480% | ||||
| Any excess thereafter | 0.475% | ||||
| PUTNAM VT HIGH YIELD FUND | First $5 billion | 0.720% | $2,293,594 | 0.58% of average net assets | |
| Next $5 billion | 0.670% | ||||
| Next $10 billion | 0.620% | ||||
| Next $10 billion | 0.570% | ||||
| Next $50 billion | 0.520% | ||||
| Next $50 billion | 0.500% | ||||
| Next $100 billion | 0.490% | ||||
| Any excess thereafter | 0.485% | ||||
| PUTNAM VT INCOME FUND | First $5 billion | 0.550% | $1,576,095 | 0.41% of average net assets | |
| Next $5 billion | 0.500% | ||||
| Next $10 billion | 0.450% | ||||
| Next $10 billion | 0.400% | ||||
| Next $50 billion | 0.350% | ||||
| Next $50 billion | 0.330% | ||||
| Next $100 billion | 0.320% | ||||
| Any excess thereafter | 0.315% | ||||
| PUTNAM VT INTERNATIONAL | First $5 billion | 0.850% | $2,946,769 | 0.71% of average net assets | |
| EQUITY FUND | Next $5 billion | 0.800% | |||
| Next $10 billion | 0.750% | ||||
| Next $10 billion | 0.700% | ||||
| Next $50 billion | 0.650% | ||||
| Next $50 billion | 0.630% | ||||
| Next $100 billion | 0.620% | ||||
| Any excess thereafter | 0.615% | ||||
| PUTNAM VT INTERNATIONAL | First $5 billion | 1.080% | $497,013 | 0.89% of average net assets | |
| GROWTH FUND | Next $5 billion | 1.030% | |||
| Next $10 billion | 0.980% | ||||
| Next $10 billion | 0.930% | ||||
| Next $50 billion | 0.880% | ||||
| Next $50 billion | 0.860% | ||||
| Next $100 billion | 0.850% | ||||
| Any excess thereafter | 0.845% | ||||
| PUTNAM VT INTERNATIONAL | First $5 billion | 0.850% | $774,643 | 0.71% of average net assets | |
| VALUE FUND | Next $5 billion | 0.800% | |||
| Next $10 billion | 0.750% | ||||
| Next $10 billion | 0.700% | ||||
| Next $50 billion | 0.650% | ||||
| Next $50 billion | 0.630% | ||||
| Next $100 billion | 0.620% | ||||
| Any excess thereafter | 0.615% | ||||
| PUTNAM VT INVESTORS FUND | First $5 billion | 0.710% | $1,305,080 | 0.57% of average net assets | |
| Next $5 billion | 0.660% | ||||
| Next $10 billion | 0.610% | ||||
| Next $10 billion | 0.560% | ||||
| Next $50 billion | 0.510% | ||||
| Next $50 billion | 0.490% | ||||
| Next $100 billion | 0.480% | ||||
| Any excess thereafter | 0.475% | ||||
| PUTNAM VT MONEY MARKET | First $5 billion | 0.440% | $164,496 | 0.07% of average net assets | |
| FUND | Next $5 billion | 0.390% | |||
| Next $10 billion | 0.340% | ||||
| Next $10 billion | 0.290% | ||||
| Next $50 billion | 0.240% | ||||
| Next $50 billion | 0.220% | ||||
| Next $100 billion | 0.210% | ||||
| Any excess thereafter | 0.205% | ||||
| D-16 |
| Amount of Management Fee Paid in the | |||||
| Most Recent Fiscal Year (after applicable | |||||
| waivers, performance adjustments and | |||||
| Fund | Management Fee Schedule | reimbursements, if any) ($) | Annual Rate at which Fees were Paid | ||
| PUTNAM VT MULTI-CAP | First $5 billion | 0.710% | $3,787,974 | 0.57% of average net assets | |
| GROWTH FUND | Next $5 billion | 0.660% | |||
| Next $10 billion | 0.610% | ||||
| Next $10 billion | 0.560% | ||||
| Next $50 billion | 0.510% | ||||
| Next $50 billion | 0.490% | ||||
| Next $100 billion | 0.480% | ||||
| Any excess thereafter | 0.475% | ||||
| PUTNAM VT MULTI-CAP VALUE | First $5 billion | 0.710% | $195,889 | 0.57% of average net assets | |
| FUND | Next $5 billion | 0.660% | |||
| Next $10 billion | 0.610% | ||||
| Next $10 billion | 0.560% | ||||
| Next $50 billion | 0.510% | ||||
| Next $50 billion | 0.490% | ||||
| Next $100 billion | 0.480% | ||||
| Any excess thereafter | 0.475% | ||||
| PUTNAM VT RESEARCH FUND | First $5 billion | 0.710% | $312,623 | 0.57% of average net assets | |
| Next $5 billion | 0.660% | ||||
| Next $10 billion | 0.610% | ||||
| Next $10 billion | 0.560% | ||||
| Next $50 billion | 0.510% | ||||
| Next $50 billion | 0.490% | ||||
| Next $100 billion | 0.480% | ||||
| Any excess thereafter | 0.475% | ||||
| PUTNAM VT SMALL CAP VALUE | First $5 billion | 0.780% | $1,423,370 | 0.64% of average net assets | |
| FUND | Next $5 billion | 0.730% | |||
| Next $10 billion | 0.680% | ||||
| Next $10 billion | 0.630% | ||||
| Next $50 billion | 0.580% | ||||
| Next $50 billion | 0.560% | ||||
| Next $100 billion | 0.550% | ||||
| Any excess thereafter | 0.545% | ||||
| PUTNAM VT VOYAGER FUND | First $5 billion | 0.710% | $4,579,947 | 0.57% of average net assets | |
| Next $5 billion | 0.660% | ||||
| Next $10 billion | 0.610% | ||||
| Next $10 billion | 0.560% | ||||
| Next $50 billion | 0.510% | ||||
| Next $50 billion | 0.490% | ||||
| Next $100 billion | 0.480% | ||||
| Any excess thereafter | 0.475% | ||||
* MSCI publishes two versions of this index reflecting the reinvestment of dividends using two different methodologies: gross dividends and net dividends. While both versions reflect reinvested dividends, they differ with respect to the manner in which taxes associated with dividend payments are treated. In calculating the net dividends version, MSCI incorporates reinvested dividends applying the withholding tax rate applicable to foreign non-resident institutional investors that do not benefit from double taxation treaties. Putnam Management believes that the net dividends version better reflects the returns U.S. investors might expect were they to invest directly in the component securities of the index.
(1) Putnam Emerging Markets Income Fund has not completed a full fiscal year of operations.
(2) Putnam Global Dividend Fund has not completed a full fiscal year of operations.
(3) Putnam Intermediate-Term Municipal Income Fund has not completed a full fiscal year of operations.
(4) The amounts for Putnam Low Volatility Equity Fund represent fees for the period March 18, 2013 (commencement of operations) to the fiscal period ended July 31, 2013.
(5) The amounts for Putnam Short Term Investment Fund represent fees for the period February 19, 2013 (commencement of operations) to the fiscal period ended July 31, 2013.
(6) Putnam Short-Term Municipal Income Fund has not completed a full fiscal year of operations.
(7) The amounts for Putnam Strategic Volatility Equity Fund represent fees for the period March 18, 2013 (commencement of operations) to the fiscal period ended July 31, 2013.
| D-17 |
| Appendix E — Sub-Management and Sub-Advisory Contract |
| PUTNAM FUNDS |
| SUB-MANAGEMENT CONTRACT |
This Sub-Management Contract is dated as of July 1, 2013 between PUTNAM INVESTMENT MANAGEMENT, LLC, a Delaware limited liability company (the “Manager”) and PUTNAM INVESTMENTS LIMITED, a company organized under the laws of England and Wales (the “Sub-Manager”).
WHEREAS, the Manager is the investment manager of each of the investment companies registered under the United States Investment Company Act of 1940, as amended, that are identified onSchedule Ahereto, as it may from time to time be amended by the Manager (the “Funds”), and a registered investment adviser under the United States Investment Advisers Act of 1940, as amended;
WHEREAS, the Sub-Manager is licensed as an investment manager by the Financial Conduct Authority of the United Kingdom (the “FCA”); and
WHEREAS, the Manager desires to engage the Sub-Manager from time to time to manage a portion of certain of the Funds:
NOW THEREFORE, in consideration of the mutual covenants herein contained, it is agreed as follows:
1. SERVICES TO BE RENDERED BY SUB-MANAGER.
(a) The Sub-Manager, at its expense, will furnish continuously an investment program for that portion of any Fund the management of which is allocated from time to time by the Manager to the Sub-Manager (an “Allocated Sleeve”). The Manager shall, in its sole discretion, determine which Funds will have an Allocated Sleeve and the amount of assets allocated from time to time to each such Allocated Sleeve; provided that, with respect to any Fund, the Trustees of such Fund must have approved the use of the Sub-Manager prior to the creation of an Allocated Sleeve for such Fund. The Sub-Manager will determine what investments shall be purchased, held, sold or exchanged by any Allocated Sleeve and what portion, if any, of the assets of the Allocated Sleeve shall be held uninvested and shall, on behalf of the Fund, make changes in the Fund’s investments held in such Allocated Sleeve.
(b) The Manager may also, at its discretion, request the Sub-Manager to provide assistance with purchasing and selling securities for any Fund, including the placement of orders with broker-dealers selected in accordance with Section 1(d), even if the Manager has not established an Allocated Sleeve for such Fund.
(c) The Sub-Manager at its expense will furnish all necessary investment and management facilities, including salaries of personnel, required for it to execute its duties faithfully.
(d) The Sub-Manager shall place all orders for the purchase and sale of portfolio investments for any Allocated Sleeve with brokers or dealers selected by the Sub-Manager. In the selection of such brokers or dealers and the placing of such orders, the Sub-Manager shall use its best efforts to obtain for the related Fund the most favorable price and execution available, except to the extent it may be permitted to pay higher brokerage commissions for brokerage and research services as described below. In using its best efforts to obtain for the Fund the most favorable price and execution available, the Sub-Manager, bearing in mind the Fund’s best interests at all times, shall consider all factors it deems relevant, including by way of illustration, price, the size of the transaction, the nature of the market for the security, the amount of the commission, the timing of the transaction taking into account market prices and trends, the reputation, experience and financial stability of the broker or dealer involved and the quality of service rendered by the broker or dealer in other transactions. Subject to such policies as the Trustees of the Funds may determine, the Sub-Manager shall not be deemed to have acted unlawfully or to have breached any duty created by this Contract or otherwise solely by reason of its having caused a Fund to pay a broker or dealer that provides brokerage and research services to the Manager or the Sub-Manager an amount of commission for effecting a portfolio investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Sub-Manager determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular transaction or its overall responsibilities with respect to the Fund and to other clients of the Manager or the Sub-Manager as to which the Manager or the Sub-Manager exercises investment discretion. The Sub-Manager agrees that in connection with purchases or sales of portfolio investments for any Fund, neither the Sub-Manager nor any officer, director, employee or agent of the Sub-Manager shall act as a principal or receive any commission other than as provided in Section 3.
(e) The Sub-Manager shall not be obligated to pay any expenses of or for the Manager or any Fund not expressly assumed by the Sub-Manager pursuant to this Section 1.
(f) In the performance of its duties, the Sub-Manager will comply with the provisions of the Agreement and Declaration of Trust and By-Laws of each applicable Fund and such Fund’s stated investment objectives, policies and restrictions, and will use its best efforts to safeguard and promote the welfare of such Fund and to comply with other policies which the Manager or the Trustees may from time to time determine and shall exercise the same care and diligence expected of the Manager.
2. OTHER AGREEMENTS, ETC.
It is understood that any of the shareholders, Trustees, officers and employees of a Fund may be a shareholder, director, officer or employee of, or be otherwise interested in, the Sub-Manager, and in any person controlled by or under common control with
| E-1 |
the Sub-Manager, and that the Sub-Manager and any person controlled by or under common control with the Sub-Manager may have an interest in such Fund. It is also understood that the Sub-Manager and any person controlled by or under common control with the Sub-Manager have and may have advisory, management, service or other contracts with other organizations and persons, and may have other interests and business.
3. COMPENSATION.
Except as provided below, the Manager will pay to the Sub-Manager as compensation for the Sub-Manager’s services rendered, a fee, computed and paid quarterly at the annual rate of 0.35% per annum of average aggregate net asset value of the assets in equity and asset allocation Allocated Sleeves and 0.40% per annum of average aggregate net asset value of the assets in fixed income Allocated Sleeves, except for fixed income Allocated Sleeves in certain fixed income Funds enumerated as follows (with the per annum fee provided in parentheses): Putnam Money Market Liquidity Fund (0.20%), Putnam Short Term Investment Fund (0.20%), Putnam Money Market Fund (0.25%), Putnam Tax Exempt Money Market Fund (0.25%), Putnam VT Money Market Fund (0.25%), Putnam Short Duration Income Fund (0.25%), Putnam Short-Term Municipal Income Fund (0.25%), Putnam American Government Income Fund (0.25%), Putnam Income Fund (0.25%), Putnam U.S. Government Income Trust (0.25%), Putnam VT American Government Income Fund (0.25%), and Putnam VT Income Fund (0.25%).
Such average net asset value shall be determined by taking an average of all of the determinations of such net asset value during a quarter at the close of business on each business day during such quarter while this Contract is in effect. Such fee shall be payable for each quarter within 30 days after the close of such quarter. The Sub-Manager shall look only to the Manager for payment of its fees. No Fund shall have any responsibility for paying any fees due the Sub-Manager.
With respect to each of Putnam High Income Securities Fund, Putnam Master Intermediate Income Trust and Putnam Premier Income Trust, the Manager will pay to the Sub-Manager as compensation for the Sub-Manager’s services rendered, a fee, computed and paid quarterly at the annual rate of 0.40% of Average Weekly Assets in Allocated Sleeves. “Average Weekly Assets” means the average of the weekly determinations of the difference between the total assets of the Fund (including any assets attributable to leverage for investment purposes) attributable to an Allocated Sleeve and the total liabilities of the Fund (excluding liabilities incurred in connection with leverage for investment purposes) attributable to such Allocated Sleeve, determined at the close of the last business day of each week, for each week which ends during the quarter. Such fee shall be payable for each quarter within 30 days after the close of such quarter. As used in this Section 3, “leverage for investment purposes” means any incurrence of indebtedness the proceeds of which are to be invested in accordance with the Fund’s investment objective. For purposes of calculating Average Weekly Assets, liabilities associated with any instruments or transactions used to leverage the Fund’s portfolio for investment purposes (whether or not such instruments or transactions are “covered” within the meaning of the Investment Company Act of 1940 and the rules and regulations thereunder, giving effect to any interpretations of the Securities and Exchange Commission and its staff) are not considered liabilities. For purposes of calculating Average Weekly Assets, the total assets of the Fund will be deemed to include (a) any proceeds from the sale or transfer of an asset (the “Underlying Asset”) of the Fund to a counterparty in a reverse repurchase or dollar roll transaction and (b) the value of such Underlying Asset as of the relevant measuring date.
In the event that the Manager’s management fee from any of Putnam High Income Securities Fund, Putnam Master Intermediate Income Trust or Putnam Premier Income Trust is reduced pursuant to the investment management contract between such Fund and the Manager because during any Measurement Period (as defined below) the amount of interest payments and fees with respect to indebtedness or other obligation of the Fund incurred for investment leverage purposes, plus additional expenses attributable to any such leverage for investment purposes, exceeds the portion of the Fund’s net income and net short-term capital gains (but not long-term capital gains) accruing during such Measurement Period as a result of the fact that such indebtedness or other obligation was outstanding during the Measurement Period, the fee payable to the Sub-Manager with respect to such Fund shall be reduced in the same proportion as the fee paid to the Manager with respect to such Fund is so reduced. “Measurement Period” shall be any period for which payments of interest or fees (whether designated as such or implied) are payable in connection with any indebtedness or other obligation of the Fund incurred for investment purposes.
If the Sub-Manager shall serve for less than the whole of a quarter, the foregoing compensation shall be prorated.
4. ASSIGNMENT TERMINATES THIS CONTRACT; AMENDMENTS OF THIS CONTRACT.
This Contract shall automatically terminate without the payment of any penalty, in the event of its assignment; and this Contract shall not be amended with respect to any Allocated Sleeve unless such amendment be approved at a meeting by the vote, cast in person at a meeting called for the purpose of voting on such approval, of a majority of the Trustees of the related Fund who are not interested persons of such Fund or of the Manager.
| E-2 |
5. EFFECTIVE PERIOD AND TERMINATION OFTHIS CONTRACT.
This Contract shall become effective upon its execution, and shall remain in full force and effect continuously thereafter (unless terminated automatically as set forth in Section 4) until terminated as follows:
(a) Either party hereto or, with respect to any Allocated Sleeve, the related Fund may at any time terminate this Contract by not more than sixty days’ nor less than thirty days’ written notice delivered or mailed by registered mail, postage prepaid, to the other party, or
(b) With respect to any Allocated Sleeve, if (i) the Trustees of the related Fund or the shareholders by the affirmative vote of a majority of the outstanding shares of such Fund, and (ii) a majority of the Trustees of such Fund who are not interested persons of such Fund or of the Manager, by vote cast in person at a meeting called for the purpose of voting on such approval, do not specifically approve at least annually the continuance of this Contract, then this Contract shall automatically terminate at the close of business on the anniversary of its execution, or upon the expiration of one year from the effective date of the last such continuance, whichever is later, or
(c) With respect to any Allocated Sleeve, automatically upon termination of the Manager’s investment management contract with the related Fund.
Action by a Fund under (a) above may be taken either (i) by vote of a majority of its Trustees, or (ii) by the affirmative vote of a majority of the outstanding shares of such Fund.
Termination of this Contract pursuant to this Section 5 will be without the payment of any penalty.
6. CERTAIN DEFINITIONS.
For the purposes of this Contract, the “affirmative vote of a majority of the outstanding shares of a Fund” means the affirmative vote, at a duly called and held meeting of shareholders of such Fund, (a) of the holders of 67% or more of the shares of such Fund present (in person or by proxy) and entitled to vote at such meeting, if the holders of more than 50% of the outstanding shares of such Fund entitled to vote at such meeting are present in person or by proxy, or (b) of the holders of more than 50% of the outstanding shares of such Fund entitled to vote at such meeting, whichever is less.
For the purposes of this Contract, the terms “affiliated person,” “control,” “interested person” and “assignment” shall have their respective meanings defined in the United States Investment Company Act of 1940 and the Rules and Regulations thereunder (the “1940 Act”), subject, however, to such exemptions as may be granted by the Securities and Exchange Commission under said Act; the term “specifically approve at least annually” shall be construed in a manner consistent with the 1940 Act, and the Rules and Regulations thereunder; and the term “brokerage and research services” shall have the meaning given in theUnited States Securities Exchange Act of 1934 and the Rules and Regulations thereunder.
7. NON-LIABILITY OF SUB-MANAGER.
In the absence of willful misfeasance, bad faith or gross negligence on the part of the Sub-Manager, or reckless disregard of its obligations and duties hereunder, the Sub-Manager shall not be subject to any liability to the Manager, any Fund or to any shareholder of any Fund, for any act or omission in the course of, or connected with, rendering services hereunder.
8. ADDITIONAL PROVISIONS.
(a) The Sub-Manager represents that it is regulated by the FCA in the conduct of its investment business. The Sub-Manager has in operation a written procedure in accordance with FCA rules for the effective consideration and proper handling of complaints from customers. Any complaint by the Manager or any Fund should be sent to the Compliance Officer of the Sub-Manager. The Manager and any Fund is also entitled to make any complaints about the Sub-Manager to the Financial Ombudsman Service established by the FCA. The Manager and any Fund may also request a statement describing its rights to compensation in the event of the Sub-Manager’s inability to meet its liabilities.
(b) The Manager represents that it and each Fund are “Professional Customers” in the meaning of the FCA’s rules.
(c) Although each Fund is not a party hereto and shall have no responsibility for the Manager’s or the Sub-Manager’s obligations hereunder, each Fund is named as explicit third party beneficiary of the parties’ agreements hereunder.
IN WITNESS WHEREOF, PUTNAM INVESTMENTS LIMITED and PUTNAM INVESTMENT MANAGEMENT, LLC have each caused this instrument to be signed in duplicate on its behalf by an officer duly authorized, all as of the day and year first above written.
PUTNAM INVESTMENTS LIMITED
| By: ________________________________________ |
| Joseph T. Phoenix |
| Director |
| PUTNAM INVESTMENT MANAGEMENT, LLC |
| By:________________________________________ |
| James P. Pappas |
| Director of Trustee Relations and Authorized Person |
| E-3 |
Schedule A
(List of Putnam Funds updated through July 1, 2013)
Putnam Absolute Return 100 Fund
Putnam Absolute Return 300 Fund
Putnam Absolute Return 500 Fund
Putnam Absolute Return 700 Fund
Putnam American Government Income Fund
Putnam AMT-Free Municipal Fund
Putnam Arizona Tax Exempt Income Fund
Putnam Asia Pacific Equity Fund
Putnam California Tax Exempt Income Fund
Putnam Capital Spectrum Fund
Putnam Capital Opportunities Fund
Putnam Convertible Securities Fund
Putnam Diversified Income Trust
Putnam Dynamic Asset Allocation Balanced Fund
Putnam Dynamic Asset Allocation Conservative Fund
Putnam Dynamic Asset Allocation Equity Fund
Putnam Dynamic Asset Allocation Growth Fund
Putnam Dynamic Risk Allocation Fund
Putnam Equity Income Fund
Putnam Emerging Markets Equity Fund
Putnam Emerging Markets Income Fund
Putnam Europe Equity Fund
Putnam Equity Spectrum Fund
Putnam Floating Rate Income Fund
The Putnam Fund for Growth and Income
The George Putnam Fund of Boston (d/b/a George Putnam
Balanced Fund)
Putnam Global Consumer Fund
Putnam Global Dividend Fund
Putnam Global Energy Fund
Putnam Global Equity Fund
Putnam Global Financials Fund
Putnam Global Health Care Fund
Putnam Global Income Trust
Putnam Global Industrials Fund
Putnam Global Natural Resources Fund
Putnam Global Sector Fund
Putnam Global Technology Fund
Putnam Global Telecommunications Fund
Putnam Global Utilities Fund
Putnam Growth Opportunities Fund
Putnam High Income Securities Fund
Putnam High Yield Advantage Fund
Putnam High Yield Trust
Putnam Income Fund
Putnam Intermediate-Term Municipal Income Fund
Putnam International Capital Opportunities Fund
Putnam International Equity Fund
Putnam International Growth Fund
Putnam International Value Fund
Putnam Investors Fund
Putnam Low Volatility Equity Fund
Putnam Managed Municipal Income Trust
Putnam Massachusetts Tax Exempt Income Fund
Putnam Master Intermediate Income Trust
Putnam Michigan Tax Exempt Income Fund
Putnam Minnesota Tax Exempt Income Fund
Putnam Money Market Fund
Putnam Money Market Liquidity Fund
Putnam Mortgage Recovery Fund
Putnam Multi-Cap Core Fund
Putnam Multi-Cap Growth Fund
Putnam Multi-Cap Value Fund
Putnam Municipal Opportunities Trust
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 Premier Income Trust
Putnam Research 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 RetirementReady 2020 Fund
Putnam RetirementReady 2015 Fund
Putnam Retirement Income Fund Lifestyle 1
Putnam Retirement Income Fund Lifestyle 2
Putnam Retirement Income Fund Lifestyle 3
Putnam Short Duration Income Fund
Putnam Short Term Investment Fund
Putnam Short-Term Municipal Income Fund
Putnam Small Cap Growth Fund
Putnam Small Cap Value Fund
Putnam Strategic Volatility Equity Fund
Putnam Tax Exempt Income Fund
Putnam Tax Exempt Money Market Fund
Putnam Tax-Free High Yield Fund
Putnam U.S. Government Income Trust
Putnam Voyager Fund
Putnam VT Absolute Return 500 Fund
Putnam VT American Government Income Fund
Putnam VT Capital Opportunities Fund
Putnam VT Diversified Income Fund
Putnam VT Equity Income Fund
Putnam VT George Putnam Balanced Fund
Putnam VT Global Asset Allocation Fund
Putnam VT Global Equity Fund
Putnam VT Global Health Care Fund
Putnam VT Global Utilities Fund
Putnam VT Growth and Income Fund
Putnam VT Growth Opportunities Fund
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Putnam VT High Yield Fund
Putnam VT Income Fund
Putnam VT International Equity Fund
Putnam VT International Value Fund
Putnam VT International Growth Fund
Putnam VT Investors Fund
Putnam VT Money Market Fund
Putnam VT Multi-Cap Growth Fund
Putnam VT Multi-Cap Value Fund
Putnam VT Research Fund
Putnam VT Small Cap Value Fund
Putnam VT Voyager Fund
PUTNAM INVESTMENTS LIMITED
| By: __________________________________ |
| Joseph T. Phoenix |
| Director |
| PUTNAM INVESTMENT MANAGEMENT, LLC |
| By: __________________________________ |
| James P. Pappas |
| Director of Trustee Relations and Authorized Person |
| PUTNAM FUNDS |
| SUB-ADVISORY CONTRACT |
This Sub-Advisory Contract is dated as of July 1, 2013 between and among PUTNAM INVESTMENT MANAGEMENT, LLC, a Delaware limited liability company (the “Manager”), PUTNAM INVESTMENTS LIMITED, a company organized under the laws of England and Wales (“PIL”), and THE PUTNAM ADVISORY COMPANY, LLC, a Delaware limited liability company (the “Sub-Advisor”).
WHEREAS, the Manager is the investment manager of each of the investment companies registered under the United States Investment Company Act of 1940, as amended, that are identified onSchedule Ahereto, as they may from time to time be amended by the Manager (the “Funds”), and a registered investment adviser under the United States Investment Advisers Act of 1940, as amended;
WHEREAS, PIL is a registered investment adviser under the United States Investment Advisers Act of 1940, as amended, is licensed as an investment manager by the Financial Conduct Authority of the United Kingdom (the “FCA”) and is a sub-manager of each of the Funds pursuant to that certain Sub-Management Contract dated as of July 1, 2013 (the “PIL Sub-Management Contract”), between the Manager and PIL whereby the Manager has contracted with PIL for themanagement of certain portions of each of the Funds (each, a “PIL-Advised Sleeve”);
WHEREAS, the Sub-Advisor is a registered investment adviser under the United States Investment Advisers Act of 1940, as amended, and is an investment adviser authorized to provide discretionary investment advice and management in Singapore;
WHEREAS, the Manager and PIL currently engage the Sub-Advisor from time to time to provide discretionary investment management services from the Sub-Advisor’s office in Singapore with respect to a portion of certain of the Funds:
NOW THEREFORE, in consideration of the mutual covenants herein contained, it is agreed as follows:
1. SERVICES TO BE RENDERED BY SUB-ADVISOR.
(a) The Sub-Advisor, at its expense, will furnish continuously an investment program for that portion of any Fund identified onSchedule Athe management of which is allocated from time to time by the Manager or PIL to the Sub-Advisor (an “Allocated Sleeve”). The Manager or PIL, as the case may be, shall, in its sole discretion, determine which Funds will have an Allocated Sleeve and the amount of assets allocated from time to time to each such Allocated Sleeve; provided that, with respect to any Fund, the Trustees of such Fund must have approved the use of the Sub-Advisor prior to the creation of an Allocated Sleeve for such Fund. The Sub-Advisor will determine what investments shall be purchased, held, sold or exchanged by any Allocated Sleeve and what portion, if any, of the assets of the Allocated Sleeve shall be held uninvested and shall, on behalf of the Fund, make changes in the Fund’s investments held in such Allocated Sleeve.
(b) The Manager may, and in the case of a PIL-Advised Sleeve, PIL may, each at its discretion, also request the Sub-Advisor to provide assistance with purchasing and selling securities for any Fund, including the placement of orders with broker-dealers selected in accordance with Section 1(c), even if the Manager or PIL, as the case may be, has not established an Allocated Sleeve for such Fund.
(c) The Sub-Advisor shall place all orders for the purchase and sale of portfolio investments for any Allocated Sleeve with brokers or dealers selected by the Sub-Advisor. In the selection of such brokers or dealers and the placing of such orders, the Sub-Advisor shall use its best efforts to obtain for the related Fund the most favorable price and execution available, except to the extent it may be permitted to pay higher brokerage commissions for brokerage and research services as described below. In using its best efforts to obtain for the Fund the most favorable price and execution available, the Sub-Advisor, bearing in mind the Fund’s best interests at all times, shall consider all factors it deems relevant, including by way of illustration, price, the size of the transaction, the nature of the market for the security, the amount of the commission, the timing of the transaction taking into account market prices and
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trends, the reputation, experience and financial stability of the broker or dealer involved and the quality of service rendered by the broker or dealer in other transactions. Subject to such policies as the Trustees of the Funds may determine, the Sub-Advisor shall not be deemed to have acted unlawfully or to have breached any duty created by this Contract or otherwise solely by reason of its having caused a Fund to pay a broker or dealer that provides brokerage and research services to the Manager or, in the case of a PIL-Advised Sleeve, PIL, or the Sub-Advisor an amount of commission for effecting a portfolio investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Sub-Advisor determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular transaction or its overall responsibilities with respect to the Fund and to other clients of the Manager or PIL, as the case may be, or the Sub-Advisor as to which the Manager or PIL, as the case may be, or the Sub-Advisor exercises investment discretion. The Sub-Advisor agrees that in connection with purchases or sales of portfolio investments for any Fund, neither the Sub-Advisor nor any officer, director, employee or agent of the Sub-Advisor shall act as a principal or receive any commission other than as provided in Section 3.
(d) The Sub-Advisor at its expense will furnish all necessary investment and management facilities, including salaries of personnel, required for it to execute its duties faithfully.
(e) The Sub-Advisor shall not be obligated to pay any expenses of or for the Manager, PIL or any Fund not expressly assumed by the Sub-Advisor pursuant to this Section 1.
(f) In the performance of its duties, the Sub-Advisor will comply with the provisions of the Agreement and Declaration of Trust and By-Laws of each applicable Fund and such Fund’s stated investment objectives, policies and restrictions, and will use its best efforts to safeguard and promote the welfare of such Fund and to comply with other policies which the Manager, PIL or the Trustees may from time to time determine and shall exercise the same care and diligence expected of the Manager and PIL.
2. OTHER AGREEMENTS, ETC.
It is understood that any of the shareholders, Trustees, officers and employees of a Fund may be a shareholder, director, officer or employee of, or be otherwise interested in, the Sub-Advisor, and in any person controlled by or under common control with the Sub-Advisor, and that the Sub-Advisor and any person controlled by or under common control with the Sub-Advisor may have an interest in such Fund. It is also understood that the Sub-Advisor and any person controlled by or under common control with the Sub-Advisor have and may have advisory, management, service or other contracts with other organizations and persons, and may have other interests and business.
3. COMPENSATION.
Except as provided below, the Manager or PIL, as the case may be, will pay to the Sub-Advisor as compensation for the Sub-Advisor’s services rendered a fee, computed and paid quarterly at the annual rate of 0.35% per annum of average net asset value of the assets in each Allocated Sleeve of Funds identified onSchedule A.
Such average net asset value shall be determined by taking an average of all of the determinations of such net asset value during a quarter at the close of business on each business day during such quarter while this Contract is in effect. Such fee shall be payable for each quarter within 30 days after the close of such quarter. The Sub-Advisor shall look only to the Manager or PIL, as the case may be, for payment of its fees. No Fund shall have any responsibility for paying any fees due the Sub-Advisor.
If the Sub-Advisor shall serve for less than the whole of a quarter, the foregoing compensation shall be prorated.
4. ASSIGNMENT TERMINATES THIS CONTRACT; AMENDMENTS OF THIS CONTRACT.
This Contract shall automatically terminate, without the payment of any penalty, in the event of its assignment; and this Contract shall not be amended with respect to any Allocated Sleeve unless such amendment be approved at a meeting by the vote, cast in person at a meeting called for the purpose of voting on such approval, of a majority of the Trustees of the related Fund who are not interested persons of such Fund or of the Manager.
5. EFFECTIVE PERIOD AND TERMINATION OFTHIS CONTRACT.
This Contract shall become effective upon its execution, and shall remain in full force and effect continuously thereafter (unless terminated automatically as set forth in Section 4) until terminated as follows:
(a) Any party hereto or, with respect to any Allocated Sleeve, the related Fund may at any time terminate this Contract by not more than sixty days’ nor less than thirty days’ written notice delivered or mailed by registered mail, postage prepaid, to the other parties, or
(b) With respect to any Allocated Sleeve, if (i) the Trustees of the related Fund or the shareholders by the affirmative vote of a majority of the outstanding shares of such Fund, and (ii) a majority of the Trustees of such Fund who are not interested persons of such Fund or of the Manager, by vote cast in person at a meeting called for the purpose of voting on such approval, do not specifically approve at least annually the continuance of this Contract, then this Contract shall automatically terminate at the close of business on the anniversary of its execution, or upon the expiration of one year from the effective date of the last such continuance, whichever is later, or
| E-6 |
(c) With respect to any Allocated Sleeve, automatically upon termination of the Manager’s investment management contract with the related Fund, or with respect to any Allocated Sleeve for which PIL has contracted with the Sub-Advisor to provide services under this Contract, automatically upon termination of the PIL Sub-Management Contract.
Action by a Fund under (a) above may be taken either (i) by vote of a majority of its Trustees, or (ii) by the affirmative vote of a majority of the outstanding shares of such Fund.
Termination of this Contract pursuant to this Section 5 will be without the payment of any penalty.
6. CERTAIN DEFINITIONS.
For the purposes of this Contract, the “affirmative vote of a majority of the outstanding shares of a Fund” means the affirmative vote, at a duly called and held meeting of shareholders of such Fund, (a) of the holders of 67% or more of the shares of such Fund present (in person or by proxy) and entitled to vote at such meeting, if the holders of more than 50% of the outstanding shares of such Fund entitled to vote at such meeting are present in person or by proxy, or (b) of the holders of more than 50% of the outstanding shares of such Fund entitled to vote at such meeting, whichever is less.
For the purposes of this Contract, the terms “affiliated person,” “control,” “interested person” and “assignment” shall have their respective meanings defined in the United States Investment Company Act of 1940 and the Rules and Regulations there-under (the “1940 Act”), subject, however, to such exemptions as may be granted by the Securities and Exchange Commission under said Act; and the term “specifically approve at least annually” shall be construed in a manner consistent with the 1940 Act, and the Rules and Regulations thereunder.
7. NON-LIABILITY OF SUB-ADVISOR.
In the absence of willful misfeasance, bad faith or gross negligence on the part of the Sub-Advisor, or reckless disregard of its obligations and duties hereunder, the Sub-Advisor shall not be subject to any liability to the Manager, PIL, any Fund or to any shareholder of any Fund, for any act or omission in the course of, or connected with, rendering services hereunder.
8. ADDITIONAL PROVISIONS.
(a) PIL represents that it is regulated by the FCA in the conduct of its investment business. PIL has in operation a written procedure in accordance with FCA rules for the effective consideration and proper handling of complaints from customers. Any complaint by the Manager or any Fund should be sent to the Compliance Officer of PIL. The Manager and any Fund is also entitled to make any complaints about PIL to the Financial Ombudsman Service established by the FCA. The Manager and any Fund may also request a statement describing its rights to compensation in the event of PIL’s inability to meet its liabilities.
(b) The Manager represents that it and each Fund are “Professional Customers” in the meaning of the FCA’s rules.
(c) Although each Fund is not a party hereto and shall have no responsibility for the Manager’s, PIL’s or the Sub-Advisor’s obligations hereunder, each Fund is named as explicit third party beneficiary of the parties’ agreements hereunder.
In witness whereof, PUTNAM INVESTMENT MANAGEMENT, LLC, PUTNAM INVESTMENTS LIMITED and THE PUTNAM ADVISORY COMPANY, LLC have each caused this instrument to be signed on its behalf by an officer duly authorized, all as of the day and year first above written.
PUTNAM INVESTMENTS LIMITED
| By:____________________________________ |
| Joseph T. Phoenix |
| Director |
| PUTNAM INVESTMENT MANAGEMENT, LLC |
| By: ____________________________________ |
| James P. Pappas |
| Director of Trustee Relations and Authorized Person |
| THE PUTNAM ADVISORY COMPANY, LLC |
| By: |
| James F. Clark |
| Associate General Counsel |
| Schedule A |
| (List of Putnam Funds updated through July 1, 2013) |
| Putnam Absolute Return 100 Fund |
| Putnam Absolute Return 300 Fund |
| Putnam Absolute Return 500 Fund |
| Putnam Absolute Return 700 Fund |
| Putnam Asia Pacific Equity Fund |
| Putnam Capital Spectrum Fund |
| Putnam Dynamic Asset Allocation Balanced Fund |
| Putnam Dynamic Asset Allocation Conservative Fund |
| Putnam Dynamic Asset Allocation Equity Fund |
| Putnam Dynamic Asset Allocation Growth Fund |
| Putnam Emerging Markets Equity Fund |
| Putnam Equity Spectrum Fund |
| Putnam Europe Equity Fund |
| Putnam Global Consumer Fund |
| Putnam Global Dividend Fund |
| Putnam Global Energy Fund |
| Putnam Global Equity Fund |
| Putnam Global Financials Fund |
| Putnam Global Health Care Fund |
| E-7 |
| Putnam Global Industrials Fund |
| Putnam Global Natural Resources Fund |
| Putnam Global Sector Fund |
| Putnam Global Technology Fund |
| Putnam Global Telecommunications Fund |
| Putnam Global Utilities Fund |
| Putnam International Equity Fund |
| Putnam International Growth Fund |
| Putnam International Value Fund |
| Putnam Research Fund |
| Putnam Retirement Income Fund Lifestyle 2 |
| Putnam Retirement Income Fund Lifestyle 3 |
| Putnam VT Absolute Return 500 Fund |
| Putnam VT Global Asset Allocation Fund |
| Putnam VT Global Equity Fund |
| Putnam VT Global Health Care Fund |
| Putnam VT Global Utilities Fund |
| Putnam VT International Equity Fund |
| Putnam VT International Growth Fund |
| Putnam VT International Value Fund |
| Putnam VT Research Fund |
PUTNAM INVESTMENTS LIMITED
| By:____________________________________ |
| Joseph T. Phoenix |
| Director |
| PUTNAM INVESTMENT MANAGEMENT, LLC |
| By:____________________________________ |
| James P. Pappas |
| Director of Trustee Relations and Authorized Person |
| THE PUTNAM ADVISORY COMPANY, LLC |
| By: |
| James F. Clark |
| Associate General Counsel |
Appendix F — Description of Contract Approval Process
Previous approval of management contracts
The approval by the Trustees in November 2013 of the proposed management contracts for your funds was preceded by their approval of interim management contracts in October 2013 and by their approval in June 2013 of the continuance of the currentmanagement contracts. The discussion below summarizes the principal factors considered by the Trustees in approving the continuance of the current management contracts in June 2013.
General conclusions
The Board of Trustees of the Putnam funds oversees the management of each fund and, as required by law, determines annually whether to approve the continuance of your fund’s management contract with Putnam Investment Management (“Putnam Management”), the sub-management contract with respect to your fund between Putnam Management and its affiliate, Putnam Investments Limited (“PIL”), and (for applicable funds) the sub-advisory contract among Putnam Management, PIL, and another affiliate, The Putnam Advisory Company (“PAC”). The Board of Trustees, with the assistance of its Contract Committee, requests and evaluates all information it deems reasonably necessary under the circumstances in connection with its annual contract review. The Contract Committee consists solely of Trustees who are not “interested persons” (as this term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”)) of the Putnam funds (“Independent Trustees”).
At the outset of the review process, members of the Board’s independent staff and independent legal counsel met with representatives of Putnam Management to review the annual contract review materials furnished to the Contract Committee during the course of the previous year’s review and to discuss possible changes in these materials that might be necessary or desirable for the coming year. Following these discussions and in consultation with the Contract Committee, the Independent Trustees’ independent legal counsel requested that Putnam Management furnish specified information, together with any additional information that Putnam Management considered relevant, to the Contract Committee. Over the course of several months ending in June 2013, the Contract Committee met on a number of occasions with representatives of Putnam Management, and separately in executive session, to consider the information that Putnam Management provided. Throughout this process, the Contract Committee was assisted by the members of the Board’s independent staff and by independent legal counsel for the Putnam funds and the Independent Trustees.
In May 2013, the Contract Committee met in executive session to discuss and consider its preliminary recommendations with respect to the continuance of the contracts. At the Trustees’ June 20, 2013 meeting, the Contract Committee met in executive session with the other Independent Trustees to review a summary of the key financial data that the Contract Committee considered in the course of its review. The Contract Committee then presented its written report, which summarized the key factors that the Committee had considered and set forth its final recommendations. The Contract Committee then recommended, and the Independent Trustees approved, the continuance of your fund’s management, sub-management and (for applicable funds) sub-advisory contracts, effective
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July 1, 2013, subject to certain changes in the sub-management and sub-advisory contracts noted below. (Because PIL and PAC are affiliates of Putnam Management and Putnam Management remains fully responsible for all services provided by PIL and PAC, the Trustees have not evaluated PIL or PAC as separate entities, and all subsequent references to Putnam Management below should be deemed to include reference to PIL and PAC as necessary or appropriate in the context.)
The Independent Trustees’ approval was based on the following conclusions:
• That the fee schedule in effect for your fund represented reasonable compensation in light of the nature and quality of the services being provided to the fund, the fees paid by competitive funds, and the costs incurred by Putnam Management in providing services to the fund, and
• That the fee schedule represented an appropriate sharing between fund shareholders and Putnam Management of such economies of scale as may exist in the management of the fund at current asset levels.
These conclusions were based on a comprehensive consideration of all information provided to the Trustees and were not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered these factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors. It is also important to recognize that the management arrangements for your fund and the other Putnam funds are the result of many years of review and discussion between the Independent Trustees and Putnam Management, that some aspects of the arrangements may receive greater scrutiny in some years than others, and that the Trustees’ conclusions may be based, in part, on their consideration of fee arrangements in previous years. For example, with some minor exceptions, the current fee arrangements in the management contracts for the Putnam funds were implemented at the beginning of 2010 following extensive review and discussion by the Trustees, as well as approval by shareholders.
As noted above, the Trustees considered certain administrative revisions to your fund’s sub-management and sub-advisory contracts. Putnam Management recommended that the sub-management contract be revised to reduce the sub-management fee that Putnam Management pays to PIL with respect to the portion of the portfolios of certain funds that may be allocated to PIL from time to time. Putnam Management also recommended that the sub-advisory contract be revised to reflect the closure of PAC’s Tokyo office and the termination of PAC’s non-discretionary investment adviser’s license with respect to that office. The Independent Trustees’ approval of these recommendations was based on their conclusion that these changes would have no practical effect on Putnam Management’s continued responsibility for the management ofthese funds or the costs borne by fund shareholders and would not result in any reduction in the nature and quality of services provided to the funds.
Management fee schedules and total expenses
The Trustees reviewed the management fee schedules in effect for all Putnam funds, including fee levels and breakpoints. The Trustees also reviewed the total expenses of each Putnam fund, recognizing that in most cases management fees represented the major, but not the sole, determinant of total costs to shareholders.
In reviewing fees and expenses, the Trustees generally focus their attention on material changes in circumstances — for example, changes in assets under management, changes in a fund’s investment style, changes in Putnam Management’s operating costs or profitability, or changes in competitive practices in the mutual fund industry — that suggest that consideration of fee changes might be warranted. The Trustees concluded that the circumstances did not warrant changes to the management fee structure of any fund.
Under its management contract, the open-end funds have the benefit of breakpoints in their management fee schedules that provide shareholders with economies of scale in the form of reduced fee levels as assets under management in the Putnam family of funds increase, and each closed-end funds have the benefit of breakpoints in their management fee schedules that provide shareholders with economies of scale in the form of reduced fee levels as the fund’s assets increase. The Trustees concluded that the fee schedule in effect for your fund represented an appropriate sharing of economies of scale between fund shareholders and Putnam Management.
In addition, certain fund’s management contracts provides that the fund’s management fees will be adjusted up or down depending upon whether the fund’s performance is better or worse than the performance of an appropriate index of securities prices specified in the management contract. In the course of reviewing investment performance, the Trustees examined the operation of those fund’s performance fees and concluded that the fees were operating effectively to align further Putnam Management’s economic interests with those of the fund’s shareholders.
As in the past, the Trustees also focused on the competitiveness of each fund’s total expense ratio. In order to ensure that expenses of the Putnam funds continue to meet competitive standards, the Trustees and Putnam Management have implemented certain expense limitations. These expense limitations were: (i) a contractual expense limitation applicable to all retail open-end funds of 32 basis points on investor servicing fees and expenses and (ii) a contractual expense limitation applicable to all open-end funds of 20 basis points on so-called “other expenses” (i.e., all expenses exclusive of management fees, investor servicing fees, distribution fees, investment-related expenses, interest, taxes, brokerage commissions, extraordinary
| F-2 |
expenses and acquired fund fees and expenses). These expense limitations serve in particular to maintain competitive expense levels for funds with large numbers of small shareholder accounts and funds with relatively small net assets. Most funds had sufficiently low expenses that these expense limitations did not apply. Putnam Management’s support for these expense limitations, including its agreement to reduce the expense limitation applicable to the open-end funds’ investor servicing fees and expenses as noted above, was an important factor in the Trustees’ decision to approve the continuance of your fund’s management, sub-management and sub-advisory contracts.
The Trustees reviewed comparative fee and expense information for competitive funds, which indicated that, in a custom peer group of competitive funds selected by Lipper Inc. (determined for each Putnam fund and the other funds in the custom peer group based on fund asset size and the applicable contractual management fee schedule), each Putnam fund ranked in particular percentiles in management fees and total expenses (excluding any applicable 12b-1 fees for open-end funds and excluding charges and expenses at the insurance company separate account level for the funds of Putnam Variable Trust) as of December 31, 2012 (the first quintile representing the least expensive funds and the fifth quintile the most expensive funds). (The comparative fee and expense information for Putnam Global Sector Fund, Putnam Retirement Income Fund Lifestyle 1, Putnam Retirement Income Fund Lifestyle 2, Putnam Retirement Income Fund Lifestyle 3 and each Putnam RetirementReady Fund included the fees and expenses of the underlying Putnam funds in which these funds invested, as well as the fees and expenses of the underlying funds in which each fund in these funds’ Lipper peer group invested.) The fee and expense data reported by Lipper as of December 31, 2012 reflected the most recent fiscal year-end data available in Lipper’s database at that time.
In connection with their review of the management fees and total expenses of the Putnam funds, the Trustees also reviewed the costs of the services provided and the profits realized by Putnam Management and its affiliates from their contractual relationships with the funds. This information included trends in revenues, expenses and profitability of Putnam Management and its affiliates relating to the investment management, investor servicing and distribution services provided to the funds. In this regard, the Trustees also reviewed an analysis of Putnam Management’s revenues, expenses and profitability, allocated on a fund-by-fund basis, with respect to the funds’ management, distribution, and investor servicing contracts. For each fund, the analysis presented information about revenues, expenses and profitability for each of the agreements separately and for the agreements taken together on a combined basis. The Trustees concluded that, at current asset levels, the fee schedules in place represented reasonable compensation for the services being provided and represented an appropriate sharing of such economies of scale as may exist in the management of the Putnam funds at that time.
The information examined by the Trustees as part of their annual contract review for the Putnam funds has included for many years information regarding fees charged by Putnam Management and its affiliates to institutional clients such as defined benefit pension plans, college endowments, and the like. This information included comparisons of those fees with fees charged to the funds, as well as an assessment of the differences in the services provided to these different types of clients. The Trustees observed that the differences in fee rates between institutional clients and mutual funds are by no means uniform when examined by individual asset sectors, suggesting that differences in the pricing of investment management services to these types of clients may reflect historical competitive forces operating in separate markets. The Trustees considered the fact that in many cases fee rates across different asset classes are higher on average for mutual funds than for institutional clients, as well as the differences between the services that Putnam Management provides to the Putnam funds and those that it provides to its institutional clients. The Trustees did not rely on these comparisons to any significant extent in concluding that the management fees paid by your fund are reasonable.
Investment performance
The quality of the investment process provided by Putnam Management represented a major factor in the Trustees’ evaluation of the quality of services provided by Putnam Management under your fund’s management contract. The Trustees were assisted in their review of the Putnam funds’ investment process and performance by the work of the investment oversight committees of the Trustees, which meet on a regular basis with the funds’ portfolio teams and with the Chief Investment Officer and other senior members of Putnam Management’s Investment Division throughout the year. The Trustees concluded that Putnam Management generally provides a high-quality investment process — based on the experience and skills of the individuals assigned to the management of fund portfolios, the resources made available to them, and in general Putnam Management’s ability to attract and retain high-quality personnel — but also recognized that this does not guarantee favorable investment results for every fund in every time period.
The Trustees considered that 2012 was a year of strong competitive performance for many of the Putnam funds, with only a relatively small number of exceptions. They noted that this strong performance was exemplified by the fact that the Putnam funds were recognized by Barron’s as the best performing mutual fund complex for 2012 — the second time in four years that Putnam Management has achieved this distinction for the Putnam funds. They also noted, however, the disappointing investment performance of some funds for periods ended December 31, 2012 and considered information provided by Putnam Management regarding the factors contributing to the underperformance and actions being taken to improve the performance of these particular funds. The Trustees indicated their intention to continue to monitor performance trends to assess the effectiveness of these efforts
| F-3 |
and to evaluate whether additional actions to address areas of underperformance are warranted.
For purposes of evaluating investment performance, the Trustees generally focus on competitive industry rankings for the one-year, three-year, and five-year periods. For a number of Putnam funds with relatively unique investment mandates, the Trustees evaluated performance based on comparisons of their absolute gross returns with the returns of selected investment benchmarks or targeted annualized returns.
The Trustees also considered a number of other changes that Putnam Management had made in recent years in efforts to support and improve fund performance generally. These changes included Putnam Management’s efforts to increase accountability and to reduce complexity in the portfolio management process for the Putnam equity funds by moving generally from a portfolio management team structure to a decision-making process that vests full authority and responsibility with individual portfolio managers and by affirming its commitment to a fundamental-driven approach to investing. The Trustees noted that Putnam Management had also worked to strengthen its fundamental research capabilities by adding new investment personnel to the large-cap equities research team and by bringing U.S. and international research under common leadership. In addition, the Trustees recognized that Putnam Management has adjusted the compensation structure for portfolio managers and research analysts so that only those who achieve top-quartile returns over a rolling three-year basis are eligible for full bonuses.
Brokerage and soft-dollar allocations; investor servicing
The Trustees considered various potential benefits that Putnam Management may receive in connection with the services it provides under the management contract with your fund. These include benefits related to brokerage allocation and the use of soft dollars, whereby a portion of the commissions paid by a fund for brokerage may be used to acquire research services that are expected to be useful to Putnam Management in managing the assets of the fund and of other clients. Subject to policies established by the Trustees, soft dollars generated by these means are used primarily to acquire brokerage and research services that enhance Putnam Management’s investment capabilities and supplement Putnam Management’s internal research efforts. However, the Trustees noted that a portion of available soft dollars continues to be used to pay fund expenses. The Trustees indicated their continued intent to monitor regulatory and industry developments in this area with the assistance of their Brokerage Committee and also indicated their continued intent to monitor the allocation of the Putnam funds’ brokerage in order to ensure that the principle of seeking best price and execution remains paramount in the portfolio trading process.
Putnam Management may also receive benefits from payments that the funds make to Putnam Management’s affiliates forinvestor or distribution services. In conjunction with the annual review of the funds’ management, sub-management and sub-advisory contracts, the Trustees reviewed the funds’ investor servicing agreement with Putnam Investor Services, Inc. (“PSERV”) and the open-end funds’ distributor’s contracts and distribution plans with Putnam Retail Management Limited Partnership (“PRM”), both of which are affiliates of Putnam Management. The Trustees concluded that the fees payable by the funds to PSERV and PRM, as applicable, for such services are reasonable in relation to the nature and quality of such services, the fees paid by competitive funds, and the costs incurred by PSERV and PRM, as applicable, in providing such services.
Appendix G — Auditors
As listed below, the Trustees have selected PricewaterhouseCoopers LLP, 125 High Street, Boston, Massachusetts 02110, or KPMG, 99 High Street, Boston, Massachusetts 02110, as the auditors for each fund’s current fiscal year. These firms are among the country’s preeminent auditors. Each firm was selected primarily on the basis of its expertise as auditors of investment companies, the quality of its audit services and the competitiveness of its fees. Representatives of each of PricewaterhouseCoopers LLP and KPMG LLP are expected to be present at the special meeting and to have the opportunity to make a statement and respond to appropriate questions.
A note for funds audited by PricewaterhouseCoopers LLP
A non-U.S. member firm in PricewaterhouseCoopers LLP’s global network of firms has an investment in certain non-U.S. funds now affiliated with Putnam Investments as a result of the July 2013 acquisition of the funds’ advisor by Putnam’s parent company, Great-West Lifeco Inc. The investment consists of pension plan assets for the benefit of the member firm’s personnel. The investment is inconsistent with the requirements of the Securities and Exchange Commission’s auditor independence rules. Your fund has been informed by PwC that to address this issue, the member firm is in the process of selecting different advisors not affiliated with Putnam to manage the relevant pension plans and transferring the plans’ assets to such advisors. None of the member firm’s personnel is on the PricewaterhouseCoopers LLP audit team for your fund, and none of the members of the audit team participates in the member firm’s pension plans. Based on its knowledge of the facts and its experience with PricewaterhouseCoopers LLP, the Audit and Compliance Committee of your fund’s Board of Trustees concluded that the investment by the PricewaterhouseCoopers LLP member firm would not affect PricewaterhouseCoopers LLP’s ability to render an objective audit opinion to your fund. Based on this conclusion and consideration of the potential risks that the disruption of a change of auditors could present, the Audit and Compliance Committee determined that PricewaterhouseCoopers LLP should continue to act as auditors for your fund.
| F/G-1 |
The following table presents fees billed to each indicated fund in each of its last two fiscal years ended prior to October 1, 2013 by PricewaterhouseCoopers LLP:
| Fund | Fiscal Year Ended | Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
| Putnam Absolute Return 500 Fund | October 31, 2012 | $154,468 | $— | $14,706 | $1,679 | |
| October 31, 2011 | $149,752 | $— | $10,157 | $— | ||
| Putnam Absolute Return 700 Fund | October 31, 2012 | $148,606 | $— | $14,700 | $1,417 | |
| October 31, 2011 | $159,580 | $— | $9,925 | $— | ||
| Putnam American Government Income Fund | September 30, 2013 | $119,789 | $— | $8,976 | $— | |
| September 30, 2012 | $118,259 | $— | $9,036 | $1,571 | ||
| Putnam AMT-Free Municipal Fund | July 31, 2013 | $65,477 | $— | $11,267 | $— | |
| July 31, 2012 | $60,516 | $— | $11,298 | $799 | ||
| Putnam Capital Opportunities Fund | April 31, 2013 | $62,119 | $— | $5,474 | $— | |
| April 31, 2012 | $61,723 | $— | $5,416 | $656 | ||
| Putnam Capital Spectrum Fund | April 30, 2013 | $95,656 | $— | $9,549 | $— | |
| April 31, 2012 | $66,762 | $— | $9,417 | $1,399 | ||
| Putnam Dynamic Asset Allocation Balanced Fund | September 30, 2013 | $154,835 | $— | $31,190 | $— | |
| September 30, 2012 | $220,012 | $— | $31,591 | $2,522 | ||
| Putnam Dynamic Asset Allocation Conservative Fund | September 30, 2013 | $128,446 | $— | $29,790 | $— | |
| September 30, 2012 | $181,777 | $— | $29,883 | $1,071 | ||
| Putnam Dynamic Asset Allocation Growth Fund | September 30, 2013 | $161,823 | $— | $34,890 | $— | |
| September 30, 2012 | $229,014 | $— | $33,559 | $3,084 | ||
| Putnam Dynamic Asset Allocation Equity Fund | May 31, 2013 | $73,558 | $— | $11,870 | $— | |
| May 31, 2012 | $75,260 | $— | $14,922 | $39 | ||
| Putnam Europe Equity Fund | June 20, 2013 | $62,142 | $— | $8,593 | $— | |
| June 20, 2012 | $60,553 | $— | $8,397 | $302 | ||
| The Putnam Fund for Growth and Income | October 31, 2012 | $234,489 | $— | $8,407 | $8,735 | |
| October 31, 2011 | $272,321 | $— | $12,363 | $— | ||
| The George Putnam Fund of Boston (d/b/a | July 31, 2013 | $117,377 | $— | $15,659 | $— | |
| George Putnam Balanced Fund) | ||||||
| July 31, 2012 | $136,346 | $— | $15,750 | $2,356 | ||
| Putnam Global Health Care Fund | August 31, 2013 | $96,943 | $— | $10,066 | $— | |
| August 31, 2012 | $76,430 | $— | $10,142 | $1,902 | ||
| Putnam Global Income Trust | October 31, 2012 | $174,155 | $— | $17,851 | $734 | |
| October 31, 2011 | $149,859 | $— | $10,944 | $— | ||
| Putnam Global Sector Fund | October 31, 2012 | $12,251 | $— | $5,538 | $— | |
| October 31, 2011 | $16,573 | $— | $3,137 | $— | ||
| Putnam Global Utilities Fund | August 31, 2013 | $56,726 | $— | $13,449 | $— | |
| August 31, 2012 | $52,359 | $— | $13,014 | $459 | ||
| Putnam High Income Securities Fund | August 31, 2013 | $72,576 | $— | $16,169 | $— | |
| August 31, 2012 | $105,084 | $— | $16,179 | $273 | ||
| Putnam International Capital Opportunities Fund | August 31, 2013 | $91,226 | $— | $21,985 | $— | |
| August 31, 2012 | $74,070 | $— | $15,630 | $1,807 | ||
| Putnam International Equity Fund | June 30, 2013 | $109,525 | $— | $15,476 | $— | |
| June 30, 2012 | $89,613 | $— | $15,497 | $2,059 | ||
| Putnam International Growth Fund | September 30, 2013 | $75,191 | $— | $17,835 | $— | |
| September 30, 2012 | $75,298 | $— | $16,822 | $669 | ||
| Putnam International Value Fund | June 30, 2013 | $65,642 | $— | $11,466 | $— | |
| June 30, 2012 | $56,665 | $— | $11,298 | $420 | ||
| Putnam Massachusetts Tax Exempt Income Fund | May 31, 2013 | $56,188 | $— | $11,521 | $— | |
| May 31, 2012 | $52,439 | $— | $11,211 | $647 | ||
| Putnam Michigan Tax Exempt Income Fund | May 31, 2013 | $45,321 | $— | $11,521 | $— | |
| May 31, 2012 | $41,736 | $— | $11,192 | $154 | ||
| Putnam Minnesota Tax Exempt Income Fund | May 31, 2013 | $46,563 | $— | $11,521 | $— | |
| May 31, 2012 | $44,128 | $— | $11,194 | $204 | ||
| G-2 |
| Fund | Fiscal Year Ended | Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
| Putnam Money Market Fund | September 30, 2013 | $91,529 | $— | $4,010 | $— | |
| September 30, 2012 | $107,675 | $— | $4,165 | $3,655 | ||
| Putnam Multi-Cap Growth Fund | June 30, 2013 | $211,800 | $— | $5,474 | $— | |
| June 30, 2012 | $137,804 | $— | $5,550 | $6,304 | ||
| Putnam Municipal Opportunities Trust | April 30, 2013 | $74,048 | $32,284 | $11,395 | $— | |
| April 30, 2012 | $71,280 | $31,344 | $12,604 | $1,083 | ||
| Putnam New Jersey Tax Exempt Income Fund | May 31, 2013 | $52,845 | $— | $11,521 | $— | |
| May 31, 2012 | $48,126 | $— | $11,205 | $500 | ||
| Putnam Ohio Tax Exempt Income Fund | May 31, 2013 | $48,608 | $— | $11,521 | $— | |
| May 31, 2012 | $47,678 | $— | $11,198 | $299 | ||
| Putnam Pennsylvania Tax Exempt Income Fund | May 31, 2013 | $51,805 | $— | $11,521 | $— | |
| May 31, 2012 | $47,454 | $— | $11,204 | $459 | ||
| Putnam RetirementReady 2055 Fund | July 31, 2013 | $562 | $— | $223 | $— | |
| July 31, 2012 | $214 | $— | $105 | $— | ||
| Putnam RetirementReady 2050 Fund | July 31, 2013 | $5,521 | $— | $2,189 | $— | |
| July 31, 2012 | $3,598 | $— | $1,760 | $— | ||
| Putnam RetirementReady 2045 Fund | July 31, 2013 | $7,762 | $— | $3,077 | $— | |
| July 31, 2012 | $5,786 | $— | $2,830 | $— | ||
| Putnam RetirementReady 2040 Fund | July 31, 2013 | $11,198 | $— | $4,439 | $— | |
| July 31, 2012 | $8,386 | $— | $4,101 | $— | ||
| Putnam RetirementReady 2035 Fund | July 31, 2013 | $16,482 | $— | $6,533 | $— | |
| July 31, 2012 | $12,874 | $— | $6,296 | $— | ||
| Putnam RetirementReady 2030 Fund | July 31, 2013 | $21,611 | $— | $8,567 | $— | |
| July 31, 2012 | $17,287 | $— | $8,455 | $— | ||
| Putnam RetirementReady 2025 Fund | July 31, 2013 | $25,172 | $— | $9,978 | $— | |
| July 31, 2012 | $20,211 | $— | $9,885 | $— | ||
| Putnam RetirementReady 2020 Fund | July 31, 2013 | $22,129 | $— | $8,772 | $— | |
| July 31, 2012 | $18,931 | $— | $9,259 | $— | ||
| Putnam RetirementReady 2015 Fund | July 31, 2013 | $16,124 | $— | $6,391 | $— | |
| July 31, 2012 | $15,025 | $— | $7,348 | $— | ||
| Putnam Retirement Income Fund Lifestyle 1 | July 31, 2013 | $14,270 | $— | $5,657 | $— | |
| July 31, 2012 | $11,830 | $— | $5,786 | $— | ||
| Putnam Retirement Income Fund Lifestyle 2 | August 31, 2013 | $47,809 | $— | $7,416 | $— | |
| August 31, 2012 | $52,490 | $— | $7,416 | $11 | ||
| Putnam Retirement Income Fund Lifestyle 3 | February 28, 2013 | $82,890 | $— | $7,575 | $— | |
| February 28, 2012 | $88,434 | $— | $4,290 | $31 | ||
| Putnam Short Term Investment Fund | July 31,2013(1) | $63,545 | $— | $3,600 | $— | |
| Putnam Small Cap Growth Fund | June 30, 2013 | $52,294 | $— | $7,066 | $— | |
| June 30, 2012 | $52,075 | $— | $6,899 | $238 | ||
| Putnam Tax Exempt Money Market Fund | September 30, 2013 | $46,945 | $— | $4,392 | $— | |
| September 30, 2012 | $44,394 | $— | $4,396 | $110 | ||
| Putnam Tax-Free High Yield Fund | July 31, 2013 | $96,150 | $— | $12,859 | $— | |
| July 31, 2012 | $83,316 | $— | $12,939 | $2,049 | ||
| Putnam Voyager Fund | July 31, 2013 | $220,449 | $— | $9,756 | $— | |
| July 31, 2012 | $187,242 | $— | $10,826 | $7,414 | ||
| Putnam VT Absolute Return 500 Fund | December 31, 2012 | $91,404 | $— | $6,592 | $25 | |
| December 31, 2011 | $75,795 | $— | $5,601 | $— | ||
| Putnam VT American Government Income Fund | December 31, 2012 | $60,234 | $— | $3,140 | $281 | |
| December 31, 2011 | $51,923 | $— | $2,678 | $— | ||
| Putnam VT Capital Opportunities Fund | December 31, 2012 | $28,450 | $— | $2,122 | $64 | |
| December 31, 2011 | $31,600 | $— | $1,813 | $— | ||
| Putnam VT Diversified Income Fund | December 31, 2012 | $174,153 | $— | $8,445 | $890 | |
| December 31, 2011 | $153,148 | $— | $9,360 | $— | ||
| Putnam VT Equity Income Fund | December 31, 2012 | $44,867 | $— | $2,122 | $731 | |
| December 31, 2011 | $49,013 | $— | $1,828 | $— | ||
| G-3 |
| Fund | Fiscal Year Ended | Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
| Putnam VT George Putnam Balanced Fund | December 31, 2012 | $91,318 | $— | $5,856 | $365 | |
| December 31, 2011 | $94,486 | $— | $4,994 | $— | ||
| Putnam VT Global Asset Allocation Fund | December 31, 2012 | $137,663 | $— | $11,506 | $426 | |
| December 31, 2011 | $128,870 | $— | $9,031 | $— | ||
| Putnam VT Global Equity Fund | December 31, 2012 | $64,252 | $— | $7,214 | $392 | |
| December 31, 2011 | $67,301 | $— | $9,196 | $— | ||
| Putnam VT Global Health Care Fund | December 31, 2012 | $33,940 | $— | $3,961 | $201 | |
| December 31, 2011 | $37,320 | $— | $3,598 | $— | ||
| Putnam VT Global Utilities Fund | December 31, 2012 | $33,011 | $— | $4,852 | $246 | |
| December 31, 2011 | $36,806 | $— | $4,358 | $— | ||
| Putnam VT Growth and Income Fund | December 31, 2012 | $95,108 | $— | $3,480 | $2,337 | |
| December 31, 2011 | $107,799 | $— | $3,042 | $— | ||
| Putnam VT Growth Opportunities Fund | December 31, 2012 | $35,470 | $— | $2,461 | $48 | |
| December 31, 2011 | $37,541 | $— | $2,092 | $— | ||
| Putnam VT High Yield Fund | December 31, 2012 | $92,091 | $— | $5,135 | $775 | |
| December 31, 2011 | $95,878 | $— | $4,391 | $— | ||
| Putnam VT Income Fund | December 31, 2012 | $146,842 | $— | $3,904 | $797 | |
| December 31, 2011 | $124,754 | $— | $3,349 | $— | ||
| Putnam VT International Equity Fund | December 31, 2012 | $63,920 | $— | $5,659 | $839 | |
| December 31, 2011 | $71,173 | $— | $3,564 | $— | ||
| Putnam VT International Growth Fund | December 31, 2012 | $42,998 | $— | $8,856 | $115 | |
| December 31, 2011 | $46,085 | $— | $10,758 | $— | ||
| Putnam VT International Value Fund | December 31, 2012 | $43,359 | $— | $4,937 | $225 | |
| December 31, 2011 | $47,613 | $— | $5,963 | $— | ||
| Putnam VT Investors Fund | December 31, 2012 | $42,050 | $— | $3,961 | $476 | |
| December 31, 2011 | $46,458 | $— | $6,608 | $— | ||
| Putnam VT Money Market Fund | December 31, 2012 | $52,382 | $— | $1,994 | $517 | |
| December 31, 2011 | $56,515 | $— | $1,717 | $— | ||
| Putnam VT Multi-Cap Growth Fund | December 31, 2012 | $52,852 | $— | $2,461 | $1,311 | |
| December 31, 2011 | $60,230 | $— | $2,139 | $— | ||
| Putnam VT Multi-Cap Value Fund | December 31, 2012 | $28,553 | $— | $2,122 | $69 | |
| December 31, 2011 | $31,721 | $— | $1,814 | $— | ||
| Putnam VT Research Fund | December 31, 2012 | $35,616 | $— | $2,716 | $112 | |
| December 31, 2011 | $38,000 | $— | $2,310 | $— | ||
| Putnam VT Small Cap Value Fund | December 31, 2012 | $36,454 | $— | $2,631 | $459 | |
| December 31, 2011 | $41,588 | $— | $2,250 | $— | ||
| Putnam VT Voyager Fund | December 31, 2012 | $87,826 | $— | $4,961 | $1,588 | |
| December 31, 2011 | $98,551 | $— | $5,756 | $— | ||
(1) The amounts for Putnam Short Term Investment Fund represent fees for the period February 19, 2013 (commencement of operations) to the fiscal period ended July 31, 2013.
The following table presents fees billed to each indicated fund in each of its last two fiscal years ended prior to October 1, 2013 by KPMG LLP:
| Fund | Fiscal Year Ended | Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
| Putnam Absolute Return 100 Fund | October 31, 2012 | $87,871 | $— | $5,150 | $— | |
| October 31, 2011 | $86,191 | $— | $5,000 | $— | ||
| Putnam Absolute Return 300 Fund | October 31, 2012 | $88,458 | $— | $5,150 | $— | |
| October 31, 2011 | $86,680 | $— | $5,000 | $— | ||
| Putnam Arizona Tax Exempt Income Fund | May 31, 2013 | $51,929 | $— | $6,300 | $— | |
| May 31, 2012 | $44,743 | $— | $6,100 | $— | ||
| Putnam Asia Pacific Equity Fund | April 30, 2013 | $37,955 | $— | $3,450 | $— | |
| April 30, 2012 | $41,355 | $— | $3,350 | $— | ||
| Putnam California Tax Exempt Fund | September 30, 2013 | $58,141 | $— | $6,458 | $— | |
| September 30, 2012 | $56,702 | $— | $6,300 | $— | ||
| G-4 |
| Fund | Fiscal Year Ended | Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
| Putnam Convertible Securities Fund | October 31, 2012 | $36,744 | $— | $4,100 | $— | |
| October 31, 2011 | $45,079 | $— | $4,000 | $— | ||
| Putnam Diversified Income Trust | September 30, 2013 | $148,356 | $— | $6,458 | $— | |
| September 30, 2012 | $153,715 | $— | $6,300 | $— | ||
| Putnam Dynamic Risk Allocation Fund | May 31, 2013 | $65,488 | $— | $4,650 | $— | |
| May 31, 2012(1) | $70,513 | $— | $4,500 | $— | ||
| Putnam Emerging Markets Equity Fund | August 31, 2013 | $45,734 | $— | $4,963 | $— | |
| August 31, 2012 | $44,622 | $— | $4,850 | $— | ||
| Putnam Equity Income Fund | November 30, 2012 | $43,672 | $— | $4,100 | $— | |
| November 30, 2011 | $52,940 | $— | $4,000 | $— | ||
| Putnam Equity Spectrum Fund | April 30, 2013 | $36,893 | $— | $3,450 | $— | |
| April 30, 2012 | $41,599 | $— | $3,350 | $— | ||
| Putnam Floating Rate Income Fund | February 28, 2013 | $83,263 | $— | $6,900 | $— | |
| February 28, 2012 | $80,841 | $— | $6,700 | $— | ||
| Putnam Global Consumer Fund | August 31, 2013 | $39,684 | $— | $4,300 | $— | |
| August 31, 2012 | $38,708 | $— | $4,200 | $— | ||
| Putnam Global Energy Fund | August 31, 2013 | $39,686 | $— | $4,300 | $— | |
| August 31, 2012 | $38,711 | $— | $4,200 | $— | ||
| Putnam Global Equity Fund | October 31, 2012 | $41,872 | $— | $4,650 | $— | |
| October 31, 2011 | $58,738 | $— | $4,550 | $— | ||
| Putnam Global Financials Fund | August 31, 2013 | $39,684 | $— | $4,300 | $— | |
| August 31, 2012 | $42,705 | $— | $4,200 | $— | ||
| Putnam Global Industrials Fund | August 31, 2013 | $39,682 | $— | $4,300 | $— | |
| August 31, 2012 | $38,706 | $— | $4,200 | $— | ||
| Putnam Global Natural Resources Fund | August 31, 2013 | $39,763 | $— | $4,200 | $— | |
| August 31, 2012 | $42,810 | $— | $4,100 | $— | ||
| Putnam Global Technology Fund | August 31, 2013 | $39,682 | $— | $4,300 | $— | |
| August 31, 2012 | $38,707 | $— | $4,200 | $— | ||
| Putnam Global Telecommunications Fund | August 31, 2013 | $39,684 | $— | $4,300 | $— | |
| August 31, 2012 | $38,706 | $— | $4,200 | $— | ||
| Putnam Growth Opportunities Fund | July 31, 2013 | $42,920 | $— | $4,200 | $— | |
| July 31, 2012 | $45,752 | $— | $4,100 | $— | ||
| Putnam High Yield Advantage Fund | November 30, 2012 | $80,880 | $— | $4,450 | $— | |
| November 30, 2011 | $82,325 | $— | $4,350 | $— | ||
| Putnam High Yield Trust | August 31, 2013 | $77,467 | $— | $6,457 | $— | |
| August 31, 2012 | $81,549 | $— | $6,300 | $— | ||
| Putnam Income Fund | October 31, 2012 | $109,651 | $— | $6,300 | $— | |
| October 31, 2011 | $101,397 | $— | $6,100 | $— | ||
| Putnam Investors Fund | July 31, 2013 | $39,093 | $— | $4,200 | $— | |
| July 31, 2012 | $41,716 | $— | $4,100 | $— | ||
| Putnam Low Volatility Equity Fund | July 31, 2013(2) | $33,504 | $— | $3,500 | $— | |
| Putnam Managed Municipal Income Trust | October 31, 2012 | $68,324 | $26,550 | $6,300 | $— | |
| October 31, 2011 | $66,220 | $25,300 | $6,100 | $— | ||
| Putnam Master Intermediate Income Trust | September 30, 2013 | $129,389 | $— | $6,458 | $— | |
| September 30, 2012 | $136,019 | $— | $6,300 | $— | ||
| Putnam Money Market Liquidity Fund | September 30, 2013 | $38,091 | $— | $3,425 | $— | |
| September 30, 2012 | $37,953 | $— | $3,350 | $— | ||
| Putnam Multi-Cap Core Fund | April 30, 2013 | $28,456 | $— | $2,950 | $— | |
| April 30, 2012 | $32,405 | $— | $2,900 | $— | ||
| Putnam Multi-Cap Value Fund | April 30, 2013 | $34,331 | $— | $4,100 | $— | |
| April 30, 2012 | $45,045 | $— | $4,000 | $— | ||
| Putnam New York Tax Exempt Income Fund | November 30, 2012 | $56,439 | $— | $6,300 | $— | |
| November 30, 2011 | $56,941 | $— | $6,100 | $— | ||
| Putnam Premier Income Trust | July 31, 2013 | $153,053 | $— | $6,458 | $— | |
| July 31, 2012 | $158,194 | $— | $6,300 | $— | ||
| G-5 |
| Fund | Fiscal Year Ended | Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
| Putnam Research Fund | July 31, 2013 | $36,668 | $— | $4,200 | $— | |
| July 31, 2012 | $39,696 | $— | $4,100 | $— | ||
| Putnam Short Duration Income Fund | July 31, 2013 | $64,867 | $— | $4,100 | $— | |
| July 31, 2012(3) | $62,909 | $— | $7,000 | $— | ||
| Putnam Small Cap Value Fund | February 28, 2013 | $36,471 | $— | $4,100 | $— | |
| February 28, 2012 | $48,651 | $— | $4,000 | $— | ||
| Putnam Strategic Volatility Equity Fund | July 31, 2013(2) | $33,501 | $— | $3,500 | $— | |
| Putnam Tax Exempt Income Fund | September 30, 2013 | $57,855 | $— | $6,458 | $— | |
| September 30, 2012 | $56,432 | $— | $6,300 | $— | ||
| Putnam U.S. Government Income Trust | September 30, 2013 | $116,925 | $— | $4,763 | $— | |
| September 30, 2012 | $122,150 | $— | $4,650 | $— | ||
(1) The amounts for Putnam Dynamic Risk Allocation Fund represent fees for the period September 19, 2011 (commencement of operations) to the fiscal period ended May 31, 2012.
(2) The amounts for Putnam Low Volatility Equity Fund and Putnam Strategic Volatility Equity Fund represent fees for the period March 18, 2013 (commencement of operations) to the fiscal period ended July 31, 2013.
(3) The amounts for Putnam Short duration Income Fund represent fees for the period October 17, 2011 (commencement of operations) to the fiscal period ended July 31, 2012.
As of the date of this proxy statement, the following funds had not yet completed a full fiscal year of operations: Putnam Emerging Markets Income Fund; Putnam Global Dividend Fund; Putnam Intermediate-Term Municipal Income Fund; Putnam Low Volatility Equity Fund; Putnam Short-Term Municipal Income Fund; and Putnam Strategic Volatility Equity Fund (each audited by KPMG LLP) ; and Putnam Short Term Investment Fund (audited by PricewaterhouseCoopers LLP).
Audit Feesrepresent 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 concerningfinancial accounting and reporting standards and other audit or attest services not required by statute or regulation.
Tax Feesrepresent 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.
All Other Feesrepresent fees billed for services relating to analysis of fund profitability.
The following tables present the amounts PricewaterhouseCoopers LLP 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 ended prior to October 1, 2013:
| Putnam Absolute Return 500 Fund | Oct. 31, 2013: $255,895 | Oct. 31, 2012: $187,539 |
| Putnam Absolute Return 700 Fund | Oct. 31, 2013: $255,626 | Oct. 31, 2012: $187,307 |
| Putnam American Government Income Fund | Sept. 30, 2013: $158,976 | Sept. 30, 2012: $172,616 |
| Putnam AMT-Free Municipal Fund | July 31, 2013: $158,767 | July 31, 2012: $174,106 |
| Putnam Capital Opportunities Fund | April 30, 2013: $152,974 | April 31, 2012: $123,453 |
| Putnam Capital Spectrum Fund | April 30, 2013: $157,049 | April 31, 2012: $128,199 |
| Putnam Dynamic Asset Allocation Balanced Fund | Sept. 30, 2013: $181,190 | Sept. 30, 2012: $196,121 |
| Putnam Dynamic Asset Allocation Conservative Fund | Sept. 30, 2013: $179,790 | Sept. 30, 2012: $192,963 |
| Putnam Dynamic Asset Allocation Equity Fund | May 31, 2013: $159,370 | May 31, 2012: $107,713 |
| Putnam Dynamic Asset Allocation Growth Fund | Sept. 30, 2013: $184,890 | Sept. 30, 2012: $198,652 |
| Putnam Europe Equity Fund | June 30, 2013: $156,093 | June 30, 2012: $201,713 |
| The Putnam Fund for Growth and Income | Oct. 31, 2012: $256,651 | Oct. 31, 2011: $189,745 |
| The George Putnam Fund of Boston (d/b/a | Sept. 30, 2013: $163,159 | Sept. 30, 2012: $180,115 |
| George Putnam Balanced Fund) | ||
| Putnam Global Health Care Fund | Aug. 30, 2013: $157,566 | Aug. 30, 2012: $174,052 |
| Putnam Global Income Trust | Oct. 31, 2012: $258,095 | Oct. 31, 2011: $188,326 |
| Putnam Global Sector Fund | Oct. 31, 2012: $245,047 | Oct. 31, 2011: $180,519 |
| Putnam Global Utilities Fund | Aug. 30, 2013: $160,949 | Aug. 30, 2012: $175,482 |
| Putnam High Income Securities Fund | Aug. 31, 2013: $163,669 | Aug. 31, 2012: $178,460 |
| G-6 |
| Putnam International Capital Opportunities Fund | Aug. 31, 2013: $169,485 | Aug. 31, 2012: $179,446 |
| Putnam International Equity Fund | June 30, 2013: $162,976 | June 30, 2012: $210,569 |
| Putnam International Growth Fund | Sept. 30, 2013: $167,835 | Sept. 30, 2012: $179,500 |
| Putnam International Value Fund | June 30, 2013: $158,966 | June 30, 2012: $ 204,732 |
| Putnam Massachusetts Tax Exempt Income Fund | July 31, 2013: $159,021 | July 31, 2012: $104,610 |
| Putnam Michigan Tax Exempt Income Fund | Sept. 30, 2013: $159,021 | Sept. 30, 2012: $104,098 |
| Putnam Minnesota Tax Exempt Income Fund | June 30, 2013: $159,021 | June 30, 2012: $104,150 |
| Putnam Money Market Fund | Sept. 30, 2013: $154,010 | Sept. 30, 2012: $169,828 |
| Putnam Multi-Cap Growth Fund | June 30, 2013: $152,974 | June 30, 2012: $204,867 |
| Putnam Municipal Opportunities Trust | April 30, 2013: $191,179 | April 30, 2012: $162,414 |
| Putnam New Jersey Tax Exempt Income Fund | May 31, 2013: $159,021 | May 31, 2012: $104,150 |
| Putnam Ohio Tax Exempt Income Fund | May 31, 2013: $159,021 | May 31, 2012: $104,248 |
| Putnam Pennsylvania Tax Exempt | May 31, 2013: $159,021 | May 31, 2012: $104,415 |
| Putnam RetirementReady 2055 Fund | July 31, 2013: $147,723 | July 31, 2012: $162,114 |
| Putnam RetirementReady 2050 Fund | July 31, 2013: $149,689 | July 31, 2012: $163,769 |
| Putnam RetirementReady 2045 Fund | July 31, 2013: $150,577 | July 31, 2012: $164,839 |
| Putnam RetirementReady 2040 Fund | July 31, 2013: $151,939 | July 31, 2012: $166,110 |
| Putnam RetirementReady 2035 Fund | July 31, 2013: $154,033 | July 31, 2012: $168,305 |
| Putnam RetirementReady 2030 Fund | July 31, 2013: $156,067 | July 31, 2012: $170,464 |
| Putnam RetirementReady 2025 Fund | July 31, 2013: $157,478 | July 31, 2012: $171,894 |
| Putnam RetirementReady 2020 Fund | July 31, 2013: $156,272 | July 31, 2012: $171,268 |
| Putnam RetirementReady 2015 Fund | July 31, 2013: $153,891 | July 31, 2012: $169,357 |
| Putnam Retirement Income Fund Lifestyle 1 | July 31, 2013: $153,157 | July 31, 2012: $167,795 |
| Putnam Retirement Income Fund Lifestyle 2 | Aug. 31, 2013: $154,916 | Aug. 31, 2012: $169,437 |
| Putnam Retirement Income Fund Lifestyle 3 | Feb. 28, 2013: $259,687 | Feb. 28, 2012: $121,703 |
| Putnam Short Term Investment Fund (1) | July 31, 2013: $151,100 | N/A |
| Putnam Small Cap Growth Fund | June 30, 2013: $154,566 | June 30, 2012: $200,151 |
| Putnam Tax Exempt Money Market Fund | Sept. 30, 2013: $154,392 | Sept. 30, 2012: $166,515 |
| Putnam Tax-Free High Yield Fund | July 31, 2013: $157,256 | July 31, 2012: $160,359 |
| Putnam Voyager Fund | July 31, 2013: $157,256 | July 31, 2012: $180,249 |
| Putnam VT Absolute Return 500 Fund | Dec. 31, 2012: $258,729 | Dec. 31, 2011: $132,983 |
| Putnam VT American Government Income Fund | Dec. 31, 2012: $255,533 | Dec. 31, 2011: $130,060 |
| Putnam VT Capital Opportunities Fund | Dec. 31, 2012: $254,298 | Dec. 31, 2011: $129,195 |
| Putnam VT Diversified Income Fund | Dec. 31, 2012: $261,447 | Dec. 31, 2011: $136,742 |
| Putnam VT Equity Income Fund | Dec. 31, 2012: $254,965 | Dec. 31, 2011: $129,210 |
| Putnam VT George Putnam Balanced Fund | Dec. 31, 2012: $258,333 | Dec. 31, 2011: $132,376 |
| Putnam VT Global Asset Allocation Fund | Dec. 31, 2012: $264,044 | Dec. 31, 2011: $136,413 |
| Putnam VT Global Equity Fund | Dec. 31, 2012: $259,718 | Dec. 31, 2011: $136,578 |
| Putnam VT Global Health Care Fund | Dec. 31, 2012: $256,274 | Dec. 31, 2011: $130,980 |
| Putnam VT Global Utilities Fund | Dec. 31, 2012: $257,210 | Dec. 31, 2011: $131,740 |
| Putnam VT Growth and Income Fund | Dec. 31, 2012: $257,929 | Dec. 31, 2011: $130,424 |
| Putnam VT Growth Opportunities Fund | Dec. 31, 2012: $254,621 | Dec. 31, 2011: $129,474 |
| Putnam VT High Yield Fund | Dec. 31, 2012: $258,022 | Dec. 31, 2011: $131,773 |
| Putnam VT Income Fund | Dec. 31, 2012: $256,813 | Dec. 31, 2011: $130,731 |
| Putnam VT International Equity Fund | Dec. 31, 2012: $258,610 | Dec. 31, 2011: $130,946 |
| Putnam VT International Growth Fund | Dec. 31, 2012: $261,083 | Dec. 31, 2011: $138,140 |
| Putnam VT International Value Fund | Dec. 31, 2012: $257,214 | Dec. 31, 2011: $133,345 |
| Putnam VT Investors Fund | Dec. 31, 2012: $256,549 | Dec. 31, 2011: $133,990 |
| Putnam VT Money Market Fund | Dec. 31, 2012: $254,626 | Dec. 31, 2011: $129,099 |
| Putnam VT Multi-Cap Growth Fund | Dec. 31, 2012: $255,884 | Dec. 31, 2011: $129,521 |
| Putnam VT Multi-Cap Value Fund | Dec. 31, 2012: $254,303 | Dec. 31, 2011: $129,196 |
| Putnam VT Research Fund | Dec. 31, 2012: $254,940 | Dec. 31, 2011: $129,692 |
| Putnam VT Small Cap Value Fund | Dec. 31, 2012: $255,202 | Dec. 31, 2011: $129,632 |
| Putnam VT Voyager Fund | Dec. 31, 2012: $258,661 | Dec. 31, 2011: $133,138 |
| G-7 |
The following tables present the amounts KPMG LLP 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 ended prior to October 1, 2013:
| Putnam Absolute Return 100 Fund | Oct. 31, 2012: $5,150 | Oct. 31, 2011: $5,000 |
| Putnam Absolute Return 300 Fund | Oct. 31, 2012: $5,150 | Oct. 31, 2011: $5,000 |
| Putnam Arizona Tax Exempt Income Fund | May 31, 2013: $6,300 | May 31, 2012: $6,100 |
| Putnam Asia Pacific Equity Fund | April 30, 2013: $3,450 | April 30, 2012: $3,350 |
| Putnam California Tax Exempt Income Fund | Sept. 30, 2013: $6,458 | Sept. 30, 2012: $6,300 |
| Putnam Convertible Securities Fund | Oct. 31, 2012: $4,100 | Oct. 31, 2011: $4,000 |
| Putnam Diversified Income Trust | Sept. 30, 2013: $6,458 | Sept. 30, 2012: $6,300 |
| Putnam Dynamic Risk Allocation Fund (2) | May 31, 2013: $4,650 | May 31, 2012: $4,500 |
| Putnam Emerging Markets Equity Fund | Aug. 31, 2013: $4,963 | Aug. 31, 2012: $4,850 |
| Putnam Equity Income Fund | Nov. 30, 2012: $4,100 | Nov. 30, 2011: $4,000 |
| Putnam Equity Spectrum Fund | April 30, 2013: $3,450 | April 31, 2012: $3,350 |
| Putnam Floating Rate Income Fund | Feb. 28, 2013: $6,900 | Feb. 28, 2012: $6,700 |
| Putnam Global Consumer Fund | Aug. 31, 2013: $4,300 | Aug. 31, 2012: $4,200 |
| Putnam Global Energy Fund | Aug. 31, 2013: $4,300 | Aug. 31, 2012: $4,200 |
| Putnam Global Equity Fund | Oct. 31, 2012: $4,650 | Oct. 31, 2011: $4,550 |
| Putnam Global Financials Fund | Aug. 31, 2013: $4,300 | Aug. 31, 2012: $4,200 |
| Putnam Global Industrials Fund | Aug. 31, 2013: $4,300 | Aug. 31, 2012: $4,200 |
| Putnam Global Natural Resources Fund | Aug. 31, 2013: $4,200 | Aug. 31, 2012: $4,100 |
| Putnam Global Technology Fund | Aug. 31, 2013: $4,300 | Aug. 31, 2012: $4,200 |
| Putnam Global Telecommunications Fund | Aug. 31, 2013: $4,300 | Aug. 31, 2012: $4,200 |
| Putnam Growth Opportunities Fund | July 31, 2013: $4,200 | July 31, 2012: $4,100 |
| Putnam High Yield Advantage Fund | Nov. 30, 2012: $4,450 | Nov. 30, 2011: $4,350 |
| Putnam High Yield Trust | Aug. 31, 2013: $6,457 | Aug. 31, 2012: $6,300 |
| Putnam Income Fund | Oct. 31, 2012: $6,300 | Oct. 31, 2011: $6,100 |
| Putnam Investors Fund | July 31, 2013: $4,200 | July 31, 2012: $4,100 |
| Putnam Low Volatility Equity Fund (3) | July 31, 2013: $3,500 | N/A |
| Putnam Managed Municipal Income Trust | Oct 31, 2012: $32,850 | Oct 31, 2011: $31,400 |
| Putnam Master Intermediate Income Trust | Sept 30, 2013: $6,458 | Sept 30, 2012: $6,300 |
| Putnam Money Market Liquidity Fund | Sept. 30, 2013: $3,425 | Sept. 30, 2012: $3,350 |
| Putnam Multi-Cap Core Fund | April 30, 2013: $2,950 | April 30, 2012: $2,900 |
| Putnam Multi-Cap Value Fund | April 30, 2013: $4,100 | April 30 , 2012: $4,000 |
| Putnam New York Tax Exempt Income Fund | Nov. 30, 2012: $6,300 | Nov. 30, 2011: $6,100 |
| Putnam Premier Income Trust | July 31, 2013: $6,458 | July 31, 2012: $6,300 |
| Putnam Research Fund | July 31, 2013: $4,200 | July 31, 2012: $4,100 |
| Putnam Short Duration Income Fund (4) | July 31, 2013: $4,100 | July 31, 2012 : $7,000 |
| Putnam Small Cap Value Fund | Feb 28, 2013: $4,100 | Feb. 28, 2012: $4,000 |
| Putnam Strategic Volatility Equity Fund (5) | July 31, 2013: $3,500 | N/A |
| Putnam Tax Exempt Income Fund | Sept. 30, 2013: $6,458 | Sept. 30, 2012: $6,300 |
| Putnam U.S. Government Income Trust | Sept. 30, 2013: $4,763 | Sept. 30, 2012: $4,650 |
| G-8 |
Pre-Approval Policies of the Audit and Compliance Committee.
The Audit and Compliance Committee of the Putnam funds has determined that, as a matter of policy, all work performed for the funds by the funds’ auditors will be preapproved by the Committee itself and thus will generally not be subject to pre-approval procedures.
The Audit and Compliance Committee also has adopted a policy to pre-approve the engagement by Putnam Management and certain of its affiliates of the funds’ auditors, even in circumstances where pre-approval is not required by applicable law. Any such requests by Putnam Management or certain of 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 this work should be performed by that particular audit firm as opposed to another one. In reviewing such requests, the Committee considers, among other things, whether the provision of such servicesby the audit firm are compatible with the independence of the audit firm.
Since the beginning of the two most recently completed fiscal years of each fund ended prior to October 1, 2013, 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 pre-approved 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 ended prior to October 1, 2013 by PricewaterhouseCoopers LLP for services required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X (funds not listed below were not billed for such services during their last two fiscal years):
| Putnam Absolute Return 500 Fund | Oct. 31, 2012: $122,500 | Oct. 31, 2012: $157,505 |
| Putnam Absolute Return 700 Fund | Oct. 31, 2012: $122,500 | Oct. 31, 2012: $157,505 |
| Putnam American Government Income Fund | Sept. 30, 2013: $150,000 | Sept. 30, 2012: $45,000 |
| Putnam AMT-Free Municipal Fund | July 31, 2013: $147,500 | July 31, 2012: $45,000 |
| Putnam Capital Opportunities Fund | April 30, 2013: $147,500 | April 31, 2012: $97,505 |
| Putnam Capital Spectrum Fund | April 30, 2013: $147,500 | April 31, 2012: $97,505 |
| Putnam Dynamic Asset Allocation Balanced Fund | Sept. 30, 2013: $150,000 | Sept. 30, 2012: $45,000 |
| Putnam Dynamic Asset Allocation Conservative Fund | Sept. 30, 2013: $150,000 | Sept. 30, 2012: $45,000 |
| Putnam Dynamic Asset Allocation Equity Fund | May 31, 2013: $147,500 | May 31, 2012: $76,005 |
| Putnam Dynamic Asset Allocation Growth Fund | Sept. 30, 2013: $150,000 | Sept. 30, 2012: $45,000 |
| Putnam Europe Equity Fund | June 30, 2013: $147,500 | June 30, 2012: $76,005 |
| The Putnam Fund for Growth and Income | Oct. 31, 2012: $122,500 | Oct. 31, 2011: $157,505 |
| The George Putnam Fund of Boston (d/b/a | July 31, 2013: $147,500 | July 31, 2012: $45,000 |
| George Putnam Balanced Fund) | ||
| Putnam Global Health Care Fund | Aug. 31, 2013: $147,500 | Aug. 31, 2012: $45,000 |
| Putnam Global Income Trust | Oct. 31, 2012: $122,500 | Oct. 31, 2011: $157,505 |
| Putnam Global Sector Fund | Oct. 31, 2012: $122,500 | Oct. 31, 2011: $157,505 |
| Putnam Global Utilities Fund | Aug. 31, 2013: $147,500 | Aug. 31, 2012: $45,000 |
| Putnam High Income Securities Fund | Aug. 31, 2013: $147,500 | Aug. 31, 2013: $45,000 |
| Putnam International Capital Opportunities Fund | Aug. 31, 2013: $147,500 | Aug. 31, 2012: $45,000 |
| Putnam International Equity Fund | June 30, 2013: $147,500 | June 30, 2012: $76,005 |
| Putnam International Growth Fund | Sept. 30, 2013: $150,000 | Sept. 30, 2012: $45,000 |
| Putnam International Value Fund | June 30, 2013: $147,500 | June 30, 2012: $76,005 |
| Putnam Massachusetts Tax Exempt Income Fund | May 31, 2013: $147,500 | May 31, 2012: $76,005 |
| Putnam Michigan Tax Exempt Income Fund | May 31, 2013: $147,500 | May 31, 2012: $76,005 |
| Putnam Minnesota Tax Exempt Income Fund | May 31, 2013: $147,500 | May 31, 2012: $76,005 |
| Putnam Money Market Fund | Sept. 30, 2013: $150,000 | Sept. 30, 2012: $45,000 |
| Putnam Multi-Cap Growth Fund | June 30, 2013: $147,500 | June 30, 2012: $76,005 |
| Putnam Municipal Opportunities Trust | April 30, 2013: $147,500 | April 30, 2012: $97,505 |
| Putnam New Jersey Tax Exempt Income Fund | May 31, 2013: $147,500 | May 31, 2012: $76,005 |
| Putnam Ohio Tax Exempt Income Fund | May 31, 2013: $147,500 | May 31, 2012: $76,005 |
| Putnam Pennsylvania Tax Exempt | May 31, 2013: $147,500 | May 31, 2012: $76,005 |
| G-9 |
| Putnam RetirementReady 2055 Fund | July 31, 2013: $147,500 | July 31, 2012: $45,000 |
| Putnam RetirementReady 2050 Fund | July 31, 2013: $147,500 | July 31, 2012: $45,000 |
| Putnam RetirementReady 2045 Fund | July 31, 2013: $147,500 | July 31, 2012: $45,000 |
| Putnam RetirementReady 2040 Fund | July 31, 2013: $147,500 | July 31, 2012: $45,000 |
| Putnam RetirementReady 2035 Fund | July 31, 2013: $147,500 | July 31, 2012: $45,000 |
| Putnam RetirementReady 2030 Fund | July 31, 2013: $147,500 | July 31, 2012: $45,000 |
| Putnam RetirementReady 2025 Fund | July 31, 2013: $147,500 | July 31, 2012: $45,000 |
| Putnam RetirementReady 2020 Fund | July 31, 2013: $147,500 | July 31, 2012: $45,000 |
| Putnam RetirementReady 2015 Fund | July 31, 2013: $147,500 | July 31, 2012: $45,000 |
| Putnam Retirement Income Fund Lifestyle 1 | July 31, 2013: $147,500 | July 31, 2012: $45,000 |
| Putnam Retirement Income Fund Lifestyle 2 | Aug. 31, 2013: $147,500 | Aug. 31, 2012: $45,000 |
| Putnam Retirement Income Fund Lifestyle 3 | Feb. 28, 2013: $147,500 | Feb. 28, 2012: $97,505 |
| Putnam Short Term Investment Fund (1) | July 31, 2013: $147,500 | N/A |
| Putnam Small Cap Growth Fund | June 30, 2013: $147,500 | June 30, 2012: $76,005 |
| Putnam Tax Exempt Money Market Fund | Sept. 30, 2013: $150,000 | Sept. 30, 2012: $45,000 |
| Putnam Tax-Free High Yield Fund | July 31, 2013: $147,500 | July 31, 2012: $45,000 |
| Putnam Voyager Fund | July 31, 2013: $147,500 | July 31, 2012: $45,000 |
| Putnam VT Absolute Return 500 Fund | Dec. 31, 2012: $147,500 | Dec. 31, 2011: $107,505 |
| Putnam VT American Government Income Fund | Dec. 31, 2012: $147,500 | Dec. 31, 2011: $107,505 |
| Putnam VT Capital Opportunities Fund | Dec. 31, 2012: $147,500 | Dec. 31, 2011: $107,505 |
| Putnam VT Diversified Income Fund | Dec. 31, 2012: $147,500 | Dec. 31, 2011: $107,505 |
| Putnam VT Equity Income Fund | Dec. 31, 2012: $147,500 | Dec. 31, 2011: $107,505 |
| Putnam VT George Putnam Balanced Fund | Dec. 31, 2012: $147,500 | Dec. 31, 2011: $107,505 |
| Putnam VT Global Asset Allocation Fund | Dec. 31, 2012: $147,500 | Dec. 31, 2011: $107,505 |
| Putnam VT Global Equity Fund | Dec. 31, 2012: $147,500 | Dec. 31, 2011: $107,505 |
| Putnam VT Global Health Care Fund | Dec. 31, 2012: $147,500 | Dec. 31, 2011: $107,505 |
| Putnam VT Global Utilities Fund | Dec. 31, 2012: $147,500 | Dec. 31, 2011: $107,505 |
| Putnam VT Growth and Income Fund | Dec. 31, 2012: $147,500 | Dec. 31, 2011: $107,505 |
| Putnam VT Growth Opportunities Fund | Dec. 31, 2012: $147,500 | Dec. 31, 2011: $107,505 |
| Putnam VT High Yield Fund | Dec. 31, 2012: $147,500 | Dec. 31, 2011: $107,505 |
| Putnam VT Income Fund | Dec. 31, 2012: $147,500 | Dec. 31, 2011: $107,505 |
| Putnam VT International Equity Fund | Dec. 31, 2012: $147,500 | Dec. 31, 2011: $107,505 |
| Putnam VT International Growth Fund | Dec. 31, 2012: $147,500 | Dec. 31, 2011: $107,505 |
| Putnam VT International Value Fund | Dec. 31, 2012: $147,500 | Dec. 31, 2011: $107,505 |
| Putnam VT Investors Fund | Dec. 31, 2012: $147,500 | Dec. 31, 2011: $107,505 |
| Putnam VT Money Market Fund | Dec. 31, 2012: $147,500 | Dec. 31, 2011: $107,505 |
| Putnam VT Multi-Cap Growth Fund | Dec. 31, 2012: $147,500 | Dec. 31, 2011: $107,505 |
| Putnam VT Multi-Cap Value Fund | Dec. 31, 2012: $147,500 | Dec. 31, 2011: $107,505 |
| Putnam VT Research Fund | Dec. 31, 2012: $147,500 | Dec. 31, 2011: $107,505 |
| Putnam VT Small Cap Value Fund | Dec. 31, 2012: $147,500 | Dec. 31, 2011: $107,505 |
| Putnam VT Voyager Fund | Dec. 31, 2012: $147,500 | Dec. 31, 2011: $107,505 |
The following table presents fees billed to the indicated fund in each of its last two fiscal years ended prior to October 1, 2013 by KPMG LLP for services required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X (funds not listed below were not billed for such services during their last two fiscal years):
| Putnam Global Energy Fund | Aug. 31, 2013: $147,500 | Aug. 31, 2012: $45,000 |
(1) The amounts for Putnam Short Term Investment Fund represent fees for the period February 19, 2013 (commencement of operations) to the fiscal period ended July 31, 2013.
| G-10 |
(2) The amounts for Putnam Dynamic Risk Allocation Fund represent fees for the period September 19, 2011 (commencement of operations) to the fiscal period ended May 31, 2012.
(3) The amounts for Putnam Low Volatility Equity Fund represent fees for the period March 18, 2013 (commencement of operations) to the fiscal period ended July 31, 2013.
(4) The amounts for Putnam Short Duration Income Fund represent fees for the period October 17, 2011 (commencement of operations) to the fiscal period ended July 31, 2012.
(5) The amounts for Putnam Strategic Volatility Equity Fund represent fees for the period March 18, 2013 (commencement of operations) to the fiscal period ended July 31, 2013.
Appendix H — Dollar Range and Number of Shares Beneficially Owned
The following tables show the number of shares beneficially owned by each Trustee and officer in each fund, as well as the value of those holdings in each fund and across all funds, as of September 30, 2013. Where the number of shares beneficially owned exceeds 1% percent of the class owned, the percentage is included in parentheses below. None of the Trustees or officers
owned shares of Putnam Short Term Investment Fund, Putnam Money Market Liquidity Fund, Putnam RetirementReady 2055 Fund, Putnam RetirementReady 2045 Fund, or Putnam Retirement Ready 2035 Fund as of September 30, 2013. All references in the tables are to Class A shares unless otherwise indicated.
| Dollar Range of | Shares Beneficially | Dollar Range of | Shares Beneficially | Dollar Range of | Shares Beneficially | |
| Trustees/Officers | Shares Owned | Owned | Shares Owned | Owned | Shares Owned | Owned |
| Putnam Absolute Return 100 Fund | Putnam Absolute Return 300 Fund | Putnam Absolute Return 500 Fund | ||||
| Liaquat Ahamed | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 |
| Ravi Akhoury | $1-$10,000 | 104.643 | $1-$10,000 | 106.966 | $1-$10,000 | 108.004 |
| Barbara M. Baumann | $1-$10,000 | 104.298 | $50,001-$100,000 | 6,488.024 | $10,001-$50,000 | 2,691.723 |
| Jameson A. Baxter | $10,001-$50,000 | 1,045.368 | Over $100,000 | 38,720.560 | Over $100,000 | 202,037.729 |
| Charles B. Curtis | $1-$10,000 | 104.643 | $1-$10,000 | 106.966 | $1-$10,000 | 108.004 |
| Robert J. Darretta | $1-$10,000 | 104.643 | $1-$10,000 | 106.966 | $1-$10,000 | 108.004 |
| Katinka Domotorffy | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 |
| John A. Hill | Over $100,000 | 50,441.354 | Over $100,000 | 74,137.906 | Over $100,000 | 24,810.108 |
| Paul L. Joskow | $1-$10,000 | 156.962 | $50,001-$100,000 | 7,472.394 | Over $100,000 | 14,015.141 |
| Kenneth R. Leibler | $1-$10,000 | 104.643 | $1-$10,000 | 106.966 | $1-$10,000 | 108.004 |
| Robert E. Patterson | $10,001-$50,000 | 2,110.387 | $10,001-$50,000 | 2,068.902 | $10,001-$50,000 | 2,044.506 |
| George Putnam, III | $10,001-$50,000 | 1,046.411 | $10,001-$50,000 | 1,066.463 | $10,001-$50,000 | 1,094.258 |
| *Robert L. Reynolds | $1-$10,000 | 104.643 | $1-$10,000 | 106.966 | Over $100,000 | 29,432.576 |
| W. Thomas Stephens | Over $100,000 | 139,505.146 | Over $100,000 | 121,498.303 | $1-$10,000 | 108.004 |
| Trustees and Officers | Over $100,000 | 195,133.141 | Over $100,000 | 16,618.449 | Over $100,000 | 31,173.258 |
| as a group | (Class Y shares) | (Class A shares) | (Class A shares) | (Class A shares) | (Class A shares) | |
| (2.65%) | Over $100,000 | 253,215.615 | Over $100,000 | 279,340.060 | ||
| (Class Y shares) | (Class Y shares) | (Class Y shares) | (Class Y shares) | |||
| (1.13%) | (1.46%) | |||||
| Putnam Absolute Return 700 Fund | Putnam American Government Income Fund | Putnam AMT-Free Municipal Fund | ||||
| Liaquat Ahamed | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 |
| Ravi Akhoury | $1-$10,000 | 109.654 | $1-$10,000 | 132.521 | $1-$10,000 | 119.842 |
| Barbara M. Baumann | $1-$10,000 | 107.723 | $1-$10,000 | 122.963 | $1-$10,000 | 112.630 |
| Jameson A. Baxter | $10,001-$50,000 | 1,090.009 | $1-$10,000 | 590.202 | $10,001-$50,000 | 695.050 |
| Charles B. Curtis | $1-$10,000 | 109.654 | $1-$10,000 | 179.473 | $1-$10,000 | 171.528 |
| Robert J. Darretta | $1-$10,000 | 109.654 | $1-$10,000 | 142.889 | $1-$10,000 | 128.025 |
| Katinka Domotorffy | $10,001-$50,000 | 1,143.054 | $1-$10,000 | 101.553 | $1-$10,000 | 102.605 |
| John A. Hill | Over $100,000 | 24,155.063 | $1-$10,000 | 1,019.479 | $1-$10,000 | 244.913 |
| Paul L. Joskow | $50,001-$100,000 | 5,983.578 | $10,001-$50,000 | 2,112.796 | $1-$10,000 | 196.329 |
| Kenneth R. Leibler | $1-$10,000 | 109.654 | $1-$10,000 | 147.323 | $1-$10,000 | 132.281 |
| Robert E. Patterson | $10,001-$50,000 | 1,992.929 | $10,001-$50,000 | 1,766.732 | $1-$10,000 | 145.993 |
| George Putnam, III | $10,001-$50,000 | 886.994 | $10,001-$50,000 | 4,487.381 | $10,001-$50,000 | 1,054.839 |
| *Robert L. Reynolds | Over $100,000 | 36,497.522 | $1-$10,000 | 133.515 | $1-$10,000 | 120.803 |
| W. Thomas Stephens | $1-$10,000 | 109.654 | $1-$10,000 | 465.140 | $1-$10,000 | 206.715 |
| Trustees and Officers | Over $100,000 | 73,536.655 | Over $100,000 | 14,615.695 | $50,001-$100,000 | 3,531.553 |
| as a group | (Class Y shares) | (Class Y shares) | (Class Y shares) | (Class Y shares) | (Class Y shares) | (Class Y shares) |
| G/H-1 |
| Dollar Range of | Shares Beneficially | Dollar Range of | Shares Beneficially | Dollar Range of | Shares Beneficially | |
| Trustees/Officers | Shares Owned | Owned | Shares Owned | Owned | Shares Owned | Owned |
| Putnam Arizona Tax Exempt Income Fund | Putnam Asia Pacific Equity Fund | Putnam California 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 | 119.758 | $1-$10,000 | 128.250 | $1-$10,000 | 122.196 |
| Barbara M. Baumann | $1-$10,000 | 112.404 | $1-$10,000 | 123.269 | $1-$10,000 | 113.823 |
| Jameson A. Baxter | $1-$10,000 | 236.660 | $10,001-$50,000 | 3,295.194 | $1-$10,000 | 317.513 |
| Charles B. Curtis | $1-$10,000 | 169.147 | $1-$10,000 | 128.250 | $1-$10,000 | 183.472 |
| Robert J. Darretta | $1-$10,000 | 129.424 | $1-$10,000 | 128.250 | $1-$10,000 | 131.811 |
| Katinka Domotorffy | $1-$10,000 | 102.586 | $1-$10,000 | 100.000 | $1-$10,000 | 102.837 |
| John A. Hill | $1-$10,000 | 284.578 | $1-$10,000 | 128.250 | $1-$10,000 | 252.621 |
| Paul L. Joskow | $1-$10,000 | 211.107 | $1-$10,000 | 333.289 | $1-$10,000 | 245.637 |
| Kenneth R. Leibler | $1-$10,000 | 133.828 | $1-$10,000 | 128.250 | $1-$10,000 | 136.711 |
| Robert E. Patterson | $1-$10,000 | 147.614 | $1-$10,000 | 128.250 | $1-$10,000 | 156.353 |
| George Putnam, III | $10,001-$50,000 | 1,647.150 | $10,001-$50,000 | 1,318.079 | $10,001-$50,000 | 1,993.213 |
| *Robert L. Reynolds | $1-$10,000 | 121.138 | $1-$10,000 | 128.250 | $1-$10,000 | 123.455 |
| W. Thomas Stephens | $1-$10,000 | 201.619 | $1-$10,000 | 128.250 | $1-$10,000 | 222.009 |
| Trustees and Officers | $10,001-$50,000 | 3,717.013 | $50,001-$100,000 | 6,295.831 | $10,001-$50,000 | 4,201.651 |
| as a group | (Class Y shares) | (Class Y shares) | (Class Y shares) | (Class Y shares) | (Class Y shares) | (Class Y shares) |
| (1.20%) | (8.71%) | |||||
| Putnam Capital Opportunities Fund | Putnam Capital Spectrum Fund | Putnam Convertible Securities Fund | ||||
| Liaquat Ahamed | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 |
| Ravi Akhoury | $1-$10,000 | 98.309 | $1-$10,000 | 115.092 | $1-$10,000 | 116.151 |
| Barbara M. Baumann | $1-$10,000 | 97.968 | $50,001-$100,000 | 1,797.286 | $1-$10,000 | 110.090 |
| Jameson A. Baxter | $10,001-$50,000 | 2,063.767 | Over $100,000 | 7,758.620 | Over $100,000 | 8,448.000 |
| Charles B. Curtis | $1-$10,000 | 153.944 | $50,001-$100,000 | 2,908.455 | $1-$10,000 | 152.935 |
| Robert J. Darretta | $1-$10,000 | 109.298 | Over $100,000 | 8,367.237 | $1-$10,000 | 121.629 |
| Katinka Domotorffy | $1-$10,000 | 100.000 | $1-$10,000 | 272.568 | $1-$10,000 | 102.122 |
| John A. Hill | Over $100,000 | 20,414.156 | Over $100,000 | 38,830.403 | Over $100,000 | 43,541.187 |
| Paul L. Joskow | $1-$10,000 | 265.527 | Over $100,000 | 6,552.954 | $50,001-$100,000 | 2,428.772 |
| Kenneth R. Leibler | $1-$10,000 | 123.183 | $1-$10,000 | 115.092 | $1-$10,000 | 124.045 |
| Robert E. Patterson | $10,001-$50,000 | 2,196.891 | $10,001-$50,000 | 1,190.590 | $50,001-$100,000 | 3,118.308 |
| George Putnam, III | $10,001-$50,000 | 1,724.396 | Over $100,000 | 29,220.627 | Over $100,000 | 15,499.206 |
| *Robert L. Reynolds | $1-$10,000 | 98.309 | Over $100,000 | 86,077.911 | $1-$10,000 | 116.151 |
| W. Thomas Stephens | $1-$10,000 | 144.616 | $1-$10,000 | 115.092 | $1-$10,000 | 247.656 |
| Trustees and Officers | Over $100,000 | 27,690.364 | Over $100,000 | 32,944.531 | Over $100,000 | 74,226.252 |
| as a group | (Class Y shares) | (Class Y shares) | (Class A shares) | (Class A shares) | (Class Y shares) | (Class Y shares) |
| Over $100,000 | 193,446.338 | |||||
| (Class Y shares) | (Class Y shares) | |||||
| H-2 |
| Dollar Range of | Shares Beneficially | Dollar Range of | Shares Beneficially | Dollar Range of | Shares Beneficially | |
| Trustees/Officers | Shares Owned | Owned | Shares Owned | Owned | Shares Owned | Owned |
| Putnam Dynamic AssetAllocation | Putnam Dynamic Asset Allocation | |||||
| Putnam Diversified Income Trust | Balanced Fund | Conservative Fund | ||||
| Liaquat Ahamed | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 |
| Ravi Akhoury | $1-$10,000 | 149.929 | $1-$10,000 | 116.513 | $1-$10,000 | 115.636 |
| Barbara M. Baumann | $1-$10,000 | 122.176 | $10,001-$50,000 | 1,483.833 | $1-$10,000 | 107.061 |
| Jameson A. Baxter | Over $100,000 | 15,353.920 | Over $100,000 | 29,369.510 | $10,001-$50,000 | 1,534.204 |
| Charles B. Curtis | $1-$10,000 | 430.698 | $1-$10,000 | 146.274 | $1-$10,000 | 179.715 |
| Robert J. Darretta | $1-$10,000 | 168.961 | $1-$10,000 | 123.776 | $1-$10,000 | 123.123 |
| Katinka Domotorffy | $1-$10,000 | 104.590 | $1-$10,000 | 101.290 | $1-$10,000 | 101.399 |
| John A. Hill | Over $100,000 | 544,921.566 | Over $100,000 | 257,779.469 | Over $100,000 | 139,856.049 |
| Paul L. Joskow | $1-$10,000 | 672.594 | Over $100,000 | 12,850.285 | $1-$10,000 | 310.287 |
| Kenneth R. Leibler | $1-$10,000 | 175.946 | $1-$10,000 | 125.241 | $1-$10,000 | 125.837 |
| Robert E. Patterson | $10,001-$50,000 | 2,437.688 | $10,001-$50,000 | 1,459.345 | $10,001-$50,000 | 1,541.141 |
| George Putnam, III | $50,001-$100,000 | 9,433.961 | $10,001-$50,000 | 3,683.005 | $50,001-$100,000 | 5,666.704 |
| *Robert L. Reynolds | $1-$10,000 | 152.816 | $1-$10,000 | 116.513 | $1-$10,000 | 116.625 |
| W. Thomas Stephens | $1-$10,000 | 584.320 | Over $100,000 | 72,528.287 | $50,001-$100,000 | 6,314.521 |
| Trustees and Officers | Over $100,000 | 608,584.148 | Over $100,000 | 379,983.341 | Over $100,000 | 156,192.302 |
| as a group | (Class Y shares) | (Class Y shares) | (Class Y shares) | (Class Y shares) | (Class Y shares) | (Class Y shares) |
| (4.35%) | (2.51%) | |||||
| Putnam Dynamic Asset Allocation | Putnam Dynamic Asset Allocation | |||||
| Equity Fund | Growth Fund | Putnam Dynamic Risk Allocation Fund | ||||
| Liaquat Ahamed | $0 | 0.000 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 |
| Ravi Akhoury | $1-$10,000 | 179.092 | $1-$10,000 | 109.319 | $1-$10,000 | 105.350 |
| Barbara M. Baumann | $0 | 0.000 | $10,001-$50,000 | 1,274.465 | Over $100,000 | 27,521.836 |
| Jameson A. Baxter | $0 | 0.000 | Over $100,000 | 37,956.655 | Over $100,000 | 18,418.218 |
| Charles B. Curtis | $0 | 0.000 | Over $100,000 | 14,315.700 | $1-$10,000 | 103.963 |
| Robert J. Darretta | $0 | 0.000 | $1-$10,000 | 117.189 | $0 | 0.000 |
| Katinka Domotorffy | $0 | 0.000 | $10,001-$50,000 | 954.790 | $10,001-$50,000 | 1,275.497 |
| John A. Hill | $0 | 0.000 | Over $100,000 | 63,309.937 | $10,001-$50,000 | 937.207 |
| Paul L. Joskow | $0 | 0.000 | $10,001-$50,000 | 1,256.492 | $1-$10,000 | 160.270 |
| Kenneth R. Leibler | $0 | 0.000 | $1-$10,000 | 117.613 | $1-$10,000 | 103.963 |
| Robert E. Patterson | $0 | 0.000 | $10,001-$50,000 | 2,626.905 | $1-$10,000 | 519.818 |
| George Putnam, III | $0 | 0.000 | Over $100,000 | 21,140.250 | $10,001-$50,000 | 1,261.438 |
| *Robert L. Reynolds | $1-$10,000 | 179.092 | $1-$10,000 | 109.319 | Over $100,000 | 79,769.517 |
| W. Thomas Stephens | $0 | 0.000 | $1-$10,000 | 119.952 | $1-$10,000 | 103.963 |
| Trustees and Officers | $1-$10,000 | 358.184 | Over $100,000 | 181,838.825 | Over $100,000 | 130,381.041 |
| as a group | (Class A shares) | (Class A shares) | (Class Y shares) | (Class Y shares) | (Class Y shares) | (Class Y shares) |
| (12.94%) | (2.20%) | |||||
| H-3 |
| Dollar Range of | Shares Beneficially | Dollar Range of | Shares Beneficially | Dollar Range of | Shares Beneficially | |
| Trustees/Officers | Shares Owned | Owned | Shares Owned | Owned | Shares Owned | Owned |
| Putnam Emerging Markets Equity Fund | Putnam Emerging Markets Income Fund | Putnam Equity Income Fund | ||||
| Liaquat Ahamed | $50,001-$100,000 | 9,606.538 | $1-$10,000 | 100.354 | Over $100,000 | 5,033.215 |
| Ravi Akhoury | $1-$10,000 | 123.976 | $1-$10,000 | 101.889 | $1-$10,000 | 112.711 |
| Barbara M. Baumann | $1-$10,000 | 118.864 | $10,001-$50,000 | 3,495.505 | $1-$10,000 | 109.771 |
| Jameson A. Baxter | $10,001-$50,000 | 4,578.095 | $10,001-$50,000 | 4,989.678 | Over $100,000 | 21,612.177 |
| Charles B. Curtis | $1-$10,000 | 123.976 | $1-$10,000 | 101.889 | $1-$10,000 | 305.678 |
| Robert J. Darretta | Over $100,000 | 21,120.632 | $1-$10,000 | 101.889 | $1-$10,000 | 232.375 |
| Katinka Domotorffy | $1-$10,000 | 100.000 | $1-$10,000 | 101.889 | $1-$10,000 | 101.417 |
| John A. Hill | Over $100,000 | 27,798.834 | $1-$10,000 | 101.889 | Over $100,000 | 44,660.143 |
| Paul L. Joskow | $1-$10,000 | 197.098 | $1-$10,000 | 153.141 | Over $100,000 | 21,643.023 |
| Kenneth R. Leibler | $1-$10,000 | 123.976 | $1-$10,000 | 137.623 | $1-$10,000 | 106.435 |
| Robert E. Patterson | $10,001-$50,000 | 3,161.419 | $1-$10,000 | 510.468 | $10,001-$50,000 | 2,210.809 |
| George Putnam, III | $50,001-$100,000 | 10,016.065 | $10,001-$50,000 | 1,219.014 | Over $100,000 | 67,938.260 |
| *Robert L. Reynolds | Over $100,000 | 35,063.094 | $0 | 0.000 | $1-$10,000 | 112.711 |
| W. Thomas Stephens | $1-$10,000 | 123.976 | $1-$10,000 | 101.889 | $1-$10,000 | 405.084 |
| Trustees and Officers | Over $100,000 | 112,256.543 | Over $100,000 | 11,217.117 | Over $100,000 | 183,321.509 |
| as a group | (Class Y shares) | (Class Y shares) | (Class Y shares) | (Class Y shares) | (Class Y shares) | (Class Y shares) |
| (18.00%) | (19.25%) | |||||
| Putnam Equity Spectrum Fund | Putnam Europe Equity Fund | Putnam Floating Rate Income Fund | ||||
| Liaquat Ahamed | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 |
| Ravi Akhoury | $1-$10,000 | 113.162 | $1-$10,000 | 109.352 | $1-$10,000 | 123.733 |
| Barbara M. Baumann | $10,001-$50,000 | 781.358 | $1-$10,000 | 108.826 | $1-$10,000 | 116.065 |
| Jameson A. Baxter | Over $100,000 | 7,246.957 | $50,001-$100,000 | 3,050.605 | $10,001-$50,000 | 3,095.213 |
| Charles B. Curtis | Over $100,000 | 2,651.288 | $1-$10,000 | 146.502 | $1-$10,000 | 150.959 |
| Robert J. Darretta | $1-$10,000 | 113.162 | $1-$10,000 | 133.416 | $1-$10,000 | 136.357 |
| Katinka Domotorffy | $10,001-$50,000 | 330.999 | $1-$10,000 | 100.000 | $1-$10,000 | 103.183 |
| John A. Hill | Over $100,000 | 38,269.936 | Over $100,000 | 5,758.005 | Over $100,000 | 185,757.262 |
| Paul L. Joskow | Over $100,000 | 2,968.347 | $10,001-$50,000 | 649.107 | $1-$10,000 | 278.337 |
| Kenneth R. Leibler | $1-$10,000 | 113.162 | $1-$10,000 | 136.314 | $1-$10,000 | 143.048 |
| Robert E. Patterson | $10,001-$50,000 | 1,069.762 | $10,001-$50,000 | 1,479.521 | $10,001-$50,000 | 1,504.097 |
| George Putnam, III | $10,001-$50,000 | 1,245.336 | $10,001-$50,000 | 1,304.702 | $10,001-$50,000 | 5,414.717 |
| *Robert L. Reynolds | Over $100,000 | 26,822.511 | $1-$10,000 | 109.352 | $1-$10,000 | 125.077 |
| W. Thomas Stephens | $1-$10,000 | 113.162 | $1-$10,000 | 180.923 | $50,001-$100,000 | 8,180.438 |
| Trustees and Officers | Over $100,000 | 39,521.217 | Over $100,000 | 13,366.624 | Over $100,000 | 206,809.472 |
| as a group | (Class A shares) | (Class A shares) | (Class Y shares) | (Class Y shares) | (Class Y shares) | (Class Y shares) |
| Over $100,000 | 89,442.144 | (2.39%) | ||||
| (Class Y shares) | (Class Y shares) | |||||
| The George Putnam Fund of Boston | ||||||
| (d/b/a George Putnam Balanced Fund) | Putnam Global Consumer Fund | Putnam Global Dividend Fund | ||||
| Liaquat Ahamed | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 |
| Ravi Akhoury | $1-$10,000 | 108.848 | $1-$10,000 | 123.616 | $1-$10,000 | 100.736 |
| Barbara M. Baumann | $1-$10,000 | 104.772 | $1-$10,000 | 119.409 | $10,001-$50,000 | 1,037.433 |
| Jameson A. Baxter | Over $100,000 | 15,569.572 | $10,001-$50,000 | 651.294 | $50,001-$100,000 | 4,787.845 |
| Charles B. Curtis | $1-$10,000 | 389.724 | $1-$10,000 | 123.616 | $1-$10,000 | 100.736 |
| Robert J. Darretta | $1-$10,000 | 131.391 | $1-$10,000 | 123.616 | $1-$10,000 | 100.736 |
| Katinka Domotorffy | $1-$10,000 | 101.244 | $1-$10,000 | 100.000 | $1-$10,000 | 100.736 |
| John A. Hill | Over $100,000 | 24,273.749 | $1-$10,000 | 100.000 | $1-$10,000 | 100.736 |
| Paul L. Joskow | $10,001-$50,000 | 2,505.334 | $1-$10,000 | 180.547 | $1-$10,000 | 150.953 |
| Kenneth R. Leibler | $1-$10,000 | 145.756 | $1-$10,000 | 123.616 | $1-$10,000 | 172.087 |
| Robert E. Patterson | $10,001-$50,000 | 1,546.096 | $10,001-$50,000 | 966.899 | $1-$10,000 | 499.684 |
| George Putnam, III | Over $100,000 | 88,710.764 | $10,001-$50,000 | 1,392.068 | $10,001-$50,000 | 1,208.835 |
| *Robert L. Reynolds | $1-$10,000 | 110.529 | $1-$10,000 | 123.616 | $0 | 0.000 |
| W. Thomas Stephens | $1-$10,000 | 386.516 | $1-$10,000 | 123.616 | $1-$10,000 | 100.736 |
| Trustees and Officers | Over $100,000 | 142,891.035 | $50,001-$100,000 | 4,351.913 | $50,001-$100,000 | 8,561.253 |
| as a group | (Class Y shares) | (Class Y shares) | (Class Y shares) | (Class Y shares) | (Class Y shares) | |
| (2.00%) | (2.35%) | (25.30%) | ||||
| H-4 |
| Dollar Range of | Shares Beneficially | Dollar Range of | Shares Beneficially | Dollar Range of | Shares Beneficially | |
| Trustees/Officers | Shares Owned | Owned | Shares Owned | Owned | Shares Owned | Owned |
| Putnam Global Energy Fund | Putnam Global Equity Fund | Putnam Global Financials Fund | ||||
| Liaquat Ahamed | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 |
| Ravi Akhoury | $1-$10,000 | 112.684 | Over $100,000 | 31,993.300 | $1-$10,000 | 118.048 |
| Barbara M. Baumann | $1-$10,000 | 109.797 | $10,001-$50,000 | 1,818.281 | $1-$10,000 | 112.336 |
| Jameson A. Baxter | $1-$10,000 | 543.313 | Over $100,000 | 11,740.043 | $1-$10,000 | 677.665 |
| Charles B. Curtis | $1-$10,000 | 112.684 | $1-$10,000 | 471.303 | $1-$10,000 | 118.048 |
| Robert J. Darretta | $1-$10,000 | 112.684 | $1-$10,000 | 107.371 | $1-$10,000 | 118.048 |
| Katinka Domotorffy | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 |
| John A. Hill | $1-$10,000 | 100.000 | Over $100,000 | 40,281.555 | $1-$10,000 | 100.000 |
| Paul L. Joskow | $1-$10,000 | 155.926 | $1-$10,000 | 680.497 | $1-$10,000 | 170.922 |
| Kenneth R. Leibler | $1-$10,000 | 112.684 | $1-$10,000 | 109.075 | $1-$10,000 | 118.048 |
| Robert E. Patterson | $10,001-$50,000 | 961.207 | $50,001-$100,000 | 5,502.941 | $10,001-$50,000 | 952.640 |
| George Putnam, III | $10,001-$50,000 | 1,252.032 | Over $100,000 | 131,724.514 | $10,001-$50,000 | 1,648.729 |
| *Robert L. Reynolds | $1-$10,000 | 112.684 | Over $100,000 | 84,469.387 | $1-$10,000 | 118.048 |
| W. Thomas Stephens | $1-$10,000 | 112.684 | $1-$10,000 | 664.537 | $1-$10,000 | 118.048 |
| Trustees and Officers | $50,001- $100,000 | 3,998.379 | Over $100,000 | 349,947.858 | $50,001-$100,000 | 4,570.580 |
| as a group | (Class Y shares) | (Class Y shares) | (Class Y shares) | (Class Y shares) | (Class Y shares) | (Class Y shares) |
| (4.01%) | (15.76%) | (1.32%) | ||||
| Putnam Global Health Care Fund | Putnam Global Income Trust | Putnam Global Industrials Fund | ||||
| Liaquat Ahamed | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 |
| Ravi Akhoury | $1-$10,000 | 100.000 | $1-$10,000 | 135.892 | Over $100,000 | 6,123.831 |
| Barbara M. Baumann | $1-$10,000 | 124.348 | $1-$10,000 | 114.699 | $1-$10,000 | 116.690 |
| Jameson A. Baxter | $10,001-$50,000 | 284.691 | $10,001-$50,000 | 1,407.542 | $10,001-$50,000 | 632.441 |
| Charles B. Curtis | $10,001-$50,000 | 202.365 | $1-$10,000 | 203.128 | $1-$10,000 | 121.430 |
| Robert J. Darretta | $1-$10,000 | 159.427 | $1-$10,000 | 148.369 | $1-$10,000 | 121.430 |
| Katinka Domotorffy | $1-$10,000 | 100.000 | $1-$10,000 | 102.495 | $1-$10,000 | 100.000 |
| John A. Hill | Over $100,000 | 5,814.358 | $10,001-$50,000 | 828.491 | $1-$10,000 | 100.000 |
| Paul L. Joskow | $10,001-$50,000 | 658.879 | $1-$10,000 | 279.523 | $1-$10,000 | 171.026 |
| Kenneth R. Leibler | $10,001-$50,000 | 176.238 | $1-$10,000 | 152.733 | $1-$10,000 | 121.430 |
| Robert E. Patterson | $10,001-$50,000 | 451.269 | $10,001-$50,000 | 1,225.932 | $10,001-$50,000 | 954.932 |
| George Putnam, III | Over $100,000 | 5,550.336 | $50,001-$100,000 | 5,855.879 | $10,001-$50,000 | 1,499.116 |
| *Robert L. Reynolds | $1-$10,000 | 124.758 | Over $100,000 | 53,972.042 | $1-$10,000 | 121.430 |
| W. Thomas Stephens | $10,001-$50,000 | 270.003 | $1-$10,000 | 254.854 | $1-$10,000 | 121.430 |
| Trustees and Officers | Over $100,000 | 14,116.672 | Over $100,000 | 64,781.579 | Over $100,000 | 10,405.186 |
| as a group | (Class Y shares) | (Class Y shares) | (Class Y shares) | (Class Y shares) | (Class Y shares) | (Class Y shares) |
| (2.67%) | (1.93%) | (9.48%) | ||||
| Putnam Global Natural Resources Fund | Putnam Global Sector Fund | Putnam Global Technology Fund | ||||
| Liaquat Ahamed | $1-$10,000 | 100.000 | $0 | 0.000 | $1-$10,000 | 100.000 |
| Ravi Akhoury | $1-$10,000 | 100.000 | $1-$10,000 | 115.385 | Over $100,000 | 6,442.709 |
| Barbara M. Baumann | $1-$10,000 | 105.303 | $1-$10,000 | 115.385 | $1-$10,000 | 107.004 |
| Jameson A. Baxter | $10,001-$50,000 | 1,531.423 | $10,001-$50,000 | 1,210.751 | $1-$10,000 | 543.000 |
| Charles B. Curtis | $1-$10,000 | 243.405 | $1-$10,000 | 115.385 | $1-$10,000 | 113.595 |
| Robert J. Darretta | $1-$10,000 | 151.832 | $1-$10,000 | 115.385 | $1-$10,000 | 113.595 |
| Katinka Domotorffy | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 |
| John A. Hill | Over $100,000 | 13,314.092 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 |
| Paul L. Joskow | $1-$10,000 | 265.023 | $1-$10,000 | 174.119 | $1-$10,000 | 160.747 |
| Kenneth R. Leibler | $1-$10,000 | 170.275 | $1-$10,000 | 115.385 | $1-$10,000 | 113.595 |
| Robert E. Patterson | $10,001-$50,000 | 552.319 | $10,001-$50,000 | 3,373.430 | $10,001-$50,000 | 807.525 |
| George Putnam, III | Over $100,000 | 7,087.907 | $10,001-$50,000 | 2,319.288 | $10,001-$50,000 | 1,232.058 |
| *Robert L. Reynolds | $1-$10,000 | 106.420 | Over $100,000 | 35,210.585 | $1-$10,000 | 113.595 |
| W. Thomas Stephens | $1-$10,000 | 308.912 | $1-$10,000 | 115.385 | $1-$10,000 | 113.595 |
| Trustees and Officers | Over $100,000 | 24,136.911 | Over $100,000 | 43,614.711 | Over $100,000 | 10,161.018 |
| as a group | (Class Y shares) | (Class Y shares) | (Class Y shares) | (Class Y shares) | (Class Y shares) | (Class Y shares) |
| (1.04%) | (16.21%) | (9.42%) | ||||
| H-5 |
| Dollar Range of | Shares Beneficially | Dollar Range of | Shares Beneficially | Dollar Range of | Shares Beneficially | |
| Trustees/Officers | Shares Owned | Owned | Shares Owned | Owned | Shares Owned | Owned |
| Putnam Global Telecommunications Fund | Putnam Global Utilities Fund | The Putnam Fund for Growth and Income | ||||
| Liaquat Ahamed | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 |
| Ravi Akhoury | $1-$10,000 | 118.604 | $1-$10,000 | 115.940 | Over $100,000 | 7,243.008 |
| Barbara M. Baumann | $1-$10,000 | 114.516 | $1-$10,000 | 110.207 | $10,001-$50,000 | 1,790.177 |
| Jameson A. Baxter | $10,001-$50,000 | 630.868 | $1-$10,000 | 784.327 | Over $100,000 | 15,159.070 |
| Charles B. Curtis | $1-$10,000 | 118.604 | $1-$10,000 | 142.713 | $1-$10,000 | 286.941 |
| Robert J. Darretta | $1-$10,000 | 118.604 | $1-$10,000 | 119.959 | $1-$10,000 | 234.871 |
| Katinka Domotorffy | $1-$10,000 | 100.000 | $1-$10,000 | 102.009 | $1-$10,000 | 100.993 |
| John A. Hill | $1-$10,000 | 100.000 | $10,001-$50,000 | 4,082.111 | Over $100,000 | 61,769.013 |
| Paul L. Joskow | $1-$10,000 | 175.448 | $10,001-$50,000 | 1,196.697 | Over $100,000 | 9,351.476 |
| Kenneth R. Leibler | $1-$10,000 | 118.604 | $1-$10,000 | 121.175 | $1-$10,000 | 253.445 |
| Robert E. Patterson | $10,001-$50,000 | 1,155.893 | $1-$10,000 | 868.137 | $10,001-$50,000 | 1,453.591 |
| George Putnam, III | $10,001-$50,000 | 1,392.059 | $10,001-$50,000 | 2,631.185 | Over $100,000 | 14,861.585 |
| *Robert L. Reynolds | $1-$10,000 | 118.604 | $1-$10,000 | 115.940 | Over $100,000 | 56,077.644 |
| W. Thomas Stephens | $1-$10,000 | 118.604 | $1-$10,000 | 197.897 | $1-$10,000 | 387.739 |
| Trustees and Officers | $50,001-$100,000 | 4,480.408 | Over $100,000 | 10,688.297 | Over $100,000 | 187,750.104 |
| as a group | (Class Y shares) | (Class Y shares) | (Class Y shares) | (Class Y shares) | (Class Y shares) | (Class Y shares) |
| (1.97%) | (3.36%) | (7.80%) | ||||
| Putnam Growth Opportunities Fund | Putnam High Income Securities Fund | Putnam High Yield Advantage Fund | ||||
| Liaquat Ahamed | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 |
| Ravi Akhoury | $1-$10,000 | 97.919 | $1-$10,000 | 100.000 | $1-$10,000 | 134.237 |
| Barbara M. Baumann | $1-$10,000 | 97.508 | $1-$10,000 | 100.000 | $1-$10,000 | 119.319 |
| Jameson A. Baxter | $10,001-$50,000 | 469.622 | $10,001-$50,000 | 2,535.933 | $10,001-$50,000 | 4,141.809 |
| Charles B. Curtis | $1-$10,000 | 103.734 | $1-$10,000 | 594.893 | $1-$10,000 | 259.163 |
| Robert J. Darretta | $1-$10,000 | 97.919 | $1-$10,000 | 100.000 | $1-$10,000 | 153.583 |
| Katinka Domotorffy | $1-$10,000 | 100.072 | $1-$10,000 | 100.000 | $1-$10,000 | 104.598 |
| John A. Hill | $50,001-$100,000 | 2,480.183 | Over $100,000 | 101,499.504 | Over $100,000 | 24,753.084 |
| Paul L. Joskow | $10,001-$50,000 | 817.361 | $1-$10,000 | 334.000 | $10,001-$50,000 | 6,489.662 |
| Kenneth R. Leibler | $1-$10,000 | 97.919 | $1-$10,000 | 100.000 | $1-$10,000 | 162.202 |
| Robert E. Patterson | $10,001-$50,000 | 2,101.890 | $1-$10,000 | 1,084.000 | $10,001-$50,000 | 3,140.674 |
| George Putnam, III | $50,001-$100,000 | 2,727.960 | $10,001-$50,000 | 1,670.000 | $10,001-$50,000 | 5,632.384 |
| *Robert L. Reynolds | $1-$10,000 | 97.919 | $1-$10,000 | 100.000 | $1-$10,000 | 136.411 |
| W. Thomas Stephens | $1-$10,000 | 96.202 | $1-$10,000 | 100.000 | $1-$10,000 | 367.009 |
| Trustees and Officers | Over $100,000 | 9,486.208 | Over $100,000 | 108,518.330 | Over $100,000 | 45,694.134 |
| as a group | (Class Y shares) | (Class Y shares) | (Class Y shares) | (Class Y shares) | ||
| (1.83%) | ||||||
| Putnam Intermediate-Term Municipal | ||||||
| Putnam High Yield Trust | Putnam Income Fund | Income Fund | ||||
| Liaquat Ahamed | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 |
| Ravi Akhoury | $1-$10,000 | 140.929 | $1-$10,000 | 125.327 | $1-$10,000 | 100.481 |
| Barbara M. Baumann | $1-$10,000 | 125.163 | $1-$10,000 | 111.868 | $1-$10,000 | 107.435 |
| Jameson A. Baxter | Over $100,000 | 25,520.140 | $50,001-$100,000 | 10,057.203 | $10,001-$50,000 | 2,482.449 |
| Charles B. Curtis | $1-$10,000 | 737.556 | $1-$10,000 | 184.501 | $1-$10,000 | 100.481 |
| Robert J. Darretta | $1-$10,000 | 160.722 | $1-$10,000 | 140.529 | $1-$10,000 | 100.468 |
| Katinka Domotorffy | $1-$10,000 | 104.914 | $1-$10,000 | 102.678 | $1-$10,000 | 100.477 |
| John A. Hill | Over $100,000 | 23,816.490 | Over $100,000 | 123,371.447 | $1-$10,000 | 100.482 |
| Paul L. Joskow | $50,001-$100,000 | 11,754.080 | $1-$10,000 | 314.336 | $1-$10,000 | 150.139 |
| Kenneth R. Leibler | $1-$10,000 | 169.657 | $1-$10,000 | 145.627 | $1-$10,000 | 141.209 |
| Robert E. Patterson | $10,001-$50,000 | 2,552.998 | $10,001-$50,000 | 2,205.501 | $1-$10,000 | 150.137 |
| George Putnam, III | Over $100,000 | 17,961.793 | $50,001-$100,000 | 9,029.830 | $10,001-$50,000 | 1,191.164 |
| *Robert L. Reynolds | Over $100,000 | 86,573.951 | Over $100,000 | 270,420.061 | $0 | 0.000 |
| W. Thomas Stephens | $1-$10,000 | 657.898 | $1-$10,000 | 223.778 | $1-$10,000 | 100.464 |
| Trustees and Officers | Over $100,000 | 173,464.389 | Over $100,000 | 416,532.685 | $50,001-$100,000 | 4,925.386 |
| as a group | (Class Y shares) | (Class Y shares) | (Class Y shares) | (Class Y shares) | (Class Y shares) | (Class Y shares) |
| (2.06%) | (71.06%) | |||||
| H-6 |
| Dollar Range of | Shares Beneficially | Dollar Range of | Shares Beneficially | Dollar Range of | Shares Beneficially | |
| Trustees/Officers | Shares Owned | Owned | Shares Owned | Owned | Shares Owned | Owned |
| Putnam International Capital | ||||||
| Opportunities Fund | Putnam International Equity Fund | Putnam International Growth Fund | ||||
| Liaquat Ahamed | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 |
| Ravi Akhoury | $1-$10,000 | 105.863 | $1-$10,000 | 110.623 | $1-$10,000 | 107.890 |
| Barbara M. Baumann | $1-$10,000 | 105.456 | $50,001-$100,000 | 2,497.851 | $1-$10,000 | 105.224 |
| Jameson A. Baxter | Over $100,000 | 5,722.878 | Over $100,000 | 9,092.764 | $50,001-$100,000 | 3,872.102 |
| Charles B. Curtis | Over $100,000 | 4,955.663 | Over $100,000 | 7,346.703 | $1-$10,000 | 114.312 |
| Robert J. Darretta | $1-$10,000 | 113.797 | $1-$10,000 | 136.522 | $1-$10,000 | 109.354 |
| Katinka Domotorffy | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 |
| John A. Hill | $10,001-$50,000 | 908.420 | Over $100,000 | 26,187.209 | $50,001-$100,000 | 5,304.943 |
| Paul L. Joskow | $10,001-$50,000 | 485.776 | $50,001-$100,000 | 3,802.013 | $10,001-$50,000 | 1,539.402 |
| Kenneth R. Leibler | $1-$10,000 | 116.102 | $1-$10,000 | 146.016 | $1-$10,000 | 109.840 |
| Robert E. Patterson | $50,001-$100,000 | 2,082.100 | $50,001-$100,000 | 3,710.962 | $50,001-$100,000 | 4,327.143 |
| George Putnam, III | $50,001-$100,000 | 1,959.194 | Over $100,000 | 6,094.261 | Over $100,000 | 7,844.186 |
| *Robert L. Reynolds | $1-$10,000 | 105.863 | Over $100,000 | 11,451.057 | $1-$10,000 | 107.890 |
| W. Thomas Stephens | $1-$10,000 | 137.788 | $1-$10,000 | 260.595 | $1-$10,000 | 159.563 |
| Trustees and Officers | Over $100,000 | 18,971.674 | Over $100,000 | 76,185.736 | Over $100,000 | 25,408.425 |
| as a group | (Class Y shares) | (Class Y shares) | (Class Y shares) | (Class Y shares) | (Class Y shares) | (Class Y shares) |
| (2.95%) | (2.38%) | |||||
| Putnam International Value Fund | Putnam Investors Fund | Putnam Low Volatility Equity Fund | ||||
| Liaquat Ahamed | Over $100,000 | 9,373.118 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 |
| Ravi Akhoury | $1-$10,000 | 108.945 | $1-$10,000 | 102.861 | $1-$10,000 | 100.000 |
| Barbara M. Baumann | $1-$10,000 | 108.582 | $1-$10,000 | 101.465 | $10,001-$50,000 | 1,457.058 |
| Jameson A. Baxter | Over $100,000 | 9,540.159 | Over $100,000 | 17,145.040 | $10,001-$50,000 | 4,859.086 |
| Charles B. Curtis | $1-$10,000 | 155.173 | $1-$10,000 | 349.328 | $1-$10,000 | 100.000 |
| Robert J. Darretta | $1-$10,000 | 131.595 | $1-$10,000 | 338.464 | $1-$10,000 | 100.000 |
| Katinka Domotorffy | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 |
| John A. Hill | Over $100,000 | 19,658.557 | Over $100,000 | 96,287.437 | $1-$10,000 | 100.003 |
| Paul L. Joskow | $10,001-$50,000 | 1,110.449 | Over $100,000 | 8,444.064 | $1-$10,000 | 148.221 |
| Kenneth R. Leibler | $1-$10,000 | 144.879 | $1-$10,000 | 338.690 | $1-$10,000 | 168.972 |
| Robert E. Patterson | $50,001-$100,000 | 8,171.186 | $50,001-$100,000 | 4,961.210 | $1-$10,000 | 147.638 |
| George Putnam, III | $10,001-$50,000 | 3,277.437 | Over $100,000 | 6,336.772 | $10,001-$50,000 | 1,194.030 |
| *Robert L. Reynolds | $1-$10,000 | 108.945 | $1-$10,000 | 102.861 | $0 | 0.000 |
| W. Thomas Stephens | $1-$10,000 | 211.960 | $1-$10,000 | 394.913 | $1-$10,000 | 100.000 |
| Trustees and Officers | Over $100,000 | 55,002.420 | Over $100,000 | 155,512.272 | $50,001-$100,000 | 8,675.008 |
| as a group | (Class Y shares) | (Class Y shares) | (Class Y shares) | (Class Y shares) | (Class Y shares) | (Class Y shares) |
| (8.13%) | (5.58%) | |||||
| Putnam Massachusetts Tax Exempt | ||||||
| Putnam Managed Municipal Income Trust | Income Fund | Putnam Master Intermediate Income Trust | ||||
| Liaquat Ahamed | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 |
| Ravi Akhoury | $1-$10,000 | 100.000 | $1-$10,000 | 119.256 | $1-$10,000 | 100.000 |
| Barbara M. Baumann | $1-$10,000 | 100.000 | $1-$10,000 | 112.096 | $1-$10,000 | 100.000 |
| Jameson A. Baxter | $1-$10,000 | 621.015 | $1-$10,000 | 245.120 | $1-$10,000 | 836.558 |
| Charles B. Curtis | $1-$10,000 | 336.618 | $1-$10,000 | 169.631 | $1-$10,000 | 207.980 |
| Robert J. Darretta | $1-$10,000 | 100.000 | $1-$10,000 | 128.768 | $1-$10,000 | 100.000 |
| Katinka Domotorffy | $1-$10,000 | 100.000 | $1-$10,000 | 102.254 | $1-$10,000 | 100.000 |
| John A. Hill | $1-$10,000 | 373.942 | $1-$10,000 | 225.411 | $1-$10,000 | 450.185 |
| Paul L. Joskow | $1-$10,000 | 195.000 | $1-$10,000 | 203.155 | $1-$10,000 | 100.000 |
| Kenneth R. Leibler | $1-$10,000 | 195.000 | $1-$10,000 | 133.030 | $1-$10,000 | 100.000 |
| Robert E. Patterson | $1-$10,000 | 587.000 | $1-$10,000 | 102.693 | $1-$10,000 | 587.000 |
| George Putnam, III | $10,001-$50,000 | 3,815.000 | $50,001-$100,000 | 7,846.946 | $10,001-$50,000 | 2,178.000 |
| *Robert L. Reynolds | $1-$10,000 | 100.000 | $1-$10,000 | 120.925 | $1-$10,000 | 100.000 |
| W. Thomas Stephens | $1-$10,000 | 100.000 | $1-$10,000 | 204.976 | $1-$10,000 | 100.000 |
| Trustees and Officers | $10,001-$50,000 | 6,823.575 | $50,001-$100,000 | 9,814.261 | $10,001-$50,000 | 5,159.723 |
| as a group | (Class Y shares) | (Class Y shares) | ||||
| H-7 |
| Dollar Range of | Shares Beneficially | Dollar Range of | Shares Beneficially | Dollar Range of | Shares Beneficially | |
| Trustees/Officers | Shares Owned | Owned | Shares Owned | Owned | Shares Owned | Owned |
| Putnam Michigan Tax Exempt Income Fund | Putnam Minnesota Tax Exempt Income Fund | Putnam Money Market Fund | ||||
| Liaquat Ahamed | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $10,001-$50,000 | 30,464.780 |
| Ravi Akhoury | $1-$10,000 | 118.478 | $1-$10,000 | 117.412 | Over $100,000 | 486,717.380 |
| Barbara M. Baumann | $1-$10,000 | 111.523 | $1-$10,000 | 110.901 | $1-$10,000 | 994.350 |
| Jameson A. Baxter | $1-$10,000 | 232.669 | $1-$10,000 | 228.450 | Over $100,000 | 352,106.170 |
| Charles B. Curtis | $1-$10,000 | 165.852 | $1-$10,000 | 162.261 | Over $100,000 | 288,269.186 |
| Robert J. Darretta | $1-$10,000 | 126.485 | $1-$10,000 | 125.061 | Over $100,000 | 503,971.420 |
| Katinka Domotorffy | $1-$10,000 | 102.367 | $1-$10,000 | 102.109 | $10,001-$50,000 | 23,356.010 |
| John A. Hill | $1-$10,000 | 211.734 | $1-$10,000 | 280.325 | Over $100,000 | 123,827.780 |
| Paul L. Joskow | $1-$10,000 | 207.735 | $1-$10,000 | 207.394 | Over $100,000 | 242,868.580 |
| Kenneth R. Leibler | $1-$10,000 | 130.325 | $1-$10,000 | 129.008 | $1-$10,000 | 100.000 |
| Robert E. Patterson | $1-$10,000 | 142.237 | $1-$10,000 | 141.310 | Over $100,000 | 116,076.600 |
| George Putnam, III | $10,001-$50,000 | 1,656.699 | $10,001-$50,000 | 1,650.533 | Over $100,000 | 556,796.470 |
| *Robert L. Reynolds | $1-$10,000 | 119.459 | $1-$10,000 | 118.297 | Over $100,000 | 294,454.830 |
| W. Thomas Stephens | $1-$10,000 | 196.934 | $1-$10,000 | 194.016 | Over $100,000 | 281,151.700 |
| Trustees and Officers | $10,001-$50,000 | 3,622.497 | $10,001-$50,000 | 3,667.077 | Over $100,000 | 3,478,916.726 |
| as a group | (Class Y shares) | (Class Y shares) | (Class Y shares) | (Class Y shares) | (Class A shares) | (Class A shares) |
| (1.96%) | (2.08%) | |||||
| Putnam Multi-Cap Core Fund | Putnam Multi-Cap Growth Fund | Putnam Multi-Cap Value Fund | ||||
| Liaquat Ahamed | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 |
| Ravi Akhoury | Over $100,000 | 11,930.857 | $1-$10,000 | 117.787 | $1-$10,000 | 102.232 |
| Barbara M. Baumann | $10,001-$50,000 | 1,116.336 | $10,001-$50,000 | 477.441 | $1-$10,000 | 102.082 |
| Jameson A. Baxter | $50,001-$100,000 | 4,862.088 | Over $100,000 | 10,795.887 | $10,001-$50,000 | 2,450.738 |
| Charles B. Curtis | $1-$10,000 | 111.635 | $10,001-$50,000 | 220.176 | $1-$10,000 | 165.110 |
| Robert J. Darretta | $1-$10,000 | 111.635 | Over $100,000 | 3,729.752 | $1-$10,000 | 122.481 |
| Katinka Domotorffy | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 |
| John A. Hill | $50,001-$100,000 | 4,952.686 | Over $100,000 | 4,113.147 | $1-$10,000 | 169.662 |
| Paul L. Joskow | $1-$10,000 | 148.580 | $50,001-$100,000 | 1,053.727 | $1-$10,000 | 187.063 |
| Kenneth R. Leibler | $1-$10,000 | 111.635 | $1-$10,000 | 123.409 | $1-$10,000 | 137.413 |
| Robert E. Patterson | $10,001-$50,000 | 994.952 | $50,001-$100,000 | 1,193.389 | $10,001-$50,000 | 1,952.138 |
| George Putnam, III | $10,001-$50,000 | 1,461.175 | Over $100,000 | 22,378.433 | $50,001-$100,000 | 3,333.060 |
| *Robert L. Reynolds | $1-$10,000 | 105.571 | Over $100,000 | 12,481.489 | $1-$10,000 | 102.232 |
| W. Thomas Stephens | $1-$10,000 | 111.635 | $10,001-$50,000 | 264.076 | $1-$10,000 | 155.793 |
| Trustees and Officers | Over $100,000 | 26,218.785 | Over $100,000 | 58,236.320 | Over $100,000 | 9,227.180 |
| as a group | (Class Y shares) | (Class Y shares) | (Class Y shares) | (Class Y shares) | (Class Y shares) | (Class Y shares) |
| (8.46%) | (2.80%) | |||||
| Putnam Municipal Opportunities Trust | Putnam New Jersey Tax Exempt Income Fund | Putnam New York 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 | 100.000 | $1-$10,000 | 118.859 | $1-$10,000 | 119.994 |
| Barbara M. Baumann | $1-$10,000 | 100.000 | $1-$10,000 | 111.904 | $1-$10,000 | 112.677 |
| Jameson A. Baxter | $50,001-$100,000 | 6,130.412 | $1-$10,000 | 238.257 | $1-$10,000 | 1,119.442 |
| Charles B. Curtis | $1-$10,000 | 503.401 | $1-$10,000 | 164.294 | $1-$10,000 | 581.203 |
| Robert J. Darretta | $1-$10,000 | 100.000 | $1-$10,000 | 127.066 | $1-$10,000 | 128.586 |
| Katinka Domotorffy | $1-$10,000 | 100.000 | $1-$10,000 | 102.364 | $1-$10,000 | 102.618 |
| John A. Hill | $1-$10,000 | 544.341 | $1-$10,000 | 295.428 | Over $100,000 | 186,515.222 |
| Paul L. Joskow | $1-$10,000 | 387.000 | $1-$10,000 | 205.796 | Over $100,000 | 18,596.740 |
| Kenneth R. Leibler | $1-$10,000 | 287.000 | $1-$10,000 | 131.257 | $1-$10,000 | 133.358 |
| Robert E. Patterson | $1-$10,000 | 655.000 | $1-$10,000 | 143.395 | $1-$10,000 | 353.892 |
| George Putnam, III | $10,001-$50,000 | 3,788.000 | $10,001-$50,000 | 1,618.373 | $10,001-$50,000 | 1,847.315 |
| *Robert L. Reynolds | $0 | 0.000 | $1-$10,000 | 119.868 | $1-$10,000 | 121.022 |
| W. Thomas Stephens | $1-$10,000 | 100.000 | $1-$10,000 | 195.935 | $1-$10,000 | 211.748 |
| Trustees and Officers | Over $100,000 | 12,895.154 | $10,001-$50,000 | 3,672.796 | Over $100,000 | 123,875.340 |
| as a group | (Class Y shares) | (Class Y shares) | (Class A shares) | (Class A shares) | ||
| Over $100,000 | 210,043.817 | |||||
| (Class Y shares) | (Class Y shares) | |||||
| (8.75%) | ||||||
| H-8 |
| Dollar Range of | Shares Beneficially | Dollar Range of | Shares Beneficially | Dollar Range of | Shares Beneficially | |
| Trustees/Officers | Shares Owned | Owned | Shares Owned | Owned | Shares Owned | Owned |
| Putnam Pennsylvania Tax Exempt | ||||||
| Putnam Ohio Tax Exempt Income Fund | Income Fund | Putnam Premier Income Trust | ||||
| Liaquat Ahamed | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 |
| Ravi Akhoury | $1-$10,000 | 118.656 | $1-$10,000 | 119.138 | $1-$10,000 | 100.000 |
| Barbara M. Baumann | $1-$10,000 | 111.766 | $1-$10,000 | 112.206 | $1-$10,000 | 100.000 |
| Jameson A. Baxter | $1-$10,000 | 233.131 | $1-$10,000 | 242.359 | $1-$10,000 | 881.117 |
| Charles B. Curtis | $1-$10,000 | 162.973 | $1-$10,000 | 164.749 | $1-$10,000 | 416.604 |
| Robert J. Darretta | $1-$10,000 | 127.069 | $1-$10,000 | 127.320 | $1-$10,000 | 100.000 |
| Katinka Domotorffy | $1-$10,000 | 102.428 | $1-$10,000 | 102.627 | $1-$10,000 | 100.000 |
| John A. Hill | $1-$10,000 | 306.847 | $1-$10,000 | 303.234 | $10,001-$50,000 | 3,704.634 |
| Paul L. Joskow | $1-$10,000 | 210.122 | $1-$10,000 | 212.479 | $1-$10,000 | 201.000 |
| Kenneth R. Leibler | $1-$10,000 | 131.054 | $1-$10,000 | 131.241 | $1-$10,000 | 100.000 |
| Robert E. Patterson | $1-$10,000 | 143.519 | $1-$10,000 | 143.667 | $1-$10,000 | 803.000 |
| George Putnam, III | $10,001-$50,000 | 1,655.210 | $10,001-$50,000 | 1,653.717 | $10,001-$50,000 | 2,505.000 |
| *Robert L. Reynolds | $1-$10,000 | 119.727 | $1-$10,000 | 120.193 | $1-$10,000 | 100.000 |
| W. Thomas Stephens | $1-$10,000 | 197.615 | $1-$10,000 | 202.784 | $1-$10,000 | 100.000 |
| Trustees and Officers | $10,001-$50,000 | 3,720.117 | $10,001-$50,000 | 3,735.714 | $10,001-$50,000 | 9,311.355 |
| as a group | (Class Y shares) | (Class Y shares) | (Class Y shares) | (Class Y shares) | ||
| Putnam Research Fund | Putnam RetirementReady 2050 Fund | Putnam RetirementReady 2040 Fund | ||||
| Liaquat Ahamed | $1-$10,000 | 100.000 | $0 | 0.000 | $0 | 0.000 |
| Ravi Akhoury | $1-$10,000 | 102.998 | $0 | 0.000 | $0 | 0.000 |
| Barbara M. Baumann | $1-$10,000 | 102.141 | $0 | 0.000 | $0 | 0.000 |
| Jameson A. Baxter | $1-$10,000 | 436.683 | $0 | 0.000 | $0 | 0.000 |
| Charles B. Curtis | $1-$10,000 | 110.592 | $0 | 0.000 | $0 | 0.000 |
| Robert J. Darretta | $1-$10,000 | 104.450 | $0 | 0.000 | $0 | 0.000 |
| Katinka Domotorffy | $1-$10,000 | 100.000 | $0 | 0.000 | $0 | 0.000 |
| John A. Hill | Over $100,000 | 5,858.227 | $10,001-$50,000 | 2,046.629 | $0 | 0.000 |
| Paul L. Joskow | Over $100,000 | 5,754.958 | $0 | 0.000 | $0 | 0.000 |
| Kenneth R. Leibler | $1-$10,000 | 104.562 | $0 | 0.000 | $0 | 0.000 |
| Robert E. Patterson | $1-$10,000 | 144.768 | $0 | 0.000 | $0 | 0.000 |
| George Putnam, III | $10,001-$50,000 | 1,831.247 | $0 | 0.000 | $0 | 0.000 |
| *Robert L. Reynolds | $50,001-$100,000 | 4,687.941 | $0 | 0.000 | $1-$10,000 | 317.927 |
| W. Thomas Stephens | $1-$10,000 | 105.361 | $0 | 0.000 | $0 | 0.000 |
| Trustees and Officers | Over $100,000 | 19,543.927 | $10,001-$50,000 | 2,046.629 | $1-$10,000 | 317.927 |
| as a group | (Class Y shares) | (Class Y shares) | (Class Y shares) | (Class Y shares) | ||
| (3.56%) | ||||||
| H-9 |
| Dollar Range of | Shares Beneficially | Dollar Range of | Shares Beneficially | Dollar Range of | Shares Beneficially | |
| Trustees/Officers | Shares Owned | Owned | Shares Owned | Owned | Shares Owned | Owned |
| Putnam RetirementReady 2030 Fund | Putnam RetirementReady 2025 Fund | Putnam RetirementReady 2020 Fund | ||||
| Liaquat Ahamed | $0 | 0.000 | $1-$10,000 | 100.000 | $0 | 0.000 |
| Ravi Akhoury | $0 | 0.000 | $0 | 0.000 | $0 | 0.000 |
| Barbara M. Baumann | $1-$10,000 | 94.487 | $0 | 0.000 | $0 | 0.000 |
| Jameson A. Baxter | $0 | 0.000 | $0 | 0.000 | $10,001-$50,000 | 1,429.979 |
| Charles B. Curtis | $0 | 0.000 | $0 | 0.000 | $1-$10,000 | 446.230 |
| Robert J. Darretta | $0 | 0.000 | $1-$10,000 | 452.598 | $0 | 0.000 |
| Katinka Domotorffy | $0 | 0.000 | $0 | 0.000 | $0 | 0.000 |
| John A. Hill | $0 | 0.000 | $0 | 0.000 | $0 | 0.000 |
| Paul L. Joskow | $0 | 0.000 | $0 | 0.000 | $10,001-$50,000 | 677.210 |
| Kenneth R. Leibler | $0 | 0.000 | $0 | 0.000 | $0 | 0.000 |
| Robert E. Patterson | $0 | 0.000 | $0 | 0.000 | $10,001-$50,000 | 648.772 |
| George Putnam, III | $0 | 0.000 | $10,001-$50,000 | 1,571.332 | $0 | 0.000 |
| *Robert L. Reynolds | $0 | 0.000 | $0 | 0.000 | $0 | 0.000 |
| W. Thomas Stephens | $0 | 0.000 | $0 | 0.000 | $0 | 0.000 |
| Trustees and Officers | $1-$10,000 | 94.487 | $10,001-$50,000 | 2,123.930 | $50,001-$100,000 | 3,201.191 |
| as a group | (Class Y shares) | (Class Y shares) | (Class Y shares) | |||
| Putnam RetirementReady 2015 Fund | Putnam Retirement Income Fund Lifestyle 1 | Putnam Retirement Income Fund Lifestyle 2 | ||||
| Liaquat Ahamed | $0 | 0.000 | $0 | 0.000 | $1-$10,000 | 100.000 |
| Ravi Akhoury | $1-$10,000 | 107.218 | $1-$10,000 | 334.012 | $1-$10,000 | 104.328 |
| Barbara M. Baumann | $0 | 0.000 | $1-$10,000 | 129.741 | $1-$10,000 | 322.341 |
| Jameson A. Baxter | $0 | 0.000 | $1-$10,000 | 257.050 | $1-$10,000 | 261.098 |
| Charles B. Curtis | $0 | 0.000 | $1-$10,000 | 102.711 | $1-$10,000 | 104.273 |
| Robert J. Darretta | $0 | 0.000 | $1-$10,000 | 102.820 | $1-$10,000 | 104.438 |
| Katinka Domotorffy | $0 | 0.000 | $1-$10,000 | 100.462 | $1-$10,000 | 100.517 |
| John A. Hill | $0 | 0.000 | $1-$10,000 | 102.820 | $1-$10,000 | 104.438 |
| Paul L. Joskow | $1-$10,000 | 9.638 | $1-$10,000 | 129.617 | $1-$10,000 | 160.843 |
| Kenneth R. Leibler | $1-$10,000 | 120.124 | $1-$10,000 | 102.820 | $1-$10,000 | 104.438 |
| Robert E. Patterson | $0 | 0.000 | $10,001-$50,000 | 648.709 | $10,001-$50,000 | 1,074.479 |
| George Putnam, III | $0 | 0.000 | $10,001-$50,000 | 973.062 | $10,001-$50,000 | 1,613.384 |
| *Robert L. Reynolds | $0 | 0.000 | $1-$10,000 | 101.280 | $1-$10,000 | 102.312 |
| W. Thomas Stephens | $1-$10,000 | 484.159 | $1-$10,000 | 102.788 | $1-$10,000 | 104.382 |
| Trustees and Officers | $10,000- | 721.139 | $50,001-$100,000 | 3,187.892 | $10,001-$50,000 | 4,361.271 |
| as a group | $50,000 | (Class Y shares) | (Class Y shares) | (Class Y shares) | (Class Y shares) | (Class Y shares) |
| (30.31%) | ||||||
| Putnam Retirement Income Fund Lifestyle 3 | Putnam Short Duration Income Fund | Putnam Short-Term Municipal Income Fund | ||||
| Liaquat Ahamed | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 |
| Ravi Akhoury | $1-$10,000 | 117.279 | $1-$10,000 | 101.054 | $1-$10,000 | 100.206 |
| Barbara M. Baumann | $1-$10,000 | 107.722 | $1-$10,000 | 484.631 | $1-$10,000 | 539.517 |
| Jameson A. Baxter | $50,001-$100,000 | 6,947.077 | $50,001-$100,000 | 5,051.547 | $10,001-$50,000 | 2,494.205 |
| Charles B. Curtis | $1-$10,000 | 142.275 | $1-$10,000 | 101.037 | $1-$10,000 | 100.206 |
| Robert J. Darretta | $1-$10,000 | 131.592 | $0 | 0.000 | $1-$10,000 | 100.198 |
| Katinka Domotorffy | $1-$10,000 | 101.658 | $1-$10,000 | 100.461 | $1-$10,000 | 100.203 |
| John A. Hill | Over $100,000 | 33,749.973 | Over $100,000 | 131,260.511 | $1-$10,000 | 100.204 |
| Paul L. Joskow | $1-$10,000 | 676.281 | $1-$10,000 | 151.546 | $1-$10,000 | 150.019 |
| Kenneth R. Leibler | $1-$10,000 | 136.329 | $1-$10,000 | 101.036 | $1-$10,000 | 141.093 |
| Robert E. Patterson | $10,001-$50,000 | 1,356.214 | $1-$10,000 | 505.121 | $1-$10,000 | 150.018 |
| George Putnam, III | $10,001-$50,000 | 4,057.644 | $10,001-$50,000 | 1,212.250 | $10,001-$50,000 | 1,198.781 |
| *Robert L. Reynolds | $1-$10,000 | 118.618 | $1-$10,000 | 101.011 | $0 | 0.000 |
| W. Thomas Stephens | $1-$10,000 | 142.275 | $1-$10,000 | 101.037 | $1-$10,000 | 100.196 |
| Trustees and Officers | Over $100,000 | 47,884.937 | Over $100,000 | 139,371.242 | $50,001-$100,000 | 5,374.846 |
| as a group | (Class Y shares) | (Class Y shares) | (Class Y shares) | (Class Y shares) | (Class Y shares) | (Class Y shares) |
| (46.72%) | (7.42%) | |||||
| H-10 |
| Dollar Range of | Shares Beneficially | Dollar Range of | Shares Beneficially | Dollar Range of | Shares Beneficially | |
| Trustees/Officers | Shares Owned | Owned | Shares Owned | Owned | Shares Owned | Owned |
| Putnam Small Cap Growth Fund | Putnam Small-Cap Value Fund | Putnam Strategic Volatility Equity Fund | ||||
| Liaquat Ahamed | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 |
| Ravi Akhoury | $1-$10,000 | 98.206 | $1-$10,000 | 99.075 | $1-$10,000 | 100.000 |
| Barbara M. Baumann | $1-$10,000 | 98.206 | $1-$10,000 | 97.367 | $10,001-$50,000 | 1,449.902 |
| Jameson A. Baxter | $10,001-$50,000 | 908.212 | $50,001-$100,000 | 4,882.095 | $10,001-$50,000 | 4,812.320 |
| Charles B. Curtis | $10,001-$50,000 | 690.627 | $1-$10,000 | 236.351 | $1-$10,000 | 100.000 |
| Robert J. Darretta | $1-$10,000 | 113.350 | $1-$10,000 | 134.783 | $1-$10,000 | 100.000 |
| Katinka Domotorffy | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 |
| John A. Hill | Over $100,000 | 7,059.219 | Over $100,000 | 30,229.718 | $1-$10,000 | 100.006 |
| Paul L. Joskow | $1-$10,000 | 134.540 | $1-$10,000 | 256.332 | $1-$10,000 | 147.493 |
| Kenneth R. Leibler | $1-$10,000 | 120.254 | $1-$10,000 | 162.554 | $1-$10,000 | 168.142 |
| Robert E. Patterson | $10,001-$50,000 | 1,177.021 | $10,001-$50,000 | 1,957.021 | $1-$10,000 | 146.771 |
| George Putnam, III | Over $100,000 | 9,418.845 | $50,001-$100,000 | 3,476.779 | $10,001-$50,000 | 1,190.476 |
| *Robert L. Reynolds | $1-$10,000 | 98.206 | $1-$10,000 | 99.075 | $0 | 0.000 |
| W. Thomas Stephens | $1-$10,000 | 128.815 | $1-$10,000 | 218.788 | $1-$10,000 | 100.000 |
| Trustees and Officers | Over $100,000 | 20,245.501 | Over $100,000 | 42,049.938 | $50,001-$100,000 | 8,741.110 |
| as a group | (Class Y shares) | (Class Y shares) | (Class Y shares) | (Class Y shares) | (Class Y shares) | (Class Y shares) |
| (4.67%) | (9.77%) | |||||
| Putnam Tax Exempt Income Fund | Putnam Tax Exempt Money Market Fund | Putnam Tax-Free High Yield Fund | ||||
| Liaquat Ahamed | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 | $1-$10,000 | 100.000 |
| Ravi Akhoury | $1-$10,000 | 121.326 | $1-$10,000 | 100.000 | $1-$10,000 | 126.030 |
| Barbara M. Baumann | $1-$10,000 | 113.340 | $1-$10,000 | 100.000 | $1-$10,000 | 115.844 |
| Jameson A. Baxter | $10,001-$50,000 | 3,636.952 | $1-$10,000 | 2,270.160 | $10,001-$50,000 | 1,800.060 |
| Charles B. Curtis | $1-$10,000 | 597.851 | $1-$10,000 | 1,692.010 | $1-$10,000 | 316.440 |
| Robert J. Darretta | $1-$10,000 | 130.469 | $1-$10,000 | 102.880 | $1-$10,000 | 137.786 |
| Katinka Domotorffy | $1-$10,000 | 102.789 | $1-$10,000 | 100.000 | $1-$10,000 | 103.129 |
| John A. Hill | $10,001-$50,000 | 1,358.734 | Over $100,000 | 3,076,439.010 | $1-$10,000 | 567.315 |
| Paul L. Joskow | $1-$10,000 | 449.784 | $1-$10,000 | 3,492.870 | $1-$10,000 | 394.342 |
| Kenneth R. Leibler | $1-$10,000 | 134.813 | $1-$10,000 | 105.790 | $1-$10,000 | 142.950 |
| Robert E. Patterson | $1-$10,000 | 615.705 | $1-$10,000 | 100.000 | $1-$10,000 | 267.676 |
| George Putnam, III | $10,001-$50,000 | 5,178.831 | $10,001-$50,000 | 10,949.950 | $10,001-$50,000 | 3,803.907 |
| *Robert L. Reynolds | $1-$10,000 | 122.527 | $1-$10,000 | 100.000 | $1-$10,000 | 127.688 |
| W. Thomas Stephens�� | $1-$10,000 | 428.894 | Over $100,000 | 247,290.530 | $1-$10,000 | 389.682 |
| Trustees and Officers | $10,001-$50,000 | 1,384.836 | Over $100,000 | 3,342,943.200 | $50,001-$100,000 | 8,392.849 |
| as a group | (Class A) | (Class A) | (7.85%) | (Class Y shares) | (Class Y shares) | |
| Over $100,000 | 13,092.015 | |||||
| (Class Y shares) | (Class Y shares) | |||||
| Putnam U.S. Government Income Trust | Putnam Voyager Fund | |||||
| Liaquat Ahamed | $1-$10,000 | 100.000 | Over $100,000 | 3,951.041 | ||
| Ravi Akhoury | $1-$10,000 | 133.894 | Over $100,000 | 7,375.473 | ||
| Barbara M. Baumann | $1-$10,000 | 123.562 | Over $100,000 | 7,218.702 | ||
| Jameson A. Baxter | $10,001-$50,000 | 3,020.136 | Over $100,000 | 6,280.770 | ||
| Charles B. Curtis | $50,001-$100,000 | 5,364.338 | $1-$10,000 | 107.710 | ||
| Robert J. Darretta | $1-$10,000 | 143.818 | Over $100,000 | 8,726.646 | ||
| Katinka Domotorffy | $1-$10,000 | 101.375 | $1-$10,000 | 100.000 | ||
| John A. Hill | Over $100,000 | 11,997.491 | Over $100,000 | 60,904.407 | ||
| Paul L. Joskow | $1-$10,000 | 419.564 | $50,001-$100,000 | 3,167.930 | ||
| Kenneth R. Leibler | $1-$10,000 | 105.238 | $1-$10,000 | 98.260 | ||
| Robert E. Patterson | $10,001-$50,000 | 1,752.601 | $50,001-$100,000 | 1,988.955 | ||
| George Putnam, III | $50,001-$100,000 | 4,043.888 | Over $100,000 | 47,128.482 | ||
| *Robert L. Reynolds | $1-$10,000 | 134.965 | Over $100,000 | 102,661.356 | ||
| W. Thomas Stephens | $1-$10,000 | 115.806 | $1-$10,000 | 141.336 | ||
| Trustees and Officers | Over $100,000 | 27,556.676 | Over $100,000 | 267,546.812 | ||
| as a group | (Class Y shares) | (Class Y shares) | (Class Y shares) | (Class Y shares) | ||
| (2.55%) | ||||||
| H-11 |
| Aggregate Dollar Range of Shares | |||
| Held in All of the Putnam Funds | |||
| Name of Trustee/Nominee | Overseen by Trustee | ||
| Liaquat Ahamed | Over $100,000 | ||
| Ravi Akhoury | Over $100,000 | ||
| Barbara M. Baumann | Over $100,000 | ||
| Jameson A. Baxter | Over $100,000 | ||
| Charles B. Curtis | Over $100,000 | ||
| Robert J. Darretta | Over $100,000 | ||
| Katinka Domotorffy | Over $100,000 | ||
| John A. Hill | Over $100,000 | ||
| Paul L. Joskow | Over $100,000 | ||
| Kenneth R. Leibler | Over $100,000 | ||
| Robert E. Patterson | Over $100,000 | ||
| George Putnam, III | Over $100,000 | ||
| *Robert L. Reynolds | Over $100,000 | ||
| W. Thomas Stephens | Over $100,000 | ||
* Trustee who is an “interested person” (as defined in the Investment Company Act of 1940) of the fund[s] and Putnam Management. Mr. Reynolds is deemed an “interested person” by virtue of his positions as an officer of the fund[s] 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 September 30, 2013, except as shown in the tables below, the Trustees, and the Trustees 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’ indirect beneficial ownership interest in these funds.”
| TRUSTEE NAME | ||||
| FUND NAME | GEORGE PUTNAM III | PAUL L JOSKOW | ROBERT E PATTERSON | |
| VT AMERICAN GOVERNMENT INCOME FUND CLASS IB | $0 | $1-$10,000 | $0�� | |
| VT CAPITAL OPPORTUNITIES FUND CLASS IB | $0 | $1-$10,000 | $0 | |
| VT DIVERSIFIED INCOME FUND CLASS IB | $0 | $1-$10,000 | $0 | |
| VT EQUITY INCOME FUND CLASS IB | $0 | $1-$10,000 | $0 | |
| VT GEORGE PUTNAM BALANCE FUND CLASS IB | $0 | $1-$10,000 | $0 | |
| VT GLOBAL ASSET ALLOCATION FUND CLASS IA | $10,001-$50,000 | $0 | $0 | |
| VT GLOBAL ASSET ALLOCATION FUND CLASS IB | $0 | $1-$10,000 | $0 | |
| VT GLOBAL EQUITY FUND CLASS IB | $0 | $1-$10,000 | $0 | |
| VT GROWTH AND INCOME FUND CLASS IB | $0 | $1-$10,000 | $0 | |
| VT GROWTH OPPORTUNITIES FUND CLASS IB | $0 | $1-$10,000 | $0 | |
| VT HIGH YIELD FUND CLASS IA | $0 | $0 | $10,001-$50,000 | |
| VT HIGH YIELD FUND CLASS IB | $0 | $1-$10,000 | $0 | |
| VT INCOME FUND CLASS IB | $0 | $1-$10,000 | $0 | |
| VT INTERNATIONAL EQUITY FUND CLASS IB | $0 | $1-$10,000 | $0 | |
| VT INTERNATIONAL GROWTH FUND CLASS IB | $0 | $1-$10,000 | $0 | |
| VT INTERNATIONAL VALUE FUND CLASS IB | $0 | $1-$10,000 | $0 | |
| VT INVESTORS FUND CLASS IB | $0 | $1-$10,000 | $0 | |
| VT MULTI-CAP GROWTH FUND CLASS IB | $0 | $1-$10,000 | $0 | |
| VT MULTI-CAP VALUE FUND CLASS IB | $0 | $1-$10,000 | $0 | |
| VT RESEARCH FUND CLASS IB | $0 | $1-$10,000 | $0 | |
| VT SMALL CAP VALUE FUND CLASS IB | $0 | $1-$10,000 | $0 | |
| VT VOYAGER FUND CLASS IB | $0 | $1-$10,000 | $0 | |
* As reflected in the tables above, Trustees and officers own shares of the retail Putnam funds that are counterparts to Putnam Variable Trust’s various portfolios.
| H-12 |
Appendix I — Trustee Compensation Table
The table below includes the year each Trustee became a Trustee of the Putnam funds, the fees paid to each of those Trustees by each fund for its most recent fiscal year ended prior to October 1, 2013 and the fees paid to each of those Trustees by all of the Putnam funds during calendar year 2012.
| Pension or retirement | Pension or retirement | |||
| Aggregate compensation | benefits accrued as part | Aggregate compensation | benefits accrued as part | |
| Trustees/Year | from the fund ($) | of fund expenses ($) | from the fund ($) | of fund expenses ($) |
| Putnam Absolute Return 100 Fund | Putnam Absolute Return 300 Fund | |||
| Liaquat Ahamed/2012(3)(4) | 295 | N/A | 1,042 | N/A |
| Ravi Akhoury/2009 | 1,503 | N/A | 5,384 | N/A |
| Barbara M. Baumann/2010(4) | 1,476 | N/A | 5,286 | N/A |
| Jameson A. Baxter/1994(4)(6) | 2,232 | 551 | 8,008 | 2,022 |
| Charles B. Curtis/2001 | 1,468 | 353 | 5,256 | 1,298 |
| Robert J. Darretta/2007(4) | 1,503 | N/A | 5,384 | N/A |
| Katinka Domotorffy/2012(3)(4) | 295 | N/A | 1,042 | N/A |
| John A. Hill/1985(4) | 1,476 | 952 | 5,286 | 3,497 |
| Paul L. Joskow/1997(4) | 1,468 | 376 | 5,286 | 1,381 |
| Elizabeth T. Kennan/1992(5) | 1,291 | 667 | 4,619 | 2,455 |
| Kenneth R. Leibler/2006 | 1,626 | N/A | 5,823 | N/A |
| Robert E. Patterson/1984 | 1,626 | 562 | 5,823 | 2,062 |
| George Putnam, III/1984 | 1,503 | 562 | 5,384 | 2,062 |
| W. Thomas Stephens/1997(7) | 1,503 | 393 | 5,384 | 1,445 |
| Robert L. Reynolds/2008(8) | N/A | N/A | N/A | N/A |
| Putnam Absolute Return 500 Fund | Putnam Absolute Return 700 Fund | |||
| Liaquat Ahamed/2012(3)(4) | 863 | N/A | 817 | N/A |
| Ravi Akhoury/2009 | 3,799 | N/A | 3,310 | N/A |
| Barbara M. Baumann/2010(4) | 3,724 | N/A | 3,245 | N/A |
| Jameson A. Baxter/1994(4)(6) | 5,590 | 1,273 | 4,866 | 1,103 |
| Charles B. Curtis/2001 | 3,720 | 814 | 3,244 | 705 |
| Robert J. Darretta/2007(4) | 3,799 | N/A | 3,310 | N/A |
| Katinka Domotorffy/2012(3)(4) | 863 | N/A | 817 | N/A |
| John A. Hill/1985(4) | 3,724 | 2,203 | 3,245 | 1,908 |
| Paul L. Joskow/1997(4) | 3,720 | 871 | 3,244 | 754 |
| Elizabeth T. Kennan/1992(5) | 3,330 | 1,534 | 2,915 | 1,329 |
| Kenneth R. Leibler/2006 | 4,111 | N/A | 3,584 | N/A |
| Robert E. Patterson/1984 | 4,111 | 1,301 | 3,584 | 1,127 |
| George Putnam, III/1984 | 3,799 | 1,306 | 3,310 | 1,131 |
| W. Thomas Stephens/1997(7) | 3,799 | 908 | 3,310 | 787 |
| Robert L. Reynolds/2008(8) | N/A | N/A | N/A | N/A |
| Putnam American Government Income Fund | Putnam AMT-Free Municipal Fund | |||
| Liaquat Ahamed/2012(3)(4) | N/A | N/A | 2,107 | N/A |
| Ravi Akhoury/2009 | 3,583 | N/A | 2,171 | N/A |
| Barbara M. Baumann/2010(4) | 3,512 | N/A | 2,171 | N/A |
| Jameson A. Baxter/1994(4)(6) | 5,344 | 1,166 | 2,935 | 1,010 |
| Charles B. Curtis/2001 | 3,510 | 748 | 2,171 | 624 |
| Robert J. Darretta/2007(4) | 3,583 | N/A | 2,171 | N/A |
| Katinka Domotorffy/2012(3)(4) | N/A | N/A | 2,241 | N/A |
| John A. Hill/1985(4) | 3,706 | 2,017 | 2,171 | 1,752 |
| Paul L. Joskow/1997(4) | 3,510 | 797 | 2,204 | 701 |
| Elizabeth T. Kennan/1992(5) | 2,405 | 1,415 | 1,847 | 1,137 |
| Kenneth R. Leibler/2006 | 3,803 | N/A | 2,353 | N/A |
| Robert E. Patterson/1984 | 3,803 | 1,190 | 2,353 | 1,054 |
| George Putnam, III/1984 | 3,583 | 1,190 | 2,171 | 1,097 |
| W. Thomas Stephens/1997(7) | 3,583 | 833 | 2,171 | 708 |
| Robert L. Reynolds/2008(8) | N/A | N/A | N/A | N/A |
| I-1 |
| Pension or retirement | Pension or retirement | |||
| Aggregate compensation | benefits accrued as part | Aggregate compensation | benefits accrued as part | |
| Trustees/Year | from the fund ($) | of fund expenses ($) | from the fund ($) | of fund expenses ($) |
| Putnam Arizona Tax Exempt Income Fund | Putnam Asia Pacific Equity Fund | |||
| Liaquat Ahamed/2012(3)(4) | 205 | N/A | 27 | N/A |
| Ravi Akhoury/2009 | 269 | N/A | 36 | N/A |
| Barbara M. Baumann/2010(4) | 283 | N/A | 36 | N/A |
| Jameson A. Baxter/1994(4)(6) | 422 | 130 | 53 | 16 |
| Charles B. Curtis/2001 | 289 | 81 | 36 | 10 |
| Robert J. Darretta/2007(4) | 289 | N/A | 36 | N/A |
| Katinka Domotorffy/2012(3)(4) | 217 | N/A | 28 | N/A |
| John A. Hill/1985(4) | 283 | 225 | 36 | 28 |
| Paul L. Joskow/1997(4) | 289 | 90 | 36 | 11 |
| Elizabeth T. Kennan/1992(5) | 289 | 147 | 36 | 18 |
| Kenneth R. Leibler/2006 | 313 | N/A | 39 | N/A |
| Robert E. Patterson/1984 | 313 | 135 | 39 | 17 |
| George Putnam, III/1984 | 289 | 140 | 36 | 17 |
| W. Thomas Stephens/1997(7) | 289 | 91 | 36 | 11 |
| Robert L. Reynolds/2008(8) | N/A | N/A | N/A | N/A |
| Putnam California Tax Exempt Income Fund | Putnam Capital Opportunities Fund | |||
| Liaquat Ahamed/2012(3)(4) | N/A | N/A | 1,147 | N/A |
| Ravi Akhoury/2009 | 7,612 | N/A | 1,589 | N/A |
| Barbara M. Baumann/2010(4) | 7,457 | N/A | 1,558 | N/A |
| Jameson A. Baxter/1994(4)(6) | 11,365 | 2,457 | 2,308 | 709 |
| Charles B. Curtis/2001 | 7,462 | 1,576 | 1,589 | 441 |
| Robert J. Darretta/2007(4) | 7,612 | N/A | 1,589 | N/A |
| Katinka Domotorffy/2012(3)(4) | N/A | N/A | 1,209 | N/A |
| John A. Hill/1985(4) | 7,875 | 4,250 | 1,558 | 1,229 |
| Paul L. Joskow/1997(4) | 7,462 | 1,679 | 1,589 | 491 |
| Elizabeth T. Kennan/1992(5) | 5,165 | 2,979 | 1,589 | 806 |
| Kenneth R. Leibler/2006 | 8,080 | N/A | 1,720 | N/A |
| Robert E. Patterson/1984 | 8,080 | 2,507 | 1,720 | 737 |
| George Putnam, III/1984 | 7,612 | 2,509 | 1,589 | 762 |
| W. Thomas Stephens/1997(7) | 7,612 | 1,755 | 1,589 | 499 |
| Robert L. Reynolds/2008(8) | N/A | N/A | N/A | N/A |
| Putnam Capital Spectrum Fund | Putnam Convertible Securities Fund | |||
| Liaquat Ahamed/2012(3)(4) | 5,933 | N/A | 667 | N/A |
| Ravi Akhoury/2009 | 7,500 | N/A | 2,943 | N/A |
| Barbara M. Baumann/2010(4) | 7,396 | N/A | 2,887 | N/A |
| Jameson A. Baxter/1994(4)(6) | 10,598 | 2,980 | 4,330 | 994 |
| Charles B. Curtis/2001 | 7,500 | 1,848 | 2,884 | 636 |
| Robert J. Darretta/2007(4) | 7,500 | N/A | 2,943 | N/A |
| Katinka Domotorffy/2012(3)(4) | 6,238 | N/A | 667 | N/A |
| John A. Hill/1985(4) | 7,396 | 5,166 | 2,887 | 1,720 |
| Paul L. Joskow/1997(4) | 7,500 | 2,065 | 2,884 | 680 |
| Elizabeth T. Kennan/1992(5) | 7,500 | 3,374 | 2,585 | 1,199 |
| Kenneth R. Leibler/2006 | 8,123 | N/A | 3,186 | N/A |
| Robert E. Patterson/1984 | 8,123 | 3,101 | 3,186 | 1,016 |
| George Putnam, III/1984 | 7,500 | 3,215 | 2,943 | 1,019 |
| W. Thomas Stephens/1997(7) | 7,500 | 2,093 | 2,943 | 709 |
| Robert L. Reynolds/2008(8) | N/A | N/A | N/A | N/A |
| I-2 |
| Pension or retirement | Pension or retirement | |||
| Aggregate compensation | benefits accrued as part | Aggregate compensation | benefits accrued as part | |
| Trustees/Year | from the fund ($) | of fund expenses ($) | from the fund ($) | of fund expenses ($) |
| Putnam Diversified Income Trust | Putnam Dynamic Asset Allocation Balanced Fund | |||
| Liaquat Ahamed/2012(3)(4) | 0 | N/A | N/A | N/A |
| Ravi Akhoury/2009 | 17,383 | N/A | 5,961 | N/A |
| Barbara M. Baumann/2010(4) | 17,073 | N/A | 5,844 | N/A |
| Jameson A. Baxter/1994(4)(6) | 25,969 | 5,820 | 8,892 | 1,959 |
| Charles B. Curtis/2001 | 17,036 | 3,742 | 5,844 | 1,257 |
| Robert J. Darretta/2007(4) | 17,383 | N/A | 5,961 | N/A |
| Katinka Domotorffy/2012(3)(4) | 0 | N/A | N/A | N/A |
| John A. Hill/1985(4) | 18,446 | 10,064 | 6,222 | 3,388 |
| Paul L. Joskow/1997(4) | 17,036 | 3,971 | 5,844 | 1,338 |
| Elizabeth T. Kennan/1992(5) | 11,158 | 7,096 | 4,036 | 2,378 |
| Kenneth R. Leibler/2006 | 18,408 | N/A | 6,328 | N/A |
| Robert E. Patterson/1984 | 18,408 | 5,929 | 6,328 | 1,998 |
| George Putnam, III/1984 | 17,383 | 5,916 | 5,961 | 1,998 |
| W. Thomas Stephens/1997(7) | 17,383 | 4,163 | 5,961 | 1,400 |
| Robert L. Reynolds/2008(8) | N/A | N/A | N/A | N/A |
| Putnam Dynamic Asset Allocation Conservative Fund | Putnam Dynamic Asset Allocation Equity Fund | |||
| Liaquat Ahamed/2012(3)(4) | N/A | N/A | 70 | N/A |
| Ravi Akhoury/2009 | 2,500 | N/A | 96 | N/A |
| Barbara M. Baumann/2010(4) | 2,450 | N/A | 95 | N/A |
| Jameson A. Baxter/1994(4)(6) | 3,728 | 816 | 140 | 44 |
| Charles B. Curtis/2001 | 2,450 | 524 | 96 | 27 |
| Robert J. Darretta/2007(4) | 2,500 | N/A | 96 | N/A |
| Katinka Domotorffy/2012(3)(4) | N/A | N/A | 74 | N/A |
| John A. Hill/1985(4) | 2,709 | 1,412 | 95 | 76 |
| Paul L. Joskow/1997(4) | 2,450 | 557 | 96 | 31 |
| Elizabeth T. Kennan/1992(5) | 1,690 | 990 | 96 | 50 |
| Kenneth R. Leibler/2006 | 2,653 | N/A | 104 | N/A |
| Robert E. Patterson/1984 | 2,653 | 833 | 104 | 46 |
| George Putnam, III/1984 | 2,500 | 833 | 96 | 48 |
| W. Thomas Stephens/1997(7) | 2,500 | 583 | 96 | 31 |
| Robert L. Reynolds/2008(8) | N/A | N/A | N/A | N/A |
| Putnam Dynamic Asset Allocation Growth Fund | Putnam Dynamic Risk Allocation Fund | |||
| Liaquat Ahamed/2012(3)(4) | N/A | N/A | 629 | N/A |
| Ravi Akhoury/2009 | 7,242 | N/A | 812 | N/A |
| Barbara M. Baumann/2010(4) | 7,101 | N/A | 800 | N/A |
| Jameson A. Baxter/1994(4)(6) | 10,777 | 2,374 | 1,158 | 338 |
| Charles B. Curtis/2001 | 7,099 | 1,523 | 812 | 209 |
| Robert J. Darretta/2007(4) | 7,242 | N/A | 812 | N/A |
| Katinka Domotorffy/2012(3)(4) | N/A | N/A | 663 | N/A |
| John A. Hill/1985(4) | 7,575 | 4,106 | 800 | 586 |
| Paul L. Joskow/1997(4) | 7,099 | 1,622 | 812 | 234 |
| Elizabeth T. Kennan/1992(5) | 4,941 | 2,880 | 879 | N/A |
| Kenneth R. Leibler/2006 | 7,692 | N/A | 812 | 381 |
| Robert E. Patterson/1984 | 7,692 | 2,422 | 879 | 352 |
| George Putnam, III/1984 | 7,242 | 2,423 | 812 | 366 |
| W. Thomas Stephens/1997(7) | 7,242 | 1,696 | 812 | 237 |
| Robert L. Reynolds/2008(8) | N/A | N/A | N/A | N/A |
| I-3 |
| Pension or retirement | Pension or retirement | |||
| Aggregate compensation | benefits accrued as part | Aggregate compensation | benefits accrued as part | |
| Trustees/Year | from the fund ($) | of fund expenses ($) | from the fund ($) | of fund expenses ($) |
| Putnam Emerging Markets Equity Fund | *Putnam Emerging Markets Income Fund | |||
| Liaquat Ahamed/2012(3)(4) | 141 | N/A | 453 | 0 |
| Ravi Akhoury/2009 | 145 | N/A | 453 | 0 |
| Barbara M. Baumann/2010(4) | 145 | N/A | 453 | 0 |
| Jameson A. Baxter/1994(4)(6) | 203 | 69 | 625 | 65 |
| Charles B. Curtis/2001 | 145 | 42 | 453 | 41 |
| Robert J. Darretta/2007(4) | 145 | N/A | 453 | 0 |
| Katinka Domotorffy/2012(3)(4) | 150 | N/A | 453 | 0 |
| John A. Hill/1985(4) | 145 | 119 | 453 | 113 |
| Paul L. Joskow/1997(4) | 147 | 48 | 453 | 45 |
| Elizabeth T. Kennan/1992(5) | 123 | 77 | 453 | 75 |
| Kenneth R. Leibler/2006 | 157 | N/A | 493 | 0 |
| Robert E. Patterson/1984 | 157 | 72 | 493 | 67 |
| George Putnam, III/1984 | 145 | 75 | 453 | 69 |
| W. Thomas Stephens/1997(7) | 145 | 48 | 453 | 46 |
| Robert L. Reynolds/2008(8) | N/A | N/A | N/A | N/A |
| Putnam Equity Income Fund | Putnam Equity Spectrum Fund | |||
| Liaquat Ahamed/2012(3)(4) | 3,992 | N/A | N/A | N/A |
| Ravi Akhoury/2009 | 16,551 | N/A | 7,242 | N/A |
| Barbara M. Baumann/2010(4) | 16,220 | N/A | 7,101 | N/A |
| Jameson A. Baxter/1994(4)(6) | 23,934 | 6,476 | 10,777 | 2,374 |
| Charles B. Curtis/2001 | 16,241 | 4,111 | 7,099 | 1,523 |
| Robert J. Darretta/2007(4) | 16,551 | N/A | 7,242 | N/A |
| Katinka Domotorffy/2012(3)(4) | 3,992 | N/A | N/A | N/A |
| John A. Hill/1985(4) | 16,220 | 11,209 | 7,575 | 4,106 |
| Paul L. Joskow/1997(4) | 16,241 | 4,444 | 7,099 | 1,622 |
| Elizabeth T. Kennan/1992(5) | 14,691 | 7,674 | 4,941 | 2,880 |
| Kenneth R. Leibler/2006 | 17,921 | N/A | 7,692 | N/A |
| Robert E. Patterson/1984 | 17,921 | 6,648 | 7,692 | 2,422 |
| George Putnam, III/1984 | 16,551 | 6,724 | 7,242 | 2,423 |
| W. Thomas Stephens/1997(7) | 16,551 | 4,603 | 7,242 | 1,696 |
| Robert L. Reynolds/2008(8) | N/A | N/A | N/A | N/A |
| Putnam Europe Equity Fund | Putnam Floating Rate Income Fund | |||
| Liaquat Ahamed/2012(3)(4) | 496 | N/A | 1,173 | N/A |
| Ravi Akhoury/2009 | 692 | N/A | 2,298 | N/A |
| Barbara M. Baumann/2010(4) | 678 | N/A | 2,256 | N/A |
| Jameson A. Baxter/1994(4)(6) | 931 | 314 | 3,344 | 1,025 |
| Charles B. Curtis/2001 | 692 | 195 | 2,298 | 640 |
| Robert J. Darretta/2007(4) | 692 | N/A | 2,298 | N/A |
| Katinka Domotorffy/2012(3)(4) | 524 | N/A | 1,275 | N/A |
| John A. Hill/1985(4) | 678 | 544 | 2,256 | 1,777 |
| Paul L. Joskow/1997(4) | 692 | 218 | 2,298 | 709 |
| Elizabeth T. Kennan/1992(5) | 692 | 355 | 2,298 | 1,173 |
| Kenneth R. Leibler/2006 | 749 | N/A | 2,487 | N/A |
| Robert E. Patterson/1984 | 749 | 327 | 2,487 | 1,063 |
| George Putnam, III/1984 | 692 | 340 | 2,298 | 1,094 |
| W. Thomas Stephens/1997(7) | 692 | 220 | 2,298 | 723 |
| Robert L. Reynolds/2008(8) | N/A | N/A | N/A | N/A |
| I-4 |
| Pension or retirement | Pension or retirement | |||
| Aggregate compensation | benefits accrued as part | Aggregate compensation | benefits accrued as part | |
| Trustees/Year | from the fund ($) | of fund expenses ($) | from the fund ($) | of fund expenses ($) |
| The George Putnam Fund of Boston | ||||
| The Putnam Fund for Growth and Income | (d/b/a George Putnam Balanced Fund) | |||
| Liaquat Ahamed/2012(3)(4) | 4,709 | N/A | N/A | N/A |
| Ravi Akhoury/2009 | 20,576 | N/A | N/A | N/A |
| Barbara M. Baumann/2010(4) | 20,176 | N/A | N/A | N/A |
| Jameson A. Baxter/1994(4)(6) | 30,148 | 6,790 | 130 | 1,752 |
| Charles B. Curtis/2001 | 20,169 | 4,341 | 81 | 1,132 |
| Robert J. Darretta/2007(4) | 20,576 | N/A | N/A | N/A |
| Katinka Domotorffy/2012(3)(4) | 4,709 | N/A | N/A | N/A |
| John A. Hill/1985(4) | 20,176 | 11,747 | 90 | 3,029 |
| Paul L. Joskow/1997(4) | 20,169 | 4,645 | 147 | 1,193 |
| Elizabeth T. Kennan/1992(5) | 18,137 | 8,172 | N/A | 2,157 |
| Kenneth R. Leibler/2006 | 22,274 | N/A | 135 | N/A |
| Robert E. Patterson/1984 | 22,274 | 6,942 | 140 | 1,780 |
| George Putnam, III/1984 | 20,576 | 6,971 | 91 | 1,768 |
| W. Thomas Stephens/1997(7) | 20,576 | 4,843 | N/A | 1,256 |
| Robert L. Reynolds/2008(8) | N/A | N/A | N/A | N/A |
| Putnam Global Consumer Fund | *Putnam Global Dividend Fund | |||
| Liaquat Ahamed/2012(3)(4) | 60 | N/A | 453 | N/A |
| Ravi Akhoury/2009 | 62 | N/A | 453 | N/A |
| Barbara M. Baumann/2010(4) | 62 | N/A | 453 | N/A |
| Jameson A. Baxter/1994(4)(6) | 87 | 27 | 625 | 65 |
| Charles B. Curtis/2001 | 62 | 17 | 453 | 41 |
| Robert J. Darretta/2007(4) | 62 | N/A | 453 | N/A |
| Katinka Domotorffy/2012(3)(4) | 64 | N/A | 453 | N/A |
| John A. Hill/1985(4) | 62 | 47 | 453 | 113 |
| Paul L. Joskow/1997(4) | 63 | 19 | 453 | 45 |
| Elizabeth T. Kennan/1992(5) | 50 | 31 | 453 | 75 |
| Kenneth R. Leibler/2006 | 67 | N/A | 493 | N/A |
| Robert E. Patterson/1984 | 67 | 29 | 493 | 67 |
| George Putnam, III/1984 | 62 | 30 | 453 | 69 |
| W. Thomas Stephens/1997(7) | 62 | 19 | 453 | 46 |
| Robert L. Reynolds/2008(8) | N/A | N/A | N/A | N/A |
| Putnam Global Energy Fund | Putnam Global Equity Fund | |||
| Liaquat Ahamed/2012(3)(4) | 79 | N/A | 816 | N/A |
| Ravi Akhoury/2009 | 81 | N/A | 3,580 | N/A |
| Barbara M. Baumann/2010(4) | 81 | N/A | 3,511 | N/A |
| Jameson A. Baxter/1994(4)(6) | 114 | 38 | 5,252 | 1,196 |
| Charles B. Curtis/2001 | 81 | 23 | 3,509 | 765 |
| Robert J. Darretta/2007(4) | 81 | N/A | 3,580 | N/A |
| Katinka Domotorffy/2012(3)(4) | 84 | N/A | 816 | N/A |
| John A. Hill/1985(4) | 81 | 65 | 3,511 | 2,069 |
| Paul L. Joskow/1997(4) | 82 | 26 | 3,509 | 818 |
| Elizabeth T. Kennan/1992(5) | 68 | 42 | 3,152 | 1,441 |
| Kenneth R. Leibler/2006 | 88 | N/A | 3,875 | N/A |
| Robert E. Patterson/1984 | 88 | 39 | 3,875 | 1,223 |
| George Putnam, III/1984 | 81 | 41 | 3,580 | 1,227 |
| W. Thomas Stephens/1997(7) | 81 | 26 | 3,580 | 853 |
| Robert L. Reynolds/2008(8) | N/A | N/A | N/A | N/A |
| I-5 |
| Pension or retirement | Pension or retirement | |||
| Aggregate compensation | benefits accrued as part | Aggregate compensation | benefits accrued as part | |
| Trustees/Year | from the fund ($) | of fund expenses ($) | from the fund ($) | of fund expenses ($) |
| Putnam Global Financials Fund | Putnam Global Health Care Fund | |||
| Liaquat Ahamed/2012(3)(4) | 59 | N/A | 4,564 | N/A |
| Ravi Akhoury/2009 | 61 | N/A | 4,700 | N/A |
| Barbara M. Baumann/2010(4) | 61 | N/A | 4,700 | N/A |
| Jameson A. Baxter/1994(4)(6) | 86 | 25 | 6,601 | 2,156 |
| Charles B. Curtis/2001 | 61 | 16 | 4,700 | 1,330 |
| Robert J. Darretta/2007(4) | 61 | N/A | 4,700 | N/A |
| Katinka Domotorffy/2012(3)(4) | 63 | N/A | 4,847 | N/A |
| John A. Hill/1985(4) | 61 | 44 | 4,700 | 3,740 |
| Paul L. Joskow/1997(4) | 62 | 18 | 4,782 | 1,496 |
| Elizabeth T. Kennan/1992(5) | 49 | 28 | 3,899 | 2,419 |
| Kenneth R. Leibler/2006 | 66 | N/A | 5,095 | N/A |
| Robert E. Patterson/1984 | 66 | 27 | 5,095 | 2,252 |
| George Putnam, III/1984 | 61 | 28 | 4,700 | 2,350 |
| W. Thomas Stephens/1997(7) | 61 | 18 | 4,700 | 1,511 |
| Robert L. Reynolds/2008(8) | N/A | N/A | N/A | N/A |
| Putnam Global Income Trust | Putnam Global Industrials Fund | |||
| Liaquat Ahamed/2012(3)(4) | 381 | N/A | 48 | N/A |
| Ravi Akhoury/2009 | 1,663 | N/A | 50 | N/A |
| Barbara M. Baumann/2010(4) | 1,631 | N/A | 50 | N/A |
| Jameson A. Baxter/1994(4)(6) | 2,449 | 553 | 70 | 22 |
| Charles B. Curtis/2001 | 1,629 | 354 | 50 | 14 |
| Robert J. Darretta/2007(4) | 1,663 | N/A | 50 | N/A |
| Katinka Domotorffy/2012(3)(4) | 381 | N/A | 51 | N/A |
| John A. Hill/1985(4) | 1,631 | 956 | 50 | 38 |
| Paul L. Joskow/1997(4) | 1,629 | 378 | 51 | 15 |
| Elizabeth T. Kennan/1992(5) | 1,458 | 666 | 41 | 25 |
| Kenneth R. Leibler/2006 | 1,800 | N/A | 54 | N/A |
| Robert E. Patterson/1984 | 1,800 | 565 | 54 | 23 |
| George Putnam, III/1984 | 1,663 | 567 | 50 | 24 |
| W. Thomas Stephens/1997(7) | 1,663 | 394 | 50 | 15 |
| Robert L. Reynolds/2008(8) | N/A | N/A | N/A | N/A |
| Putnam Global Natural Resources Fund | Putnam Global Sector Fund | |||
| Liaquat Ahamed/2012(3)(4) | 1,285 | N/A | N/A | N/A |
| Ravi Akhoury/2009 | 1,318 | N/A | N/A | N/A |
| Barbara M. Baumann/2010(4) | 1,318 | N/A | N/A | N/A |
| Jameson A. Baxter/1994(4)(6) | 1,847 | 648 | N/A | N/A |
| Charles B. Curtis/2001 | 1,318 | 400 | N/A | N/A |
| Robert J. Darretta/2007(4) | 1,318 | N/A | N/A | N/A |
| Katinka Domotorffy/2012(3)(4) | 1,365 | N/A | N/A | N/A |
| John A. Hill/1985(4) | 1,318 | 1,123 | N/A | N/A |
| Paul L. Joskow/1997(4) | 1,338 | 450 | N/A | N/A |
| Elizabeth T. Kennan/1992(5) | 1,129 | 728 | N/A | N/A |
| Kenneth R. Leibler/2006 | 1,430 | N/A | N/A | N/A |
| Robert E. Patterson/1984 | 1,430 | 676 | N/A | N/A |
| George Putnam, III/1984 | 1,318 | 704 | N/A | N/A |
| W. Thomas Stephens/1997(7) | 1,318 | 454 | N/A | N/A |
| Robert L. Reynolds/2008(8) | N/A | N/A | N/A | N/A |
| I-6 |
| Pension or retirement | Pension or retirement | |||
| Aggregate compensation | benefits accrued as part | Aggregate compensation | benefits accrued as part | |
| Trustees/Year | from the fund ($) | of fund expenses ($) | from the fund ($) | of fund expenses ($) |
| Putnam Global Technology Fund | Putnam Global Telecommunications Fund | |||
| Liaquat Ahamed/2012(3)(4) | 51 | N/A | 66 | N/A |
| Ravi Akhoury/2009 | 53 | N/A | 68 | N/A |
| Barbara M. Baumann/2010(4) | 53 | N/A | 68 | N/A |
| Jameson A. Baxter/1994(4)(6) | 74 | 26 | 96 | 31 |
| Charles B. Curtis/2001 | 53 | 16 | 68 | 19 |
| Robert J. Darretta/2007(4) | 53 | N/A | 68 | N/A |
| Katinka Domotorffy/2012(3)(4) | 54 | N/A | 71 | N/A |
| John A. Hill/1985(4) | 53 | 44 | 68 | 53 |
| Paul L. Joskow/1997(4) | 53 | 18 | 70 | 21 |
| Elizabeth T. Kennan/1992(5) | 44 | 29 | 56 | 34 |
| Kenneth R. Leibler/2006 | 57 | N/A | 74 | N/A |
| Robert E. Patterson/1984 | 57 | 27 | 74 | 32 |
| George Putnam, III/1984 | 53 | 28 | 68 | 33 |
| W. Thomas Stephens/1997(7) | 53 | 18 | 68 | 21 |
| Robert L. Reynolds/2008(8) | N/A | N/A | N/A | N/A |
| Putnam Global Utilities Fund | Putnam Growth Opportunities Fund | |||
| Liaquat Ahamed/2012(3)(4) | 885 | N/A | N/A | N/A |
| Ravi Akhoury/2009 | 910 | N/A | 1,545 | N/A |
| Barbara M. Baumann/2010(4) | 910 | N/A | 1,514 | N/A |
| Jameson A. Baxter/1994(4)(6) | 1,277 | 433 | 2,260 | 491 |
| Charles B. Curtis/2001 | 910 | 267 | 1,515 | 317 |
| Robert J. Darretta/2007(4) | 910 | N/A | 1,545 | N/A |
| Katinka Domotorffy/2012(3)(4) | 940 | N/A | N/A | N/A |
| John A. Hill/1985(4) | 910 | 751 | N/A | N/A |
| Paul L. Joskow/1997(4) | 925 | 301 | 1,608 | 849 |
| Elizabeth T. Kennan/1992(5) | 764 | 487 | 1,515 | 334 |
| Kenneth R. Leibler/2006 | 987 | N/A | 1,075 | 604 |
| Robert E. Patterson/1984 | 987 | 452 | 1,642 | N/A |
| George Putnam, III/1984 | 910 | 471 | 1,642 | 499 |
| W. Thomas Stephens/1997(7) | 910 | 304 | 1,545 | 496 |
| Robert L. Reynolds/2008(8) | N/A | N/A | N/A | N/A |
| Putnam High Yield Advantage Fund | Putnam High Yield Trust | |||
| Liaquat Ahamed/2012(3)(4) | 1,022 | N/A | N/A | N/A |
| Ravi Akhoury/2009 | 4,151 | N/A | 6,484 | N/A |
| Barbara M. Baumann/2010(4) | 4,067 | N/A | 6,354 | N/A |
| Jameson A. Baxter/1994(4)(6) | 6,034 | 1,664 | 9,669 | 2,078 |
| Charles B. Curtis/2001 | 4,072 | 1,057 | 6,351 | 1,336 |
| Robert J. Darretta/2007(4) | 4,151 | N/A | 6,484 | N/A |
| Katinka Domotorffy/2012(3)(4) | 1,022 | N/A | N/A | N/A |
| John A. Hill/1985(4) | 4,067 | 2,880 | N/A | N/A |
| Paul L. Joskow/1997(4) | 4,072 | 1,141 | 6,736 | 3,593 |
| Elizabeth T. Kennan/1992(5) | 3,679 | 1,976 | 6,351 | 1,418 |
| Kenneth R. Leibler/2006 | 4,494 | N/A | 4,507 | 2,533 |
| Robert E. Patterson/1984 | 4,494 | 1,707 | 6,894 | N/A |
| George Putnam, III/1984 | 4,151 | 1,725 | 6,894 | 2,117 |
| W. Thomas Stephens/1997(7) | 4,151 | 1,183 | 6,484 | 2,112 |
| Robert L. Reynolds/2008(8) | N/A | N/A | N/A | N/A |
| I-7 |
| Pension or retirement | Pension or retirement | |||
| Aggregate compensation | benefits accrued as part | Aggregate compensation | benefits accrued as part | |
| Trustees/Year | from the fund ($) | of fund expenses ($) | from the fund ($) | of fund expenses ($) |
| Putnam Income Fund | *Putnam Intermediate-Term Municipal Income Fund | |||
| Liaquat Ahamed/2012(3)(4) | 1,503 | N/A | 453 | N/A |
| Ravi Akhoury/2009 | 6,407 | N/A | 453 | N/A |
| Barbara M. Baumann/2010(4) | 6,278 | N/A | 453 | N/A |
| Jameson A. Baxter/1994(4)(6) | 9,438 | 2,124 | 625 | 65 |
| Charles B. Curtis/2001 | 6,279 | 1,358 | 453 | 41 |
| Robert J. Darretta/2007(4) | 6,407 | N/A | 453 | N/A |
| Katinka Domotorffy/2012(3)(4) | 1,503 | N/A | 453 | N/A |
| John A. Hill/1985(4) | 6,278 | 3,674 | 453 | 113 |
| Paul L. Joskow/1997(4) | 6,279 | 1,453 | 453 | 45 |
| Elizabeth T. Kennan/1992(5) | 5,639 | 2,558 | 453 | 75 |
| Kenneth R. Leibler/2006 | 6,935 | N/A | 493 | N/A |
| Robert E. Patterson/1984 | 6,935 | 2,171 | 493 | 67 |
| George Putnam, III/1984 | 6,407 | 2,179 | 453 | 69 |
| W. Thomas Stephens/1997(7) | 6,407 | 1,515 | 453 | 46 |
| Robert L. Reynolds/2008(8) | N/A | N/A | N/A | N/A |
| Putnam International Capital Opportunities Fund | Putnam International Equity Fund | |||
| Liaquat Ahamed/2012(3)(4) | N/A | N/A | 3,117 | N/A |
| Ravi Akhoury/2009 | 4,261 | N/A | 4,389 | N/A |
| Barbara M. Baumann/2010(4) | 4,183 | N/A | 4,302 | N/A |
| Jameson A. Baxter/1994(4)(6) | 6,343 | 1,436 | 5,907 | 1,992 |
| Charles B. Curtis/2001 | 4,177 | 926 | 4,389 | 1,234 |
| Robert J. Darretta/2007(4) | 4,261 | N/A | 4,389 | N/A |
| Katinka Domotorffy/2012(3)(4) | N/A | N/A | 3,294 | N/A |
| John A. Hill/1985(4) | 4,522 | 2,484 | 4,302 | 3,454 |
| Paul L. Joskow/1997(4) | 4,177 | 979 | 4,389 | 1,381 |
| Elizabeth T. Kennan/1992(5) | 2,848 | 1,761 | 4,389 | 2,251 |
| Kenneth R. Leibler/2006 | 4,521 | N/A | 4,751 | N/A |
| Robert E. Patterson/1984 | 4,521 | 1,461 | 4,751 | 2,075 |
| George Putnam, III/1984 | 4,261 | 1,454 | 4,389 | 2,154 |
| W. Thomas Stephens/1997(7) | 4,261 | 1,029 | 4,389 | 1,398 |
| Robert L. Reynolds/2008(8) | N/A | N/A | N/A | N/A |
| Putnam International Growth Fund | Putnam International Value Fund | |||
| Liaquat Ahamed/2012(3)(4) | N/A | N/A | 645 | N/A |
| Ravi Akhoury/2009 | 1,546 | N/A | 905 | N/A |
| Barbara M. Baumann/2010(4) | 1,518 | N/A | 887 | N/A |
| Jameson A. Baxter/1994(4)(6) | 2,301 | 517 | 1,218 | 410 |
| Charles B. Curtis/2001 | 1,515 | 332 | 905 | 254 |
| Robert J. Darretta/2007(4) | 1,546 | N/A | 905 | N/A |
| Katinka Domotorffy/2012(3)(4) | N/A | N/A | 681 | N/A |
| John A. Hill/1985(4) | 1,635 | 893 | 887 | 711 |
| Paul L. Joskow/1997(4) | 1,515 | 353 | 905 | 284 |
| Elizabeth T. Kennan/1992(5) | N/A | 628 | 905 | 464 |
| Kenneth R. Leibler/2006 | 1,641 | N/A | 980 | N/A |
| Robert E. Patterson/1984 | 1,641 | 527 | 980 | 427 |
| George Putnam, III/1984 | 1,546 | 526 | 905 | 444 |
| W. Thomas Stephens/1997(7) | 1,546 | 369 | 905 | 288 |
| Robert L. Reynolds/2008(8) | N/A | N/A | N/A | N/A |
| I-8 |
| Pension or retirement | Pension or retirement | |||
| Aggregate compensation | benefits accrued as part | Aggregate compensation | benefits accrued as part | |
| Trustees/Year | from the fund ($) | of fund expenses ($) | from the fund ($) | of fund expenses ($) |
| Putnam Investors Fund | *Putnam Low Volatility Equity Fund | |||
| Liaquat Ahamed/2012(3)(4) | N/A | N/A | 453 | N/A |
| Ravi Akhoury/2009 | 6,249 | N/A | 453 | N/A |
| Barbara M. Baumann/2010(4) | 6,125 | N/A | 453 | N/A |
| Jameson A. Baxter/1994(4)(6) | 9,125 | 1,991 | 625 | 65 |
| Charles B. Curtis/2001 | 6,126 | 1,285 | 453 | 41 |
| Robert J. Darretta/2007(4) | 6,249 | N/A | 453 | N/A |
| Katinka Domotorffy/2012(3)(4) | N/A | N/A | 453 | N/A |
| John A. Hill/1985(4) | 6,528 | 3,442 | 453 | 113 |
| Paul L. Joskow/1997(4) | 6,126 | 1,356 | 453 | 45 |
| Elizabeth T. Kennan/1992(5) | 4,313 | 1,825 | 453 | 75 |
| Kenneth R. Leibler/2006 | 6,641 | N/A | 493 | N/A |
| Robert E. Patterson/1984 | 6,641 | 2,023 | 493 | 67 |
| George Putnam, III/1984 | 6,249 | 2,010 | 453 | 69 |
| W. Thomas Stephens/1997(7) | 6,249 | 1,427 | 453 | 46 |
| Robert L. Reynolds/2008(8) | N/A | N/A | N/A | N/A |
| Putnam Massachusetts Tax Exempt Income Fund | Putnam Michigan Tax Exempt Income Fund | |||
| Liaquat Ahamed/2012(3)(4) | 1,380 | N/A | 262 | N/A |
| Ravi Akhoury/2009 | 1,890 | N/A | 369 | N/A |
| Barbara M. Baumann/2010(4) | 1,855 | N/A | 361 | N/A |
| Jameson A. Baxter/1994(4)(6) | 2,734 | 843 | 538 | 165 |
| Charles B. Curtis/2001 | 1,890 | 523 | 369 | 103 |
| Robert J. Darretta/2007(4) | 1,890 | N/A | 369 | N/A |
| Katinka Domotorffy/2012(3)(4) | 1,461 | N/A | 277 | N/A |
| John A. Hill/1985(4) | 1,855 | 1,461 | 361 | 287 |
| Paul L. Joskow/1997(4) | 1,890 | 584 | 369 | 115 |
| Elizabeth T. Kennan/1992(5) | 1,890 | 955 | 369 | 187 |
| Kenneth R. Leibler/2006 | 2,046 | N/A | 399 | N/A |
| Robert E. Patterson/1984 | 2,046 | 877 | 399 | 172 |
| George Putnam, III/1984 | 1,890 | 909 | 369 | 178 |
| W. Thomas Stephens/1997(7) | 1,890 | 592 | 369 | 116 |
| Robert L. Reynolds/2008(8) | N/A | N/A | N/A | N/A |
| Putnam Minnesota Tax Exempt Income Fund | Putnam Money Market Fund | |||
| Liaquat Ahamed/2012(3)(4) | 387 | N/A | N/A | N/A |
| Ravi Akhoury/2009 | 537 | N/A | 8,211 | N/A |
| Barbara M. Baumann/2010(4) | 527 | N/A | 8,062 | N/A |
| Jameson A. Baxter/1994(4)(6) | 781 | 240 | 12,228 | 2,709 |
| Charles B. Curtis/2001 | 537 | 149 | 8,041 | 1,741 |
| Robert J. Darretta/2007(4) | 537 | N/A | 8,211 | N/A |
| Katinka Domotorffy/2012(3)(4) | 409 | N/A | N/A | N/A |
| John A. Hill/1985(4) | 527 | 415 | 8,581 | 4,685 |
| Paul L. Joskow/1997(4) | 537 | 166 | 8,041 | 1,849 |
| Elizabeth T. Kennan/1992(5) | 537 | 271 | 5,311 | 3,298 |
| Kenneth R. Leibler/2006 | 581 | N/A | 8,700 | N/A |
| Robert E. Patterson/1984 | 581 | 249 | 8,700 | 2,761 |
| George Putnam, III/1984 | 537 | 258 | 8,211 | 2,758 |
| W. Thomas Stephens/1997(7) | 537 | 168 | 8,211 | 1,937 |
| Robert L. Reynolds/2008(8) | N/A | N/A | N/A | N/A |
| I-9 |
| Pension or retirement | Pension or retirement | |||
| Aggregate compensation | benefits accrued as part | Aggregate compensation | benefits accrued as part | |
| Trustees/Year | from the fund ($) | of fund expenses ($) | from the fund ($) | of fund expenses ($) |
| Putnam Money Market Liquidity Fund | Putnam Multi-Cap Core Fund | |||
| Liaquat Ahamed/2012(3)(4) | N/A | N/A | 34 | N/A |
| Ravi Akhoury/2009 | 19,924 | N/A | 46 | N/A |
| Barbara M. Baumann/2010(4) | 19,483 | N/A | 45 | N/A |
| Jameson A. Baxter/1994(4)(6) | 30,193 | 6,567 | 66 | 19 |
| Charles B. Curtis/2001 | 19,519 | 4,213 | 46 | 12 |
| Robert J. Darretta/2007(4) | 19,924 | N/A | 46 | N/A |
| Katinka Domotorffy/2012(3)(4) | N/A | N/A | 36 | N/A |
| John A. Hill/1985(4) | 20,707 | 11,358 | 45 | 34 |
| Paul L. Joskow/1997(4) | 19,519 | 4,486 | 46 | 13 |
| Elizabeth T. Kennan/1992(5) | 13,705 | 7,967 | 46 | 22 |
| Kenneth R. Leibler/2006 | 21,164 | N/A | 50 | N/A |
| Robert E. Patterson/1984 | 21,164 | 6,700 | 50 | 20 |
| George Putnam, III/1984 | 19,924 | 6,701 | 46 | 21 |
| W. Thomas Stephens/1997(7) | 19,924 | 4,692 | 46 | 14 |
| Robert L. Reynolds/2008(8) | N/A | N/A | N/A | N/A |
| Putnam Multi-Cap Growth Fund | Putnam Multi-Cap Value Fund | |||
| Liaquat Ahamed/2012(3)(4) | 10,374 | N/A | 1,119 | N/A |
| Ravi Akhoury/2009 | 14,598 | N/A | 1,684 | N/A |
| Barbara M. Baumann/2010(4) | 14,307 | N/A | 1,643 | N/A |
| Jameson A. Baxter/1994(4)(6) | 19,625 | 6,607 | 2,510 | 858 |
| Charles B. Curtis/2001 | 14,598 | 4,094 | 1,684 | 535 |
| Robert J. Darretta/2007(4) | 14,598 | N/A | 1,684 | N/A |
| Katinka Domotorffy/2012(3)(4) | 10,949 | N/A | 1,171 | N/A |
| John A. Hill/1985(4) | 14,307 | 11,456 | 1,643 | 1,487 |
| Paul L. Joskow/1997(4) | 14,598 | 4,580 | 1,684 | 593 |
| Elizabeth T. Kennan/1992(5) | 14,598 | 7,467 | 1,684 | 980 |
| Kenneth R. Leibler/2006 | 15,802 | N/A | 1,824 | N/A |
| Robert E. Patterson/1984 | 15,802 | 6,882 | 1,824 | 890 |
| George Putnam, III/1984 | 14,598 | 7,145 | 1,684 | 917 |
| W. Thomas Stephens/1997(7) | 14,598 | 4,639 | 1,684 | 604 |
| Robert L. Reynolds/2008(8) | N/A | N/A | N/A | N/A |
| Putnam New Jersey Tax Exempt Income Fund | Putnam New York Tax Exempt Income Fund | |||
| Liaquat Ahamed/2012(3)(4) | 932 | N/A | 1,336 | N/A |
| Ravi Akhoury/2009 | 1,298 | N/A | 5,640 | N/A |
| Barbara M. Baumann/2010(4) | 1,273 | N/A | 5,526 | N/A |
| Jameson A. Baxter/1994(4)(6) | 1,890 | 580 | 8,199 | 2,241 |
| Charles B. Curtis/2001 | 1,298 | 360 | 5,530 | 1,424 |
| Robert J. Darretta/2007(4) | 1,298 | N/A | 5,640 | N/A |
| Katinka Domotorffy/2012(3)(4) | 986 | N/A | 1,336 | N/A |
| John A. Hill/1985(4) | 1,273 | 1,005 | 5,526 | 3,878 |
| Paul L. Joskow/1997(4) | 1,298 | 401 | 5,530 | 1,537 |
| Elizabeth T. Kennan/1992(5) | 1,298 | 657 | 4,977 | 2,660 |
| Kenneth R. Leibler/2006 | 1,405 | N/A | 6,106 | N/A |
| Robert E. Patterson/1984 | 1,405 | 603 | 6,106 | 2,299 |
| George Putnam, III/1984 | 1,298 | 625 | 5,640 | 2,323 |
| W. Thomas Stephens/1997(7) | 1,298 | 407 | 5,640 | 1,593 |
| Robert L. Reynolds/2008(8) | N/A | N/A | N/A | N/A |
| I-10 |
| Pension or retirement | Pension or retirement | |||
| Aggregate compensation | benefits accrued as part | Aggregate compensation | benefits accrued as part | |
| Trustees/Year | from the fund ($) | of fund expenses ($) | from the fund ($) | of fund expenses ($) |
| Putnam Ohio Tax Exempt Income Fund | Putnam Pennsylvania Tax Exempt Income Fund | |||
| Liaquat Ahamed/2012(3)(4) | 521 | N/A | 805 | N/A |
| Ravi Akhoury/2009 | 773 | N/A | 1,133 | N/A |
| Barbara M. Baumann/2010(4) | 719 | N/A | 1,110 | N/A |
| Jameson A. Baxter/1994(4)(6) | 1,070 | 327 | 1,655 | 510 |
| Charles B. Curtis/2001 | 733 | 203 | 1,133 | 317 |
| Robert J. Darretta/2007(4) | 733 | N/A | 1,133 | N/A |
| Katinka Domotorffy/2012(3)(4) | 551 | N/A | 851 | N/A |
| John A. Hill/1985(4) | 719 | 566 | 1,110 | 884 |
| Paul L. Joskow/1997(4) | 733 | 226 | 1,133 | 353 |
| Elizabeth T. Kennan/1992(5) | 733 | 370 | 1,133 | 578 |
| Kenneth R. Leibler/2006 | 794 | N/A | 1,226 | N/A |
| Robert E. Patterson/1984 | 794 | 340 | 1,226 | 531 |
| George Putnam, III/1984 | 733 | 352 | 1,133 | 550 |
| W. Thomas Stephens/1997(7) | 733 | 230 | 1,133 | 358 |
| Robert L. Reynolds/2008(8) | N/A | N/A | N/A | N/A |
| Putnam Research Fund | Putnam RetirementReady 2055 Fund | |||
| Liaquat Ahamed/2012(3)(4) | N/A | N/A | N/A | N/A |
| Ravi Akhoury/2009 | 979 | N/A | 0 | N/A |
| Barbara M. Baumann/2010(4) | 960 | N/A | 0 | N/A |
| Jameson A. Baxter/1994(4)(6) | 1,429 | 310 | 0 | 0 |
| Charles B. Curtis/2001 | 959 | 200 | 0 | 0 |
| Robert J. Darretta/2007(4) | 979 | N/A | 0 | N/A |
| Katinka Domotorffy/2012(3)(4) | N/A | N/A | N/A | N/A |
| John A. Hill/1985(4) | 1,020 | 535 | 0 | 0 |
| Paul L. Joskow/1997(4) | 959 | 211 | 0 | 0 |
| Elizabeth T. Kennan/1992(5) | 678 | 381 | 0 | 0 |
| Kenneth R. Leibler/2006 | 1,040 | N/A | 0 | N/A |
| Robert E. Patterson/1984 | 1,040 | 315 | 0 | 0 |
| George Putnam, III/1984 | 979 | 313 | 0 | 0 |
| W. Thomas Stephens/1997(7) | 979 | 222 | 0 | 0 |
| Robert L. Reynolds/2008(8) | N/A | N/A | N/A | N/A |
| Putnam RetirementReady 2050 Fund | Putnam RetirementReady 2045 Fund | |||
| Liaquat Ahamed/2012(3)(4) | N/A | N/A | N/A | N/A |
| Ravi Akhoury/2009 | 0 | N/A | 0 | N/A |
| Barbara M. Baumann/2010(4) | 0 | N/A | 0 | N/A |
| Jameson A. Baxter/1994(4)(6) | 0 | 0 | 0 | 0 |
| Charles B. Curtis/2001 | 0 | 0 | 0 | 0 |
| Robert J. Darretta/2007(4) | 0 | N/A | 0 | N/A |
| Katinka Domotorffy/2012(3)(4) | N/A | N/A | N/A | N/A |
| John A. Hill/1985(4) | 0 | 0 | 0 | 0 |
| Paul L. Joskow/1997(4) | 0 | 0 | 0 | 0 |
| Elizabeth T. Kennan/1992(5) | 0 | 0 | 0 | 0 |
| Kenneth R. Leibler/2006 | 0 | N/A | 0 | N/A |
| Robert E. Patterson/1984 | 0 | 0 | 0 | 0 |
| George Putnam, III/1984 | 0 | 0 | 0 | 0 |
| W. Thomas Stephens/1997(7) | 0 | 0 | 0 | 0 |
| Robert L. Reynolds/2008(8) | N/A | N/A | N/A | N/A |
| I-11 |
| Pension or retirement | Pension or retirement | |||
| Aggregate compensation | benefits accrued as part | Aggregate compensation | benefits accrued as part | |
| Trustees/Year | from the fund ($) | of fund expenses ($) | from the fund ($) | of fund expenses ($) |
| Putnam RetirementReady 2040 Fund | Putnam RetirementReady 2035 Fund | |||
| Liaquat Ahamed/2012(3)(4) | N/A | N/A | N/A | N/A |
| Ravi Akhoury/2009 | 0 | N/A | 0 | N/A |
| Barbara M. Baumann/2010(4) | 0 | N/A | 0 | N/A |
| Jameson A. Baxter/1994(4)(6) | 0 | 0 | 0 | 0 |
| Charles B. Curtis/2001 | 0 | 0 | 0 | 0 |
| Robert J. Darretta/2007(4) | 0 | N/A | 0 | N/A |
| Katinka Domotorffy/2012(3)(4) | N/A | N/A | N/A | N/A |
| John A. Hill/1985(4) | 0 | 0 | 0 | 0 |
| Paul L. Joskow/1997(4) | 0 | 0 | 0 | 0 |
| Elizabeth T. Kennan/1992(5) | 0 | 0 | 0 | 0 |
| Kenneth R. Leibler/2006 | 0 | N/A | 0 | N/A |
| Robert E. Patterson/1984 | 0 | 0 | 0 | 0 |
| George Putnam, III/1984 | 0 | 0 | 0 | 0 |
| W. Thomas Stephens/1997(7) | 0 | 0 | 0 | 0 |
| Robert L. Reynolds/2008(8) | N/A | N/A | N/A | N/A |
| Putnam RetirementReady 2030 Fund | Putnam RetirementReady 2025 Fund | |||
| Liaquat Ahamed/2012(3)(4) | N/A | N/A | N/A | N/A |
| Ravi Akhoury/2009 | 0 | N/A | 0 | N/A |
| Barbara M. Baumann/2010(4) | 0 | N/A | 0 | N/A |
| Jameson A. Baxter/1994(4)(6) | 0 | 0 | 0 | 0 |
| Charles B. Curtis/2001 | 0 | 0 | 0 | 0 |
| Robert J. Darretta/2007(4) | 0 | N/A | 0 | N/A |
| Katinka Domotorffy/2012(3)(4) | N/A | N/A | N/A | N/A |
| John A. Hill/1985(4) | 0 | 0 | 0 | 0 |
| Paul L. Joskow/1997(4) | 0 | 0 | 0 | 0 |
| Elizabeth T. Kennan/1992(5) | 0 | 0 | 0 | 0 |
| Kenneth R. Leibler/2006 | 0 | N/A | 0 | N/A |
| Robert E. Patterson/1984 | 0 | 0 | 0 | 0 |
| George Putnam, III/1984 | 0 | 0 | 0 | 0 |
| W. Thomas Stephens/1997(7) | 0 | 0 | 0 | 0 |
| Robert L. Reynolds/2008(8) | N/A | N/A | N/A | N/A |
| Putnam RetirementReady 2020 Fund | Putnam RetirementReady 2015 Fund | |||
| Liaquat Ahamed/2012(3)(4) | N/A | N/A | N/A | N/A |
| Ravi Akhoury/2009 | 0 | N/A | 0 | N/A |
| Barbara M. Baumann/2010(4) | 0 | N/A | 0 | N/A |
| Jameson A. Baxter/1994(4)(6) | 0 | 0 | 0 | 0 |
| Charles B. Curtis/2001 | 0 | 0 | 0 | 0 |
| Robert J. Darretta/2007(4) | 0 | N/A | 0 | N/A |
| Katinka Domotorffy/2012(3)(4) | N/A | N/A | N/A | N/A |
| John A. Hill/1985(4) | 0 | 0 | 0 | 0 |
| Paul L. Joskow/1997(4) | 0 | 0 | 0 | 0 |
| Elizabeth T. Kennan/1992(5) | 0 | 0 | 0 | 0 |
| Kenneth R. Leibler/2006 | 0 | N/A | 0 | N/A |
| Robert E. Patterson/1984 | 0 | 0 | 0 | 0 |
| George Putnam, III/1984 | 0 | 0 | 0 | 0 |
| W. Thomas Stephens/1997(7) | 0 | 0 | 0 | 0 |
| Robert L. Reynolds/2008(8) | N/A | N/A | N/A | N/A |
| I-12 |
| Pension or retirement | Pension or retirement | |||
| Aggregate compensation | benefits accrued as part | Aggregate compensation | benefits accrued as part | |
| Trustees/Year | from the fund ($) | of fund expenses ($) | from the fund ($) | of fund expenses ($) |
| Putnam Retirement Income Fund Lifestyle 1 | Putnam Retirement Income Fund Lifestyle 2 | |||
| Liaquat Ahamed/2012(3)(4) | N/A | N/A | N/A | N/A |
| Ravi Akhoury/2009 | 0 | N/A | 27 | N/A |
| Barbara M. Baumann/2010(4) | 0 | N/A | 27 | N/A |
| Jameson A. Baxter/1994(4)(6) | 0 | 0 | 40 | 9 |
| Charles B. Curtis/2001 | 0 | 0 | 27 | 6 |
| Robert J. Darretta/2007(4) | 0 | N/A | 27 | N/A |
| Katinka Domotorffy/2012(3)(4) | N/A | N/A | N/A | N/A |
| John A. Hill/1985(4) | 0 | 0 | N/A | N/A |
| Paul L. Joskow/1997(4) | 0 | 0 | 27 | 15 |
| Elizabeth T. Kennan/1992(5) | 0 | 0 | 27 | 6 |
| Kenneth R. Leibler/2006 | 0 | N/A | 18 | 12 |
| Robert E. Patterson/1984 | 0 | 0 | 29 | N/A |
| George Putnam, III/1984 | 0 | 0 | 29 | 9 |
| W. Thomas Stephens/1997(7) | 0 | 0 | 27 | 9 |
| Robert L. Reynolds/2008(8) | N/A | N/A | N/A | N/A |
| Putnam Retirement Income Fund Lifestyle 3 | Putnam Short Duration Income Fund | |||
| Liaquat Ahamed/2012(3)(4) | 32 | N/A | 2,695 | N/A |
| Ravi Akhoury/2009 | 69 | N/A | 2,819 | N/A |
| Barbara M. Baumann/2010(4) | 67 | N/A | 2,819 | N/A |
| Jameson A. Baxter/1994(4)(6) | 100 | 30 | 3,657 | 856 |
| Charles B. Curtis/2001 | 69 | 19 | 2,819 | 524 |
| Robert J. Darretta/2007(4) | 69 | N/A | 2,819 | N/A |
| Katinka Domotorffy/2012(3)(4) | 35 | N/A | 2,856 | N/A |
| John A. Hill/1985(4) | 67 | 53 | 2,819 | 1,486 |
| Paul L. Joskow/1997(4) | 69 | 21 | 2,894 | 597 |
| Elizabeth T. Kennan/1992(5) | 69 | 35 | 2,080 | 949 |
| Kenneth R. Leibler/2006 | 74 | N/A | 3,051 | N/A |
| Robert E. Patterson/1984 | 74 | 32 | 3,051 | 898 |
| George Putnam, III/1984 | 69 | 32 | 2,819 | 945 |
| W. Thomas Stephens/1997(7) | 69 | 21 | 2,819 | 597 |
| Robert L. Reynolds/2008(8) | N/A | N/A | N/A | N/A |
| *Putnam Short Term Investment Fund | *Putnam Short-Term Municipal Income Fund | |||
| Liaquat Ahamed/2012(3)(4) | 5,071 | N/A | 453 | N/A |
| Ravi Akhoury/2009 | 5,270 | N/A | 453 | N/A |
| Barbara M. Baumann/2010(4) | 5,270 | N/A | 453 | N/A |
| Jameson A. Baxter/1994(4)(6) | 6,577 | 2,960 | 625 | 65 |
| Charles B. Curtis/2001 | 5,270 | 1,785 | 453 | 41 |
| Robert J. Darretta/2007(4) | 5,270 | N/A | 453 | N/A |
| Katinka Domotorffy/2012(3)(4) | 5,270 | N/A | 453 | N/A |
| John A. Hill/1985(4) | 5,270 | 5,146 | 453 | 113 |
| Paul L. Joskow/1997(4) | 5,436 | 2,076 | 453 | 45 |
| Elizabeth T. Kennan/1992(5) | 3,649 | 3,197 | 453 | 75 |
| Kenneth R. Leibler/2006 | 5,706 | N/A | 493 | N/A |
| Robert E. Patterson/1984 | 5,706 | 3,136 | 493 | 67 |
| George Putnam, III/1984 | 5,270 | 3,351 | 453 | 69 |
| W. Thomas Stephens/1997(7) | 5,270 | 2,050 | 453 | 46 |
| Robert L. Reynolds/2008(8) | N/A | N/A | N/A | N/A |
| I-13 |
| Pension or retirement | Pension or retirement | |||
| Aggregate compensation | benefits accrued as part | Aggregate compensation | benefits accrued as part | |
| Trustees/Year | from the fund ($) | of fund expenses ($) | from the fund ($) | of fund expenses ($) |
| Putnam Small Cap Growth Fund | Putnam Small Cap Value Fund | |||
| Liaquat Ahamed/2012(3)(4) | 375 | N/A | 335 | N/A |
| Ravi Akhoury/2009 | 525 | N/A | 728 | N/A |
| Barbara M. Baumann/2010(4) | 515 | N/A | 713 | N/A |
| Jameson A. Baxter/1994(4)(6) | 706 | 238 | 1,059 | 321 |
| Charles B. Curtis/2001 | 525 | 147 | 728 | 201 |
| Robert J. Darretta/2007(4) | 525 | N/A | 728 | N/A |
| Katinka Domotorffy/2012(3)(4) | 395 | N/A | 362 | N/A |
| John A. Hill/1985(4) | 515 | 413 | 713 | 557 |
| Paul L. Joskow/1997(4) | 525 | 165 | 728 | 222 |
| Elizabeth T. Kennan/1992(5) | 525 | 269 | 728 | 368 |
| Kenneth R. Leibler/2006 | 569 | N/A | 788 | N/A |
| Robert E. Patterson/1984 | 569 | 248 | 788 | 333 |
| George Putnam, III/1984 | 525 | 257 | 728 | 343 |
| W. Thomas Stephens/1997(7) | 525 | 167 | 728 | 227 |
| Robert L. Reynolds/2008(8) | N/A | N/A | N/A | N/A |
| *Putnam Strategic Volatility Equity Fund | Putnam Tax Exempt Income Fund | |||
| Liaquat Ahamed/2012(3)(4) | 453 | N/A | N/A | N/A |
| Ravi Akhoury/2009 | 453 | N/A | 5,566 | N/A |
| Barbara M. Baumann/2010(4) | 453 | N/A | 5,453 | N/A |
| Jameson A. Baxter/1994(4)(6) | 625 | 65 | 8,308 | 1,798 |
| Charles B. Curtis/2001 | 453 | 41 | 5,457 | 1,153 |
| Robert J. Darretta/2007(4) | 453 | N/A | 5,566 | N/A |
| Katinka Domotorffy/2012(3)(4) | 453 | N/A | N/A | N/A |
| John A. Hill/1985(4) | 453 | 113 | 5,757 | 3,110 |
| Paul L. Joskow/1997(4) | 453 | 45 | 5,457 | 1,228 |
| Elizabeth T. Kennan/1992(5) | 453 | 75 | 3,777 | 2,180 |
| Kenneth R. Leibler/2006 | 493 | N/A | 5,909 | N/A |
| Robert E. Patterson/1984 | 493 | 67 | 5,909 | 1,834 |
| George Putnam, III/1984 | 453 | 69 | 5,566 | 1,835 |
| W. Thomas Stephens/1997(7) | 453 | 46 | 5,566 | 1,284 |
| Robert L. Reynolds/2008(8) | N/A | N/A | N/A | N/A |
| Putnam Tax Exempt Money Market Fund | Putnam Tax-Free High Yield Fund | |||
| Liaquat Ahamed/2012(3)(4) | N/A | N/A | 4,944 | N/A |
| Ravi Akhoury/2009 | 242 | N/A | 5,086 | N/A |
| Barbara M. Baumann/2010(4) | 238 | N/A | 5,086 | N/A |
| Jameson A. Baxter/1994(4)(6) | 361 | 80 | 6,896 | 2,427 |
| Charles B. Curtis/2001 | 237 | 52 | 5,086 | 1,502 |
| Robert J. Darretta/2007(4) | 242 | N/A | 5,086 | N/A |
| Katinka Domotorffy/2012(3)(4) | N/A | N/A | 5,259 | N/A |
| John A. Hill/1985(4) | 252 | 139 | 5,086 | 4,209 |
| Paul L. Joskow/1997(4) | 237 | 55 | 5,161 | 1,684 |
| Elizabeth T. Kennan/1992(5) | 159 | 98 | 4,358 | 2,736 |
| Kenneth R. Leibler/2006 | 257 | N/A | 5,515 | N/A |
| Robert E. Patterson/1984 | 257 | 82 | 5,515 | 2,530 |
| George Putnam, III/1984 | 242 | 82 | 5,086 | 2,631 |
| W. Thomas Stephens/1997(7) | 242 | 57 | 5,086 | 1,703 |
| Robert L. Reynolds/2008(8) | N/A | N/A | N/A | N/A |
| I-14 |
| Pension or retirement | Pension or retirement | |||
| Aggregate compensation | benefits accrued as part | Aggregate compensation | benefits accrued as part | |
| Trustees/Year | from the fund ($) | of fund expenses ($) | from the fund ($) | of fund expenses ($) |
| Putnam U.S. Government Income Trust | Putnam Voyager Fund | |||
| Liaquat Ahamed/2012(3)(4) | N/A | N/A | N/A | N/A |
| Ravi Akhoury/2009 | 7,589 | N/A | 8,211 | N/A |
| Barbara M. Baumann/2010(4) | 7,437 | N/A | 8,062 | N/A |
| Jameson A. Baxter/1994(4)(6) | 11,330 | 2,469 | 12,228 | 2,709 |
| Charles B. Curtis/2001 | 7,437 | 1,585 | 8,041 | 1,741 |
| Robert J. Darretta/2007(4) | 7,589 | N/A | 8,211 | N/A |
| Katinka Domotorffy/2012(3)(4) | N/A | N/A | N/A | N/A |
| John A. Hill/1985(4) | 7,854 | 4,271 | 8,581 | 4,685 |
| Paul L. Joskow/1997(4) | 7,437 | 1,687 | 8,041 | 1,849 |
| Elizabeth T. Kennan/1992(5) | 5,102 | 2,997 | 5,311 | 3,298 |
| Kenneth R. Leibler/2006 | 8,053 | N/A | 8,700 | N/A |
| Robert E. Patterson/1984 | 8,053 | 2,519 | 8,700 | 2,761 |
| George Putnam, III/1984 | 7,589 | 2,519 | 8,211 | 2,758 |
| W. Thomas Stephens/1997(7) | 7,589 | 1,764 | 8,211 | 1,937 |
| Robert L. Reynolds/2008(8) | N/A | N/A | N/A | N/A |
| Putnam VT Absolute Return 500 Fund | Putnam VT American Government Income Fund | |||
| Liaquat Ahamed/2012(3)(4) | 18 | N/A | 127 | N/A |
| Ravi Akhoury/2009 | 89 | N/A | 746 | N/A |
| Barbara M. Baumann/2010(4) | 77 | N/A | 659 | N/A |
| Jameson A. Baxter/1994(4)(6) | 114 | 34 | 968 | 253 |
| Charles B. Curtis/2001 | 88 | 22 | 733 | 158 |
| Robert J. Darretta/2007(4) | 67 | N/A | 596 | N/A |
| Katinka Domotorffy/2012(3)(4) | 38 | N/A | 255 | N/A |
| John A. Hill/1985(4) | 88 | 60 | 734 | 437 |
| Paul L. Joskow/1997(4) | 83 | 24 | 695 | 174 |
| Elizabeth T. Kennan/1992(5) | 82 | 20 | 667 | 291 |
| Kenneth R. Leibler/2006 | 97 | N/A | 806 | N/A |
| Robert E. Patterson/1984 | 97 | 35 | 806 | 261 |
| George Putnam, III/1984 | 89 | 35 | 746 | 267 |
| W. Thomas Stephens/1997(7) | 89 | 25 | 746 | 178 |
| Robert L. Reynolds/2008(8) | N/A | N/A | N/A | N/A |
| Putnam VT Capital Opportunities Fund | Putnam VT Diversified Income Fund | |||
| Liaquat Ahamed/2012(3)(4) | 34 | N/A | 473 | N/A |
| Ravi Akhoury/2009 | 191 | N/A | 2,665 | N/A |
| Barbara M. Baumann/2010(4) | 169 | N/A | 2,337 | N/A |
| Jameson A. Baxter/1994(4)(6) | 248 | 66 | 3,452 | 911 |
| Charles B. Curtis/2001 | 188 | 41 | 2,623 | 571 |
| Robert J. Darretta/2007(4) | 152 | N/A | 2,093 | N/A |
| Katinka Domotorffy/2012(3)(4) | 67 | N/A | 963 | N/A |
| John A. Hill/1985(4) | 188 | 114 | 2,623 | 1,578 |
| Paul L. Joskow/1997(4) | 179 | 45 | 2,480 | 628 |
| Elizabeth T. Kennan/1992(5) | 173 | 76 | 2,416 | 1,050 |
| Kenneth R. Leibler/2006 | 207 | N/A | 2,879 | N/A |
| Robert E. Patterson/1984 | 207 | 68 | 2,879 | 942 |
| George Putnam, III/1984 | 191 | 70 | 2,665 | 964 |
| W. Thomas Stephens/1997(7) | 191 | 46 | 2,665 | 644 |
| Robert L. Reynolds/2008(8) | N/A | N/A | N/A | N/A |
| I-15 |
| Pension or retirement | Pension or retirement | |||
| Aggregate compensation | benefits accrued as part | Aggregate compensation | benefits accrued as part | |
| Trustees/Year | from the fund ($) | of fund expenses ($) | from the fund ($) | of fund expenses ($) |
| Putnam VT Equity Income Fund | Putnam VT George Putnam Balanced Fund | |||
| Liaquat Ahamed/2012(3)(4) | 400 | N/A | 188 | N/A |
| Ravi Akhoury/2009 | 2,203 | N/A | 1,058 | N/A |
| Barbara M. Baumann/2010(4) | 1,926 | N/A | 930 | N/A |
| Jameson A. Baxter/1994(4)(6) | 2,826 | 757 | 1,368 | 363 |
| Charles B. Curtis/2001 | 2,169 | 475 | 1,041 | 228 |
| Robert J. Darretta/2007(4) | 1,714 | N/A | 835 | N/A |
| Katinka Domotorffy/2012(3)(4) | 818 | N/A | 379 | N/A |
| John A. Hill/1985(4) | 2,170 | 1,311 | 1,042 | 629 |
| Paul L. Joskow/1997(4) | 2,047 | 522 | 986 | 250 |
| Elizabeth T. Kennan/1992(5) | 1,999 | 873 | 957 | 419 |
| Kenneth R. Leibler/2006 | 2,381 | N/A | 1,144 | N/A |
| Robert E. Patterson/1984 | 2,381 | 783 | 1,144 | 375 |
| George Putnam, III/1984 | 2,203 | 801 | 1,058 | 384 |
| W. Thomas Stephens/1997(7) | 2,203 | 535 | 1,058 | 257 |
| Robert L. Reynolds/2008(8) | N/A | N/A | N/A | N/A |
| Putnam VT Global Asset Allocation Fund | Putnam VT Global Equity Fund | |||
| Liaquat Ahamed/2012(3)(4) | 224 | N/A | 208 | N/A |
| Ravi Akhoury/2009 | 1,253 | N/A | 1,169 | N/A |
| Barbara M. Baumann/2010(4) | 1,100 | N/A | 1,025 | N/A |
| Jameson A. Baxter/1994(4)(6) | 1,617 | 431 | 1,503 | 400 |
| Charles B. Curtis/2001 | 1,233 | 270 | 1,150 | 251 |
| Robert J. Darretta/2007(4) | 986 | N/A | 917 | N/A |
| Katinka Domotorffy/2012(3)(4) | 452 | N/A | 424 | N/A |
| John A. Hill/1985(4) | 1,234 | 746 | 1,151 | 693 |
| Paul L. Joskow/1997(4) | 1,167 | 297 | 1,087 | 276 |
| Elizabeth T. Kennan/1992(5) | 1,134 | 496 | 1,059 | 462 |
| Kenneth R. Leibler/2006 | 1,354 | N/A | 1,263 | N/A |
| Robert E. Patterson/1984 | 1,354 | 445 | 1,263 | 414 |
| George Putnam, III/1984 | 1,253 | 456 | 1,169 | 424 |
| W. Thomas Stephens/1997(7) | 1,253 | 304 | 1,169 | 283 |
| Robert L. Reynolds/2008(8) | N/A | N/A | N/A | N/A |
| Putnam VT Global Health Care Fund | Putnam VT Global Utilities Fund | |||
| Liaquat Ahamed/2012(3)(4) | 116 | N/A | 118 | N/A |
| Ravi Akhoury/2009 | 622 | N/A | 683 | N/A |
| Barbara M. Baumann/2010(4) | 542 | N/A | 603 | N/A |
| Jameson A. Baxter/1994(4)(6) | 798 | 216 | 884 | 233 |
| Charles B. Curtis/2001 | 612 | 135 | 671 | 146 |
| Robert J. Darretta/2007(4) | 482 | N/A | 546 | N/A |
| Katinka Domotorffy/2012(3)(4) | 236 | N/A | 235 | N/A |
| John A. Hill/1985(4) | 612 | 374 | 672 | 403 |
| Paul L. Joskow/1997(4) | 577 | 149 | 637 | 160 |
| Elizabeth T. Kennan/1992(5) | 565 | 249 | 614 | 268 |
| Kenneth R. Leibler/2006 | 672 | N/A | 737 | N/A |
| Robert E. Patterson/1984 | 672 | 223 | 737 | 240 |
| George Putnam, III/1984 | 622 | 228 | 683 | 246 |
| W. Thomas Stephens/1997(7) | 622 | 152 | 683 | 164 |
| Robert L. Reynolds/2008(8) | N/A | N/A | N/A | N/A |
| I-16 |
| Pension or retirement | Pension or retirement | |||
| Aggregate compensation | benefits accrued as part | Aggregate compensation | benefits accrued as part | |
| Trustees/Year | from the fund ($) | of fund expenses ($) | from the fund ($) | of fund expenses ($) |
| Putnam VT Growth and Income Fund | Putnam VT Growth Opportunities Fund | |||
| Liaquat Ahamed/2012(3)(4) | 1,235 | N/A | 28 | N/A |
| Ravi Akhoury/2009 | 6,924 | N/A | 151 | N/A |
| Barbara M. Baumann/2010(4) | 6,085 | N/A | 132 | N/A |
| Jameson A. Baxter/1994(4)(6) | 8,925 | 2,378 | 195 | 52 |
| Charles B. Curtis/2001 | 6,815 | 1,492 | 149 | 33 |
| Robert J. Darretta/2007(4) | 5,457 | N/A | 118 | N/A |
| Katinka Domotorffy/2012(3)(4) | 2,491 | N/A | 55 | N/A |
| John A. Hill/1985(4) | 6,818 | 4,119 | 148 | 91 |
| Paul L. Joskow/1997(4) | 6,448 | 1,640 | 140 | 36 |
| Elizabeth T. Kennan/1992(5) | 6,271 | 2,742 | 137 | 60 |
| Kenneth R. Leibler/2006 | 7,482 | N/A | 163 | N/A |
| Robert E. Patterson/1984 | 7,482 | 2,458 | 163 | 54 |
| George Putnam, III/1984 | 6,924 | 2,517 | 151 | 55 |
| W. Thomas Stephens/1997(7) | 6,924 | 1,680 | 151 | 37 |
| Robert L. Reynolds/2008(8) | N/A | N/A | N/A | N/A |
| Putnam VT High Yield Fund | Putnam VT Income Fund | |||
| Liaquat Ahamed/2012(3)(4) | 421 | N/A | 407 | N/A |
| Ravi Akhoury/2009 | 2,335 | N/A | 2,302 | N/A |
| Barbara M. Baumann/2010(4) | 2,044 | N/A | 2,019 | N/A |
| Jameson A. Baxter/1994(4)(6) | 3,011 | 802 | 2,978 | 785 |
| Charles B. Curtis/2001 | 2,299 | 503 | 2,265 | 493 |
| Robert J. Darretta/2007(4) | 1,825 | N/A | 1,807 | N/A |
| Katinka Domotorffy/2012(3)(4) | 858 | N/A | 831 | N/A |
| John A. Hill/1985(4) | 2,299 | 1,388 | 2,266 | 1,360 |
| Paul L. Joskow/1997(4) | 2,171 | 553 | 2,142 | 542 |
| Elizabeth T. Kennan/1992(5) | 2,119 | 924 | 2,080 | 905 |
| Kenneth R. Leibler/2006 | 2,523 | N/A | 2,487 | N/A |
| Robert E. Patterson/1984 | 2,523 | 828 | 2,487 | 812 |
| George Putnam, III/1984 | 2,335 | 848 | 2,302 | 831 |
| W. Thomas Stephens/1997(7) | 2,335 | 566 | 2,302 | 555 |
| Robert L. Reynolds/2008(8) | N/A | N/A | N/A | N/A |
| Putnam VT International Equity Fund | Putnam VT International Growth Fund | |||
| Liaquat Ahamed/2012(3)(4) | 435 | N/A | 58 | N/A |
| Ravi Akhoury/2009 | 2,464 | N/A | 331 | N/A |
| Barbara M. Baumann/2010(4) | 2,165 | N/A | 291 | N/A |
| Jameson A. Baxter/1994(4)(6) | 3,167 | 843 | 426 | 113 |
| Charles B. Curtis/2001 | 2,425 | 529 | 326 | 71 |
| Robert J. Darretta/2007(4) | 1,940 | N/A | 261 | N/A |
| Katinka Domotorffy/2012(3)(4) | 885 | N/A | 118 | N/A |
| John A. Hill/1985(4) | 2,428 | 1,460 | 326 | 195 |
| Paul L. Joskow/1997(4) | 2,294 | 581 | 308 | 78 |
| Elizabeth T. Kennan/1992(5) | 2,230 | 972 | 299 | 130 |
| Kenneth R. Leibler/2006 | 2,663 | N/A | 358 | N/A |
| Robert E. Patterson/1984 | 2,663 | 871 | 358 | 116 |
| George Putnam, III/1984 | 2,464 | 892 | 331 | 119 |
| W. Thomas Stephens/1997(7) | 2,464 | 595 | 331 | 80 |
| Robert L. Reynolds/2008(8) | N/A | N/A | N/A | N/A |
| I-17 |
| Pension or retirement | Pension or retirement | |||
| Aggregate compensation | benefits accrued as part | Aggregate compensation | benefits accrued as part | |
| Trustees/Year | from the fund ($) | of fund expenses ($) | from the fund ($) | of fund expenses ($) |
| Putnam VT International Value Fund | Putnam VT Investors Fund | |||
| Liaquat Ahamed/2012(3)(4) | 114 | N/A | 243 | N/A |
| Ravi Akhoury/2009 | 649 | N/A | 1,372 | N/A |
| Barbara M. Baumann/2010(4) | 571 | N/A | 1,210 | N/A |
| Jameson A. Baxter/1994(4)(6) | 834 | 221 | 1,772 | 472 |
| Charles B. Curtis/2001 | 639 | 139 | 1,350 | 296 |
| Robert J. Darretta/2007(4) | 511 | N/A | 1,089 | N/A |
| Katinka Domotorffy/2012(3)(4) | 232 | N/A | 485 | N/A |
| John A. Hill/1985(4) | 640 | 383 | 1,351 | 817 |
| Paul L. Joskow/1997(4) | 604 | 153 | 18,279 | 325 |
| Elizabeth T. Kennan/1992(5) | 587 | 255 | 1,239 | 544 |
| Kenneth R. Leibler/2006 | 702 | N/A | 1,483 | N/A |
| Robert E. Patterson/1984 | 702 | 229 | 1,483 | 488 |
| George Putnam, III/1984 | 649 | 234 | 1,372 | 499 |
| W. Thomas Stephens/1997(7) | 649 | 156 | 1,372 | 333 |
| Robert L. Reynolds/2008(8) | N/A | N/A | N/A | N/A |
| Putnam VT Money Market Fund | Putnam VT Multi-Cap Growth Fund | |||
| Liaquat Ahamed/2012(3)(4) | 230 | N/A | 699 | N/A |
| Ravi Akhoury/2009 | 1,378 | N/A | 3,940 | N/A |
| Barbara M. Baumann/2010(4) | 1,219 | N/A | 3,464 | N/A |
| Jameson A. Baxter/1994(4)(6) | 1,788 | 463 | 5,089 | 1,352 |
| Charles B. Curtis/2001 | 1,354 | 291 | 3,879 | 848 |
| Robert J. Darretta/2007(4) | 1,104 | N/A | 3,108 | N/A |
| Katinka Domotorffy/2012(3)(4) | 465 | N/A | 1,411 | N/A |
| John A. Hill/1985(4) | 1,357 | 802 | 3,880 | 2,341 |
| Paul L. Joskow/1997(4) | 1,285 | 319 | 3,671 | 932 |
| Elizabeth T. Kennan/1992(5) | 1,233 | 534 | 3,574 | 1,558 |
| Kenneth R. Leibler/2006 | 1,489 | N/A | 4,258 | N/A |
| Robert E. Patterson/1984 | 1,489 | 479 | 4,258 | 1,397 |
| George Putnam, III/1984 | 1,378 | 490 | 3,940 | 1,431 |
| W. Thomas Stephens/1997(7) | 1,378 | 327 | 3,940 | 955 |
| Robert L. Reynolds/2008(8) | N/A | N/A | N/A | N/A |
| Putnam VT Multi-Cap Value Fund | Putnam VT Research Fund | |||
| Liaquat Ahamed/2012(3)(4) | 36 | N/A | 58 | N/A |
| Ravi Akhoury/2009 | 205 | N/A | 327 | N/A |
| Barbara M. Baumann/2010(4) | 180 | N/A | 288 | N/A |
| Jameson A. Baxter/1994(4)(6) | 264 | 70 | 422 | 113 |
| Charles B. Curtis/2001 | 202 | 44 | 322 | 71 |
| Robert J. Darretta/2007(4) | 161 | N/A | 258 | N/A |
| Katinka Domotorffy/2012(3)(4) | 73 | N/A | 117 | N/A |
| John A. Hill/1985(4) | 202 | 121 | 322 | 195 |
| Paul L. Joskow/1997(4) | 191 | 48 | 305 | 78 |
| Elizabeth T. Kennan/1992(5) | 185 | 80 | 296 | 130 |
| Kenneth R. Leibler/2006 | 221 | N/A | 353 | N/A |
| Robert E. Patterson/1984 | 221 | 72 | 353 | 116 |
| George Putnam, III/1984 | 205 | 74 | 327 | 119 |
| W. Thomas Stephens/1997(7) | 205 | 49 | 327 | 80 |
| Robert L. Reynolds/2008(8) | N/A | N/A | N/A | N/A |
| I-18 |
| Pension or retirement | Pension or retirement | |||
| Aggregate compensation | benefits accrued as part | Aggregate compensation | benefits accrued as part | |
| Trustees/Year | from the fund ($) | of fund expenses ($) | from the fund ($) | of fund expenses ($) |
| Putnam VT Small Cap Value Fund | Putnam VT Voyager Fund | |||
| Liaquat Ahamed/2012(3)(4) | 229 | N/A | 832 | N/A |
| Ravi Akhoury/2009 | 1,331 | N/A | 4,738 | N/A |
| Barbara M. Baumann/2010(4) | 1,169 | N/A | 4,181 | N/A |
| Jameson A. Baxter/1994(4)(6) | 1,715 | 450 | 6,127 | 1,626 |
| Charles B. Curtis/2001 | 1,310 | 282 | 4,665 | 1,020 |
| Robert J. Darretta/2007(4) | 1,048 | N/A | 3,766 | N/A |
| Katinka Domotorffy/2012(3)(4) | 471 | N/A | 1,664 | N/A |
| John A. Hill/1985(4) | 1,311 | 779 | 4,667 | 2,817 |
| Paul L. Joskow/1997(4) | 1,239 | 310 | 4,422 | 1,122 |
| Elizabeth T. Kennan/1992(5) | 1,203 | 518 | 4,295 | 1,875 |
| Kenneth R. Leibler/2006 | 1,438 | N/A | 5,121 | N/A |
| Robert E. Patterson/1984 | 1,438 | 465 | 5,121 | 1,681 |
| George Putnam, III/1984 | 1,331 | 476 | 4,738 | 1,721 |
| W. Thomas Stephens/1997(7) | 1,331 | 318 | 4,738 | 1,149 |
| Robert L. Reynolds/2008(8) | N/A | N/A | N/A | N/A |
| For All Funds | ||||
| Estimated annual benefits | ||||
| from all Putnam funds upon | Total compensation from all | |||
| Trustees/Year | retirement ($) (1) | Putnam Funds ($) (2) | ||
| Liaquat Ahamed/2012(3)(4) | N/A | 94,288 | ||
| Ravi Akhoury/2009 | N/A | 303,000 | ||
| Barbara M. Baumann/2010(4) | N/A | 297,000 | ||
| Jameson A. Baxter/1994(4)(6) | 110,500 | 442,063 | ||
| Charles B. Curtis/2001 | 113,900 | 303,000 | ||
| Robert J. Darretta/2007(4) | N/A | 303,000 | ||
| Katinka Domotorffy /2012(3)(4) | N/A | 106,288 | ||
| John A. Hill/1985(4) | 161,700 | 297,000 | ||
| Paul L. Joskow/1997(4) | 113,400 | 303,000 | ||
| Elizabeth T. Kennan/1992(5) | 108,000 | 303,000 | ||
| Kenneth R. Leibler/2006 | N/A | 328,000 | ||
| Robert E. Patterson/1984 | 106,500 | 328,000 | ||
| George Putnam, III/1984 | 130,300 | 303,000 | ||
| W. Thomas Stephens/1997(7) | 107,100 | 303,000 | ||
| Robert L. Reynolds/2008(8) | N/A | N/A | ||
* Since these funds have not yet completed their first full fiscal year of operation, these amounts represent estimated annual fees based on the fees paid for a partial fiscal year.
(1) Estimated benefits for each Trustee are based on Trustee fee rates for calendar years 2003, 2004 and 2005.
(2) As of December 31, 2012, there were 109 funds in the Putnam family.
(3) Mr. Ahamed and Ms. Domotorffy were appointed to the Board of Trustees of the Putnam funds effective September 13, 2012.
| I-19 |
(4) Certain Trustees are also owed compensation deferred pursuant to a Trustee Compensation Deferral Plan. As of each fund’s fiscal year ended prior to October 1, 2013, the total amounts of deferred compensation payable each fund listed below, including income earned on such amounts, to these Trustees were (in dollars):
| Ms. | Ms. | ||||||
| Fund | Mr. Ahamed | Baumann | Ms. Baxter | Mr. Darretta | Domotorffy | Mr. Hill | Dr. Joskow |
| Putnam Absolute Return 100 Fund | 55 | 210 | 1,232 | 449 | 0 | 3,521 | 981 |
| Putnam Absolute Return 300 Fund | 196 | 755 | 4,432 | 1,614 | 0 | 12,667 | 3,530 |
| Putnam Absolute Return 500 Fund | 118 | 453 | 2,657 | 968 | 0 | 7,593 | 2,116 |
| Putnam Absolute Return 700 Fund | 102 | 394 | 2,313 | 843 | 0 | 6,612 | 1,842 |
| Putnam American Government Income Fund | 0 | 2,731 | 17,185 | 5,604 | 0 | 49,079 | 13,386 |
| Putnam AMT-Free Municipal Fund | 1,784 | 2,425 | 10,696 | 5,063 | 308 | 28,593 | 8,334 |
| Putnam Arizona Tax Exempt Income Fund | 483 | 790 | 3,755 | 1,656 | 68 | 10,306 | 2,960 |
| Putnam Asia Pacific Equity Fund | 6 | 10 | 49 | 22 | 1 | 134 | 39 |
| Putnam California Tax Exempt Income Fund | 0 | 4,547 | 28,604 | 9,327 | 0 | 81,691 | 22,281 |
| Putnam Capital Opportunities Fund | 1,149 | 1,879 | 8,931 | 3,941 | 161 | 24,490 | 7,040 |
| Putnam Capital Spectrum Fund | 660 | 1,078 | 5,126 | 2,262 | 92 | 14,056 | 4,040 |
| Putnam Convertible Securities Fund | 690 | 2,653 | 15,575 | 5,673 | 0 | 44,514 | 12,403 |
| Putnam Diversified Income Trust | 0 | 7,576 | 47,665 | 15,542 | 0 | 136,126 | 37,128 |
| Putnam Dynamic Asset Allocation Balanced Fund | 0 | 3,132 | 19,703 | 6,425 | 0 | 56,270 | 15,348 |
| Putnam Dynamic Asset Allocation Conservative Fund | 0 | 1,345 | 8,465 | 2,760 | 0 | 24,175 | 6,594 |
| Putnam Dynamic Asset Allocation Equity Fund | 20 | 33 | 159 | 70 | 3 | 437 | 126 |
| Putnam Dynamic Asset Allocation Growth Fund | 0 | 3,046 | 19,163 | 6,248 | 0 | 54,727 | 14,927 |
| Putnam Dynamic Risk Allocation Fund | 54 | 88 | 416 | 184 | 7 | 1,142 | 328 |
| Putnam Emerging Markets Equity Fund | 0 | 32 | 202 | 66 | 0 | 575 | 157 |
| Putnam Emerging Markets Income Fund | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Putnam Equity Income Fund | 1,942 | 7,471 | 43,877 | 15,975 | 0 | 125,503 | 34,944 |
| Putnam Equity Spectrum Fund | 303 | 495 | 2,355 | 1,039 | 42 | 6,457 | 1,856 |
| Putnam Europe Equity Fund | 2,024 | 3,303 | 15,729 | 6,931 | 282 | 43,225 | 12,412 |
| Putnam Floating Rate Income Fund | 392 | 866 | 4,456 | 1,827 | 33 | 12,534 | 3,556 |
| The Putnam Fund for Growth and Income | 7,624 | 29,335 | 172,197 | 62,722 | 0 | 492,132 | 137,127 |
| The George Putnam Fund of Boston | 0 | 6,843 | 14,038 | 14,038 | 0 | 122,556 | 33,450 |
| (d/b/a George Putnam Balanced Fund) | |||||||
| Putnam Global Consumer Fund | 20 | 27 | 121 | 57 | 3 | 321 | 93 |
| Putnam Global Dividend Fund | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Putnam Global Energy Fund | 24 | 32 | 142 | 67 | 4 | 377 | 110 |
| Putnam Global Equity Fund | 1,933 | 7,437 | 43,656 | 15,901 | 0 | 124,768 | 34,765 |
| Putnam Global Financials Fund | 17 | 23 | 101 | 47 | 3 | 267 | 78 |
| Putnam Global Health Care Fund | 6,934 | 9,424 | 41,871 | 19,679 | 1,196 | 111,283 | 32,408 |
| Putnam Global Income Trust | 364 | 1,402 | 8,228 | 2,997 | 0 | 23,514 | 6,552 |
| Putnam Global Industrials Fund | 18 | 24 | 108 | 51 | 3 | 287 | 84 |
| Putnam Global Natural Resources Fund | 1,132 | 1,539 | 6,836 | 3,213 | 195 | 18,168 | 5,291 |
| Putnam Global Sector Fund | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Putnam Global Technology Fund | 17 | 24 | 106 | 50 | 3 | 281 | 82 |
| Putnam Global Telecommunications Fund | 17 | 24 | 105 | 49 | 3 | 280 | 81 |
| Putnam Global Utilities Fund | 2,808 | 3,816 | 16,954 | 7,968 | 484 | 45,059 | 13,122 |
| Putnam Growth Opportunities Fund | 0 | 2,667 | 16,755 | 5,471 | 3,091 | 47,762 | 13,036 |
| Putnam High Yield Advantage Fund | 948 | 3,647 | 21,416 | 7,797 | 0 | 61,257 | 17,056 |
| Putnam High Yield Trust | 0 | 5,810 | 36,515 | 11,919 | 0 | 104,174 | 28,414 |
| Putnam Income Fund | 1,215 | 4,677 | 27,453 | 9,999 | 0 | 78,458 | 21,861 |
| Putnam Intermediate-Term Municipal Income Fund | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Putnam International Capital Opportunities Fund | 0 | 1,886 | 11,854 | 3,869 | 0 | 33,817 | 9,224 |
| Putnam International Equity Fund | 6,939 | 11,328 | 53,937 | 23,765 | 969 | 148,220 | 42,563 |
| Putnam International Growth Fund | 0 | 2,960 | 18,623 | 6,072 | 0 | 53,185 | 14,506 |
| Putnam International Value Fund | 1,356 | 2,214 | 10,540 | 4,644 | 189 | 28,965 | 8,317 |
| Putnam Investors Fund | 0 | 9,620 | 60,441 | 19,736 | 0 | 172,297 | 47,026 |
| Putnam Low Volatility Equity Fund | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| I-20 |
| Ms. | Ms. | ||||||
| Fund | Mr. Ahamed | Baumann | Ms. Baxter | Mr. Darretta | Domotorffy | Mr. Hill | Dr. Joskow |
| Putnam Massachusetts Tax Exempt Fund | 741 | 1,211 | 5,758 | 2,540 | 104 | 15,805 | 4,539 |
| Putnam Michigan Tax Exempt Income Fund | 496 | 810 | 3,853 | 1,700 | 69 | 10,575 | 3,037 |
| Putnam Minnesota Tax Exempt Income Fund | 511 | 835 | 3,971 | 1,752 | 71 | 10,898 | 3,130 |
| Putnam Money Market Fund | 0 | 491 | 3,091 | 1,008 | 0 | 8,828 | 2,408 |
| Putnam Money Market Liquidity Fund | 0 | 2,138 | 13,452 | 4,386 | 0 | 38,416 | 10,478 |
| Putnam Multi-Cap Core Fund | 5 | 8 | 40 | 18 | 1 | 109 | 31 |
| Putnam Multi-Cap Growth Fund | 5 | 8 | 40 | 18 | 1 | 109 | 31 |
| Putnam Multi-Cap Value Fund | 1,025 | 1,676 | 7,966 | 3,515 | 143 | 21,842 | 6,279 |
| Putnam New Jersey Tax Exempt Income Fund | 642 | 1,050 | 4,995 | 2,203 | 90 | 13,709 | 3,937 |
| Putnam New York Tax Exempt Income Fund | 960 | 3,694 | 21,691 | 7,897 | 0 | 62,045 | 17,275 |
| Putnam Ohio Tax Exempt Income Fund | 558 | 913 | 4,341 | 1,915 | 78 | 11,914 | 3,422 |
| Putnam Pennsylvania Tax Exempt Income Fund | 613 | 1,001 | 4,763 | 2,101 | 86 | 13,073 | 3,755 |
| Putnam Research Fund | 0 | 1,237 | 7,774 | 2,538 | 0 | 22,160 | 6,048 |
| Putnam RetirementReady 2055 Fund | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Putnam RetirementReady 2050 Fund | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Putnam RetirementReady 2045 Fund | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Putnam RetirementReady 2040 Fund | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Putnam RetirementReady 2035 Fund | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Putnam RetirementReady 2030 Fund | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Putnam RetirementReady 2025 Fund | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Putnam RetirementReady 2020 Fund | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Putnam RetirementReady 2015 Fund | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Putnam Retirement Income Fund Lifestyle 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Putnam Retirement Income Fund Lifestyle 2 | 0 | 1 | 3 | 1 | 0 | 9 | 3 |
| Putnam Retirement Income Fund Lifestyle 3 | 158 | 348 | 1,790 | 734 | 13 | 5,036 | 1,429 |
| Putnam Short Duration Income Fund | 294 | 1,765 | 400 | 836 | 51 | 4,718 | 1,375 |
| Putnam Short Term Investment Fund | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Putnam Short-Term Municipal Income Fund | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Putnam Small Cap Growth Fund | 517 | 843 | 4,015 | 18 | 72 | 11,034 | 3,168 |
| Putnam Small Cap Value Fund | 390 | 1,304 | 6,707 | 2,749 | 50 | 16,866 | 5,363 |
| Putnam Strategic Volatility Equity Fund | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Putnam Tax Exempt Income Fund | 0 | 4,057 | 25,527 | 8,324 | 0 | 72,903 | 19,884 |
| Putnam Tax Exempt Money Market Fund | 0 | 491 | 3,091 | 1,008 | 0 | 8,828 | 2,408 |
| Putnam Tax-Free High Yield Fund | 5,833 | 7,928 | 34,970 | 16,555 | 1,006 | 93,484 | 27,248 |
| Putnam U.S. Government Income Trust | 0 | 5,358 | 33,711 | 10,992 | 0 | 96,276 | 26,259 |
| Putnam Voyager Fund | 25,059 | 34,056 | 150,226 | 71,116 | 4,321 | 401,594 | 117,054 |
| Putnam VT Absolute Return 500 Fund | 1 | 5 | 30 | 11 | 0 | 87 | 24 |
| Putnam VT American Government Income Fund | 182 | 702 | 4,078 | 1,493 | 0 | 11,692 | 3,268 |
| Putnam VT Capital Opportunities Fund | 87 | 334 | 1,942 | 711 | 0 | 5,569 | 1,557 |
| Putnam VT Diversified Income Fund | 290 | 1,119 | 6,500 | 2,379 | 0 | 18,637 | 5,209 |
| Putnam VT Equity Income Fund | 374 | 1,444 | 8,387 | 3,070 | 0 | 24,047 | 6,721 |
| Putnam VT George Putnam Balanced Fund | 250 | 967 | 5,614 | 2,055 | 0 | 16,095 | 4,499 |
| Putnam VT Global Asset Allocation Fund | 407 | 1,573 | 9,133 | 3,343 | 0 | 26,186 | 7,319 |
| Putnam VT Global Equity Fund | 7 | 28 | 163 | 60 | 0 | 467 | 130 |
| Putnam VT Global Health Care Fund | 181 | 699 | 4,058 | 1,485 | 0 | 11,635 | 3,252 |
| Putnam VT Global Utilities Fund | 439 | 1,696 | 9,851 | 3,606 | 0 | 28,243 | 7,894 |
| Putnam VT Growth and Income Fund | 2,053 | 7,927 | 46,037 | 16,851 | 0 | 131,995 | 36,894 |
| Putnam VT Growth Opportunities Fund | 139 | 536 | 3,116 | 1,140 | 0 | 8,933 | 2,497 |
| Putnam VT High Yield Fund | 559 | 2,157 | 12,527 | 4,585 | 0 | 35,917 | 10,039 |
| Putnam VT Income Fund | 576 | 2,222 | 12,905 | 4,724 | 0 | 36,999 | 10,342 |
| Putnam VT International Equity Fund | 361 | 1,393 | 8,090 | 2,961 | 0 | 23,196 | 6,483 |
| Putnam VT International Growth Fund | 180 | 696 | 4,041 | 1,479 | 0 | 11,585 | 3,238 |
| Putnam VT International Value Fund | 201 | 778 | 4,516 | 1,653 | 0 | 12,948 | 3,619 |
| Putnam VT Investors Fund | 357 | 1,379 | 8,010 | 2,932 | 0 | 22,965 | 6,419 |
| I-21 |
| Putnam VT Money Market Fund | 244 | 942 | 5,473 | 2,004 | 0 | 15,693 | 4,386 |
| Putnam VT Multi-Cap Growth Fund | 1,573 | 6,074 | 35,277 | 12,913 | 0 | 101,143 | 28,271 |
| Putnam VT Multi-Cap Value Fund | 100 | 387 | 2,247 | 823 | 0 | 6,443 | 1,801 |
| Putnam VT Research Fund | 169 | 654 | 3,797 | 1,390 | 0 | 10,887 | 3,043 |
| Putnam VT Small Cap Value Fund | 245 | 945 | 5,489 | 2,009 | 0 | 15,737 | 4,399 |
| Putnam VT Voyager Fund | 1,611 | 6,218 | 36,113 | 13,219 | 0 | 103,541 | 28,941 |
(5) Dr. Kennan retired from the Board of Trustees of the Putnam funds on June 30, 2010. Upon her retirement in 2010, Dr. Kennan became entitled to receive annual retirement benefit payments from the funds commencing on January 15, 2011. Dr. Kennan was re-appointed to the Board of Trustees of the Putnam funds effective January 1, 2012, and in connection with her re-appointment, Dr. Kennan agreed to suspend the balance of her retirement benefit payments for the duration of her service as a Trustee, which concluded with her retirement on June 30, 2013.
(6) Includes additional compensation to Ms. Baxter for service as Chair of the Trustees of the Putnam funds.
(7) Mr. Stephens retired from the Board of Trustees of the Putnam funds on March 31, 2008. Upon his retirement in 2008, Mr. Stephens became entitled to receive annual retirement benefit payments from the funds commencing on January 15, 2009. Mr. Stephens was reappointed to the Board of Trustees of the Putnam funds effective May 14, 2009, and in connection with his re-appointment, Mr. Stephens has agreed to suspend the balance of his retirement benefit payments for the duration of his service as a Trustee.
(8) Mr. Reynolds is an “interested person” of the fund and Putnam Management.Appendix J — Other Similar Funds Advised by Putnam Management
The following table contains certain information regarding funds for which Putnam Management provides investment advisory services and that may have similar investment objective and policies to your fund.
Appendix J — Other Similar Funds Advised by Putnam Management
The following table contains certain information regarding funds for which Putnam Management provides investment advisory services and that may have similar investment objective and policies to your fund.
| Amount of Management | |||||||
| Fee Paid in the Most | Has compensation | ||||||
| Recent Fiscal Year (after | been waived, reduced | ||||||
| applicable waivers, perfor- | or otherwise agreed to | ||||||
| Net Assets as of | Current Management Fee | mance adjustments and | be reduced under any | ||||
| Fund | [FYE]1 | Schedule | reimbursements, if any)($) | applicable contract? | Current Investment Objective | ||
| PUTNAM | $276,839,232 | of Average Net Assets | 0.40% | $493,980 | Yes | To earn a positive total return | |
| ABSOLUTE | that exceeds the rate of inflation | ||||||
| RETURN 100 FUND | by 1% over a reasonable | ||||||
| period of time, regardless of | |||||||
| market conditions. | |||||||
| PUTNAM | $959,104,124 | of Average Net Assets | 0.60% | $4,354,861 | Yes | To earn a positive total return | |
| ABSOLUTE | that exceeds the rate of inflation | ||||||
| RETURN 300 FUND | by 3% over a reasonable | ||||||
| period of time, regardless of | |||||||
| market conditions. | |||||||
| PUTNAM | $828,585,249 | First $5 billion | 0.880% | $5,233,405 | Yes | To earn a positive total return | |
| ABSOLUTE | Next $5 billion | 0.830% | that exceeds the rate of inflation | ||||
| RETURN 500 FUND | Next $10 billion | 0.780% | by 5% over a reasonable | ||||
| Next $10 billion | 0.730% | period of time, regardless of | |||||
| Next $50 billion | 0.680% | market conditions. | |||||
| Next $50 billion | 0.660% | ||||||
| Next $100 billion | 0.650% | ||||||
| Any excess thereafter | 0.645% | ||||||
| PUTNAM | $784,720,210 | First $5 billion | 1.030% | $5,796,253 | Yes | To earn a positive total return | |
| ABSOLUTE | Next $5 billion | 0.980% | that exceeds the rate of inflation | ||||
| RETURN 700 FUND | Next $10 billion | 0.930% | by 7% over a reasonable | ||||
| Next $10 billion | 0.880% | period of time, regardless of | |||||
| Next $50 billion | 0.830% | market conditions. | |||||
| Next $50 billion | 0.810% | ||||||
| Next $100 billion | 0.800% | ||||||
| Any excess thereafter | 0.795% | ||||||
| PUTNAM | $577,015,363 | First $5 billion | 0.550% | $2,665,472 | Yes | High current income with | |
| AMERICAN | Next $5 billion | 0.500% | preservation of capital as its | ||||
| GOVERNMENT | Next $10 billion | 0.450% | secondary objective. | ||||
| INCOME FUND | Next $10 billion | 0.400% | |||||
| Next $50 billion | 0.350% | ||||||
| Next $50 billion | 0.330% | ||||||
| Next $100 billion | 0.320% | ||||||
| Any excess thereafter | 0.315% | ||||||
| I/J-1 |
| Amount of Management | |||||||
| Fee Paid in the Most | Has compensation | ||||||
| Recent Fiscal Year (after | been waived, reduced | ||||||
| applicable waivers, perfor- | or otherwise agreed to | ||||||
| Net Assets as of | Current Management Fee | mance adjustments and | be reduced under any | ||||
| Fund | [FYE]1 | Schedule | reimbursements, if any)($) | applicable contract? | Current Investment Objective | ||
| PUTNAM | $429,096,255 | First $5 billion | 0.590% | $2,217,779 | Yes | High current income exempt | |
| AMT-FREE | Next $5 billion | 0.540% | from federal income tax. | ||||
| MUNICIPAL FUND | Next $10 billion | 0.490% | |||||
| Next $10 billion | 0.440% | ||||||
| Next $50 billion | 0.390% | ||||||
| Next $50 billion | 0.370% | ||||||
| Next $100 billion | 0.360% | ||||||
| Any excess thereafter | 0.355% | ||||||
| PUTNAM ARIZONA | $63,765,877 | First $5 billion | 0.590% | $283,378 | Yes | As high a level of current | |
| TAX EXEMPT | Next $5 billion | 0.540% | income exempt from federal | ||||
| INCOME FUND | Next $10 billion | 0.490% | income tax and Arizona | ||||
| Next $10 billion | 0.440% | person income tax as Putnam | |||||
| Next $50 billion | 0.390% | Management believes is | |||||
| Next $50 billion | 0.370% | consistent with preservation | |||||
| Next $100 billion | 0.360% | of capital. | |||||
| Any excess thereafter | 0.355% | ||||||
| PUTNAM ASIA | $9,047,678 | First $5 billion | 1.080% | $0 | Yes | Long-term capital appreciation. | |
| PACIFIC EQUITY | Next $5 billion | 1.030% | |||||
| FUND | Next $10 billion | 0.980% | |||||
| Next $10 billion | 0.930% | ||||||
| Next $50 billion | 0.880% | ||||||
| Next $50 billion | 0.860% | ||||||
| Next $100 billion | 0.850% | ||||||
| Any excess thereafter | 0.845% | ||||||
| PUTNAM | $1,450,023,315 | First $5 billion | 0.590% | $7,293,763 | Yes | As high a level of current | |
| CALIFORNIA TAX | Next $5 billion | 0.540% | income exempt from federal | ||||
| EXEMPT INCOME | Next $10 billion | 0.490% | income tax and California | ||||
| FUND | Next $10 billion | 0.440% | person income tax as Putnam | ||||
| Next $50 billion | 0.390% | Management believes is | |||||
| Next $50 billion | 0.370% | consistent with preservation | |||||
| Next $100 billion | 0.360% | of capital. | |||||
| Any excess thereafter | 0.355% | ||||||
| PUTNAM CAPITAL | $384,612,337 | First $5 billion | 0.780% | $2,219,656 | Yes | Long-term growth of capital. | |
| OPPORTUNITIES | Next $5 billion | 0.730% | |||||
| FUND | Next $10 billion | 0.680% | |||||
| Next $10 billion | 0.630% | ||||||
| Next $50 billion | 0.580% | ||||||
| Next $50 billion | 0.560% | ||||||
| Next $100 billion | 0.550% | ||||||
| Any excess thereafter | 0.545% | ||||||
| PUTNAM CAPITAL | $2,632,636,619 | First $5 billion | 0.880% | $13,364,984 | Yes | Total return. | |
| SPECTRUM FUND | Next $5 billion | 0.830% | |||||
| Next $10 billion | 0.780% | ||||||
| Next $10 billion | 0.730% | ||||||
| Next $50 billion | 0.680% | ||||||
| Next $50 billion | 0.660% | ||||||
| Next $100 billion | 0.650% | ||||||
| Any excess thereafter | 0.645% | ||||||
| PUTNAM | $630,148,238 | First $5 billion | 0.780% | $4,049,683 | Yes | With equal emphasis, | |
| CONVERTIBLE | Next $5 billion | 0.730% | current income and capital | ||||
| SECURITIES FUND | Next $10 billion | 0.680% | appreciation. Its secondary | ||||
| Next $10 billion | 0.630% | objective is conservation | |||||
| Next $50 billion | 0.580% | of capital. | |||||
| Next $50 billion | 0.560% | ||||||
| Next $100 billion | 0.550% | ||||||
| Any excess thereafter | 0.545% | ||||||
| PUTNAM | $4,595,919,051 | First $5 billion | 0.700% | $20,008,464 | Yes | As high a level of current | |
| DIVERSIFIED | Next $5 billion | 0.650% | income as Putnam | ||||
| INCOME TRUST | Next $10 billion | 0.600% | Management believes is | ||||
| Next $10 billion | 0.550% | consistent with preservation | |||||
| Next $50 billion | 0.500% | of capital. | |||||
| Next $50 billion | 0.480% | ||||||
| Next $100 billion | 0.470% | ||||||
| Any excess thereafter | 0.465% | ||||||
| J-2 |
| Amount of Management | |||||||
| Fee Paid in the Most | Has compensation | ||||||
| Recent Fiscal Year (after | been waived, reduced | ||||||
| applicable waivers, perfor- | or otherwise agreed to | ||||||
| Net Assets as of | Current Management Fee | mance adjustments and | be reduced under any | ||||
| Fund | [FYE]1 | Schedule | reimbursements, if any)($) | applicable contract? | Current Investment Objective | ||
| PUTNAM | $1,331,128,130 | First $5 billion | 0.680% | $7,021,376 | Yes | Total return. | |
| DYNAMIC ASSET | Next $5 billion | 0.630% | |||||
| ALLOCATION | Next $10 billion | 0.580% | |||||
| BALANCED FUND | Next $10 billion | 0.530% | |||||
| Next $50 billion | 0.480% | ||||||
| Next $50 billion | 0.460% | ||||||
| Next $100 billion | 0.450% | ||||||
| Any excess thereafter | 0.445% | ||||||
| PUTNAM | $544,825,669 | First $5 billion | 0.680% | $3,001,267 | Yes | Total return consistent with | |
| DYNAMIC ASSET | Next $5 billion | 0.630% | preservation of capital. | ||||
| ALLOCATION | Next $10 billion | 0.580% | |||||
| CONSERVATIVE | Next $10 billion | 0.530% | |||||
| FUND | Next $50 billion | 0.480% | |||||
| Next $50 billion | 0.460% | ||||||
| Next $100 billion | 0.450% | ||||||
| Any excess thereafter | 0.445% | ||||||
| PUTNAM | $25,026,151 | First $5 billion | 0.750% | $0 | Yes | Long-term growth. | |
| DYNAMIC ASSET | Next $5 billion | 0.700% | |||||
| ALLOCATION | Next $10 billion | 0.650% | |||||
| EQUITY FUND | Next $10 billion | 0.600% | |||||
| Next $50 billion | 0.550% | ||||||
| Next $50 billion | 0.530% | ||||||
| Next $100 billion | 0.520% | ||||||
| Any excess thereafter | 0.515% | ||||||
| PUTNAM | $1,671,640,573 | First $5 billion | 0.750% | $9,791,000 | Yes | Capital appreciation. | |
| DYNAMIC ASSET | Next $5 billion | 0.700% | |||||
| ALLOCATION | Next $10 billion | 0.650% | |||||
| GROWTH FUND | Next $10 billion | 0.600% | |||||
| Next $50 billion | 0.550% | ||||||
| Next $50 billion | 0.530% | ||||||
| Next $100 billion | 0.520% | ||||||
| Any excess thereafter | 0.515% | ||||||
| PUTNAM DYNAMIC | $248,897,395 | First $5 billion | 1.050% | $1,418,724 | Yes | Total return. | |
| RISK ALLOCATION | Next $5 billion | 1.000% | |||||
| FUND | Next $10 billion | 0.950% | |||||
| Next $10 billion | 0.900% | ||||||
| Next $50 billion | 0.850% | ||||||
| Next $50 billion | 0.830% | ||||||
| Next $100 billion | 0.820% | ||||||
| Any excess thereafter | 0.815% | ||||||
| PUTNAM | $34,205,915 | First $5 billion | 1.080% | $187,478 | Yes | Long-term capital appreciation. | |
| EMERGING | Next $5 billion | 1.030% | |||||
| MARKETS EQUITY | Next $10 billion | 0.980% | |||||
| FUND | Next $10 billion | 0.930% | |||||
| Next $50 billion | 0.880% | ||||||
| Next $50 billion | 0.860% | ||||||
| Next $100 billion | 0.850% | ||||||
| Any excess thereafter | 0.845% | ||||||
| PUTNAM | $10,302,550(2) | First $5 billion | 0.880% | $ — | Yes | High current income. Capital | |
| EMERGING | Next $5 billion | 0.830% | growth is a secondary goal | ||||
| MARKETS INCOME | Next $10 billion | 0.780% | when consistent with achieving | ||||
| FUND | Next $10 billion | 0.730% | high current income. | ||||
| Next $50 billion | 0.680% | ||||||
| Next $50 billion | 0.660% | ||||||
| Next $100 billion | 0.650% | ||||||
| Any excess thereafter | 0.645% | ||||||
| PUTNAM EQUITY | $3,784,636,714 | First $5 billion | 0.630% | $17,452,067 | Yes | Capital growth and | |
| INCOME FUND | Next $5 billion | 0.580% | current income. | ||||
| Next $10 billion | 0.530% | ||||||
| Next $10 billion | 0.480% | ||||||
| Next $50 billion | 0.430% | ||||||
| Next $50 billion | 0.410% | ||||||
| Next $100 billion | 0.400% | ||||||
| Any excess thereafter | 0.395% | ||||||
| J-3 |
| Amount of Management | |||||||
| Fee Paid in the Most | Has compensation | ||||||
| Recent Fiscal Year (after | been waived, reduced | ||||||
| applicable waivers, perfor- | or otherwise agreed to | ||||||
| Net Assets as of | Current Management Fee | mance adjustments and | be reduced under any | ||||
| Fund | [FYE]1 | Schedule | reimbursements, if any)($) | applicable contract? | Current Investment Objective | ||
| PUTNAM EQUITY | $1,104,110,144 | First $5 billion | 0.880% | $5,907,335 | Yes | Total Return. | |
| SPECTRUM FUND | Next $5 billion | 0.830% | |||||
| Next $10 billion | 0.780% | ||||||
| Next $10 billion | 0.730% | ||||||
| Next $50 billion | 0.680% | ||||||
| Next $50 billion | 0.660% | ||||||
| Next $100 billion | 0.650% | ||||||
| Any excess thereafter | 0.645% | ||||||
| PUTNAM EUROPE | $161,424,766 | First $5 billion | 0.850% | $1,225,861 | Yes | Capital appreciation. | |
| EQUITY FUND | Next $5 billion | 0.800% | |||||
| Next $10 billion | 0.750% | ||||||
| Next $10 billion | 0.700% | ||||||
| Next $50 billion | 0.650% | ||||||
| Next $50 billion | 0.630% | ||||||
| Next $100 billion | 0.620% | ||||||
| Any excess thereafter | 0.615% | ||||||
| PUTNAM | $670,174,155 | First $5 billion | 0.720% | $2,977,382 | Yes | High current income. | |
| FLOATING RATE | Next $5 billion | 0.670% | Preservation of capital is a | ||||
| INCOME FUND | Next $10 billion | 0.620% | secondary goal. | ||||
| Next $10 billion | 0.570% | ||||||
| Next $50 billion | 0.520% | ||||||
| Next $50 billion | 0.500% | ||||||
| Next $100 billion | 0.490% | ||||||
| Any excess thereafter | 0.485% | ||||||
| THE GEORGE | $1,263,010,053 | First $5 billion | 0.680% | $6,488,744 | Yes | Capital growth and current | |
| PUTNAM FUND OF | Next $5 billion | 0.630% | income. | ||||
| BOSTON (d/b/a | Next $10 billion | 0.580% | |||||
| GEORGE PUTNAM | Next $10 billion | 0.530% | |||||
| BALANCED FUND) | Next $50 billion | 0.480% | |||||
| Next $50 billion | 0.460% | ||||||
| Next $100 billion | 0.450% | ||||||
| Any excess thereafter | 0.445% | ||||||
| PUTNAM GLOBAL | $18,922,710 | First $5 billion | 0.780% | $42,723 | Yes | Capital appreciation. | |
| CONSUMER FUND | Next $5 billion | 0.730% | |||||
| Next $10 billion | 0.680% | ||||||
| Next $10 billion | 0.630% | ||||||
| Next $50 billion | 0.580% | ||||||
| Next $50 billion | 0.560% | ||||||
| Next $100 billion | 0.550% | ||||||
| Any excess thereafter | 0.545% | ||||||
| PUTNAM GLOBAL | $6,139,934(3) | First $5 billion | 0.850% | $ — | Yes | Capital growth and current | |
| DIVIDEND FUND | Next $5 billion | 0.800% | income. | ||||
| Next $10 billion | 0.750% | ||||||
| Next $10 billion | 0.700% | ||||||
| Next $50 billion | 0.650% | ||||||
| Next $50 billion | 0.630% | ||||||
| Next $100 billion | 0.620% | ||||||
| Any excess thereafter | 0.615% | ||||||
| PUTNAM GLOBAL | $21,342,356 | First $5 billion | 0.780% | $76,398 | Yes | Capital appreciation. | |
| ENERGY FUND | Next $5 billion | 0.730% | |||||
| Next $10 billion | 0.680% | ||||||
| Next $10 billion | 0.630% | ||||||
| Next $50 billion | 0.580% | ||||||
| Next $50 billion | 0.560% | ||||||
| Next $100 billion | 0.550% | ||||||
| Any excess thereafter | 0.545% | ||||||
| PUTNAM GLOBAL | $761,325,421 | First $5 billion | 0.850% | $5,496,467 | Yes | Capital Appreciation. | |
| EQUITY FUND | Next $5 billion | 0.800% | |||||
| Next $10 billion | 0.750% | ||||||
| Next $10 billion | 0.700% | ||||||
| Next $50 billion | 0.650% | ||||||
| Next $50 billion | 0.630% | ||||||
| Next $100 billion | 0.620% | ||||||
| Any excess thereafter | 0.615% | ||||||
| J-4 |
| Amount of Management | |||||||
| Fee Paid in the Most | Has compensation | ||||||
| Recent Fiscal Year (after | been waived, reduced | ||||||
| applicable waivers, perfor- | or otherwise agreed to | ||||||
| Net Assets as of | Current Management Fee | mance adjustments and | be reduced under any | ||||
| Fund | [FYE]1 | Schedule | reimbursements, if any)($) | applicable contract? | Current Investment Objective | ||
| PUTNAM GLOBAL | $17,800,608 | First $5 billion | 0.780% | $38,961 | Yes | Capital appreciation. | |
| FINANCIALS FUND | Next $5 billion | 0.730% | |||||
| Next $10 billion | 0.680% | ||||||
| Next $10 billion | 0.630% | ||||||
| Next $50 billion | 0.580% | ||||||
| Next $50 billion | 0.560% | ||||||
| Next $100 billion | 0.550% | ||||||
| Any excess thereafter | 0.545% | ||||||
| PUTNAM GLOBAL | $1,197,089,834 | First $5 billion | 0.780% | $6,970,314 | Yes | Capital Appreciation. | |
| HEALTH CARE | Next $5 billion | 0.730% | |||||
| FUND | Next $10 billion | 0.680% | |||||
| Next $10 billion | 0.630% | ||||||
| Next $50 billion | 0.580% | ||||||
| Next $50 billion | 0.560% | ||||||
| Next $100 billion | 0.550% | ||||||
| Any excess thereafter | 0.545% | ||||||
| PUTNAM GLOBAL | $363,153,058 | First $5 billion | 0.700% | $1,999,189 | Yes | High current income. | |
| INCOME TRUST | Next $5 billion | 0.650% | Preservation of capital and | ||||
| Next $10 billion | 0.600% | long-term total return are | |||||
| Next $10 billion | 0.550% | secondary objectives, but only | |||||
| Next $50 billion | 0.500% | to the extent consistent with | |||||
| Next $50 billion | 0.480% | the objective of seeking high | |||||
| Next $100 billion | 0.470% | current income. | |||||
| Any excess thereafter | 0.465% | ||||||
| PUTNAM GLOBAL | $18,151,538 | First $5 billion | 0.780% | $16,277 | Yes | Capital appreciation. | |
| INDUSTRIALS | Next $5 billion | 0.730% | |||||
| FUND | Next $10 billion | 0.680% | |||||
| Next $10 billion | 0.630% | ||||||
| Next $50 billion | 0.580% | ||||||
| Next $50 billion | 0.560% | ||||||
| Next $100 billion | 0.550% | ||||||
| Any excess thereafter | 0.545% | ||||||
| PUTNAM GLOBAL | $313,033,087 | First $5 billion | 0.780% | $1,959,049 | Yes | Capital Appreciation. | |
| NATURAL | Next $5 billion | 0.730% | |||||
| RESOURCES FUND | Next $10 billion | 0.680% | |||||
| Next $10 billion | 0.630% | ||||||
| Next $50 billion | 0.580% | ||||||
| Next $50 billion | 0.560% | ||||||
| Next $100 billion | 0.550% | ||||||
| Any excess thereafter | 0.545% | ||||||
| PUTNAM GLOBAL | $2,682,759 | N/A | N/A | N/A | Yes | Capital appreciation. | |
| SECTOR FUND | |||||||
| PUTNAM GLOBAL | $12,569,313 | First $5 billion | 0.780% | $17,533 | Yes | Capital appreciation. | |
| TECHNOLOGY | Next $5 billion | 0.730% | |||||
| FUND | Next $10 billion | 0.680% | |||||
| Next $10 billion | 0.630% | ||||||
| Next $50 billion | 0.580% | ||||||
| Next $50 billion | 0.560% | ||||||
| Next $100 billion | 0.550% | ||||||
| Any excess thereafter | 0.545% | ||||||
| PUTNAM GLOBAL | $19,913,012 | First $5 billion | 0.780% | $51,642 | Yes | Capital appreciation. | |
| TELECOMMUNI- | Next $5 billion | 0.730% | |||||
| CATIONS FUND | Next $10 billion | 0.680% | |||||
| Next $10 billion | 0.630% | ||||||
| Next $50 billion | 0.580% | ||||||
| Next $50 billion | 0.560% | ||||||
| Next $100 billion | 0.550% | ||||||
| Any excess thereafter | 0.545% | ||||||
| PUTNAM GLOBAL | $203,809,852 | First $5 billion | 0.780% | $1,327,033 | Yes | Capital growth and current | |
| UTILITIES FUND | Next $5 billion | 0.730% | income. | ||||
| Next $10 billion | 0.680% | ||||||
| Next $10 billion | 0.630% | ||||||
| Next $50 billion | 0.580% | ||||||
| Next $50 billion | 0.560% | ||||||
| Next $100 billion | 0.550% | ||||||
| Any excess thereafter | 0.545% | ||||||
| J-5 |
| Amount of Management | |||||||
| Fee Paid in the Most | Has compensation | ||||||
| Recent Fiscal Year (after | been waived, reduced | ||||||
| applicable waivers, perfor- | or otherwise agreed to | ||||||
| Net Assets as of | Current Management Fee | mance adjustments and | be reduced under any | ||||
| Fund | [FYE]1 | Schedule | reimbursements, if any)($) | applicable contract? | Current Investment Objective | ||
| THE PUTNAM | $4,442,530,367 | First $5 billion | 0.630% | $21,457,542 | Yes | Capital growth and current | |
| FUND FOR | Next $5 billion | 0.580% | income. | ||||
| GROWTH AND | Next $10 billion | 0.530% | |||||
| INCOME | Next $10 billion | 0.480% | |||||
| Next $50 billion | 0.430% | ||||||
| Next $50 billion | 0.410% | ||||||
| Next $100 billion | 0.400% | ||||||
| Any excess thereafter | 0.395% | ||||||
| PUTNAM GROWTH | $393,031,498 | First $5 billion | 0.710% | $1,825,919 | Yes | Capital appreciation. | |
| OPPORTUNITIES | Next $5 billion | 0.660% | |||||
| FUND | Next $10 billion | 0.610% | |||||
| Next $10 billion | 0.560% | ||||||
| Next $50 billion | 0.510% | ||||||
| Next $50 billion | 0.490% | ||||||
| Next $100 billion | 0.480% | ||||||
| Any excess thereafter | 0.475% | ||||||
| PUTNAM | $145,549,092 | First $500 million | 0.700% | $1,039,414 | No | High current income. | |
| HIGH INCOME | Next $500 million | 0.600% | Secondary objective is capital | ||||
| SECURITIES FUND | Next $500 million | 0.550% | appreciation. | ||||
| Next $5 billion | 0.500% | ||||||
| Next $5 billion | 0.475% | ||||||
| Next $5 billion | 0.455% | ||||||
| Next $5 billion | 0.440% | ||||||
| Next $5 billion | 0.430% | ||||||
| Next $5 billion | 0.420% | ||||||
| Next $5 billion | 0.410% | ||||||
| Next $5 billion | 0.400% | ||||||
| Next $5 billion | 0.390% | ||||||
| Next $8.5 billion | 0.380% | ||||||
| Any excess thereafter | 0.370% | ||||||
| PUTNAM | $966,211,080 | First $5 billion | 0.720% | $5,206,491 | Yes | High current income. Capital | |
| HIGH YIELD | Next $5 billion | 0.670% | growth is a secondary goal | ||||
| ADVANTAGE | Next $10 billion | 0.620% | when consistent with achieving | ||||
| FUND | Next $10 billion | 0.570% | high current income. | ||||
| Next $50 billion | 0.520% | ||||||
| Next $50 billion | 0.500% | ||||||
| Next $100 billion | 0.490% | ||||||
| Any excess thereafter | 0.485% | ||||||
| PUTNAM HIGH | $1,345,593,597 | First $5 billion | 0.720% | $8,476,385 | Yes | High current income. Capital | |
| YIELD TRUST | Next $5 billion | 0.670% | growth is a secondary goal | ||||
| Next $10 billion | 0.620% | when consistent with achieving | |||||
| Next $10 billion | 0.570% | high current income. | |||||
| Next $50 billion | 0.520% | ||||||
| Next $50 billion | 0.500% | ||||||
| Next $100 billion | 0.490% | ||||||
| Any excess thereafter | 0.485% | ||||||
| PUTNAM INCOME | $1,436,436,630 | First $5 billion | 0.550% | $5,608,363 | Yes | High current income consistent | |
| FUND | Next $5 billion | 0.500% | with what Putnam Investment | ||||
| Next $10 billion | 0.450% | Management, LLC believes to | |||||
| Next $10 billion | 0.400% | be prudent risk. | |||||
| Next $50 billion | 0.350% | ||||||
| Next $50 billion | 0.330% | ||||||
| Next $100 billion | 0.320% | ||||||
| Any excess thereafter | 0.315% | ||||||
| PUTNAM | $10,364,955(4) | First $5 billion | 0.590% | $ — | Yes | As high a level of current | |
| INTERMEDIATE- | Next $5 billion | 0.540% | income exempt from federal | ||||
| TERM MUNICIPAL | Next $10 billion | 0.490% | income tax as Putnam | ||||
| INCOME FUND | Next $10 billion | 0.440% | Management believes is | ||||
| Next $50 billion | 0.390% | consistent with preservation | |||||
| Next $50 billion | 0.370% | of capital. | |||||
| Next $100 billion | 0.360% | ||||||
| Any excess thereafter | 0.355% | ||||||
| J-6 |
| Amount of Management | |||||||
| Fee Paid in the Most | Has compensation | ||||||
| Recent Fiscal Year (after | been waived, reduced | ||||||
| applicable waivers, perfor- | or otherwise agreed to | ||||||
| Net Assets as of | Current Management Fee | mance adjustments and | be reduced under any | ||||
| Fund | [FYE]1 | Schedule | reimbursements, if any)($) | applicable contract? | Current Investment Objective | ||
| PUTNAM | $803,002,155 | First $5 billion | 1.080% | $7,166,274 | Yes | Long-term capital appreciation. | |
| INTERNATIONAL | Next $5 billion | 1.030% | |||||
| CAPITAL | Next $10 billion | 0.980% | |||||
| OPPORTUNITIES | Next $10 billion | 0.930% | |||||
| FUND | Next $50 billion | 0.880% | |||||
| Next $50 billion | 0.860% | ||||||
| Next $100 billion | 0.850% | ||||||
| Any excess thereafter | 0.845% | ||||||
| PUTNAM | $962,771,808 | First $5 billion | 0.850% | $7,100,664 | Yes | Capital appreciation. | |
| INTERNATIONAL | Next $5 billion | 0.800% | |||||
| EQUITY FUND | Next $10 billion | 0.750% | |||||
| Next $10 billion | 0.700% | ||||||
| Next $50 billion | 0.650% | ||||||
| Next $50 billion | 0.630% | ||||||
| Next $100 billion | 0.620% | ||||||
| Any excess thereafter | 0.615% | ||||||
| PUTNAM | $351,591,716 | First $5 billion | 1.080% | $3,022,995 | Yes | Long-term capital appreciation. | |
| INTERNATIONAL | Next $5 billion | 1.030% | |||||
| GROWTH FUND | Next $10 billion | 0.980% | |||||
| Next $10 billion | 0.930% | ||||||
| Next $50 billion | 0.880% | ||||||
| Next $50 billion | 0.860% | ||||||
| Next $100 billion | 0.850% | ||||||
| Any excess thereafter | 0.845% | ||||||
| PUTNAM | $200,940,112 | First $5 billion | 0.850% | $1,437,355 | Yes | Capital growth. Current income | |
| INTERNATIONAL | Next $5 billion | 0.800% | is a secondary objective. | ||||
| VALUE FUND | Next $10 billion | 0.750% | |||||
| Next $10 billion | 0.700% | ||||||
| Next $50 billion | 0.650% | ||||||
| Next $50 billion | 0.630% | ||||||
| Next $100 billion | 0.620% | ||||||
| Any excess thereafter | 0.615% | ||||||
| PUTNAM | $1,537,732,567 | First $5 billion | 0.710% | $7,966,034 | Yes | Long-term growth of capital | |
| INVESTORS FUND | Next $5 billion | 0.660% | and any increased income that | ||||
| Next $10 billion | 0.610% | results from this growth. | |||||
| Next $10 billion | 0.560% | ||||||
| Next $50 billion | 0.510% | ||||||
| Next $50 billion | 0.490% | ||||||
| Next $100 billion | 0.480% | ||||||
| Any excess thereafter | 0.475% | ||||||
| PUTNAM LOW | $29,929,699(5) | First $5 billion | 0.780% | $0 | Yes | Total return comparable to | |
| VOLATILITY | Next $5 billion | 0.730% | that of the U.S equity markets, | ||||
| EQUITY FUND | Next $10 billion | 0.680% | but with lower volatility, over a | ||||
| Next $10 billion | 0.630% | market cycle. | |||||
| Next $50 billion | 0.580% | ||||||
| Next $50 billion | 0.560% | ||||||
| Next $100 billion | 0.550% | ||||||
| Any excess thereafter | 0.545% | ||||||
| PUTNAM | $466,728,330 | First $500 million | 0.650% | $3,149,331 | No | High current income free from | |
| MANAGED | Next $500 million | 0.550% | federal income tax. | ||||
| MUNICIPAL | Next $500 million | 0.500% | |||||
| INCOME TRUST | Next $5 billion | 0.450% | |||||
| Next $5 billion | 0.425% | ||||||
| Next $5 billion | 0.405% | ||||||
| Next $5 billion | 0.390% | ||||||
| Any excess thereafter | 0.380% | ||||||
| PUTNAM | $426,490,557 | First $5 billion | 0.590% | $1,868,568 | Yes | High level of current income | |
| MASSACHUSETTS | Next $5 billion | 0.540% | exempt from federal income | ||||
| TAX EXEMPT | Next $10 billion | 0.490% | tax and Massachusetts | ||||
| INCOME FUND | Next $10 billion | 0.440% | personal income tax as Putnam | ||||
| Next $50 billion | 0.390% | Management believes is | |||||
| Next $50 billion | 0.370% | consistent with preservation of | |||||
| Next $100 billion | 0.360% | capital. | |||||
| Any excess thereafter | 0.355% | ||||||
| J-7 |
| Amount of Management | |||||||
| Fee Paid in the Most | Has compensation | ||||||
| Recent Fiscal Year (after | been waived, reduced | ||||||
| applicable waivers, perfor- | or otherwise agreed to | ||||||
| Net Assets as of | Current Management Fee | mance adjustments and | be reduced under any | ||||
| Fund | [FYE]1 | Schedule | reimbursements, if any)($) | applicable contract? | Current Investment Objective | ||
| PUTNAM MASTER | $345,143,575 | First $500 million | 0.750% | $2,723,636 | No | High current income and | |
| INTERMEDIATE | Next $500 million | 0.650% | relative stability of net asset | ||||
| INCOME TRUST | Next $500 million | 0.600% | value. | ||||
| Next $5 billion | 0.550% | ||||||
| Next $5 billion | 0.525% | ||||||
| Next $5 billion | 0.505% | ||||||
| Next $5 billion | 0.490% | ||||||
| Next $5 billion | 0.480% | ||||||
| Next $5 billion | 0.470% | ||||||
| Next $5 billion | 0.460% | ||||||
| Next $5 billion | 0.450% | ||||||
| Next $5 billion | 0.440% | ||||||
| Next $8.5 billion | 0.430% | ||||||
| Any excess thereafter | 0.420% | ||||||
| PUTNAM | $82,347,558 | First $5 billion | 0.590% | $362,014 | Yes | As high a level of current | |
| MICHIGAN TAX | Next $5 billion | 0.540% | income exempt from federal | ||||
| EXEMPT INCOME | Next $10 billion | 0.490% | income tax and Michigan | ||||
| FUND | Next $10 billion | 0.440% | personal income tax as Putnam | ||||
| Next $50 billion | 0.390% | Management believes is | |||||
| Next $50 billion | 0.370% | consistent with preservation | |||||
| Next $100 billion | 0.360% | of capital. | |||||
| Any excess thereafter | 0.355% | ||||||
| PUTNAM | $125,148,611 | First $5 billion | 0.590% | $532,651 | Yes | As high a level of current | |
| MINNESOTA TAX | Next $5 billion | 0.540% | income exempt from federal | ||||
| EXEMPT INCOME | Next $10 billion | 0.490% | income tax and Minnesota | ||||
| FUND | Next $10 billion | 0.440% | personal income tax as Putnam | ||||
| Next $50 billion | 0.390% | Management believes is | |||||
| Next $50 billion | 0.370% | consistent with preservation | |||||
| Next $100 billion | 0.360% | of capital. | |||||
| Any excess thereafter | 0.355% | ||||||
| PUTNAM MONEY | $1,431,994,373 | First $5 billion | 0.440% | $0 | Yes | As high a rate of current income | |
| MARKET FUND | Next $5 billion | 0.390% | as Putnam Management | ||||
| Next $10 billion | 0.340% | believes is consistent with | |||||
| Next $10 billion | 0.290% | preservation of capital and | |||||
| Next $50 billion | 0.240% | maintenance of liquidity. | |||||
| Next $50 billion | 0.220% | ||||||
| Next $100 billion | 0.210% | ||||||
| Any excess thereafter | 0.205% | ||||||
| PUTNAM | $2,215,725,345 | of Average net assets | 0.25% | $0 | Yes | As high a rate of current income | |
| MONEY MARKET | as Putnam Management | ||||||
| LIQUIDITY FUND | believes is consistent with | ||||||
| preservation of capital and | |||||||
| maintenance of liquidity. | |||||||
| PUTNAM | $14,261,026 | First $5 billion | 0.710% | $8,719 | Yes | Capital appreciation. | |
| MULTI-CAP CORE | Next $5 billion | 0.660% | |||||
| FUND | Next $10 billion | 0.610% | |||||
| Next $10 billion | 0.560% | ||||||
| Next $50 billion | 0.510% | ||||||
| Next $50 billion | 0.490% | ||||||
| Next $100 billion | 0.480% | ||||||
| Any excess thereafter | 0.475% | ||||||
| PUTNAM | $3,338,588,682 | First $5 billion | 0.710% | $16,342,403 | Yes | Long-term capital appreciation. | |
| MULTI-CAP | Next $5 billion | 0.660% | |||||
| GROWTH FUND | Next $10 billion | 0.610% | |||||
| Next $10 billion | 0.560% | ||||||
| Next $50 billion | 0.510% | ||||||
| Next $50 billion | 0.490% | ||||||
| Next $100 billion | 0.480% | ||||||
| Any excess thereafter | 0.475% | ||||||
| PUTNAM | $312,805,407 | First $5 billion | 0.710% | $2,138,018 | Yes | Capital appreciation and, as a | |
| MULTI-CAP VALUE | Next $5 billion | 0.660% | secondary objective, current | ||||
| FUND | Next $10 billion | 0.610% | income. | ||||
| Next $10 billion | 0.560% | ||||||
| Next $50 billion | 0.510% | ||||||
| Next $50 billion | 0.490% | ||||||
| Next $100 billion | 0.480% | ||||||
| Any excess thereafter | 0.475% | ||||||
| J-8 |
| Amount of Management | |||||||
| Fee Paid in the Most | Has compensation | ||||||
| Recent Fiscal Year (after | been waived, reduced | ||||||
| applicable waivers, perfor- | or otherwise agreed to | ||||||
| Net Assets as of | Current Management Fee | mance adjustments and | be reduced under any | ||||
| Fund | [FYE]1 | Schedule | reimbursements, if any)($) | applicable contract? | Current Investment Objective | ||
| PUTNAM | $580,642,631 | First $500 million | 0.650% | $4,118,860 | No | As high a level of current | |
| MUNICIPAL | Next $500 million | 0.550% | income free from federal | ||||
| OPPORTUNITIES | Next $500 million | 0.500% | income tax as Putnam | ||||
| TRUST | Next $5 billion | 0.450% | Management believes is | ||||
| Next $5 billion | 0.425% | consistent with the preservation | |||||
| Next $5 billion | 0.410% | of capital. | |||||
| Next $5 billion | 0.390% | ||||||
| Any excess thereafter | 0.380% | ||||||
| PUTNAM NEW | $291,506,902 | First $5 billion | 0.590% | $1,277,096 | Yes | As high a level of current | |
| JERSEY TAX | Next $5 billion | 0.540% | income exempt from federal | ||||
| EXEMPT INCOME | Next $10 billion | 0.490% | income tax and New Jersey | ||||
| FUND | Next $10 billion | 0.440% | personal income tax as Putnam | ||||
| Next $50 billion | 0.390% | Management believes is | |||||
| Next $50 billion | 0.370% | consistent with preservation of | |||||
| Next $100 billion | 0.360% | capital. | |||||
| Any excess thereafter | 0.355% | ||||||
| PUTNAM NEW | $1,313,387,219 | First $5 billion | 0.590% | $5,479,662 | Yes | As high a level of current | |
| YORK TAX | Next $5 billion | 0.540% | income exempt from federal | ||||
| EXEMPT INCOME | Next $10 billion | 0.490% | income tax and New York | ||||
| FUND | Next $10 billion | 0.440% | State and City personal income | ||||
| Next $50 billion | 0.390% | taxes as Putnam Management | |||||
| Next $50 billion | 0.370% | believes is consistent with | |||||
| Next $100 billion | 0.360% | preservation of capital. | |||||
| Any excess thereafter | 0.355% | ||||||
| PUTNAM OHIO | $162,973,095 | First $5 billion | 0.590% | $720,433 | Yes | As high a level of current | |
| TAX EXEMPT | Next $5 billion | 0.540% | income exempt from federal | ||||
| INCOME FUND | Next $10 billion | 0.490% | income tax and Ohio personal | ||||
| Next $10 billion | 0.440% | income tax as Putnam | |||||
| Next $50 billion | 0.390% | Management believes is | |||||
| Next $50 billion | 0.370% | consistent with preservation | |||||
| Next $100 billion | 0.360% | of capital. | |||||
| Any excess thereafter | 0.355% | ||||||
| PUTNAM | $245,528,782 | First $5 billion | 0.590% | $1,105,281 | Yes | As high a level of current | |
| PENNSYLVANIA | Next $5 billion | 0.540% | income exempt from federal | ||||
| TAX EXEMPT | Next $10 billion | 0.490% | income tax and Pennsylvania | ||||
| INCOME FUND | Next $10 billion | 0.440% | personal income tax as Putnam | ||||
| Next $50 billion | 0.390% | Management believes is | |||||
| Next $50 billion | 0.370% | consistent with preservation | |||||
| Next $100 billion | 0.360% | of capital. | |||||
| Any excess thereafter | 0.355% | ||||||
| PUTNAM PREMIER | $825,433,303 | First $500 million | 0.750% | $5,947,565 | No | High current income. | |
| INCOME TRUST | Next $500 million | 0.650% | |||||
| Next $500 million | 0.600% | ||||||
| Next $5 billion | 0.550% | ||||||
| Next $5 billion | 0.525% | ||||||
| Next $5 billion | 0.505% | ||||||
| Next $5 billion | 0.490% | ||||||
| Next $5 billion | 0.480% | ||||||
| Next $5 billion | 0.470% | ||||||
| Next $5 billion | 0.460% | ||||||
| Next $5 billion | 0.450% | ||||||
| Next $5 billion | 0.440% | ||||||
| Next $8.5 billion | 0.430% | ||||||
| Any excess thereafter | 0.420% | ||||||
| PUTNAM | $239,585,789 | First $5 billion | 0.710% | $1,251,275 | Yes | Capital appreciation. | |
| RESEARCH FUND | Next $5 billion | 0.660% | |||||
| Next $10 billion | 0.610% | ||||||
| Next $10 billion | 0.560% | ||||||
| Next $50 billion | 0.510% | ||||||
| Next $50 billion | 0.490% | ||||||
| Next $100 billion | 0.480% | ||||||
| Any excess thereafter | 0.475% | ||||||
| PUTNAM | $1,273,134 | N/A | N/A | N/A | Yes | Capital appreciation and current | |
| RETIREMENT- | income consistent with a | ||||||
| READY 2055 FUND | decreasing emphasis on capital | ||||||
| appreciation and an increasing | |||||||
| emphasis on current income as | |||||||
| it approaches its target date. | |||||||
| J-9 |
| Amount of Management | |||||||
| Fee Paid in the Most | Has compensation | ||||||
| Recent Fiscal Year (after | been waived, reduced | ||||||
| applicable waivers, perfor- | or otherwise agreed to | ||||||
| Net Assets as of | Current Management Fee | mance adjustments and | be reduced under any | ||||
| Fund | [FYE]1 | Schedule | reimbursements, if any)($) | applicable contract? | Current Investment Objective | ||
| PUTNAM | $10,658,409 | N/A | N/A | N/A | Yes | Capital appreciation and current | |
| RETIREMENT- | income consistent with a | ||||||
| READY 2050 FUND | decreasing emphasis on capital | ||||||
| appreciation and an increasing | |||||||
| emphasis on current income as | |||||||
| it approaches its target date. | |||||||
| PUTNAM | $14,805,075 | N/A | N/A | N/A | Yes | Capital appreciation and current | |
| RETIREMENT- | income consistent with a | ||||||
| READY 2045 FUND | decreasing emphasis on capital | ||||||
| appreciation and an increasing | |||||||
| emphasis on current income as | |||||||
| it approaches its target date. | |||||||
| PUTNAM | $20,912,345 | N/A | N/A | N/A | Yes | Capital appreciation and current | |
| RETIREMENT- | income consistent with a | ||||||
| READY 2040 FUND | decreasing emphasis on capital | ||||||
| appreciation and an increasing | |||||||
| emphasis on current income as | |||||||
| it approaches its target date. | |||||||
| PUTNAM | $30,110,450 | N/A | N/A | N/A | Yes | Capital appreciation and current | |
| RETIREMENT- | income consistent with a | ||||||
| READY 2035 FUND | decreasing emphasis on capital | ||||||
| appreciation and an increasing | |||||||
| emphasis on current income as | |||||||
| it approaches its target date. | |||||||
| PUTNAM | $39,575,932 | N/A | N/A | N/A | Yes | Capital appreciation and current | |
| RETIREMENT- | income consistent with a | ||||||
| READY 2030 FUND | decreasing emphasis on capital | ||||||
| appreciation and an increasing | |||||||
| emphasis on current income as | |||||||
| it approaches its target date. | |||||||
| PUTNAM | $42,575,319 | N/A | N/A | N/A | Yes | Capital appreciation and current | |
| RETIREMENT- | income consistent with a | ||||||
| READY 2025 FUND | decreasing emphasis on capital | ||||||
| appreciation and an increasing | |||||||
| emphasis on current income as | |||||||
| it approaches its target date. | |||||||
| PUTNAM | $36,670,899 | N/A | N/A | N/A | Yes | Capital appreciation and current | |
| RETIREMENT- | income consistent with a | ||||||
| READY 2020 FUND | decreasing emphasis on capital | ||||||
| appreciation and an increasing | |||||||
| emphasis on current income as | |||||||
| it approaches its target date. | |||||||
| PUTNAM | $25,087,950 | N/A | N/A | N/A | Yes | Capital appreciation and current | |
| RETIREMENT- | income consistent with a | ||||||
| READY 2015 FUND | decreasing emphasis on capital | ||||||
| appreciation and an increasing | |||||||
| emphasis on current income as | |||||||
| it approaches its target date. | |||||||
| PUTNAM | $24,075,849 | N/A | N/A | N/A | Yes | As high a rate of current income | |
| RETIREMENT | as Putnam Management | ||||||
| INCOME FUND | believes is consistent with | ||||||
| LIFESTYLE 1 | preservation of capital. | ||||||
| PUTNAM | $12,495,315 | First $5 billion | 0.680% | $0 | Yes | Current Income consistent with | |
| RETIREMENT | Next $5 billion | 0.630% | what Putnam Management | ||||
| INCOME FUND | Next $10 billion | 0.580% | believes to be prudent risk. | ||||
| LIFESTYLE 2 | Next $10 billion | 0.530% | |||||
| Next $50 billion | 0.480% | ||||||
| Next $50 billion | 0.460% | ||||||
| Next $100 billion | 0.450% | ||||||
| Any excess thereafter | 0.445% | ||||||
| PUTNAM | $16,414,733 | First $5 billion | 0.680% | $0 | Yes | Current Income consistent with | |
| RETIREMENT | Next $5 billion | 0.630% | what Putnam Management | ||||
| INCOME FUND | Next $10 billion | 0.580% | believes to be prudent risk. Its | ||||
| LIFESTYLE 3 | Next $10 billion | 0.530% | secondary objective is capital | ||||
| Next $50 billion | 0.480% | appreciation. | |||||
| Next $50 billion | 0.460% | ||||||
| Next $100 billion | 0.450% | ||||||
| Any excess thereafter | 0.445% | ||||||
| J-10 |
| Amount of Management | |||||||
| Fee Paid in the Most | Has compensation | ||||||
| Recent Fiscal Year (after | been waived, reduced | ||||||
| applicable waivers, perfor- | or otherwise agreed to | ||||||
| Net Assets as of | Current Management Fee | mance adjustments and | be reduced under any | ||||
| Fund | [FYE]1 | Schedule | reimbursements, if any)($) | applicable contract? | Current Investment Objective | ||
| PUTNAM SHORT | $1,151,155,979 | First $5 billion | 0.500% | $1,293,633 | Yes | As high a rate of current income | |
| DURATION | Next $5 billion | 0.450% | as Putnam Management | ||||
| INCOME FUND | Next $10 billion | 0.400% | believes is consistent with | ||||
| Next $10 billion | 0.350% | preservation of capital and | |||||
| Next $50 billion | 0.300% | maintenance of liquidity. | |||||
| Next $50 billion | 0.280% | ||||||
| Next $100 billion | 0.270% | ||||||
| Any excess thereafter | 0.265% | ||||||
| PUTNAM | $2,682,410,580 | of Average net assets | 0.25% | $0 | Yes | As high a rate of current income | |
| SHORT TERM | (6) | as Putnam Management | |||||
| INVESTMENT | believes is consistent with | ||||||
| FUND | preservation of capital and | ||||||
| maintenance of liquidity. | |||||||
| PUTNAM SHORT- | $11,121,856(7) | First $5 billion | 0.500% | $ — | Yes | As high a level of current | |
| TERM MUNICIPAL | Next $5 billion | 0.450% | income exempt from federal | ||||
| INCOME FUND | Next $10 billion | 0.400% | income tax as Putnam | ||||
| Next $10 billion | 0.350% | Management believes is | |||||
| Next $50 billion | 0.300% | consistent with preservation | |||||
| Next $50 billion | 0.280% | of capital. | |||||
| Next $100 billion | 0.270% | ||||||
| Any excess thereafter | 0.265% | ||||||
| PUTNAM SMALL | $127,856,487 | First $5 billion | 0.780% | $710,052 | Yes | Capital appreciation. | |
| CAP GROWTH | Next $5 billion | 0.730% | |||||
| FUND | Next $10 billion | 0.680% | |||||
| Next $10 billion | 0.630% | ||||||
| Next $50 billion | 0.580% | ||||||
| Next $50 billion | 0.560% | ||||||
| Next $100 billion | 0.550% | ||||||
| Any excess thereafter | 0.545% | ||||||
| PUTNAM SMALL | $168,319,734 | First $5 billion | 0.780% | $1,004,942 | Yes | Capital appreciation. | |
| CAP VALUE FUND | Next $5 billion | 0.730% | |||||
| Next $10 billion | 0.680% | ||||||
| Next $10 billion | 0.630% | ||||||
| Next $50 billion | 0.580% | ||||||
| Next $50 billion | 0.560% | ||||||
| Next $100 billion | 0.550% | ||||||
| Any excess thereafter | 0.545% | ||||||
| PUTNAM | $4,015,264(8) | First $5 billion | 0.880% | $0 | Yes | Total return in excess of that | |
| STRATEGIC | Next $5 billion | 0.830% | of the U.S. equity markets, but | ||||
| VOLATILITY | Next $10 billion | 0.780% | with comparable volatility. | ||||
| EQUITY FUND | Next $10 billion | 0.730% | |||||
| Next $50 billion | 0.680% | ||||||
| Next $50 billion | 0.660% | ||||||
| Next $100 billion | 0.650% | ||||||
| Any excess thereafter | 0.645% | ||||||
| PUTNAM TAX | $1,043,075,360 | First $5 billion | 0.590% | $5,249,245 | Yes | As high a level of current | |
| EXEMPT INCOME | Next $5 billion | 0.540% | income exempt from federal | ||||
| FUND | Next $10 billion | 0.490% | income tax as Putnam | ||||
| Next $10 billion | 0.440% | Management believes is | |||||
| Next $50 billion | 0.390% | consistent with preservation of | |||||
| Next $50 billion | 0.370% | capital. | |||||
| Next $100 billion | 0.360% | ||||||
| Any excess thereafter | 0.355% | ||||||
| PUTNAM TAX | $42,599,913 | First $5 billion | 0.440% | $0 | Yes | As high a rate of current income | |
| EXEMPT MONEY | Next $5 billion | 0.390% | exempt from federal income | ||||
| MARKET FUND | Next $10 billion | 0.340% | tax as Putnam Management | ||||
| Next $10 billion | 0.290% | believes is consistent with | |||||
| Next $50 billion | 0.240% | preservation of capital and | |||||
| Next $50 billion | 0.220% | maintenance of liquidity. | |||||
| Next $100 billion | 0.210% | ||||||
| Any excess thereafter | 0.205% | ||||||
| J-11 |
| Amount of Management | |||||||
| Fee Paid in the Most | Has compensation | ||||||
| Recent Fiscal Year (after | been waived, reduced | ||||||
| applicable waivers, perfor- | or otherwise agreed to | ||||||
| Net Assets as of | Current Management Fee | mance adjustments and | be reduced under any | ||||
| Fund | [FYE]1 | Schedule | reimbursements, if any)($) | applicable contract? | Current Investment Objective | ||
| PUTNAM | $986,169,531 | First $5 billion | 0.630% | $5,642,898 | Yes | High current income exempt | |
| TAX-FREE HIGH | Next $5 billion | 0.580% | from federal income tax. | ||||
| YIELD FUND | Next $10 billion | 0.530% | |||||
| Next $10 billion | 0.480% | ||||||
| Next $50 billion | 0.430% | ||||||
| Next $50 billion | 0.410% | ||||||
| Next $100 billion | 0.400% | ||||||
| Any excess thereafter | 0.395% | ||||||
| PUTNAM U.S. | $1,216,869,750 | First $5 billion | 0.550% | $5,771,426 | Yes | As high a level of current | |
| GOVERNMENT | Next $5 billion | 0.500% | income as Putnam | ||||
| INCOME TRUST | Next $10 billion | 0.450% | Management believes is | ||||
| Next $10 billion | 0.400% | consistent with preservation | |||||
| Next $50 billion | 0.350% | of capital. | |||||
| Next $50 billion | 0.330% | ||||||
| Next $100 billion | 0.320% | ||||||
| Any excess thereafter | 0.315% | ||||||
| PUTNAM | $3,758,223,225 | First $5 billion | 0.710% | $15,286,375 | Yes | Capital appreciation. | |
| VOYAGER FUND | Next $5 billion | 0.660% | |||||
| Next $10 billion | 0.610% | ||||||
| Next $10 billion | 0.560% | ||||||
| Next $50 billion | 0.510% | ||||||
| Next $50 billion | 0.490% | ||||||
| Next $100 billion | 0.480% | ||||||
| Any excess thereafter | 0.475% | ||||||
| PUTNAM VT | $17,856,955 | First $5 billion | 0.880% | $0 | Yes | To earn a positive return that | |
| ABSOLUTE | Next $5 billion | 0.830% | exceeds the rate of inflation by | ||||
| RETURN 500 FUND | Next $10 billion | 0.780% | 5% over a reasonable period | ||||
| Next $10 billion | 0.730% | of time, regardless of market | |||||
| Next $50 billion | 0.680% | conditions. | |||||
| Next $50 billion | 0.660% | ||||||
| Next $100 billion | 0.650% | ||||||
| Any excess thereafter | 0.645% | ||||||
| PUTNAM VT | $115,123,322 | First $5 billion | 0.550% | $505,029 | Yes | High current income with | |
| AMERICAN | Next $5 billion | 0.500% | preservation of capital as its | ||||
| GOVERNMENT | Next $10 billion | 0.450% | secondary objective. | ||||
| INCOME FUND | Next $10 billion | 0.400% | |||||
| Next $50 billion | 0.350% | ||||||
| Next $50 billion | 0.330% | ||||||
| Next $100 billion | 0.320% | ||||||
| Any excess thereafter | 0.315% | ||||||
| PUTNAM | $30,538,729 | First $5 billion | 0.780% | $207,222 | Yes | Long-term growth of capital. | |
| VT CAPITAL | Next $5 billion | 0.730% | |||||
| OPPORTUNITIES | Next $10 billion | 0.680% | |||||
| FUND | Next $10 billion | 0.630% | |||||
| Next $50 billion | 0.580% | ||||||
| Next $50 billion | 0.560% | ||||||
| Next $100 billion | 0.550% | ||||||
| Any excess thereafter | 0.545% | ||||||
| PUTNAM VT | $447,542,301 | First $5 billion | 0.700% | $2,532,568 | Yes | As high a level of current | |
| DIVERSIFIED | Next $5 billion | 0.650% | income as Putnam | ||||
| INCOME FUND | Next $10 billion | 0.600% | Management believes is | ||||
| Next $10 billion | 0.550% | consistent with preservation | |||||
| Next $50 billion | 0.500% | of capital. | |||||
| Next $50 billion | 0.480% | ||||||
| Next $100 billion | 0.470% | ||||||
| Any excess thereafter | 0.645% | ||||||
| PUTNAM VT | $387,269,715 | First $5 billion | 0.630% | $1,806,301 | Yes | Capital growth and current | |
| EQUITY INCOME | Next $5 billion | 0.580% | income. | ||||
| FUND | Next $10 billion | 0.530% | |||||
| Next $10 billion | 0.480% | ||||||
| Next $50 billion | 0.430% | ||||||
| Next $50 billion | 0.410% | ||||||
| Next $100 billion | 0.400% | ||||||
| Any excess thereafter | 0.395% | ||||||
| J-12 |
| Amount of Management | |||||||
| Fee Paid in the Most | Has compensation | ||||||
| Recent Fiscal Year (after | been waived, reduced | ||||||
| applicable waivers, perfor- | or otherwise agreed to | ||||||
| Net Assets as of | Current Management Fee | mance adjustments and | be reduced under any | ||||
| Fund | [FYE]1 | Schedule | reimbursements, if any)($) | applicable contract? | Current Investment Objective | ||
| PUTNAM VT | $173,285,587 | First $5 billion | 0.680% | $956,470 | Yes | Both capital growth and current | |
| GEORGE PUTNAM | Next $5 billion | 0.630% | income. | ||||
| BALANCED FUND | Next $10 billion | 0.580% | |||||
| Next $10 billion | 0.530% | ||||||
| Next $50 billion | 0.480% | ||||||
| Next $50 billion | 0.460% | ||||||
| Next $100 billion | 0.450% | ||||||
| Any excess thereafter | 0.445% | ||||||
| PUTNAM VT | $207,408,095 | First $5 billion | 0.750% | $1,280,104 | Yes | Long-term return consistent | |
| GLOBAL ASSET | Next $5 billion | 0.700% | with preservation of capital. | ||||
| ALLOCATION | Next $10 billion | 0.650% | |||||
| FUND | Next $10 billion | 0.600% | |||||
| Next $50 billion | 0.550% | ||||||
| Next $50 billion | 0.530% | ||||||
| Next $100 billion | 0.520% | ||||||
| Any excess thereafter | 0.515% | ||||||
| PUTNAM VT | $198,411,625 | First $5 billion | 0.850% | $1,394,894 | Yes | Capital appreciation. | |
| GLOBAL EQUITY | Next $5 billion | 0.800% | |||||
| FUND | Next $10 billion | 0.750% | |||||
| Next $10 billion | 0.700% | ||||||
| Next $50 billion | 0.650% | ||||||
| Next $50 billion | 0.630% | ||||||
| Next $100 billion | 0.620% | ||||||
| Any excess thereafter | 0.615% | ||||||
| PUTNAM VT | $108,742,159 | First $5 billion | 0.780% | $663,474 | Yes | Capital appreciation. | |
| GLOBAL HEALTH | Next $5 billion | 0.730% | |||||
| CARE FUND | Next $10 billion | 0.680% | |||||
| Next $10 billion | 0.630% | ||||||
| Next $50 billion | 0.580% | ||||||
| Next $50 billion | 0.560% | ||||||
| Next $100 billion | 0.550% | ||||||
| Any excess thereafter | 0.545% | ||||||
| PUTNAM VT | $106,250,504 | First $5 billion | 0.780% | $724,377 | Yes | Capital growth and current | |
| GLOBAL UTILITIES | Next $5 billion | 0.730% | income. | ||||
| FUND | Next $10 billion | 0.680% | |||||
| Next $10 billion | 0.630% | ||||||
| Next $50 billion | 0.580% | ||||||
| Next $50 billion | 0.560% | ||||||
| Next $100 billion | 0.550% | ||||||
| Any excess thereafter | 0.545% | ||||||
| PUTNAM VT | $1,160,083,119 | First $5 billion | 0.630% | $5,691,727 | Yes | Capital growth and current | |
| GROWTH AND | Next $5 billion | 0.580% | income. | ||||
| INCOME FUND | Next $10 billion | 0.530% | |||||
| Next $10 billion | 0.480% | ||||||
| Next $50 billion | 0.430% | ||||||
| Next $50 billion | 0.410% | ||||||
| Next $100 billion | 0.400% | ||||||
| Any excess thereafter | 0.395% | ||||||
| PUTNAM VT | $25,163,523 | First $5 billion | 0.710% | $120,564 | Yes | Capital appreciation. | |
| GROWTH | Next $5 billion | 0.660% | |||||
| OPPORTUNITIES | Next $10 billion | 0.610% | |||||
| FUND | Next $10 billion | 0.560% | |||||
| Next $50 billion | 0.510% | ||||||
| Next $50 billion | 0.490% | ||||||
| Next $100 billion | 0.480% | ||||||
| Any excess thereafter | 0.475% | ||||||
| PUTNAM VT HIGH | $397,577,870 | First $5 billion | 0.720% | $2,293,594 | Yes | High current income. Capital | |
| YIELD FUND | Next $5 billion | 0.670% | growth is a secondary goal | ||||
| Next $10 billion | 0.620% | when consistent with achieving | |||||
| Next $10 billion | 0.570% | high current income. | |||||
| Next $50 billion | 0.520% | ||||||
| Next $50 billion | 0.500% | ||||||
| Next $100 billion | 0.490% | ||||||
| Any excess thereafter | 0.485% | ||||||
| J-13 |
| Amount of Management | |||||||
| Fee Paid in the Most | Has compensation | ||||||
| Recent Fiscal Year (after | been waived, reduced | ||||||
| applicable waivers, perfor- | or otherwise agreed to | ||||||
| Net Assets as of | Current Management Fee | mance adjustments and | be reduced under any | ||||
| Fund | [FYE]1 | Schedule | reimbursements, if any)($) | applicable contract? | Current Investment Objective | ||
| PUTNAM VT | $379,960,720 | First $5 billion | 0.550% | $1,576,095 | Yes | High current income | |
| INCOME FUND | Next $5 billion | 0.500% | consistent with what Putnam | ||||
| Next $10 billion | 0.450% | Management believes to be | |||||
| Next $10 billion | 0.400% | prudent risk. | |||||
| Next $50 billion | 0.350% | ||||||
| Next $50 billion | 0.330% | ||||||
| Next $100 billion | 0.320% | ||||||
| Any excess thereafter | 0.315% | ||||||
| PUTNAM VT | $415,865,839 | First $5 billion | 0.850% | $2,946,769 | Yes | Capital appreciation. | |
| INTERNATIONAL | Next $5 billion | 0.800% | |||||
| EQUITY FUND | Next $10 billion | 0.750% | |||||
| Next $10 billion | 0.700% | ||||||
| Next $50 billion | 0.650% | ||||||
| Next $50 billion | 0.630% | ||||||
| Next $100 billion | 0.620% | ||||||
| Any excess thereafter | 0.615% | ||||||
| PUTNAM VT | $56,149,361 | First $5 billion | 1.080% | $497,013 | Yes | Long-term capital appreciation. | |
| INTERNATIONAL | Next $5 billion | 1.030% | |||||
| GROWTH FUND | Next $10 billion | 0.980% | |||||
| Next $10 billion | 0.930% | ||||||
| Next $50 billion | 0.880% | ||||||
| Next $50 billion | 0.860% | ||||||
| Next $100 billion | 0.850% | ||||||
| Any excess thereafter | 0.845% | ||||||
| PUTNAM VT | $110,343,401 | First $5 billion | 0.850% | $774,643 | Yes | Capital growth. Current income | |
| INTERNATIONAL | Next $5 billion | 0.800% | is a secondary objective. | ||||
| VALUE FUND | Next $10 billion | 0.750% | |||||
| Next $10 billion | 0.700% | ||||||
| Next $50 billion | 0.650% | ||||||
| Next $50 billion | 0.630% | ||||||
| Next $100 billion | 0.620% | ||||||
| Any excess thereafter | 0.615% | ||||||
| PUTNAM VT | $219,457,136 | First $5 billion | 0.710% | $1,305,080 | Yes | Long-term growth of capital | |
| INVESTORS FUND | Next $5 billion | 0.660% | and any increased income that | ||||
| Next $10 billion | 0.610% | results from this growth. | |||||
| Next $10 billion | 0.560% | ||||||
| Next $50 billion | 0.510% | ||||||
| Next $50 billion | 0.490% | ||||||
| Next $100 billion | 0.480% | ||||||
| Any excess thereafter | 0.475% | ||||||
| PUTNAM VT | $214,045,425 | First $5 billion | 0.440% | $164,496 | Yes | As high a rate of current income | |
| MONEY MARKET | Next $5 billion | 0.390% | as Putnam Management | ||||
| FUND | Next $10 billion | 0.340% | believes is consistent with | ||||
| Next $10 billion | 0.290% | preservation of capital and | |||||
| Next $50 billion | 0.240% | maintenance of liquidity. | |||||
| Next $50 billion | 0.220% | ||||||
| Next $100 billion | 0.210% | ||||||
| Any excess thereafter | 0.205% | ||||||
| PUTNAM VT | $647,648,573 | First $5 billion | 0.710% | $3,787,974 | Yes | Long-term capital appreciation. | |
| MULTI-CAP | Next $5 billion | 0.660% | |||||
| GROWTH FUND | Next $10 billion | 0.610% | |||||
| Next $10 billion | 0.560% | ||||||
| Next $50 billion | 0.510% | ||||||
| Next $50 billion | 0.490% | ||||||
| Next $100 billion | 0.480% | ||||||
| Any excess thereafter | 0.475% | ||||||
| PUTNAM VT | $34,275,564 | First $5 billion | 0.710% | $195,889 | Yes | Capital appreciation and, as a | |
| MULTI-CAP VALUE | Next $5 billion | 0.660% | secondary objective, current | ||||
| FUND | Next $10 billion | 0.610% | income. | ||||
| Next $10 billion | 0.560% | ||||||
| Next $50 billion | 0.510% | ||||||
| Next $50 billion | 0.490% | ||||||
| Next $100 billion | 0.480% | ||||||
| Any excess thereafter | 0.475% | ||||||
| J-14 |
| Amount of Management | |||||||
| Fee Paid in the Most | Has compensation | ||||||
| Recent Fiscal Year (after | been waived, reduced | ||||||
| applicable waivers, perfor- | or otherwise agreed to | ||||||
| Net Assets as of | Current Management Fee | mance adjustments and | be reduced under any | ||||
| Fund | [FYE]1 | Schedule | reimbursements, if any)($) | applicable contract? | Current Investment Objective | ||
| PUTNAM VT | $53,107,377 | First $5 billion | 0.710% | $312,623 | Yes | Capital appreciation. | |
| RESEARCH FUND | Next $5 billion | 0.660% | |||||
| Next $10 billion | 0.610% | ||||||
| Next $10 billion | 0.560% | ||||||
| Next $50 billion | 0.510% | ||||||
| Next $50 billion | 0.490% | ||||||
| Next $100 billion | 0.480% | ||||||
| Any excess thereafter | 0.475% | ||||||
| PUTNAM VT | $223,220,362 | First $5 billion | 0.780% | $1,423,370 | Yes | Capital appreciation. | |
| SMALL CAP VALUE | Next $5 billion | 0.730% | |||||
| FUND | Next $10 billion | 0.680% | |||||
| Next $10 billion | 0.630% | ||||||
| Next $50 billion | 0.580% | ||||||
| Next $50 billion | 0.560% | ||||||
| Next $100 billion | 0.550% | ||||||
| Any excess thereafter | 0.545% | ||||||
| PUTNAM VT | $762,329,456 | First $5 billion | 0.710% | $4,579,947 | Yes | Capital appreciation. | |
| VOYAGER FUND | Next $5 billion | 0.660% | |||||
| Next $10 billion | 0.610% | ||||||
| Next $10 billion | 0.560% | ||||||
| Next $50 billion | 0.510% | ||||||
| Next $50 billion | 0.490% | ||||||
| Next $100 billion | 0.480% | ||||||
| Any excess thereafter | 0.475% | ||||||
The following table contains certain information regarding funds for which Putnam Management provides investment advisory services as a sub-adviser.
| Amount of | Has compensation | |||||||
| Sub-Advisory | been waived, reduced | |||||||
| Fee Paid in the | or otherwise agreed to | |||||||
| Net Assets as | Most Recent | be reduced under any | ||||||
| Fund | of [FYE] | Sub-Advisory Fee Rate | Fiscal Year ($) | applicable contract? | Current Investment Objective | Fiscal Year | ||
| GREAT-WEST PUTNAM | $368,406,499 | First $250 million | 0.40% | $1,315,029 | No | Capital growth and current | 12/31/12 | |
| EQUITY INCOME FUND | Next $250 million | 0.35% | income | |||||
| Any excess thereafter | 0.30% | |||||||
| GREAT-WEST PUTNAM | $206,648,536 | of all assets | 0.35% | $516,373 | No | High current income with capital | 12/31/12 | |
| HIGH YIELD BOND | appreciation as a secondary | |||||||
| FUND | objective when consistent with | |||||||
| the primary objective | ||||||||
| NVIT MULTI-MANAGER | $460,752,586 | First $200 million | 0.45% | $2,185,040(11) | No | Long-term capital appreciation. | 12/31/12 | |
| SMALL COMPANY | Any excess thereafter | 0.40% | Current income is a secondary | |||||
| FUND | objective in selecting portfolio | |||||||
| investments. | ||||||||
| SEASONS SERIES | $167,488,423 | First $150 million | 0.55% | $762,394 | Yes | Capital appreciation | 3/31/13 | |
| TRUST: ASSET | Next $150 million | 0.50% | ||||||
| ALLOCATION: | Any excess thereafter | 0.40% | ||||||
| DIVERSIFIED GROWTH | ||||||||
| PORTFOLIO | ||||||||
| SUNAMERICA | $338,815,905 | First $50 million | 0.65% | $1,713,122 | Yes | Growth of capital and, | 1/31/13 | |
| SERIES TRUST: | Next $150 million | 0.55% | secondarily, current income | |||||
| INTERNATIONAL | Any excess thereafter | 0.45% | ||||||
| GROWTH AND INCOME | ||||||||
| PORTFOLIO | ||||||||
(1) Information provided as of most recently completed fiscal year prior to October 31, 2013.
(2) The net assets figure is based on assets as of the semi-annual period ended May 31, 2013 because this fund has not completed a fiscal year since its inception.
(3) The net assets figure is based on assets as of the semi-annual period ended May 31, 2013 because this fund has not completed a fiscal year since its inception.
(4) The net assets figure is based on assets as of the semi-annual period ended May 31, 2013 because this fund has not completed a fiscal year since its inception.
| J-15 |
(5) The net assets figure is based on assets for the period March 18, 2013 (commencement of operations) to the fiscal period ended July 31, 2013.
(6) The net assets figure is based on assets for the period February 19, 2013 (commencement of operations) to the fiscal period ended July 31, 2013.
(7) The net assets figure is based on assets as of the semi-annual period ended May 31, 2013 because this fund has not completed a fiscal year since its inception.
(8) The net assets figure is based on assets for the period March 18, 2013 (commencement of operations) to the fiscal period ended July 31, 2013.
(9) Putnam Management is one of four sub-advisers for this fund. The net assets and sub-advisory fees shown in this table reflect totals for all sub-advisers.
Appendix K — Payments to Putnam Management and its Affiliates
The following fees were paid by the funds to Putnam Management and its affiliates during each fund’s most recent fiscal year ended prior to October 1, 2013 (other than under a management contract). These services will continue to be provided regardless of whether the proposed management contract is approved.
| Fees paid to Putnam Investor | Fees paid to Putnam Retail | |||
| Services, Inc. for serving as investor | Management Limited Partnership | |||
| Fund | servicing agent ($) | pursuant to distribution plans ($) | Fiscal Year End | |
| Putnam Absolute Return 100 Fund | 474,465 | 1,031,993 | October 31, 2012 | |
| Putnam Absolute Return 300 Fund | 1,710,863 | 4,175,211 | October 31, 2012 | |
| Putnam Absolute Return 500 Fund | 1,471,310 | 3,221,789 | October 31, 2012 | |
| Putnam Absolute Return 700 Fund | 1,278,371 | 2,432,991 | October 31, 2012 | |
| Putnam American Government Income Fund | 1,015,390 | 1,883,369 | September 30, 2013 | |
| Putnam AMT-Free Municipal Fund | 222,365 | 1,461,249 | July 31, 2013 | |
| Putnam Arizona Tax Exempt Income Fund | 27,962 | 168,205 | May 31, 2013 | |
| Putnam Asia Pacific Equity Fund | 23,436 | 23,104 | April 30, 2013 | |
| Putnam California Tax Exempt Income Fund | 763,676 | 3,985,772 | September 30, 2013 | |
| Putnam Capital Opportunities Fund | 1,003,059 | 1,058,521 | April 30, 2013 | |
| Putnam Capital Spectrum Fund | 2,753,896 | 4,403,917 | April 30, 2013 | |
| Putnam Convertible Securities Fund | 1,135,764 | 1,788,739 | October 31, 2012 | |
| Putnam Diversified Income Trust | 5,281,982 | 13,437,739 | September 30, 2013 | |
| Putnam Dynamic Asset Allocation Balanced Fund | 2,316,684 | 4,411,525 | September 30, 2013 | |
| Putnam Dynamic Asset Allocation | 983,625 | 1,801,127 | September 30, 2013 | |
| Conservative Fund | ||||
| Putnam Dynamic Asset Allocation Equity Fund | 54,751 | Not Applicable | May 31, 2013 | |
| Putnam Dynamic Asset Allocation Growth Fund | 2,779,339 | 5,723,210 | September 30, 2013 | |
| Putnam Dynamic Risk Allocation Fund | 385,754 | 271,846 | May 31, 2013 | |
| Putnam Emerging Markets Equity Fund | 92,752 | 107,376 | August 31, 2013 | |
| Putnam Emerging Markets Income Fund(1) | 2,714 | 4,981 | May 31, 2013 | |
| Putnam Equity Income Fund | 10,469,811 | 8,984,723 | November 30, 2012 | |
| Putnam Equity Spectrum Fund | 2,066,253 | 1,597,709 | April 30, 2013 | |
| Putnam Europe Equity Fund | 449,126 | 423,779 | June 30, 2013 | |
| Putnam Floating Rate Income Fund | 726,430 | 1,482,887 | February 28, 2013 | |
| The Putnam Fund for Growth and Income | 13,957,474 | 12,133,902 | October 31, 2012 | |
| The George Putnam Fund of Boston | 2,152,977 | 3,521,984 | July 31, 2013 | |
| (d/b/a George Putnam Balanced Fund) | ||||
| Putnam Global Consumer Fund | 40,219 | 50,481 | August 31, 2013 | |
| Putnam Global Dividend Fund(2) | 2,985 | 2,853 | May 31, 2013 | |
| Putnam Global Energy Fund | 52,089 | 73,964 | August 31, 2013 | |
| Putnam Global Equity Fund | 2,433,373 | 2,189,632 | October 31, 2012 | |
| Putnam Global Financials Fund | 40,663 | 62,452 | August 31, 2013 | |
| Putnam Global Health Care Fund | 3,031,137 | 3,118,533 | August 31, 2013 | |
| Putnam Global Income Trust | 522,094 | 1,157,214 | October 31, 2012 | |
| Putnam Global Industrials Fund | 33,099 | 35,260 | August 31, 2013 | |
| Putnam Global Natural Resources Fund | 850,290 | 991,706 | August 31, 2013 | |
| Putnam Global Sector Fund | Not Applicable | 8,006 | October 31, 2012 | |
| Putnam Global Technology Fund | 32,790 | 43,561 | August 31, 2013 | |
| Putnam Global Telecommunications Fund | 44,498 | 45,928 | August 31, 2013 | |
| Putnam Global Utilities Fund | 577,589 | 595,793 | August 31, 2013 | |
| J/K-1 |
| Fees paid to Putnam Investor | Fees paid to Putnam Retail | |||
| Services, Inc. for serving as investor | Management Limited Partnership | |||
| Fund | servicing agent ($) | pursuant to distribution plans ($) | Fiscal Year End | |
| Putnam Growth Opportunities Fund | 995,372 | 1,123,646 | July 31, 2013 | |
| Putnam High Income Securities Fund | 74,282 | Not Applicable | August 31, 2013 | |
| Putnam High Yield Advantage Fund | 1,418,455 | 2,591,252 | November 30, 2012 | |
| Putnam High Yield Trust | 2,160,229 | 3,883,592 | August 31, 2013 | |
| Putnam Income Fund | 2,049,795 | 5,031,437 | October 31, 2012 | |
| Putnam Intermediate-Term Municipal | 955 | 5,324 | May 31, 2013 | |
| Income Fund(3) | ||||
| Putnam International Capital Opportunities Fund | 2,317,412 | 2,507,276 | August 31, 2013 | |
| Putnam International Equity Fund | 2,734,529 | 2,982,174 | June 30, 2013 | |
| Putnam International Growth Fund | 925,166 | 963,671 | September 30, 2013 | |
| Putnam International Value Fund | 578,981 | 643,799 | June 30, 2013 | |
| Putnam Investors Fund | 3,945,540 | 4,123,230 | July 31, 2013 | |
| Putnam Low Volatility Equity Fund(4) | 16,338 | 3,416 | July 31, 2013 | |
| Putnam Managed Municipal Income Trust | 224,508 | Not Applicable | October 31, 2012 | |
| Putnam Massachusetts Tax Exempt Income Fund | 186,287 | 1,266,527 | May 31, 2013 | |
| Putnam Master Intermediate Income Trust | 181,604 | Not Applicable | September 30, 2013 | |
| Putnam Michigan Tax Exempt Income Fund | 35,720 | 205,297 | May 31, 2013 | |
| Putnam Minnesota Tax Exempt Income Fund | 52,934 | 412,305 | May 31, 2013 | |
| Putnam Money Market Fund | 2,431,979 | 425,507 | September 30, 2013 | |
| Putnam Money Market Liquidity Fund | 274,809 | Not Applicable | September 30, 2013 | |
| Putnam Multi-Cap Core Fund | 29,641 | 24,828 | April 30, 2013 | |
| Putnam Multi-Cap Growth Fund | 9,165,534 | 9,170,915 | June 30, 2013 | |
| Putnam Multi-Cap Value Fund | 1,061,869 | 1,124,173 | April 30, 2013 | |
| Putnam Municipal Opportunities Trust | 287,190 | Not Applicable | April 30, 2013 | |
| Putnam New Jersey Tax Exempt Income Fund | 126,721 | 945,333 | May 31, 2013 | |
| Putnam New York Tax Exempt Income Fund | 559,525 | 3,228,628 | November 30, 2012 | |
| Putnam Ohio Tax Exempt Income Fund | 71,085 | 471,618 | May 31, 2013 | |
| Putnam Pennsylvania Tax Exempt Income Fund | 109,650 | 856,749 | May 31, 2013 | |
| Putnam Premier Income Trust | 419,291 | Not Applicable | July 31, 2013 | |
| Putnam Research Fund | 617,716 | 708,536 | July 31, 2013 | |
| Putnam RetirementReady 2055 Fund | Not Applicable | 2,084 | July 31, 2013 | |
| Putnam RetirementReady 2050 Fund | Not Applicable | 20,407 | July 31, 2013 | |
| Putnam RetirementReady 2045 Fund | Not Applicable | 27,735 | July 31, 2013 | |
| Putnam RetirementReady 2040 Fund | Not Applicable | 45,849 | July 31, 2013 | |
| Putnam RetirementReady 2035 Fund | Not Applicable | 63,058 | July 31, 2013 | |
| Putnam RetirementReady 2030 Fund | Not Applicable | 89,845 | July 31, 2013 | |
| Putnam RetirementReady 2025 Fund | Not Applicable | 99,893 | July 31, 2013 | |
| Putnam RetirementReady 2020 Fund | Not Applicable | 100,877 | July 31, 2013 | |
| Putnam RetirementReady 2015 Fund | Not Applicable | 72,362 | July 31, 2013 | |
| Putnam Retirement Income Fund Lifestyle 1 | Not Applicable | 59,318 | July 31, 2013 | |
| Putnam Retirement Income Fund Lifestyle 2 | 9,728 | 31,979 | August 31, 2013 | |
| Putnam Retirement Income Fund Lifestyle 3 | 21,649 | 65,239 | February 28, 2013 | |
| Putnam Short Duration Income Fund | 154,282 | 580,555 | July 31, 2013 | |
| Putnam Short Term Investment Fund(5) | 112,958 | Not Applicable | July 31, 2013 | |
| Putnam Short-Term Municipal Income Fund(6) | 985 | 5,862 | May 31, 2013 | |
| Putnam Small Cap Growth Fund | 332,286 | 341,912 | June 30, 2013 | |
| Putnam Small Cap Value Fund | 469,224 | 458,195 | February 28, 2013 | |
| Putnam Strategic Volatility Equity Fund(7) | 3,527 | 2,959 | July 31, 2013 | |
| Putnam Tax Exempt Income Fund | 549,225 | 2,912,181 | September 30, 2013 | |
| Putnam Tax Exempt Money Market Fund | 19,922 | Not Applicable | September 30, 2013 | |
| Putnam Tax-Free High Yield Fund | 517,186 | 3,215,051 | July 31, 2013 | |
| Putnam U.S. Government Income Trust | 2,238,654 | 4,855,700 | September 30, 2013 | |
| Putnam Voyager Fund | 9,959,646 | 10,206,694 | July 31, 2013 | |
| K-2 |
| Fees paid to Putnam Investor | Fees paid to Putnam Retail | |||
| Services, Inc. for serving as investor | Management Limited Partnership | |||
| Fund | servicing agent ($) | pursuant to distribution plans ($) | Fiscal Year End | |
| Putnam VT Absolute Return 500 Fund | 15,327 | 13,504 | December 31, 2012 | |
| Putnam VT American Government Income Fund | 124,811 | 113,728 | December 31, 2012 | |
| Putnam VT Capital Opportunities Fund | 32,613 | 38,691 | December 31, 2012 | |
| Putnam VT Diversified Income Fund | 455,496 | 803,452 | December 31, 2012 | |
| Putnam VT Equity Income Fund | 372,500 | 479,082 | December 31, 2012 | |
| Putnam VT George Putnam Balanced Fund | 178,912 | 237,259 | December 31, 2012 | |
| Putnam VT Global Asset Allocation Fund | 211,766 | 181,133 | December 31, 2012 | |
| Putnam VT Global Equity Fund | 197,937 | 56,231 | December 31, 2012 | |
| Putnam VT Global Health Care Fund | 104,692 | 157,866 | December 31, 2012 | |
| Putnam VT Global Utilities Fund | 114,260 | 42,192 | December 31, 2012 | |
| Putnam VT Growth and Income Fund | 1,172,592 | 540,070 | December 31, 2012 | |
| Putnam VT Growth Opportunities Fund | 25,747 | 33,591 | December 31, 2012 | |
| Putnam VT High Yield Fund | 398,642 | 248,864 | December 31, 2012 | |
| Putnam VT Income Fund | 389,582 | 377,821 | December 31, 2012 | |
| Putnam VT International Equity Fund | 417,980 | 747,168 | December 31, 2012 | |
| Putnam VT International Growth Fund | 56,153 | 43,960 | December 31, 2012 | |
| Putnam VT International Value Fund | 109,902 | 93,372 | December 31, 2012 | |
| Putnam VT Investors Fund | 231,161 | 381,449 | December 31, 2012 | |
| Putnam VT Money Market Fund | 230,201 | 304,737 | December 31, 2012 | |
| Putnam VT Multi-Cap Growth Fund | 670,065 | 381,426 | December 31, 2012 | |
| Putnam VT Multi-Cap Value Fund | 34,664 | 27,164 | December 31, 2012 | |
| Putnam VT Research Fund | 55,333 | 80,031 | December 31, 2012 | |
| Putnam VT Small Cap Value Fund | 223,879 | 411,849 | December 31, 2012 | |
| Putnam VT Voyager Fund | 808,599 | 501,396 | December 31, 2012 | |
(1) Putnam Emerging Markets Income Fund has not completed a full fiscal year of operations. Amounts represent fees for the period March 27, 2013 (commencement of operations) to the semi-annual period ended May 31, 2013.
(2) Putnam Global Dividend Fund has not completed a full fiscal year of operations. Amounts represent fees for the period March 18, 2013 (commencement of operations) to the semi-annual period ended May 31, 2013.
(3) Putnam Intermediate-Term Municipal Income Fund has not completed a full fiscal year of operations. Amounts represent fees for the period March 18, 2013 (commencement of operations) to the semi-annual period ended May 31, 2013.
(4) The amounts for Putnam Low Volatility Equity Fund represent fees for the period March 18, 2013 (commencement of operations) to the fiscal period ended July 31, 2013.
(5) The amounts for Putnam Short Term Investment Fund represent fees for the period February 19, 2013 (commencement of operations) to the fiscal period ended July 31, 2013.
(6) Putnam Short-Term Municipal Income Fund has not completed a full fiscal year of operations. Amounts represent fees for the period March 18, 2013 (commencement of operations) to the semi-annual period ended May 31, 2013.
(7) The amounts for Putnam Strategic Volatility Equity Fund represent fees for the period March 18, 2013 (commencement of operations) to the fiscal period ended July 31, 2013.
| K-3 |
Appendix L — 5% Beneficial Ownership
As of September 30, 2013, 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 L.
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Putnam Absolute Return 100 Fund | |||
| A | MLPF&S | ||
| 4800 Deer Lake Dr., E., FL 3 | |||
| Jacksonville, FL 32246-6484 | 2,613,485 | 16.68% | |
| A | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 1,346,996 | 8.60% | |
| A | National Financial Services, LLC | ||
| 499 Washington Blvd | |||
| Jersey City, NJ 07310-2010 | 1,220,382 | 7.79% | |
| A | UBS WM USA | ||
| 1000 Harbor Blvd | |||
| Weehawken, NJ 07086-6761 | 3,093,515 | 19.74% | |
| A | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 805,814 | 5.14% | |
| A | Raymond James | ||
| 880 Carillon Pkwy | |||
| St. Petersburg, FL 33716-1100 | 868,868 | 5.55% | |
| B | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 36,356 | 11.90% | |
| B | MLPF&S | ||
| 4800 Deer Lake Dr., E., FL 3 | |||
| Jacksonville, FL 32246-6484 | 77,838 | 25.47% | |
| B | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 31,686 | 10.37% | |
| B | National Financial Services, LLC | ||
| 499 Washington Blvd | |||
| Jersey City, NJ 07310-2010 | 21,236 | 6.95% | |
| C | MLPF&S | ||
| 4800 Deer Lake Dr., E., FL 3 | |||
| Jacksonville, FL 32246-6484 | 591,198 | 19.22% | |
| C | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 470,151 | 15.28% | |
| C | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 414,261 | 13.46% | |
| C | National Financial Services, LLC | ||
| 499 Washington Blvd | |||
| Jersey City, NJ 07310-2010 | 342,414 | 11.13% | |
| M | Marie C. Franklin | ||
| 683 RT 579 | |||
| Pittstown, NJ 08867 | 69,814 | 27.36% | |
| M | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 39,517 | 15.48% | |
| M | National Financial Services, LLC | ||
| 499 Washington Blvd | |||
| Jersey City, NJ 07310-2010 | 38,545 | 15.10% | |
| M | Cetera Investment Services | ||
| FBO — Karl A. Copenhafer | |||
| 400 First Street So. Suite 300 | |||
| PO Box 283 | |||
| St. Cloud, MN 56302-0283 | 19,942 | 7.81% | |
| R | MG Trust Company | ||
| FBO — Mid State Oil Tools, Inc. | |||
| 700 17th St., Ste. 300 | |||
| Denver, CO 80202-3304 | 8,644 | 29.00% | |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| R | MG Trust Company | ||
| FBO — Stephen Burke, D.D.S., M.S. Inc. | |||
| 700 17th St., Ste. 300 | |||
| Denver, CO 80202-3531 | 4,507 | 15.12% | |
| R | MG Trust Company | ||
| FBO — Allergy Diagnostics | |||
| 700 17th St., Ste. 300 | |||
| Denver, CO 80202-3304 | 2,848 | 9.56% | |
| R | MG Trust Company | ||
| FBO — Nathan Bining, MD PLLC | |||
| 700 17th St., Ste. 300 | |||
| Denver, CO 80202-3304 | 2,883 | 9.67% | |
| R | MG Trust Company | ||
| FBO — P. Nathaniel Boe | |||
| 700 17th St., Ste. 300 | |||
| Denver, CO 80202-3304 | 2,445 | 8.20% | |
| R | MG Trust Company | ||
| FBO — Dramatic AudioPost, Inc. | |||
| 700 17th St., Ste. 300 | |||
| Denver, CO 80202-3304 | 2,849 | 9.56% | |
| R | MG Trust Company | ||
| FBO — Alexandre Boudnik | |||
| 700 17th St., Ste. 300 | |||
| Denver, CO 80202-3304 | 1,578 | 5.29% | |
| R5 | Putnam LLC | ||
| One Post Office Square | |||
| Boston, MA 02109 | 997 | 100.00% | |
| R6 | Great-West Trust Company — | ||
| The Putnam Retirement Plan | |||
| 8515 E. Orchard Rd, #2T2 | |||
| Greenwood Village, CO 80111-5002 | 46,949 | 97.92% | |
| Y | Merrill Lynch | ||
| 4800 Deer Lake Dr. E., FL 3 | |||
| Jacksonville, FL 32246-6484 | 1,376,484 | 18.73% | |
| Y | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 832,978 | 11.33% | |
| Y | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 485,673 | 6.61% | |
| Y | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 7399-0001 | 818,387 | 11.13% | |
| Y | Charles Schwab & Co., Inc. | ||
| 101 Montgomery St. | |||
| San Francisco, CA 94104-4151 | 80,406 | 10.97% | |
| Y | Raymond James | ||
| 880 Carillon Pkwy | |||
| St. Petersburg, FL 33716-1100 | 848,841 | 11.55% | |
| Y | LPL Financial | ||
| 9785 Towne Centre Dr. | |||
| San Diego, CA 92121 | 416,752 | 5.67% | |
| Putnam Absolute Return 300 Fund | |||
| A | National Financial Services, LLC | ||
| 499 Washington Blvd | |||
| Jersey City, NJ 07310 | 6,258,917 | 13.61% | |
| A | UBS WM USA | ||
| 1000 Harbor Blvd | |||
| Weehawken, NJ 07086-6761 | 7,935,098 | 17.26% | |
| A | Pershing LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 5,114,487 | 11.13% | |
| A | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 2,655,529 | 5.78% | |
| A | MLPF&S | ||
| 4800 Deer Lake Dr., E., FL 3 | |||
| Jacksonville, FL 32246-6484 | 2,877,584 | 6.26% | |
| B | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 198,055 | 16.23% | |
| L-1 |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Putnam Absolute Return 300 Fund (cont.) | |||
| B | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 163,943 | 13.43% | |
| B | National Financial Services, LLC | ||
| 499 Washington Blvd | |||
| Jersey City, NJ 07310 | 124,500 | 10.20% | |
| B | MLPF&S | ||
| 4800 Deer Lake Dr., E. FL 3 | |||
| Jacksonville, FL 32246-6484 | 124,270 | 10.18% | |
| C | MLPF&S | ||
| 4800 Deer Lake Dr., E. FL 3 | |||
| Jacksonville, FL 32246-6484 | 2,633,758 | 16.47% | |
| C | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 2,650,266 | 16.57% | |
| C | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 1,805,565 | 11.29% | |
| C | National Financial Services, LLC | ||
| 499 Washington Blvd | |||
| Jersey City, NJ 07310-2010 | 1,708,614 | 10.68% | |
| C | UBS WM USA | ||
| 1000 Harbor Blvd | |||
| Weehawken, NJ 07086-6761 | 884,635 | 5.53% | |
| C | LPL Financial | ||
| 9785 Towne Centre Dr. | |||
| San Diego, CA 92121 | 1,124,981 | 7.03% | |
| M | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 249,991 | 24.00% | |
| M | National Financial Services, LLC | ||
| 499 Washington BLvd | |||
| Jersey City, NJ 07310-2010 | 212,590 | 20.41% | |
| M | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 52,337 | 5.02% | |
| R | TD Ameritrade TRCO | ||
| PO Box 17748 | |||
| Denver, CO 80217-0748 | 12,445 | 17.23% | |
| R | MG Trust Company | ||
| FBO — Technology Advancements, Inc. | |||
| 70 17th St, Ste. 300 | |||
| Denver, CO 80202-3531 | 11,283 | 15.63% | |
| R | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 7,356 | 10.19% | |
| R | NFS, LLC | ||
| FBO — State Street Bank & Trust TTEE / | |||
| Waste Management Retirement Savings | |||
| Plan / Mel Panko | |||
| 901 Eddystone Circle | |||
| Naperville, IL 60565-6113 | 5,519 | 7.64% | |
| R | MG Trust Company | ||
| FBO — J2 Trading, Inc. | |||
| 717 17th St., Ste. 300 | |||
| Denver, CO 80202-3304 | 5,289 | 7.32% | |
| R | MG Trust Company | ||
| FBO — Carolyn Gilbert Enterprises, LLC | |||
| 700 17th St., Ste. 300 | |||
| Denver, CO 80202-3531 | 4,998 | 6.92% | |
| R5 | Putnam LLC | ||
| One Post Office Square | |||
| Boston, MA 02109 | 975 | 100.00% | |
| R6 | Great-West Trust Company — | ||
| The Putnam Retirement Plan | |||
| 8515 E. Orchard Rd, #2T2 | |||
| Greenwood Village, CO 80111-5002 | 238,417 | 99.59% | |
| Y | Merrill Lynch | ||
| 4800 Deer Lake Dr., E., FL 3 | |||
| Jacksonville, FL 32246-6484 | 6,221,918 | 27.66% | |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Y | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 2,364,255 | 10.51% | |
| Y | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 2,274,690 | 10.11% | |
| Y | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 1,835,088 | 8.16% | |
| Y | National Financial Services, LLC | ||
| 499 Washington Blvd | |||
| Jersey City, NJ 07310-2010 | 3,119,431 | 13.87% | |
| Y | Charles Schwab & Co., Inc. | ||
| 101 Montgomery St. | |||
| San Francisco, CA 94104-4151 | 1,415,242 | 6.29% | |
| Y | LPL Financial | ||
| 9785 Towne Centre Dr. | |||
| San Diego, CA 92121 | 1,152,425 | 5.12% | |
| Putnam Absolute Return 500 Fund | |||
| A | National Financial Services, LLC | ||
| 499 Washington Blvd | |||
| Jersey City, NJ 07310-2010 | 5,181.772 | 15.76% | |
| A | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 4,337,273 | 13.18% | |
| A | UBS WM USA | ||
| 1000 Harbor Blvd | |||
| Weehawken, NJ 07086-6761 | 3,307,378 | 10.06% | |
| A | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 2,419,645 | 7.36% | |
| A | MLPF&S | ||
| 4800 Deer Lake Dr., E. FL 3 | |||
| Jacksonville, FL 32246-6484 | 1,703,033 | 5.18% | |
| B | National Financial Services, LLC | ||
| 499 Washington Blvd | |||
| Jersey City, NJ 07310-2010 | 691,576` | 20.89% | |
| B | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 464,938 | 14.04% | |
| B | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 404,567 | 12.22% | |
| B | MLPF&S | ||
| 4800 Deer Lake Dr. E., FL 3 | |||
| Jacksonville, FL 32246-6484 | 182,160 | 5.50% | |
| B | LPL Financial | ||
| 9785 Towne Centre Dr. | |||
| San Diego, CA 92121-1968 | 202,749 | 6.12% | |
| C | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 2,361,297 | 14.26% | |
| C | National Financial Services, LLC | ||
| 499 Washington Blvd | |||
| Jersey City, NJ 07310-2010 | 1,970,369 | 11.90% | |
| C | MLPF&S | ||
| 4800 Deer Lake Dr., E., FL 3 | |||
| Jacksonville, FL 32246-6484 | 1,539,593 | 9.30% | |
| C | Raymond James | ||
| 880 Carillon Pkwy | |||
| St. Petersburg, FL 33716-1100 | 1,483,380 | 8.96% | |
| C | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 1,133,573 | 6.85% | |
| C | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 1,335,354 | 8.07% | |
| L-2 |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Putnam Absolute Return 500 Fund (cont.) | |||
| M | National Financial Services, LLC | ||
| 499 Washington Blvd | |||
| Jersey City, NJ 07310-2010 | 133,988 | 21.34% | |
| M | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 108,659 | 17.30% | |
| M | LPL Financial | ||
| 9785 Towne Centre Dr. | |||
| San Diego, CA 92121 | 44,119 | 7.03% | |
| R | MG Trust Company | ||
| Salina Consolidated Fire District | 14,899 | 7.90% | |
| R | MG Trust Company | ||
| Watten Discoe Bassett & McMains | |||
| 70017th St., Ste. 300 | |||
| Denver, CO 80202-3531 | 19,667 | 10.42% | |
| R | TD Ameritrade Trust Company | ||
| PO Box 17748 | |||
| Denver, CO 80217-0748 | 11,274 | 5.98% | |
| R | MG Trust Company | ||
| FBO — Nova Services, Inc. | |||
| 700 17th St., Ste. 300 | |||
| Denver, CO 80202-3531 | 10,144 | 5.38% | |
| R | MG Trust Company | ||
| FBO — Nedrow Fire Department | |||
| 700 17th St., Ste. 300 | |||
| Denver, CO 802023531 | 10,150 | 5.38% | |
| R5 | Putnam LLC | ||
| One Post Office Square | |||
| Boston, MA 02109 | 902 | 100.00% | |
| R6 | Great-West Trust Company — | ||
| The Putnam Retirement Plan | |||
| 8515 E. Orchard Rd, #2T2 | |||
| Greenwood Village, CO 80111 | 393,965 | 99.77% | |
| Y | Merrill Lynch | ||
| 4800 Deer Lake Dr., E., FL 3 | |||
| Jacksonville, FL 32246-6484 | 3,771,227 | 19.77% | |
| Y | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 2,620,877 | 13.74% | |
| Y | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 1,724,898 | 9.04% | |
| Y | National Financial Services, LLC | ||
| 499 Washington Blvd | |||
| Jersey City, NJ 07310-2010 | 1,825,859 | 9.57% | |
| Y | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 1,668,820 | 8.75% | |
| Y | Charles Schwab & Co., Inc. | ||
| 101 Montgomery St. | |||
| San Francisco, CA 94104-4151 | 1,339,393 | 7.02% | |
| Putnam Absolute Return 700 Fund | |||
| A | UBS WM USA | ||
| 1000 Harbor Blvd | |||
| Weehawken, NJ 07086-6761 | 1,797,147 | 6.27% | |
| A | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 4,066,013 | 14.19% | |
| A | National Financial Services, LLC | ||
| 499 Washington Blvd | |||
| Jersey City, NJ 07310-2010 | 3,757,649 | 13.11% | |
| A | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 1,978,700 | 6.91% | |
| A | Charles Schwab & Co., Inc. | ||
| 101 Montgomery St. | |||
| San Francisco, CA 94104-4151 | 1,835,172 | 6.40% | |
| B | National Financial Services, LLC | ||
| 499 Washington Blvd | |||
| Jersey City, NJ 07310-2010 | 468,478 | 19.69% | |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| B | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 380,305 | 15.99% | |
| B | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 228,733 | 9.61% | |
| C | LPL Financial | ||
| 9785 Towne Centre Dr. | |||
| San Diego, CA 92121 | 686,629 | 5.47% | |
| C | MLPF&S | ||
| 4800 Deer Lake Dr. E., FL 3 | |||
| Jacksonville, FL 32246-6484 | 1,653,581 | 13.17% | |
| C | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 1,770,605 | 14.11% | |
| C | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 1,150,849 | 9.17% | |
| C | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 1,151,850 | 9.18% | |
| C | National Financial Services, LLC | ||
| 499 Washington Blvd | |||
| Jersey City, NJ 07310-2010 | 1,043,648 | 8.31% | |
| C | UBS WM USA | ||
| 1000 Harbor Blvd | |||
| Weehawken, NJ 07086-6761 | 712,153 | 5.67% | |
| M | National Financial Services, LLC | ||
| 499 Washington Blvd | |||
| Jersey City, NJ 07310-2010 | 85,557 | 21.36% | |
| M | Stephen M. Schwartz & Valerie B. Schwartz | ||
| 5922 New England Woods Dr. | |||
| Burke, VA 22015-2910 | 28,033 | 7.00% | |
| M | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 22,599 | 5.64% | |
| R | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 15,713 | 9.06% | |
| R | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 29,353 | 16.92% | |
| R | Allied Motion Technologies, Inc. | ||
| MG Trust Company | |||
| 700 17th St. Ste. 300 | |||
| Denver, CO 80202-3531 | 28,056 | 16.17% | |
| R | Pai Trust Company, Inc. | ||
| Tom Vogel Agency Inc. 401k Pension Plan | |||
| 1300 Enterprise Dr. | |||
| De Pere, WI 54115-4934 | 15,539 | 8.96% | |
| R | Eric Compton / Compton Dental | ||
| Center Retirement 401k Plan | |||
| 901 Fran Lin Pkwy | |||
| Munster, IN 46321-3540 | 10,661 | 6.12% | |
| R | Pai Trust Company, Inc. | ||
| Eliot Lupkin P A 401k Plan | |||
| 1300 Enterprise Dr. | |||
| De Pere, WI 54115-4934 | 10,586 | 6.10% | |
| R5 | Putnam LLC | ||
| One Post Office Square | |||
| Boston, MA 02109 | 867 | 100.00% | |
| R6 | Great-West Trust Company | ||
| 8515 E. Orchard Rd | |||
| Greenwood Village, CO 80111-5002 536,544 | 99.84% | ||
| Y | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 13,190,955 | 39.57% | |
| Y | Merrill Lynch | ||
| 4800 Deer Lake Dr., E., FL 3 | |||
| Jacksonville, FL 32246-6484 | 5,324,097 | 15.97% | |
| L-3 |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Putnam Absolute Return 700 Fund (cont.) | |||
| Y | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 3,778,165 | 11.33% | |
| Y | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 1,963,799 | 5.89% | |
| Putnam American Government Income Fund | |||
| A | MLPFS For The Sole Benefit Of Its Customers | ||
| Attn: Fund Administration | |||
| 4800 Deer Lake Dr., E., FL 3 | |||
| Jacksonville, FL 32246-6484 | 3,336,547 | 5.75% | |
| A | Wells Fargo Advisors | ||
| Special Custody Acct For The | |||
| Exclusive Benefit Of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 3,574,077 | 6.16% | |
| A | MLPFS For The Sole Benefit Of Its Customers | ||
| Attn: Fund Administration | |||
| 4800 Deer Lake Dr., E., FL 3 | |||
| Jacksonville, FL 32246-6484 | 3,336,547 | 5.75% | |
| A | Wells Fargo Advisors | ||
| Special Custody Acct For The | |||
| Exclusive Benefit Of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 3,574,077 | 6.16% | |
| B | MLPF&S For The Sole Benefit | ||
| Of Its Customers | |||
| Attn: Fund Administration | |||
| 4800 Deer Lake Dr., E., FL 3 | |||
| Jacksonville, FL 32246-6484 | 120,747 | 12.02% | |
| B | Pershing, LLC | ||
| 1 Pershing Plz | |||
| Jersey City, NJ 07399-0001 | 94,823 | 9.44% | |
| B | Wells Fargo Advisors | ||
| Special Custody Acct For The | |||
| Exclusive Benefit Of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 85,130 | 8.48% | |
| B | National Financial Services LLC | ||
| For The Exclusive Benefit Of | |||
| Our Customers | |||
| 499 Washington Blvd | |||
| Attn: Mutual Funds Dept 4th Fl | |||
| Jersey City, NJ 07310-2010 | 74,875 | 7.46% | |
| C | Pershing, LLC | ||
| 1 Pershing Plz | |||
| Jersey City, NJ 07399-0001 | 336,210 | 17.45% | |
| C | MLPF&S For The Sole Benefit | ||
| Of Its Customers | |||
| Attn: Fund Administration | |||
| 4800 Deer Lake Dr., E., FL 3 | |||
| Jacksonville, FL 32246-6484 | 230,435 | 11.96% | |
| C | National Financial Services LLLC | ||
| For The Exclusive Benefit Of | |||
| Our Customers | |||
| 499 Washington Blvd | |||
| Attn: Mutual Funds Dept 4th Fl. | |||
| Jersey City, NJ 07310-2010 | 199,412 | 10.35% | |
| C | Wells Fargo Advisors | ||
| Special Custody Acct For The | |||
| Exclusive Benefit Of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 180,536 | 9.37% | |
| C | LPL Financial | ||
| 9785 Towne Centre Dr. | |||
| San Diego, CA 92121-1968 | 101,599 | 5.27% | |
| M | LPL Financial | ||
| 9785 Towne Centre Dr. | |||
| San Diego, CA 92121-1968 | 14,048 | 8.58% | |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| M | Philip Arpiarian & Zack Apkarian & Garo Moumdjian Ttees | ||
| Holy Cross Church Endowment Trust | |||
| U/A Dtd 02/02/1997 | |||
| 428 Greenmount Ave. | |||
| Cliffside Pk, NJ 07010-1634 | 25,126 | 15.35% | |
| M | Charles Schwab & Co Inc | ||
| Clearing Account For The Exclusive | |||
| Benefit Of Their Customers | |||
| 101 Montgomery St. | |||
| San Francisco, CA 94104-4151 | 21,784 | 13.31% | |
| R | State Street Bank Ttee Cust Fbo | ||
| Adp Access | |||
| 1 Lincoln St. | |||
| Boston, MA 02111-2901 | 391,331 | 45.47% | |
| R | MG Trust Co Cust FBO | ||
| Wegman Hessler And Vanderburg 401k | |||
| 700 17th St Ste 300 | |||
| Denver, CO 80202-3531 | 64,006 | 7.44% | |
| R5 | Putnam LLC | ||
| One Post Office Square | |||
| Boston, MA 02109 | 1,113 | 100% | |
| R6 | Great-West Trust Company, LLC | ||
| 8515 E. Orchard Road | |||
| Greenwood Village, CO 80111-5002 | 277,146 | 99.43% | |
| Y | Merrill Lynch For The Sole Benefit | ||
| Of Its Customers | |||
| Attn: Fund Administration | |||
| 4800 Deer Lake Dr., E., FL 3 | |||
| Jacksonville, FL 32246-6484 | 147,813 | 6.21% | |
| Y | Pershing, LLC | ||
| 1 Pershing Plz | |||
| Jersey City, NJ 07399-0001 | 264,230 | 11.10% | |
| Y | National Financial Services LLC | ||
| For The Exclusive Benefit Of | |||
| Our Customers | |||
| 499 Washington Blvd | |||
| Attn: Mutual Funds Dept 4th Fl. | |||
| Jersey City, NJ 07310-2010 | 222,859 | 9.36% | |
| Y | RBC Capital Markets, LLC | ||
| 510 Marquette Ave S | |||
| Minneapolis, MN 55402-1110 | 492,573 | 20.69% | |
| Y | DCGT Trustee/Custodian for | ||
| Principal Financial Group | |||
| 711 High Street | |||
| Des Moines, IA 50322 | 130,581 | 5.49% | |
| Y* | Mercer Trust Company | 286,861 | 12.05% |
| Putnam AMT-Free Municipal Fund | |||
| A | Wells Fargo Advisors | ||
| 2801 Market Street | |||
| Saint Louis, MO 63103 | 4,325,213 | 18.48% | |
| A | National Financial Services LLC | ||
| 200 Liberty Street, 5th Floor | |||
| One World Financial Center | |||
| New York, NY 10281-5503 | 1,761,597 | 7.53% | |
| A | Merrill, Lynch, Pierce Fenner & Smith | ||
| 4800 Deer Lake Dr., E., FL 3 | |||
| Jacksonville, FL 32246-6484 | 2,997,595 | 12.81% | |
| A | Morgan Stanley Smith Barney | ||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 1,683,606 | 7.19% | |
| A | Pershing LLC | ||
| P.O. Box 2052 | |||
| Jersey City, NJ 07303-2052 | 1,316,643 | 5.63% | |
| A | Edward D. Jones & Co. | ||
| 201 Progress Parkway | |||
| Maryland, Heights, MO 63043-3009 1,441,609 | 6.16% | ||
| B | Wells Fargo Advisors | ||
| 2801 Market Street | |||
| Saint Louis, MO 63103 | 77,585 | 37.71% | |
| B | Pershing LLC | ||
| P.O. Box 2052 | |||
| Jersey City, NJ 07303-2052 | 36,733 | 15.01% | |
| L-4 |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Putnam AMT-Free Municipal Fund (cont.) | |||
| B | National Financial Services LLC | ||
| 200 Liberty Street, 5th Floor | |||
| One World Financial Center | |||
| New York, NY 10281-5503 | 23,940 | 9.79% | |
| B | Merrill, Lynch, Pierce Fenner & Smith | ||
| 4800 Deer Lake Dr., E., FL 3 | |||
| Jacksonville, FL 32246-6484 | 12,755 | 5.21% | |
| B | Raymond James | ||
| Attn: Courtney Waller | |||
| 880 Carillon Parkway | |||
| St. Petersburg, FL 33716 | 14,250 | 5.82% | |
| B | RBC Capital Markets, LLC | ||
| 510 Marquette Ave S | |||
| Minneapolis, MN 55402-1110 | 17,211 | 7.03% | |
| C | National Financial Services LLC | ||
| 200 Liberty Street, 5th Floor | |||
| One World Financial Center | |||
| New York, NY 10281-5503 | 547,051 | 25.03% | |
| C | LPL Financial | ||
| Attn: Lindsay O’Toole | |||
| 9785 Towne Center Drive | |||
| San Diego, CA 92121-1968 | 157,663 | 7.21% | |
| C | Wells Fargo Advisors | ||
| 2801 Market Street | |||
| Saint Louis, MO 63103 | 329,965 | 15.10% | |
| C | Merrill, Lynch, Pierce Fenner & Smith | ||
| 4800 Deer Lake Dr., E., FL 3 | |||
| Jacksonville, FL 32246-6484 | 213,863 | 9.79% | |
| C | Pershing LLC | ||
| P.O. Box 2052 | |||
| Jersey City, NJ 07303-2052 | 174,645 | 7.99% | |
| C | UBS WM USA | ||
| Attn: Department Manager | |||
| 1000 Harbor Blvd | |||
| Weehawken, NJ 07086 | 128,244 | 5.87% | |
| C | Morgan Stanley Smith Barney | ||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 165,115 | 7.55% | |
| M | Pershing LLC | ||
| P.O. Box 2052 | |||
| Jersey City, NJ 07303-2052 | 12,709 | 17.11% | |
| M | National Financial Services LLC | ||
| 200 Liberty Street, 5th Floor | |||
| One World Financial Center | |||
| New York, NY 10281-5503 | 32,248 | 43.42% | |
| M | Joan M. Novak & Eugene S. Novak | ||
| 2091 E Parkview Circle | |||
| Hoffman Estates, IL 60169-2644 | 6,291 | 8.47% | |
| M | Morgan Stanley Smith Barney | ||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 6,499 | 8.75% | |
| Y | Wells Fargo Advisors | ||
| 2801 Market Street | |||
| Saint Louis, MO 63103 | 528,439 | 29.66% | |
| Y | Merrill, Lynch, Pierce Fenner & Smith | ||
| 4800 Deer Lake Dr., E., FL 3 | |||
| Jacksonville, FL 32246-6484 | 417,549 | 23.44% | |
| Y | Morgan Stanley Smith Barney | ||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 365,205 | 20.50% | |
| Y | National Financial Services LLC | ||
| 200 Liberty Street, 5th Floor | |||
| One World Financial Center | |||
| New York, NY 10281-5503 | 227,471 | 12.77% | |
| Y | Raymond James | ||
| 880 Carillon Pkwy | |||
| St. Petersburg, FL 33716-1100 | 111,138 | 6.24% | |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Putnam Arizona Tax Exempt Income Fund | |||
| A | Edward D Jones & Co | ||
| For the Benefit of Customers | |||
| 12555 Manchester Rd. | |||
| Saint Louis, MO 63131-3729 | 505,120 | 9.58% | |
| A | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 484,458 | 9.19% | |
| A | Wells Fargo Advisors | ||
| Special Custody Acct for the Exclusive | |||
| Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 481,613 | 9.13% | |
| A | National Financial Services, LLC for the | ||
| Exclusive Benefit of | |||
| Our Customers | |||
| 499 Washington Blvd. | |||
| Attn: Mutual Funds Dept 4th Fl. | |||
| Jersey City, NJ 07310-2010 | 444,168 | 8.42% | |
| A | UBS Wealth Management USA | ||
| 0O0 11011 6100 | |||
| Omni Account M/F | |||
| Attn: Department Manager | |||
| 1000 Harbor Blvd | |||
| Weehawken, NJ 07086-6761 | 311,694 | 5.91% | |
| A | MLPF&S for the Sole Benefit | ||
| of its Customers | |||
| 4800 Deer Lake Dr., E., FL 3 | |||
| Jacksonville, FL 32246-6484 | 284,454 | 5.39% | |
| A | Pershing LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 288,584 | 5.47% | |
| A | Charles Schwab & Co. Inc. | ||
| 101 Montgomery Street | |||
| San Francisco, CA 94104-4151 | 267,749 | 5.08% | |
| B | National Financial Services, LLC | ||
| for the Exclusive Benefit of | |||
| Our Customers | |||
| 499 Washington Blvd. | |||
| Attn: Mutual Funds Dept 4th Fl. | |||
| Jersey City, NJ 07310-2010 | 61,135 | 42.16% | |
| B | LPL Financial | ||
| Omnibus Customer Account | |||
| Attn: Lindsay O’Toole | |||
| 9785 Towne Centre Dr. | |||
| San Diego, CA 92121-1968 | 32,991 | 22.75% | |
| B | Wells Fargo Advisors | ||
| Special Custody Acct for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 15,174 | 10.46% | |
| B | George Migliorisi & Ann Migliorisi Trustees | ||
| Migliorisi Family Living Trust U/A | |||
| Dtd 09/20/2010 | |||
| 13034 W Pinnacle Vista Dr. | |||
| Peoria, AZ 85383-7606 | 11,123 | 7.67% | |
| C | Wells Fargo Advisors | ||
| Special Custody Acct for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 94,200 | 32.98% | |
| C | MLPF&S for the Sole Benefit | ||
| of its Customers | |||
| Attn: Fund Administration | |||
| 4800 Deer Lake Dr., E., FL 3 | |||
| Jacksonville, FL 32246-6484 | 70,550 | 24.70% | |
| C | National Financial Services, LLC | ||
| for the Exclusive Benefit of | |||
| Our Customers | |||
| 499 Washington Blvd. | |||
| Attn: Mutual Funds Dept 4th Fl. | |||
| Jersey City, NJ 07310-2010 | 28,918 | 10.13% | |
| L-5 |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Putnam Arizona Tax Exempt Income Fund (cont.) | |||
| C | UBS Wealth Management USA | ||
| 0O0 11011 6100 | |||
| Omni Account M/F | |||
| Attn: Department Manager | |||
| 1000 Harbor Blvd | |||
| Weehawken, NJ 07086-6761 | 15,931 | 5.58% | |
| M | Pershing LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 43,345 | 35.74% | |
| M | LPL Financial | ||
| Omnibus Customer Account | |||
| Attn: Lindsay O’Toole | |||
| 9785 Towne Centre Dr. | |||
| San Diego, CA 92121-1968 | 35,104 | 28.95% | |
| M | Edward D Jones & Co | ||
| For the Benefit of Customers | |||
| 12555 Manchester Rd. | |||
| Saint Louis, MO 63131-3729 | 16,186 | 13.35% | |
| M | Robert W Baird & Co., Inc | ||
| 777 E Wisconsin Ave. | |||
| Milwaukee, WI 53202-5300 | 11,258 | 9.28% | |
| Y | MLPF&S for the Sole Benefit | ||
| of its Customers | |||
| 4800 Deer Lake Dr., E., FL 3 | |||
| Jacksonville, FL 32246-6484 | 203,560 | 65.81% | |
| Y | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 28,466 | 9.20% | |
| Y | LPL Financial | ||
| Omnibus Customer Account | |||
| Attn: Lindsay O’Toole | |||
| 9785 Towne Centre Dr. | |||
| San Diego, CA 92121-1968 | 29,411 | 9.51% | |
| Y | Wells Fargo Advisors | ||
| Special Custody Acct for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 19,055 | 6.16% | |
| Y | Charles Schwab & Co Inc. | ||
| Special Custody A/C FBO Customers | |||
| Attn: Mutual Funds | |||
| 101 Montgomery St. | |||
| San Francisco, CA 94104-4151 | 18,269 | 5.91% | |
| Putnam Asia Pacific Equity Fund | |||
| A | Putnam, LLC | ||
| One Post Office Square | |||
| Boston, MA 02109-2199 | 410,659 | 56.97% | |
| A | National Financial Services, LLC | ||
| For the exclusive benefit | |||
| of our customers | |||
| 499 Washington Blvd | |||
| Attn: Mutual Funds Dept. 4th Fl. | |||
| Jersey City, NJ 07310-2010 | 39,685 | 5.51% | |
| B | Pershing LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399 -0001 | 6,177 | 27.11% | |
| B | Hartman Technology Solutions Inc. | ||
| Simple IRA Plans A/C Troy L Hartman | |||
| 7200 S Moor Cross Dr. | |||
| Sioux Falls, SD 57108-3362 | 2,067 | 9.07% | |
| B | Eleanor V Aguirre Roth IRA Plan | ||
| 10310 Serrano Ave. | |||
| San Jose, CA 95127-3245 | 1,471 | 6.46% | |
| B | Cornwall Central School District 403(B) | ||
| Plan A/C | |||
| Irene L Pons | |||
| 38 McCanns Ln. | |||
| Cornwall, NY 12518-1518 | 1,216 | 5.34% | |
| C | Pershing LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399 -0001 | 10,045 | 25.46% | |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| C | LPL Financial Omnibus Customer Account | ||
| Attn: Lindsay O’Toole | |||
| 9785 Towne Centre Dr. | |||
| San Diego, CA 92121-1968 | 3,986 | 10.10% | |
| C | Charles Schwab & Co., Inc. | ||
| 101 Montgomery St. | |||
| San Francisco, CA 94101-4151 | 4,218 | 10.69% | |
| C | National Financial Services, LLC | ||
| 499 Washington Blvd | |||
| Jersey City, NJ 07310-2010 | 2,043 | 5.18% | |
| M | Charles Schwab & Co., Inc. | ||
| 101 Montgomery St. | |||
| San Francisco, CA 94101-4151 | 474 | 10.68% | |
| M | David W Clark | ||
| TOD Natalia Al Clark | |||
| Subject to STA TOD Rules | |||
| 3647 Round Top Rd. | |||
| Elizabethtown, PA 17022-9057 | 1,657 | 37.35% | |
| M | James W Wemyss | ||
| Roth IRA Conversion Plan | |||
| 4208 Chapman Dr. | |||
| Kent, OH 44240-6878 | 892 | 20.10% | |
| M | Gail Willis Roth IRA Plan | ||
| 5423 Great Woods Dr. | |||
| Indianapolis, IN 46224-6181 | 269 | 6.07% | |
| M | Keith A Conaway | ||
| Roth IRA Conversion Plan | |||
| 14008 Brangus Rd. | |||
| Shawnee, OK 74804-9633 | 269 | 6.06% | |
| M | Bonnie K Thomas IRA Plan | ||
| N6578 Nehring Rd. | |||
| Pardeeville, WI 53954-9502 | 251 | 5.66% | |
| R | MG Trust Co. Customer for the | ||
| benefit of Synergy Concepts Inc. | |||
| 700 17th St. Suite 300 | |||
| Denver, CO 80202-3531 | 1,543 | 14.28% | |
| R | MG Trust Co. Customer | ||
| Passantino Andersen Communications, | |||
| 700 17th St. Suite 300 | |||
| Denver, CO 80202-3531 | 1,498 | 13.87% | |
| R | MG Trust Co. Customer for the | ||
| benefit of Swerve Inc. | |||
| 700 17th St. Suite 300 | |||
| Denver, CO 80202-3531 | 1,014 | 9.38% | |
| R | MG Trust Co. Customer for the | ||
| benefit of Sama Medical Billing, LLC | |||
| 700 17th St. Suite 300 | |||
| Denver, CO 80202-3531 | 837 | 7.74% | |
| R | Bridgeport CT Board of Education | ||
| 403(B) Plan | |||
| A/C John M Fabrizi | |||
| 120 Doreen Dr. | |||
| Bridgeport, CT 06604-1001 | 870 | 8.05% | |
| R | MG Trust Co. Customer for the | ||
| benefit of Brown Sterman | |||
| Reznik & Gershkowitz | |||
| 700 17th St. Suite 300 | |||
| Denver, CO 80202-3531 | 796 | 7.37% | |
| R | MG Trust Co. Customer for the | ||
| benefit of Boys and Girls | |||
| Club of Conejo & Las | |||
| 700 17th St. Suite 300 | |||
| Denver, CO 80202-3531 | 586 | 5.42% | |
| R | MG Trust Co. Customer for the | ||
| benefit of Klone Lab | |||
| 700 17th St. Suite 300 | |||
| Denver, CO 80202-3531 | 825 | 7.64% | |
| Y** | Great-West Trust Company, LLC — | ||
| The Putnam Retirement Plan | 50,962 | 70.51% | |
| Y** | Great-West Trust Company, LLC — | ||
| The Putnam Deferred | |||
| Compensation Plans | 9,587 | 13.26% | |
| L-6 |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Putnam California Tax Exempt Income Fund | |||
| A | Merrill, Lynch, Pierce, Fenner & Smith | ||
| 4800 Dear Lake Dr. East | |||
| Jacksonville, FL 32246-6484 | 21,021,065 | 12.26% | |
| A | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 21,141,736 | 12.33% | |
| A | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 19,015,622 | 11.09% | |
| A | Pershing LLC | ||
| P.O. Box 2052 | |||
| Jersey City, NJ 07303-2052 | 9,711,301 | 5.67% | |
| A | UBS Wealth Management USA | ||
| 1000 Harbor Blvd | |||
| Weehawken, NJ 07086-6761 | 9,295,344 | 5.42% | |
| A | National Financial Services LLC | ||
| 200 Liberty Street, 5th Fl. | |||
| One World Financial Center | |||
| New York, NY 10281-5503 | 9,179,958 | 5.36% | |
| B | Charles Schwab & Co., Inc. | ||
| 101 Montgomery St. | |||
| San Francisco, CA 94104-4151 | 9,267,049 | 5.41% | |
| B | Pershing LLC | ||
| P.O. Box 2052 | |||
| Jersey City, NJ 07303-2052 | 295,475 | 31.88% | |
| B | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 170,059 | 18.35% | |
| B | Merrill, Lynch, Pierce, Fenner & Smith | ||
| 4800 Dear Lake Dr. East | |||
| Jacksonville, FL 32246-6484 | 93,748 | 10.11% | |
| B | Charles Schwab & Co., Inc. | ||
| 101 Montgomery St. | |||
| San Francisco, CA 94104-4151 | 164,611 | 17.76% | |
| C | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 1,523,956 | 25.37% | |
| C | Merrill, Lynch, Pierce, Fenner & Smith | ||
| 4800 Dear Lake Dr. East | |||
| Jacksonville, FL 32246-6484 | 1,202,639 | 20.02% | |
| C | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 573,788 | 9.55% | |
| C | Pershing LLC | ||
| P.O. Box 2052 | |||
| Jersey City, NJ 07303-2052 | 486,056 | 8.09% | |
| C | National Financial Services LLC | ||
| 200 Liberty Street, 5th Fl. | |||
| One World Financial Center | |||
| New York, NY 10281-5503 | 416,263 | 6.93% | |
| C | Charles Schwab & Co., Inc. | ||
| 101 Montgomery St. | |||
| San Francisco, CA 94104-4151 | 572,273 | 9.53% | |
| M | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 17,853 | 5.34% | |
| M | Raymond James | ||
| 880 Carillon Pkwy | |||
| St. Petersburg, FL 33716-1100 | 17,116 | 5.12% | |
| M | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 90,904 | 27.21% | |
| M | Pershing LLC | ||
| P.O. Box 2052 | |||
| Jersey City, NJ 07303-2052 | 43,118 | 12.91% | |
| M | Charles Schwab & Co., Inc. | ||
| 101 Montgomery St. | |||
| San Francisco, CA 94104-4151 | 24,100 | 7.21% | |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| M | Edward D. Jones & Co. | ||
| 201 Progress Parkway | |||
| Maryland Heights, MO 63043-3003 | 17,116 | 5.12% | |
| M | Vanguard Brokerage Services | ||
| P.O. Box 1170 | |||
| Valley Forge, PA 19482-1170 | 21,727 | 6.50% | |
| M | Stifel Nicolaus & Co., Inc. | ||
| 501 N Broadway | |||
| Saint Louis, MO 63102-2131 | 21,400 | 6.41% | |
| Y | Merrill, Lynch, Pierce, Fenner & Smith | ||
| 4800 Dear Lake Dr. East | |||
| Jacksonville, FL 32246-6484 | 2,681,654 | 38.54% | |
| Y | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 922,183 | 13.25% | |
| Y | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 757,346 | 10.88% | |
| Y | RBC Capital Markets, LLC | ||
| 510 Marquette Ave. S | |||
| Minneapolis, MN 55402-1110 | 591,233 | 8.50% | |
| Y | LPL Financial Services | ||
| P.O. Box 509046 | |||
| San Diego, CA 92150-9046 | 415,201 | 5.97% | |
| Y | Charles Schwab & Co., Inc. | ||
| 101 Montgomery St. | |||
| San Francisco, CA 94104-4151 | 549,240 | 7.89% | |
| Y | Raymond James | ||
| 880 Carillon Pkwy. | |||
| St. Petersburg, FL 33716-1100 | 624,420 | 8.97% | |
| Putnam Capital Opportunities Fund | |||
| A | Pershing LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399 -0001 | 1,142,759 | 6.24% | |
| A | MLPF&S for the Sole Benefit | ||
| of its Customers | |||
| 4800 Deer Lake Dr., E., FL 3 | |||
| Jacksonville, FL 32246-6484 | 1,042,045 | 5.69% | |
| B | Pershing LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399 -0001 | 63,108 | 6.67% | |
| C | Raymond James | ||
| Attn: Courtney Waller | |||
| 880 Carillon Parkway | |||
| St. Petersburg, FL 33716 | 392,904 | 20.92% | |
| C | Wells Fargo Advisors | ||
| Special Custody Acct for the Exclusive | |||
| Benefit of Customer | |||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 289,354 | 15.40% | |
| C | Pershing LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399 -0001 | 204,126 | 10.87% | |
| C | MLPF&S for the Sole Benefit | ||
| of its Customers | |||
| 4800 Deer Lake Dr., E., FL 3 | |||
| Jacksonville, FL 32246-6484 | 138,901 | 7.39% | |
| C | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 130,958 | 6.97% | |
| R | MLPF&S for the Sole Benefit | ||
| of its Customers | |||
| 4800 Deer Lake Dr., E., FL 3 | |||
| Jacksonville, FL 32246-6484 | 329,901 | 25.67% | |
| R | State Street Bank FBP ADP Access | ||
| 1 Lincoln St. | |||
| Boston, MA 02111-2901 | 174,682 | 13.59% | |
| R5 | Putnam LLC | ||
| One Post Office Square | |||
| Boston, MA 02109-2199 | 829 | 100.00% | |
| L-7 |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Putnam Capital Opportunities Fund (cont.) | |||
| R6** | Great-West Trust Company LLC TTEE — | ||
| The Putnam Retirement Plan | 605,237 | 99.86% | |
| Y | National Financial Services, LLC | ||
| For the Exclusive Benefit | |||
| of Our Customers | |||
| Attn: Mutual Funds Dept. 4th Fl. | |||
| 499 Washington Blvd | |||
| Jersey City, NJ 07310-2010 | 857,017 | 24.27% | |
| Y | MLPF&S for the Sole Benefit of its Customers | ||
| 4800 Deer Lake Dr., E., FL 3 | |||
| Jacksonville, FL 32246-6484 | 339,482 | 9.62% | |
| Y | Wells Fargo Retirement Plan Services | ||
| P.O. Box 1533 | |||
| Minneapolis, MN | 305,401 | 8.65% | |
| Y | UBS WM USA | ||
| 1000 Harbor Blvd | |||
| Weehawken, NJ 07086-6761 | 217,442 | 6.16% | |
| Y** | Great-West Trust Collc LLC FBO | ||
| Putnam — Recordkeeping for | |||
| Various Benefit Plans | 876,100 | 24.81% | |
| Putnam Capital Spectrum Fund | |||
| A | UBS WM USA | ||
| 1000 Harbor Blvd | |||
| Weehawken, NJ 07086-6761 | 12,521,847 | 25.00% | |
| A | National Financial Services, LLC | ||
| 499 Washington Blvd | |||
| Jersey City, NJ 07310-2010 | 7,867,625 | 15.71% | |
| A | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 4,731,976 | 9.45% | |
| A | MLPF&S | ||
| 4800 Deer Lake Dr, E. FL 3 | |||
| Jacksonville, FL 32246-6484 | 3,354,944 | 6.70% | |
| B | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 245,037 | 14.95% | |
| B | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 242,227 | 14.78% | |
| B | MLPF&S | ||
| 4800 Deer Lake Dr., E. FL 3 | |||
| Jacksonville, FL 32246-6484 | 197,409 | 12.05% | |
| B | LPL Financial | ||
| 9785 Towne Centre Dr. | |||
| San Diego, CA 92121-1968 | 98,403 | 5.01% | |
| B | UBS WM USA | ||
| 1000 Harbor Blvd | |||
| Weehawken, NJ 07086-6761 | 83,995 | 5.13% | |
| C | MLPF&S | ||
| 4800 Deer Lake Dr., E. FL 3 | |||
| Jacksonville, FL 32246-6484 | 4,517,597 | 19.76% | |
| C | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 3,429,809 | 15.00% | |
| C | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 2,389,241 | 10.45% | |
| C | LPL Financial | ||
| 9785 Towne Centre Dr. | |||
| San Diego, CA 92121-1968 | 2,212,226 | 9.67% | |
| C | UBS WM USA | ||
| 1000 Harbor Blvd | |||
| Weehawken, NJ 07086-6761 | 2,003,901 | 8.76% | |
| C | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 1,962,347 | 8.58% | |
| C | Raymond James | ||
| 880 Carillon Pkwy | |||
| St. Petersburg, FL 33716-1100 | 2,002,868 | 8.76% | |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| M | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 45,146 | 21.91% | |
| M | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 28,353 | 13.76 | |
| M | LPL Financial | ||
| 9785 Towne Centre Dr. | |||
| San Diego, CA 92121-1968 | 32,049 | 15.55% | |
| M | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 10,583 | 5.14% | |
| R | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 31,586 | 16.08% | |
| R | MLPF&S | ||
| 4800 Deer Lake Dr., E. FL.3 | |||
| Jacksonville, FL 32246-6484 | 17,464 | 8.89% | |
| R | Frontier Trust Company | ||
| FBO — Triumph Transport Inc. | |||
| Retirement | |||
| PO Box 10758 | |||
| Fargo, ND 58106-0758 | 14,674 | 7.47% | |
| R | Frontier Trust Company | ||
| FBO — Dunstan Dental Center | |||
| PO Box 10758 | |||
| Fargo, ND 58106-0758 | 16,811 | 8.56% | |
| R | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 15,012 | 7.64% | |
| Y | LPL Financial | ||
| 9785 Towne Centre Dr. | |||
| San Diego, CA 92121-1968 | 14,104,103 | 23.62% | |
| Y | MLPF&S | ||
| 4800 Deer Lake Dr., E. FL.3 | |||
| Jacksonville, FL 32246-6484 | 10,931,687 | 18.31% | |
| Y | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 8,908,330 | 14.92% | |
| Y | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 6,162,341 | 10.32% | |
| Y | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 4,987,754 | 8.35% | |
| Y | National Financial Services, LLC | ||
| 499 Washington Blvd | |||
| Jersey City, NJ 07310-2010 | 3,450,547 | 5.78% | |
| Putnam Convertible Securities Fund | |||
| B | Pershing LLC | ||
| P.O. Box 2052 | |||
| Jersey City, NJ 07303-2052 | 34,564 | 6.67% | |
| C | Pershing LLC | ||
| P.O. Box 2052 | |||
| Jersey City, NJ 07303-2052 | 244,744 | 11.56% | |
| M | Pershing LLC | ||
| P.O. Box 2052 | |||
| Jersey City, NJ 07303-2052 | 19,362 | 11.67% | |
| A | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 1,399,156 | 5.87% | |
| A | Pershing LLC | ||
| P.O. Box 2052 | |||
| Jersey City, NJ 07303-2052 | 1,843m508` | 7.74% | |
| L-8 |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Putnam Convertible Securities Fund (cont.) | |||
| A | National Financial Services, LLC | ||
| For The Exclusive Benefit | |||
| of Our Customers | |||
| 200 Liberty St., 5th Fl | |||
| One World Financial Center | |||
| New York, NY 10281-5503 | 1,476,834 | 6.20% | |
| A | Edward D. Jones & Co. | ||
| 201 Progress Parkway | |||
| Maryland Heights, MO 63043-3003 | 1,379,557 | 5.79% | |
| A | Wells Fargo Advisors | ||
| 2801 Market Street | |||
| St. Louis, MO 63103-2523 | 1,286,673 | 5.40% | |
| A | UBS Wealth Management | ||
| 0O0 11011 6100 | |||
| Omni Account M/F | |||
| Attn: Department Manager | |||
| 1000 Harbor Blvd | |||
| Weehawken, NJ 07086-6761 | 1,391,832 | 5.84% | |
| B | Merrill, Lynch, Pierce, Fenner & Smith | ||
| 4800 Dear Lake Dr. East FL 3 | |||
| Jacksonville, FL 32246-6484 | 156,490 | 30.19% | |
| B | Wells Fargo Advisors | ||
| 2801 Market Street | |||
| St. Louis, MO 63103-2523 | 90,592 | 17.48% | |
| B | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 32,388 | 6.25% | |
| C | Merrill, Lynch, Pierce, Fenner & Smith | ||
| 4800 Dear Lake Dr. East FL 3 | |||
| Jacksonville, FL 32246-6484 | 661,011 | 31.22% | |
| C | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 239,887 | 11.33% | |
| C | Wells Fargo Advisors | ||
| 2801 Market Street | |||
| St. Louis, MO 63103-2523 | 178,490 | 8.43% | |
| C | UBS Wealth Management | ||
| Omni Account M/F | |||
| Attn: Department Manager | |||
| 1000 Harbor Blvd | |||
| Weehawken, NJ 07086-6761 | 143,831 | 6.79% | |
| C | Raymond James | ||
| Omnibus for Mutual Funds | |||
| 880 Carillon Pkwy. | |||
| St. Peterburg, FL 33716-1100 | 106,744 | 5.04% | |
| M | National Financial Services, LLC | ||
| For The Exclusive Benefit | |||
| of Our Customers | |||
| 200 Liberty St., 5th Fl | |||
| One World Financial Center | |||
| New York, NY 10281-5503 | 21,085 | 12.71% | |
| M | DCGT for Principal Financial Group | ||
| 711 High St. | |||
| Des Moines, IA 50329-0001 | 11,291 | 6.81% | |
| M | Edward D. Jones & Co. | ||
| 201 Progress Parkway | |||
| Maryland Heights, MO 63043-3003 | 9,342 | 5.63% | |
| M | Nationwide Trust Company | ||
| c/o IPO Portfolio Accounting | |||
| PO Box 182029 | |||
| Columbus, OH 43218-2029 | 13,252 | 7.99% | |
| R | State Street Bank TTEE Cust | ||
| For the Benefit of ADP Access | |||
| 1 Lincoln St. | |||
| Boston, MA 02111-2901 | 54,136 | 22.55% | |
| R | MG Trust Company Cust. | ||
| Strata G Profit Sharing Plan | |||
| 700 17th St. Ste 300 | |||
| Denver, CO 80202-3531 | 31,417 | 13.09% | |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| R | Reliance Trust Company | ||
| Assoc in Obstetrics & Gynecology | |||
| Profit Sharing Plan | |||
| PO Box 48529 | |||
| Atlanta, GA 30362-1529 | 25,033 | 10.43% | |
| R | Capital Bank and Trust Company | ||
| Select Rehabilitation Inc. 401k | |||
| 8515 E. Orchard Rd #2T2 | |||
| Greenwood Village, CO 80111-5002 23,977 | 9.99% | ||
| R | MG Trust Company Cust. | ||
| Dalton Ear Nose and Throat Association | |||
| 700 17th St. Ste 300 | |||
| Denver, CO 80202-3531 | 21,490 | 8.95% | |
| Y | Merrill, Lynch, Pierce, Fenner & Smith | ||
| 4800 Dear Lake Dr. East FL 3 | |||
| Jacksonville, FL 32246-6484 | 2,223,769 | 27.93% | |
| Y | Wells Fargo Advisors | ||
| 2801 Market Street | |||
| St. Louis, MO 63103-2523 | 1,034,067 | 12.99% | |
| Y | Charles Schwab & Co Inc. | ||
| Special Custody A/C | |||
| For the Benefit of Customers | |||
| Attn: Mutual Funds | |||
| 101 Montgomery St. | |||
| San Francisco, CA 94104-4151 | 471,325 | 5.92% | |
| Y | Wells Fargo Bank NA | ||
| St. Alexius Medical Center Ret Plan | |||
| 8515 E. Orchard Rd. # 2T2 | |||
| Greenwood Village, CO 80111-5002 402,932 | 5.06% | ||
| Y | National Financial Services, LLC | ||
| 499 Washington Blvd | |||
| Jersey City, NJ 07310-2010 | 694,294 | 8.72% | |
| Putnam Diversified Income Trust | |||
| A | UBS Wealth Management USA | ||
| 1000 Harbor Blvd | |||
| Weehawken, NJ 07086-6761 | 69,203,865 | 23.50% | |
| A | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 26,792,313 | 9.10% | |
| A | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 17,647,268 | 5.99% | |
| A | National Financial Services, LLC | ||
| 499 Washing Blvd | |||
| Jersey City, NJ 07310-2010 | 22,328,981 | 7.58% | |
| A | MLPF&S | ||
| 4800 Deer Lake Dr., E., FL 3 | |||
| Jacksonville, FL 32246-6484 | 20,536,029 | 6.97% | |
| A | Raymond James | ||
| Omnibus for Mutual Funds | |||
| Attn: Courtney Waller | |||
| 880 Carillon Way | |||
| St. Petersburg, FL 33716-1100 | 18,975,966 | 6.44% | |
| B | MLPF&S | ||
| 4800 Deer Lake Drive, E. FL 3 | |||
| Jacksonville, FL 32246-6484 | 1,603,487 | 15.46% | |
| B | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 1,801,042 | 17.36% | |
| B | National Financial Services, LLC | ||
| 499 Washington Blvd, 4th Floor | |||
| Attn: Mutual Funds Dept | |||
| Jersey City, NJ 07310-2010 | 1,250,528 | 12.05% | |
| B | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 1,132,154 | 10.91% | |
| C | MLPF&S | ||
| 4800 Deer Lake Drive, E., FL 3 | |||
| Jacksonville, FL 32246-6484 | 21,730,183 | 22.18% | |
| C | UBS WM USA | ||
| 1000 Harbor Blvd | |||
| Weehawken, NJ 07086-6761 | 10,493,662 | 10.71% | |
| L-9 |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Putnam Diversified Income Trust (cont.) | |||
| C | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 9,981,736 | 10.19% | |
| C | Raymond James | ||
| 880 Carillon Pkwy | |||
| St. Petersburg, FL 33716-1100 | 13,557,443 | 13.84% | |
| C | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 7,520,440 | 7.68% | |
| C | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 6,516,298 | 6.65% | |
| C | LPL Financial | ||
| 8785 Towne Centre Dr. | |||
| San Diego, CA 92121-1968 | 5,471,890 | 5.59% | |
| M | SMBC Friend Securities Co., Ltd | ||
| fbo Sumitomo Mitsui Banking Corp. | |||
| Product Admin & Operations Dept. | |||
| Investment Trust & Insurance Group | |||
| 7-12, Nihonbashi-Kabutocho | |||
| Chuo-Ku, Tokyo 103-8221 Japan | 21,787,418 | 71.14% | |
| M | SMBC Friend Securities Co., Ltd | ||
| Product Admin & Operations Dept. | |||
| Investment Trust & Insurance Group | |||
| 7-12, Nihonbashi-Kabutocho | |||
| Chuo-Ku, Tokyo 103-8221 Japan | 6,174,660 | 20.16% | |
| R | MLPF&S | ||
| 4800 Deer Lake Dr., E., Fl.3 | |||
| Jacksonville, FL 32246-6484 | 45,140 | 7.50% | |
| R | MG Trust Company | ||
| FBO — Webb Wilson | |||
| 700 17th St., Ste. 300 | |||
| Denver, CO 80202-3531 | 33,028 | 5.49% | |
| R | DCGT as Trustee for Principal | ||
| Financial Group | |||
| 711 High St. | |||
| Des Moines, IA 50392-2732 | 46,440 | 7.72% | |
| R | MG Trust Company | ||
| Hebberd-Kulow Enterprises | |||
| 717 17th St. Ste 1300 | |||
| Denver, CO 80202-3304 | 39,389 | 6.55% | |
| Y | Merrill Lynch | ||
| 4800 Deer Lake Dr., E., FL 3 | |||
| Jacksonville, FL 32246-6484 | 68,093,670 | 42.33% | |
| Y | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 20,012,286 | 12.44% | |
| Y | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 13,239,597 | 8.23% | |
| Y | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 8,294,417 | 5.16% | |
| Y | Raymond James | ||
| 880 Carillon Pkwy | |||
| St. Petersburg, FL 33716-1100 | 8,347,737 | 5.19% | |
| Putnam Dynamic Asset Allocation Balanced Fund | |||
| A | National Financial Services, LLC | ||
| For the Exclusive Benefit | |||
| of our Customers | |||
| 200 Liberty Street, 5th fl | |||
| One World Financial Center | |||
| New York, NY 10281-5503 | 5,075,702 | 6.90% | |
| A | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 4,868,830 | 6.62% | |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| A | Edward D Jones & Co | ||
| Attn: Mutual Fund | |||
| Shareholder Accounting | |||
| 201 Progress Pkwy | |||
| Maryland Hts., MO 63043-3009 | 3,826,114 | 5.20% | |
| B | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 619,767 | 10.03% | |
| B | National Financial Services, LLC | ||
| For the Exclusive Benefit | |||
| of our Customers | |||
| 200 Liberty Street, 5th fl | |||
| One World Financial Center | |||
| New York, NY 10281-5503 | 543,467 | 8.79% | |
| B | Wells Fargo Advisors | ||
| Special Custody Account for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 506,507 | 8.20% | |
| B | Charles Schwab & Co Inc. | ||
| Clearing Account | |||
| For the Exclusive Benefit | |||
| of Their Customers | |||
| 101 Montgomery St. | |||
| San Francisco, CA 94104-4151 | 456,022 | 7.38% | |
| C | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 755,157 | 8.51% | |
| C | Wells Fargo Advisors | ||
| Special Custody Account for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 609,156 | 6.86% | |
| C | MLPF&S For The Sole Benefit | ||
| of Its Customers | |||
| Attn Fund Administration | |||
| 4800 Deer Lake Dr. E FL 3 | |||
| Jacksonville, FL 32246-6484 | 543,232 | 6.12% | |
| C | National Financial Services, LLC | ||
| For the Exclusive Benefit | |||
| of our Customers | |||
| 200 Liberty Street, 5th fl | |||
| One World Financial Center | |||
| New York, NY 10281-5503 | 525,423 | 5.92% | |
| M | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 109,777 | 5.42% | |
| M | DCGT as Trustee for Principal | ||
| Financial Group | |||
| 711 High St. | |||
| Des Moines, IA 50392-0001 | 212,589 | 10.50% | |
| M* | DTM Companies 401(k) Plan | 265,533 | 13.11% |
| R | MG Trust Company Cust. | ||
| FBO Cannon Group Inc. | |||
| 700 17th St. Ste 300 | |||
| Denver, CO 80202-3531 | 64,406 | 6.75% | |
| R5 | Putnam LLC | ||
| One Post Office Square | |||
| Boston, MA 02109 | 902 | 100.00% | |
| R6 | Putnam LLC | ||
| One Post Office Square | |||
| Boston, MA 02109 | 826,558 | 99.89% | |
| Y | Charles Schwab & Co., Inc. | ||
| 101 Montgomery St. | |||
| San Francisco, CA 94104-4151 | 445,858 | 5.11% | |
| Y* | Connecticut Pipe Trades | ||
| Local No. 77 Annuity Plan | 1,312,812 | 15.04% | |
| Y*** | Putnam Retirement Ready 2025 | ||
| Fund — A shares | 901,882 | 10.33% | |
| L-10 |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Putnam Dynamic Asset Allocation Balanced Fund (cont.) | |||
| Y*** | Putnam Retirement Ready 2020 | ||
| Fund — A shares | 760,611 | 8.71% | |
| Y** | Great-West Trust Company, LLC — | ||
| Recordkeeping for various | |||
| benefit plans | 1,334,634 | 15.29% | |
| Putnam Dynamic Asset Allocation Conservative Fund | |||
| A | National Financial Services, LLC | ||
| 499 Washington Blvd | |||
| Jersey City, NY 07310-2010 | 1,994,746 | 5.37% | |
| A | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 1,944,330 | 5.23% | |
| A* | Iron Workers Local #17 | ||
| Annuity Plan | 2,386,311 | 6.42% | |
| B | Wells Fargo Advisors | ||
| Special Custody Account for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 436,685 | 17.64% | |
| B | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 180,230 | 7.28% | |
| B | National Financial Services, LLC | ||
| For the Exclusive Benefit | |||
| of our Customers | |||
| 200 Liberty Street, 5th Fl. | |||
| One World Financial Center | |||
| New York, NY 10281-5503 | 221,128 | 8.93% | |
| B | Charles Schwab & Co Inc. | ||
| Clearing Account | |||
| For the Exclusive Benefit | |||
| of Their Customers | |||
| 101 Montgomery St. | |||
| San Francisco, CA 94104-4151 | 206,363 | 8.33% | |
| C | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 480,936 | 9.64% | |
| C | Wells Fargo Advisors | ||
| Special Custody Account for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 422,770 | 8.48% | |
| C | MLPF&S For The Sole Benefit | ||
| of Its Customers | |||
| Attn Fund Administration | |||
| 4800 Deer Lake Dr. E FL 3 | |||
| Jacksonville, FL 32246-6484 | 311,579 | 6.25% | |
| C | National Financial Services, LLC | ||
| For the Exclusive Benefit | |||
| of our Customers | |||
| 200 Liberty Street, 5th Fl. | |||
| One World Financial Center | |||
| New York, NY 10281-5503 | 250,776 | 5.03% | |
| M | Mid Atlantic Trust Company | ||
| Commonwealth Credit Union 401K | |||
| Retirement Savings Plan | |||
| 1251 Waterfront Pl. Ste. 525 | |||
| Pittsburgh, PA 15222-4228 | 62,364 | 10.45% | |
| M | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 52,260 | 5.75% | |
| M | National Financial Services, LLC | ||
| For the Exclusive Benefit | |||
| of our Customers | |||
| 200 Liberty Street, 5th Fl. | |||
| One World Financial Center | |||
| New York, NY 10281-5503 | 46,491 | 5.11% | |
| M* | DTM Companies 401(k) Plan | 94,980 | 10.45% |
| R | MG Trust Company Cust. | ||
| FBO EOL Management Co. LLC | |||
| 700 17th St. Ste. 300 | |||
| Denver, CO 80202-3531 | 25,272 | 6.01% | |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| R | MG Trust Company Cust. | ||
| FBO Southern Cross Aviation LLC | |||
| 700 17th St. Ste. 300 | |||
| Denver, CO 80202-3531 | 21,253 | 5.05% | |
| R | MG Trust Company Cust. | ||
| FBO — MAPP Biopharmaceutical, Inc. | |||
| 700 17th St. Ste. 300 | |||
| Denver, CO 80202-3531 | 22,285 | 5.30% | |
| R5 | Putnam LLC | ||
| One Post Office Square | |||
| Boston, MA 02109 | 1,070 | 100.00 | |
| R6 | Putnam LLC | ||
| One Post Office Square | |||
| Boston, MA 02109 | 285,996 | 99.63% | |
| Y* | Connecticut Pipe Trades | ||
| Local No. 77 Annuity Plan | 695,163 | 11.16% | |
| Y** | Great-West Trust Company, LLC — | ||
| Recordkeeping for various | |||
| benefit plans | 2,549,691 | 40.93% | |
| Y*** | Putnam Retirement Ready 2015 | ||
| Fund — A shares | 459,349 | 7.37% | |
| Y*** | Putnam Retirement Income Fund | ||
| Lifestyle 1 — A shares | 497,263 | 7.98% | |
| Putnam Dynamic Asset Allocation Equity Fund | |||
| A | Putnam LLC | ||
| One Post Office Square | |||
| Boston, MA 02109 | 1,791 | 64.71% | |
| A | Christine M. Barrett | ||
| 10 Knower Road | |||
| Westminster, MA 01473-1453 | 619 | 22.35% | |
| A | Robert Reynolds | ||
| 153 Garfield Road | |||
| Concord, MA01742-4905 | 179 | 6.47% | |
| A | Ravi Akhoury | ||
| 6 Pine Valley Way | |||
| Florham Park, NJ 07932-2700 | 179 | 6.47% | |
| Y*** | Putnam Retirement Ready 2050 | ||
| Fund — A shares | 234,652 | 10.52% | |
| Y*** | Putnam Retirement Ready 2050 | ||
| Fund — A shares | 126,717 | 10.11% | |
| Y*** | Putnam Retirement Ready 2050 | ||
| Fund — Y shares | 200,339 | 9.07% | |
| Y*** | Putnam Retirement Ready 2045 | ||
| Fund — A shares | 323,627 | 14.65% | |
| Y*** | Putnam Retirement Ready 2045 | ||
| Fund — Y shares | 159,304 | 7.21% | |
| Y*** | Putnam Retirement Ready 2040 | ||
| Fund — A shares | 303,733 | 13.75% | |
| Y*** | Putnam Retirement Ready 2040 | ||
| Fund — R shares | 132,733 | 6.01% | |
| Y*** | Putnam Retirement Ready 2035 | ||
| Fund — A shares | 222,048 | 10.05% | |
| Putnam Dynamic Asset Allocation Growth Fund | |||
| A | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 4,943,272 | 6.34% | |
| A | National Financial Services, LLC | ||
| For the Exclusive Benefit of our Customers | |||
| 200 Liberty Street, 5th Fl. | |||
| One World Financial Center | |||
| New York, NY 10281-5503 | 4,963,242 | 6.12% | |
| A | Edward D Jones & Co | ||
| Attn: Mutual Fund Shareholder Accounting | |||
| 201 Progress Pkwy | |||
| Maryland Hts., MO 63043-3009 | 4,313,093 | 5.53% | |
| B | National Financial Services, LLC | ||
| For the Exclusive Benefit of our Customers | |||
| 200 Liberty Street, 5th Fl. | |||
| One World Financial Center | |||
| New York, NY 10281-5503 | 582,953 | 7.52% | |
| L-11 |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Putnam Dynamic Asset Allocation Growth Fund (cont.) | |||
| B | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 565,559 | 7.29% | |
| B | Wells Fargo Advisors | ||
| Special Custody Account for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 434,764 | 5.61% | |
| C | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 973,860 | 10.10% | |
| C | Wells Fargo Advisors | ||
| Special Custody Account for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 774,292 | 8.03% | |
| C | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 762,659 | 7.91% | |
| C | MLPF&S For The Sole Benefit | ||
| of Its Customers | |||
| Attn Fund Administration | |||
| 4800 Deer Lake Dr. E FL 3 | |||
| Jacksonville, FL 32246-6484 | 563,666 | 5.85% | |
| C | National Financial Services, LLC | ||
| For the Exclusive Benefit | |||
| of our Customers | |||
| 200 Liberty Street, 5th Fl. | |||
| One World Financial Center | |||
| New York, NY 10281-5503 | 545,374 | 5.66% | |
| M* | DTM Companies 401(k) Plan | 134,815 | 7.58% |
| R5 | Putnam LLC | ||
| One Post Office Square | |||
| Boston, MA 02109 | 3,238 | 100.00% | |
| R6 | Putnam LLC | ||
| One Post Office Square | |||
| Boston, MA 02109 | 792 | 100.00% | |
| Y* | Connecticut Pipe Trades Local | ||
| No. 77 Annuity Plan | 808,954 | 9.77% | |
| Y** | Great-West Trust Company, LLC — | ||
| Recordkeeping for various | |||
| benefit plans | 1,420,842 | 17.16% | |
| Y*** | Putnam Retirement Ready 2035 | ||
| Fund — A shares | 639,313 | 7.72% | |
| Y*** | Putnam Retirement Ready 2035 | ||
| Fund— Y shares | 459,093 | 5.54% | |
| Y*** | Putnam Retirement Ready 2030 | ||
| Fund — A shares | 680,011 | 8.21% | |
| Putnam Dynamic Risk Allocation Fund | |||
| A | Saxon & Co. | ||
| PO Box 7780-1888 | |||
| Philadelphia, PA 19182-0001 | 228,495 | 5.13% | |
| A | UBS WM USA | ||
| Attn: Department Manager | |||
| 1000 Harbor Blvd | |||
| Weehawken, NJ 07086-6761 | 986,966 | 22.16% | |
| A | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 313,735 | 7.04% | |
| B | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 67,623 | 22.88% | |
| B | MLPF&S for the Sole Benefit | ||
| of its Customers | |||
| Attn: Fund Administration | |||
| 4800 Deer Lake Dr. E. FL 3 | |||
| Jacksonville, FL 32246-6484 | 61,598 | 20.84% | |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| B | Raymond James | ||
| Attn: Courtney Waller | |||
| 880 Carillon Pkwy | |||
| St. Petersburg, FL 33716 | 28,223 | 9.55% | |
| C | UBS WM USA | ||
| Attn: Department Manager | |||
| 1000 Harbor Blvd | |||
| Weehawken, NJ 07086-6761 | 322,987 | 17.23% | |
| C | MLPF&S for the Sole Benefit | ||
| of its Costumers | |||
| Attn: Fund Administration | |||
| 4800 Deer Lake Dr. E. FL 3 | |||
| Jacksonville, FL 32246-6484 | 248,243 | 13.24% | |
| C | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 227,184 | 12.12% | |
| C | Raymond James | ||
| Attn: Courtney Waller | |||
| 880 Carillon Pkwy | |||
| St. Petersburg, FL 33716 | 239,207 | 12.76% | |
| C | National Financial Services LLC | ||
| Attn:Mutual Funds Dept 4th Fl. | |||
| 499 Washington Blvd. | |||
| Jersey City, NJ 07310-2010 | 120,653 | 6.43% | |
| C | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Fl. | |||
| Jersey City, NJ 07311 | 130,823 | 6.98% | |
| M | LPL Financial | ||
| Attn: Lindsay O’Toole | |||
| 9785 Towne Centre Dr. | |||
| San Diego, CA 92121-1968 | 6,608 | 20.13% | |
| M | Putnam Fiduciary Trust Co | ||
| Giving Tree Inc. | |||
| A/C Kathryn Cochran | |||
| 240 Portage St. | |||
| Oak Harbor, OH 43449-1443 | 5,626 | 17.14% | |
| M | Putnam Fiduciary Trust Co | ||
| James C. Wilson | |||
| 233 W. South Park Ave. | |||
| Oshkosh, WI 54902-6537 | 3,672 | 11.19% | |
| M | Putnam Fiduciary Trust Co | ||
| Barbara M. McCullen | |||
| 9 41st St. Unit 123 | |||
| Ocean City, MD 21842-6815 | 2,683 | 8.17% | |
| M | Putnam Fiduciary Trust Co | ||
| Stephen R. Romenesko | |||
| N3564 Farrell Road | |||
| Kaukauna, WI 54130-7859 | 2,513 | 7.66% | |
| R | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Fl. | |||
| Jersey City, NJ 07311 | 31,557 | 75.82% | |
| R | Putnam Investment Holdings, LLC | ||
| 1 Post Office Square | |||
| Boston, MA 02109-2199 | 10,000 | 24.03% | |
| R5 | Putnam Investment Holdings, LLC | ||
| 1 Post Office Square | |||
| Boston, MA 02109-2199 | 986 | 100% | |
| R6** | Great-West Trust Company, LLC | ||
| The Putnam Retirement Plan | 198,309 | 99.51% | |
| Y | Wells Fargo Bank FBO | ||
| 1525 West WT Harris Blvd. | |||
| Charlotte, NC 28288-1076 | 2,285,447 | 17.36% | |
| Y | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 694,817 | 5.28% | |
| L-12 |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Putnam Dynamic Risk Allocation Fund (cont.) | |||
| Y | NFS LLC FBO | ||
| FMTC as Trustee for Delphi Alternative | |||
| 1 Spartan Way, #T520 | |||
| Merrimack, NH 03054-4300` | 5,358,911 | 40.71% | |
| Y | National Financial Services LLC | ||
| Attn:Mutual Funds Dept 4th Fl. | |||
| 499 Washington Blvd. | |||
| Jersey City, NJ 07310-2010 | 2,289,260 | 17.39% | |
| Putnam Emerging Markets Equity Fund | |||
| A | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07303-2052 | 603,707 | 22.99% | |
| A | National Financial Services LLC | ||
| For the Exclusive Benefit | |||
| of Our Customers | |||
| 489 Washington Blvd | |||
| Jersey City, NJ 07303-2052 | 182,529 | 6.95% | |
| B | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07303-2052 | 37,838 | 16.02% | |
| B | Wells Fargo Advisors | ||
| Special Custody Acct for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 14,562 | 6.16% | |
| B | National Financial Services LLC | ||
| For the Exclusive Benefit of Our Customers | |||
| 489 Washington Blvd | |||
| Jersey City, NJ 07303-2052 | 15,344 | 6.50% | |
| C | UBS WM USA | ||
| Omni Account M/F | |||
| Attm: Department Manager | |||
| 1000 Harbor Blvd | |||
| Weehawken, NJ 07086-6761 | 23,874 | 9.51% | |
| C | MLPF&S for the Sole Benefit | ||
| of its Costumers | |||
| Attn: Fund Administration | |||
| 4800 Deer Lake Dr. E. FL 3 | |||
| Jacksonville, FL 32246-6484 | 23,233 | 9.26% | |
| C | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07303-2052 | 26,591 | 10.59% | |
| C | Wells Fargo Advisors | ||
| Special Custody Acct for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 16,925 | 6.49% | |
| C | LPL Financial | ||
| 9785 Towne Centre Dr. | |||
| San Diego, CA 92121-1968 | 15,102 | 6.02% | |
| M | RBC Capital Markets, LLC | ||
| 510 Marquette Ave S | |||
| Minneapolis, MN 55402-1110 | 4,333 | 8.90% | |
| M | Ameritrade, Inc. | ||
| PO Box 2226 | |||
| Omaha, NE 68103-2226 | 2,495 | 5.13% | |
| M | National Financial Services LLC | ||
| For the Exclusive Benefit of Our Customers | |||
| 489 Washington Blvd | |||
| Jersey City, NJ 07303-2052 | 5,580 | 11.46% | |
| M | Mark Rutherford | ||
| SEP IRA Plan | |||
| 1001 N. Stockton Hill Road Ste. A | |||
| Kingman, AZ 86401-6277 | 3,745 | 7.69% | |
| M | Herman L. Zeller | ||
| IRA Plan | |||
| 1941 Pamela St. | |||
| Oxnard, CA 93036-2799 | 3,570 | 7.33% | |
| M | Sarah A. Dobroth | ||
| PO BOX 368 | |||
| Grover Beach, CA 93483-0368 | 2,723 | 5.59% | |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| R | MG Trust Co. Cust. FBO | ||
| Patenaude Wealth Management Inc, | |||
| 700 17th St, Ste 300 | |||
| Denver, CO 80202-3531 | 5,223 | 16.39% | |
| R | MG Trust Co. Cust. FBO | ||
| Brett S. Goymerac DDS OPC | |||
| 700 17th St, Ste 300 | |||
| Denver, CO 80202-3531 | 4,043 | 12.69% | |
| R | MG Trust Co. Cust. FBO | ||
| LCN Services | |||
| 700 17th St, Ste 300 | |||
| Denver, CO 80202-3531 | 3,231 | 10.14% | |
| R | MG Trust Co. Cust. FBO | ||
| Choice One Builders LLC | |||
| 700 17th St, Ste 300 | |||
| Denver, CO 80202-3531 | 1,893 | 5.94% | |
| R | MG Trust Co. Cust. FBO | ||
| Fresh Girl Trading Inc | |||
| 700 17th St, Ste 300 | |||
| Denver, CO 80202-3531 | 1,715 | 5.38% | |
| R | Bridgeport CT Board of Education | ||
| 403(b) Plan | |||
| A/C John M. Fabrizi | |||
| 120 Doreen Dr. | |||
| Bridgeport, CT 06604-1001 | 1,723 | 5.41% | |
| R | Merrill Lynch | ||
| 4800 Deer Lake Dr. E. FL 3 | |||
| Jacksonville, FL 32246-6484 | 3,520 | 11.05% | |
| Y | Merrill Lynch | ||
| 4800 Deer Lake Dr. E. FL 3 | |||
| Jacksonville, FL 32246-6484 | 63,928 | 10.25% | |
| Y**** | Great-West Trust Company, LLC — | ||
| The Putnam Retirement Plan | 368,009 | 58.99% | |
| Putnam Emerging Markets Income Fund | |||
| A | Putnam, LLC | ||
| One Post Office Square | |||
| Boston, MA 02109 | 1,013,527 | 97.97% | |
| B | Putnam, LLC | ||
| One Post Office Square | |||
| Boston, MA 02109 | 1,014 | 47.77% | |
| B | LPL Financial | ||
| 9785 Towne Centre Dr. | |||
| San Diego, CA 92121-1968 | 985 | 46.40% | |
| B | David C. Hartke IRA Rollover Plan | ||
| 3666 Ripplegrove Dr. | |||
| Cincinnati, OH 45251 | 124 | 5.83% | |
| C | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 10,312 | 87.59% | |
| C | Putnam, LLC | ||
| One Post Office Square | |||
| Boston, MA 02109 | 1,013 | 8.61% | |
| M | Putnam, LLC | ||
| One Post Office Square | |||
| Boston, MA 02109 | 1,016 | 45.41% | |
| M | Terry L. Masterson TOD | ||
| Multiple Beneficiaries | |||
| 7150 Buckskin Trl | |||
| Peoria, AZ 85383-7204 | 596 | 26.63% | |
| M | Kelly D. Herriman ROTH IRA Plan | ||
| 5821 County Road 550 | |||
| Marquette, MI 49855-9755 | 403 | 17.99% | |
| M | Kelly D. Herriman IRA Plan | ||
| 5821 County Road 550 | |||
| Marquette, MI 49855-9755 | 223 | 9.97% | |
| Y | Great-West Trust Co LLC FBO PUT INV | ||
| The Putnam Retirement Plan | |||
| 8515 E. Orchard Rd, #2T2 | |||
| Greenwood Village, CO 80111-5002 | 7,356 | 12.62% | |
| Y | Jameson A. Baxter & Reginald Baxter | ||
| 626 Old Bard Rd. | |||
| LK Barrington, IL 60010-6203 | 4,990 | 8.56% | |
| L-13 |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Putnam Emerging Markets Income Fund (cont.) | |||
| Y | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 4,850 | 8.32% | |
| Y | Barbara M. Baumann | ||
| 110 Eudora St. | |||
| Denver, CO 80220-6314 | 3,496 | 6.00% | |
| Y | Great-West Trust Co LLC FBO PUT INV | ||
| Executive DEF Comp Pl 401k | |||
| C/O Fascore, LLC | |||
| 8515 E. Orchard Rd, #2T2 | |||
| Greenwood Village, Co 80111-5002 21,786 | 37.39% | ||
| Y | Kevin F. Murphy & Lana Murphy | ||
| 14 Sears Rd. | |||
| Wayland, MA 01778-2116 | 11,021 | 18.91% | |
| Putnam Equity Income Fund | |||
| A | Edward D. Jones & Co. | ||
| 201 Progress Pkwy | |||
| Maryland Heights, MO | |||
| 63043-3009 | 15,672,950 | 10.05% | |
| A | National Financial Services, LLC | ||
| 499 Washington Blvd | |||
| Jersey City, NJ 07310-2010 | 11,813,667 | 7.57% | |
| A | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 9,163,048 | 5.87% | |
| B | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 368,610 | 7.19% | |
| B | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 312,340 | 6.09% | |
| B | MLPF&S | ||
| 4800 Deer Lake Dr., E., FL 3 | |||
| Jacksonville, FL 32246-6484 | 304,676 | 5.94% | |
| B | National Financial Services, LLC | ||
| 499 Washington Blvd | |||
| Jersey City, NJ 07310-2010 | 268,948 | 5.25% | |
| C | MLPF&S | ||
| 4800 Deer Lake Dr., E. FL 3 | |||
| Jacksonville, FL 32246-6484 | 1,774,840 | 18.14% | |
| C | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 1,056,508 | 10.80% | |
| C | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 766,266 | 7.83% | |
| C | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 759,557 | 7.76% | |
| C | UBS WM USA | ||
| 1000 Harbor Blvd | |||
| Weehawken, NJ 07086-6761 | 718,179 | 7.34% | |
| C | National Financial Services, LLC | ||
| 499 Washington Blvd | |||
| Jersey City, NJ 07310-2010 | 523,624 | 5.35% | |
| C | Raymond James | ||
| 880 Carillon Pkwy | |||
| St. Petersburg, FL 33716-1100 | 532,618 | 5.44% | |
| M | National Financial Services, LLC | ||
| 499 Washington Blvd | |||
| Jersey City, NJ 07310-2010 | 104,711 | 5.19% | |
| M | Edward D. Jones & Co. | ||
| 201 Progress Pkwy | |||
| Maryland Heights, MO 63043-3009 | 312,122 | 15.46% | |
| M | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 102,746 | 5.09% | |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| R | State Street Bank TTEE | ||
| ADP Access | |||
| 1 Lincoln St. | |||
| Boston, MA 02111-2901 | 1,626,969 | 35.54% | |
| R | Hartford Life Insurance Co. | ||
| DC III Separate Acct Cl R | |||
| Attn: UIT Operations | |||
| 1 Griffin Rd N | |||
| Windsor, CT 06095-1512 | 905,955 | 19.79% | |
| R | MLPF&S | ||
| 4800 Deer Lake Dr. E., FL 3 | |||
| Jacksonville, FL 32246-6484 | 322,903 | 7.05% | |
| R5 | Putnam LLC | ||
| One Post Office Square | |||
| Boston, MA 02109 | 669 | 100.00% | |
| R6 | Putnam LLC | ||
| One Post Office Square | |||
| Boston, MA 02109 | 1,253,774 | 17.63% | |
| R6 | JP Morgan Chase TTEE FBO | ||
| TJX Companies, INc. General | |||
| Savings/Profit Sharing Plan | |||
| 11500 Outlook St. | |||
| Overland Park, KS 66211-1804 | 5,027,041 | 70.67% | |
| Y | National Financial Services, LLC | ||
| 499 Washington Blvd | |||
| Jersey City, NJ 07310-2010 | 5,730,945 | 10.86% | |
| Y | Charles Schwab & Co., Inc. | ||
| 101 Montgomery St. | |||
| San Francisco, CA 94104-4151 | 2,863,907 | 5.43% | |
| Y** | Great-West Trust Company, LLC — | ||
| Recordkeeping for various | |||
| benefit plans | 10,194,002 | 19.33% | |
| Y* | IBEW Local 3 | 3,777,252 | 7.16% |
| Y* | Marsh & McLennan Supplemental | ||
| Retirement Plan | 3,428,456 | 6.50% | |
| Putnam Equity Spectrum Fund | |||
| C | UBS WM USA | ||
| 1000 Harbor Blvd | |||
| Weehawken, NJ 07086-6761 | 524,161 | 9.31% | |
| A | National Financial Services, LLC | ||
| 499 Washington Blvd | |||
| Jersey City, NJ 07310-2010 | 8,368,984 | 33.22% | |
| A | UBS WM USA | ||
| 1000 Harbor Blvd | |||
| Weehawken, NJ 07086-6761 | 2,882,648 | 11.44% | |
| A | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 2,214,790 | 8.79% | |
| A | LPL Financial | ||
| 9785 Towne Centre Dr. | |||
| San Diego, CA 92121-1968 | 1,567,505 | 6.22% | |
| B | MLPF&S | ||
| 4800 Deer Lake Dr., E. FL 3 | |||
| Jacksonville, FL 32246-6484 | 156,706 | 18.605 | |
| B | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 128,539 | 15.26% | |
| B | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 117,568 | 13.95% | |
| C | MLPF&S | ||
| 4800 Deer Lake Dr., E. FL 3 | |||
| Jacksonville, FL 32246-6484 | 1,048,251 | 18.61% | |
| C | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 653,537 | 11.60% | |
| C | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 679,682 | 12.07% | |
| L-14 |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Putnam Equity Spectrum Fund (cont.) | |||
| C | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 679,617 | 12.07% | |
| C | Raymond James | ||
| 880 Carillon Pkwy | |||
| St. Petersburg, FL 33716-1100 | 587,959 | 10.44% | |
| C | National Financial Services, LLC | ||
| 499 Washington Blvd | |||
| Jersey City, NJ 07310-2010 | 283,225 | 5.03% | |
| M | National Financial Services, LLC | ||
| 499 Washington Blvd | |||
| Jersey City, NJ 07310-2010 | 11,870 | 17.94% | |
| M | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 11,131 | 16.83% | |
| M | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 8,882 | 13.43% | |
| M | LPL Financial | ||
| 9785 Towne Centre Dr. | |||
| San Diego, CA 92121-1968 | 4,239 | 6.41% | |
| M | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 4,949 | 7.48% | |
| R | FIIOC | ||
| FBO — Darrenkamp’s Mount | |||
| Joy Market, Inc. 401k Plan | |||
| 100 Magellan Way | |||
| Covington, KY 41015-1987 | 18,690 | 13.42% | |
| R | MLPF&S | ||
| 4800 Deer Lake Dr., E. FL 3 | |||
| Jacksonville, FL 32246-6484 | 17,633 | 12.66% | |
| R | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 9,046 | 6.49% | |
| R | Christopher Mooney | ||
| 701 Madison St. | |||
| PO Box 71 | |||
| New Lexington, OH 43764-0001 | 10,480 | 7.52% | |
| Y | LPL Financial | ||
| 9785 Towne Centre Dr. | |||
| San Diego, CA 92121-1968 | 3,779,559 | 19.75% | |
| Y | MLPF&S | ||
| 4800 Deer Lake Dr., E. FL 3 | |||
| Jacksonville, FL 32246-6484 | 3,358,312 | 17.55% | |
| Y | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 2,382,944 | 12.45% | |
| Y | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 2,387,130 | 12.47% | |
| Y | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 2,283,170 | 11.93% | |
| Y | Charles Schwab & Co., Inc. | ||
| 101 Montgomery St. | |||
| San Francisco, CA 94104-4151 | 990,641 | 5.18% | |
| Y | National Financial Services, LLC | ||
| 499 Washington Blvd | |||
| Jersey City, NJ 07310-2010 | 978,941 | 5.11% | |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Putnam Europe Equity Fund | |||
| A | National Financial Services LLC | ||
| For the Exclusive Benefit | |||
| of Our Customers | |||
| 499 Washington Blvd | |||
| Attn: Mutual Funds Dept. 4th Fl. | |||
| Jersey City, NJ 07310-2010 | 593,529 | 8.85% | |
| A | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 544,784 | 8.13% | |
| A | Wells Fargo Advisors | ||
| Special Custody Acct for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 413,311 | 6.17% | |
| B | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 13,830 | 9.79% | |
| C | MLPF&S | ||
| For the Sole Benefit of its Customers | |||
| Attn: Fund Administration | |||
| 4800 Deer Lake Dr. E. FL 3 | |||
| Jacksonville, FL 32246-6484 | 38,531 | 24.01% | |
| C | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 23,579 | 14.69% | |
| C | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 15,563 | 9.70% | |
| M | SMBC Friend Securities Co., Ltd. | ||
| Product Acmin. & Operations Group | |||
| Investment Trust & Insurance Group | |||
| 7-12, Nihonbashi-Kabutocho | |||
| Chuo-Ku, Tokyo 103-8221 Japan | 39,410 | 31.08% | |
| M | Mr. Spencer Covey | ||
| 576 Maple St. | |||
| San Mateo, CA 94402-2017 | 13,250 | 10.45% | |
| R | MG Trust Company Cust. FBO | ||
| Southern Cross Aviation LLC | |||
| 717 17th St. Ste. 1300 | |||
| Denver, CO 80202-3304 | 2,421 | 23.85% | |
| R | MG Trust Company Cust. FBO | ||
| Wyde Corp. | |||
| 717 17th St. Ste. 1300 | |||
| Denver, CO 80202-3304 | 1,451 | 14.29% | |
| R | MG Trust Company Cust. FBO | ||
| Ambiopharm Inc. | |||
| 717 17th St. Ste. 1300 | |||
| Denver, CO 80202-3304 | 794 | 7.82% | |
| R | MG Trust Company Cust. FBO | ||
| Bauch Zucker Hatfield LLC | |||
| 717 17th St. Ste. 1300 | |||
| Denver, CO 80202-3304 | 760 | 7.49% | |
| R | MG Trust Company Cust. FBO | ||
| Sidra S. Qazi | |||
| 717 17th St. Ste. 1300 | |||
| Denver, CO 80202-3304 | 647 | 6.37% | |
| R | MG Trust Company Cust. FBO | ||
| Nina Inc | |||
| 717 17th St. Ste. 1300 | |||
| Denver, CO 80202-3304 | 571 | 5.62% | |
| Y | Great-West Trust Co LLC | ||
| Recordkeeping for Various | |||
| Benefit Plans | |||
| 8515 E. Orchard Rd, #2T2 | |||
| Greenwood Village, CO 80111-5002 | 202,960 | 36.33% | |
| L-15 |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Putnam Europe Equity Fund (cont.) | |||
| Y | Great-West Trust Co LLC | ||
| The Putnam Retirement Plan | |||
| 8515 E. Orchard Rd, #2T2 | |||
| Greenwood Village, CO 80111-5002 | 171,269 | 30.66% | |
| Y | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 71,057 | 12.72% | |
| Putnam Floating Rate Income Fund | |||
| A | National Financial Services, LLC | ||
| For the Exclusive Benefit | |||
| of its Customers | |||
| 499 Washington Blvd | |||
| Attn: Mutual Funds Dept 4th Fl. | |||
| Jersey City, NJ 07310-2010 | 7,389,964 | 16.33% | |
| A | UBS Wealth Management USA | ||
| 1000 Harbor Blvd | |||
| Weehawken, NJ 07086-6761 | 5,636,014 | 12.46% | |
| A | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Fl. | |||
| Jersey City, NJ 07311 | 5,204,087 | 11.50% | |
| A | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 4,255,262 | 9.40% | |
| A | MLPF&S | ||
| 4800 Deer Lake Dr. E. FL 3 | |||
| Jacksonville, FL 32246-6484 | 3,403,758 | 7.52% | |
| A | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 3,791,947 | 8.38% | |
| B | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 342,038 | 16/43% | |
| B | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 297,812 | 14.31% | |
| B | MLPF&S | ||
| 4800 Deer Lake Dr., E., FL 3 | |||
| Jacksonville, FL 32246-6484 | 155,011 | 7.45% | |
| B | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Fl. | |||
| Jersey City, NJ 07311 | 223,183 | 10.72% | |
| B | National Financial Services, LLC | ||
| For the Exclusive Benefit | |||
| of its Customers | |||
| 499 Washington Blvd | |||
| Attn: Mutual Funds Dept 4th Fl. | |||
| Jersey City, NJ 07310-2010 | 183,337 | 8.81% | |
| C | UBS Wealth Management USA | ||
| 1000 Harbor Blvd | |||
| Weehawken, NJ 07086-6761 | 1,687,465 | 12.46% | |
| C | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 1,692,229 | 12.50% | |
| C | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 1,521,640 | 11.24% | |
| C | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Fl. | |||
| Jersey City, NJ 07311 | 1,200,971 | 8.87% | |
| C | MLPF&S | ||
| 4800 Deer Lake Dr. E. FL 3 | |||
| Jacksonville, FL 32246-6484 | 1,246,529 | 9.21% | |
| C | LPL Financial | ||
| Omnibus Customer Account | |||
| Attn: Lindsay O’Toole | |||
| 9785 Towne Centre Dr. | |||
| San Diego, CA 92121-1968 | 914,123 | 6.75% | |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| C | Charles Schwab & CO Inc. | ||
| Clearing Account | |||
| For the Exclusive Benefit | |||
| of Their Customers | |||
| 101 Montgomery St. | |||
| San Francisco, CA 94104-4151 | 748,696 | 5.53% | |
| C | National Financial Services, LLC | ||
| For the Exclusive Benefit | |||
| of its Customers | |||
| 499 Washington Blvd | |||
| Attn: Mutual Funds Dept. 4th Fl | |||
| Jersey City, NJ 07310-2010 | 1,108,520 | 8.19% | |
| M | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Fl. | |||
| Jersey City, NJ 07311 | 238,957 | 33.32% | |
| M | UBS Wealth Management USA | ||
| 1000 Harbor Blvd | |||
| Weehawken, NJ 07086-6761 | 114,960 | 15.99% | |
| M | National Financial Services, LLC | ||
| For the Exclusive Benefit | |||
| of its Customers | |||
| 499 Washington Blvd | |||
| Attn: Mutual Funds Dept. 4th Fl | |||
| Jersey City, NJ 07310-2010 | 105,545 | 14.72% | |
| M | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 55,216 | 7.70% | |
| M | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 41,223 | 5.75% | |
| R | Alerus Financial | ||
| FBO — 5CMHC Retirement Plan | |||
| PO Box 64535 | |||
| St. Paul, MN 55164-0535 | 12,285 | 22.39% | |
| R | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Fl. | |||
| Jersey City, NJ 07311 | 8.099 | 14.76% | |
| R | MG Trust Company | ||
| FBO — Brown Kinsey Funkhouser and Lander | |||
| 717 17th St. Ste 1300 | |||
| Denver, CO 80202-3531 | 6,520 | 11.88% | |
| R | MG Trust Company | ||
| FBO — Elan Marketing, Inc. | |||
| 717 17th St. Ste 1300 | |||
| Denver, CO 80202-3531 | 4,079 | 7.43% | |
| R | MG Trust Company | ||
| FBO — Valor Company, Inc | |||
| 717 17th St. Ste 1300 | |||
| Denver, CO 80202-3531 | 3,940 | 7.18% | |
| R | MG Trust Company | ||
| FBO — KLP Tax and Financial Group, Inc | |||
| 717 17th St. Ste 1300 | |||
| Denver, CO 80202-3531 | 3,025 | 5.51% | |
| R | Frontier Trust Company | ||
| GeoTechnologies, INc. 40lk Pension Plan | |||
| PO Box 10758 | |||
| Fargo, ND 58106-0758 | 6,424 | 11.71% | |
| Y | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 6,824,196 | 16.29% | |
| Y | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 2,793,354 | 6.67% | |
| Y | MLPF&S | ||
| 4800 Deer Lake Dr. E. FL 3 | |||
| Jacksonville, FL 32246-6484 | 3,076,020 | 7.34% | |
| Y | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Fl. | |||
| Jersey City, NJ 07311 | 2,692,209 | 6.43% | |
| L-16 |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| The George Putnam Fund of Boston | |||
| (d/b/a George Putnam Balanced Fund) | |||
| A | Edward D Jones & Co. | ||
| Attn: Mutual Fund Shareholder | |||
| 201 Progress Pkwy | |||
| Maryland Hts, MO 63043-3009 | 4,420,047 | 6.41 % | |
| A | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 3,603,459 | 5.23% | |
| A | Great-West Trust Company, LLC | ||
| Recordkeeper for Various Benefit Plans | |||
| 8515 E Orchard Rd. 2T2 | |||
| Greenwood Village, | |||
| CO 80111-5002 | 4,436,100 | 6.43% | |
| B | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 124,645 | 7.03% | |
| C | Wells Fargo Advisors | ||
| Special Custody Acct For The Exclusive | |||
| Benefit of Customers | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 137,525 | 8.48% | |
| C | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 114,161 | 7.04% | |
| M | State Street Bank Ttee | ||
| Fbo ADP Access | |||
| 1 Lincoln St. | |||
| Boston, MA 02111-2901 | 4,362,018 | 85.91 | |
| R | MG Trust Company | ||
| Lakeshore Interactive | |||
| 700 17th St. Ste. 300 | |||
| Denver, CO 80202-3531 | 6,735 | 9.81% | |
| R | MG Trust Company | ||
| D&S Linen Services, Inc. | |||
| 700 17th St. Ste. 300 | |||
| Denver, CO 80202-3531 | 3,855 | 5.62% | |
| R | MG Trust Company | ||
| Primatics, Inc. | |||
| 700 17th St. Ste. 300 | |||
| Denver, CO 80202-3531 | 3,782 | 5.51% | |
| R | Frontier Trust Company | ||
| Mt. Vernon Hospital Employee Retirement | |||
| PO Box 10758 | |||
| Fargo, ND 58106-0758 | 3,457 | 5.04% | |
| R | Stanley S Stephens | ||
| Matthew S Stephens | |||
| Tttees of The Stephens Funeral Home | |||
| 401K Profit Sharing Plan & Trust | |||
| 1335 W Linden St. # 37 | |||
| Allentown, PA 18102-4334 | 7,583 | 11.05% | |
| R | MG Trust Company | ||
| Saavedra & Rice CPAs PA | |||
| 700 17th St. Ste 300 | |||
| Denver, CO 80202-3531 | 7,095 | 10.34% | |
| R | MG Trust Company | ||
| Underground Piercing | |||
| 700 17th St. Ste. 300 | |||
| Denver, CO 80202-3531 | 5,816 | 8.47% | |
| Y | Great-West Trust Company, LLC | ||
| Recordkeeper for Various Benefit Plans | |||
| 8515 E Orchard Rd 2T2 | |||
| Greenwood Village, CO 80111-50023,806,091 | 53.27% | ||
| Y | Great-West Trust Company, LLC | ||
| The Putnam Retirement Plan | |||
| 8515 E Orchard Rd. 2T2 | |||
| Greenwood Village, CO 80111-5002 | 458,273 | 6.41% | |
| Y* | Chicago Regional Council | ||
| of Carpenters Annuity Plan | 1,987,078 | 27.81%1 | |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Putnam Global Consumer Fund | |||
| A | Putnam LLC | ||
| One Post Office Square | |||
| Boston, MA 02109 | 192,340 | 29.49% | |
| A | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 107,286 | 16.45% | |
| A | National Financial Services, LLC | ||
| 499 Washington Blvd | |||
| Jersey City, NJ 07310-2010 | 44,728 | 6.86% | |
| A | Edward D. Jones & Co. | ||
| 201 Progress Pkwy | |||
| Maryland Height, MO 63043-3009 | 45,192 | 6.93% | |
| B | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 20,940 | 34.58% | |
| B | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 9,744 | 16.09% | |
| B | National Financial Services, LLC | ||
| 499 Washington Blvd | |||
| Jersey City, NJ 07310-2010 | 7,912 | 13.06% | |
| C | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 38,241 | 26.45% | |
| C | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 59,182 | 40.93% | |
| M | Putnam LLC | ||
| One Post Office Sqaure | |||
| Boston, MA 02109-2199 | 1,217 | 38.76% | |
| M | National Financial Services, LLC | ||
| 499 Washington Blvd | |||
| Jersey City, NJ 07310-2010 | 521 | 16.58% | |
| M | Zeyu Gao IRA Rollover Plan | ||
| 5357 Edmonton Commono | |||
| Fremont, CA 94555-2921 | 352 | 11.23% | |
| M | Russell L. Levings & Carolyn S. Levings | ||
| 6220 NE 105th St. | |||
| Oklahoma City, OK 73151 | 208 | 6.64% | |
| M | Cetera Investment Services | ||
| 400 First Street, Ste. 300 | |||
| PO Box 283 | |||
| St. Cloud, MN 56302-0283 | 598 | 19.06% | |
| R | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 2rd Fl. | |||
| Jersey City, NJ 07311 | 1,682 | 16.81% | |
| R | Frontier Trust Company | ||
| Respiratory & Sleep Disorders Specialists | |||
| PO Box 10758 | |||
| Fargo, ND 58106-0758 | 5,936 | 59.34% | |
| R | Putnam LLC | ||
| One Post Office Square | |||
| Boston, MA 02109-2199 | 1,231 | 12.30% | |
| R | Franklin Public Schools 403(B) Plan | ||
| A/C Jane S. Hogan | |||
| 204 Rolling Meadow Dr. | |||
| Holliston, MA 01746-2631 | 1,061 | 10.61% | |
| Y | LPL Financial | ||
| 9785 Towne Centre Dr. | |||
| San Diego, CA 92121 | 23,594 | 12.76% | |
| Y | National Financial Services, LLC | ||
| 499 Washington Blvd | |||
| Jersey City, NJ 07310-2010 | 18,658 | 10.09% | |
| Y**** | Great-West Trust Company, LLC — | ||
| The Putnam Retirement Plan | 36,200 | 19.57% | |
| Y**** | Putnam Global Sector Fund — | ||
| Global Consumer Fund A shares | 22,513 | 12.17% | |
| Y**** | Putnam Global Sector Fund — | ||
| Global Consumer Fund Y shares | 37,762 | 20.42% | |
| L-17 |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Putnam Global Dividend Fund | |||
| A | Putnam Investment Holdings, LLC | ||
| Attn: Corporate Treasury | |||
| One Post Office Square | |||
| Boston, MA 02109-2199 | 499,146 | 70.52% | |
| A | Timothy D. Jaroch & Patricia Jaroch | ||
| 40 Hillcrest Rd. | |||
| Belmon, Ma 02478-2954 | 54,430 | 7.69% | |
| B | Putnam Investment Holdings, LLC | ||
| Attn: Corporate Treasury | |||
| One Post Office Square | |||
| Boston, MA 02109-2199 | 1,004 | 16.02% | |
| B | Putnam Fiduciary Trust Co TTEE FBO | ||
| Chloe M. Johnson IRA Rollover Plan | |||
| 108 N. 6th St. | |||
| Wilmington, NC 28401-4129 | 953 | 15.20% | |
| B | Edward D. Jones & Co | ||
| 12555 Manchester Rd. | |||
| St. Louis, MO 63131-3729 | 934 | 14.91% | |
| B | Putnam Fiduciary Trust Co Cust FBO | ||
| Clermont Northeastern School District 403(B) Plan | |||
| A/C Billie D. Trame | |||
| 945 Hidden Ridge Dr. | |||
| Milford, OH 45150-5588 | 743 | 11.85% | |
| B | Putnam Fiduciary Trust Co TTEE FBO | ||
| Cara L. Sidman IRA Rollover Plan | |||
| 2711 Wrightsville Ave. | |||
| Wilmington, NC 28403-2548 | 550 | 8.77% | |
| B | Putnam Fiduciary Trust Co TTEE FBO | ||
| Mary Jo Nelson IRA Plan | |||
| 2620 Clay St. | |||
| St. Joseph, MO 64501-2628 | 499 | 7.96% | |
| B | Putnam Fiduciary Trust Co TTEE FBO | ||
| Patricia Tinkler IRA Plan | |||
| 706 Lower Paradise Rd. | |||
| Little Falls, NY 13365-5143 | 481 | 7.67% | |
| B | U.S. Bancorp Iinvestments Inc. | ||
| 60 Livingston Ave. | |||
| St. Paul, MN 55107-2292 | 371 | 5.92% | |
| B | Putnam Fiduciary Trust Co TTEE FBO | ||
| Rebecca L. Jones Ira Rollover Plan | |||
| 2363 Burkert Rd. | |||
| Waterville, NY 13480-1401 | 346 | 5.51% | |
| C | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 4,009 | 26.76% | |
| C | Janney Montgomery Scott LLC | ||
| Wendy OsGood | |||
| 1717 Arch St. | |||
| Philadelphia, PA 19103-2713 | 2,370 | 15.82% | |
| C | LPL FINANCIAL | ||
| Attn: Lindsay O’Toole | |||
| 9785 Towne Centre Dr. | |||
| San Diego, CA 92121-1968 | 1,975 | 13.18% | |
| C | Putnam Fiduciary Trust Co TTEE FBO | ||
| Edward Gillis IRA Plan | |||
| 1910 SE 160th Pl. | |||
| Vancouver, WA 98683-4402 | 1,912 | 12.76% | |
| C | Putnam Fiduciary Trust Co TTEE FBO | ||
| Mary Jane Stein IRA Plan | |||
| 7156 Durness Pl. | |||
| Columbus, OH 43235-5130 | 1,496 | 9.99% | |
| C | Putnam Investment Holdings, LLC | ||
| Attn: Corporate Treasury | |||
| 1 Post Office Square | |||
| Boston, MA 02109-2199 | 1,006 | 6.71% | |
| M | Putnam Investment Holdings, LLC | ||
| Attn: Corporate Treasury | |||
| 1 Post Office Square | |||
| Boston, MA 02109-2199 | 1,005 | 46.26% | |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| M | Putnam Fiduciary Trust Co TTEE FBO | ||
| Mark J. Ruthenberg SEP IRA Plan | |||
| A/C Mark J. Ruthenberg | |||
| 1001 N. Stockton Hill Rd,, Ste. A | |||
| Kingman, AZ 86401-6277 | 663 | 30.54% | |
| M | Putnam Fiduciary Trust Co TTEE FBO | ||
| Florence K. Horning ROTH IRA Conversion Plan | |||
| PO Box 265 | |||
| Gloversville, NY 12078-0003 | 313 | 14.42% | |
| M | Putnam Fiduciary Trust Co TTEE FBO | ||
| Teresa Parker IRA Rollover Plan | |||
| 202 Douglas Dr. | |||
| Hurlock, MD 21643-3666 | 191 | 8.78% | |
| Y | Great-West Trust Co LLC TTEE | ||
| Executive DEF Comp Pl 401k | |||
| c/o Fascore, LLC | |||
| 8515 E. Orchard Rd, 2T2 | |||
| Greenwood Village, CO 80111-5002 | 11,854 | 35.03% | |
| Y | Great-West Trust Co LLC TTEE | ||
| The Putnam Retirement Plan | |||
| c/o Fascore, LLC | |||
| 8515 E. Orchard Rd, 2T2 | |||
| Greenwood Village, CO 80111-5002 | 10,853 | 32.07% | |
| Y | Jameson A. Baxter & Reginald Baxter | ||
| 626 Old Barn Rd. | |||
| LK Barrington, IL 60010-6203 | 4,788 | 14.15% | |
| Putnam Global Energy Fund | |||
| A | Putnam LLC | ||
| One Post Office Square | |||
| Boston, MA 02109-2199 | 210,202 | 19.10% | |
| A | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 73,848 | 6.71% | |
| A | LPL Financial | ||
| 9785 Towne Centre Dr. | |||
| San Diego, CA 92121-1968 | 140,990 | 12.81% | |
| B | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 22,749 | 12.62% | |
| B | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 29,142 | 16.16% | |
| C | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 19,615 | 19.13% | |
| C | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 8,936 | 8.71% | |
| C | National Financial Services, LLC | ||
| 499 Washington Blvd | |||
| Jersey City, NJ 07310-2010 | 9,483 | 9.25% | |
| C | Charles Schwab & Co., Inc. | ||
| 101 Montgomery St. | |||
| San Francisco, CA 94104-4151 | 12,441 | 12.13% | |
| C | LPL Financial | ||
| 9785 Towne Centre Dr. | |||
| San Diego, CA 92121-1968 | 6,285 | 6.13% | |
| M | Robin A. Bodkins | ||
| PO Box 1148 | |||
| Kingman, AZ 86402-1148 | 398 | 6.78% | |
| M | Erin S. Layne | ||
| 5962 Aberdeen St. | |||
| Littleton, CO 80120-2705 | 492 | 8.38% | |
| M | LPL Financial | ||
| 9785 Towne Centre Dr. | |||
| San Diego, CA 92121-1968 | 655 | 11.16% | |
| M | Sherman A. Katz IRA Rollover Plan | ||
| 6022 McNaughton Grove Lane | |||
| Columbus, OH 43213-5103 | 1,161 | 19.78% | |
| L-18 |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Putnam Global Energy Fund (cont.) | |||
| M | Campus Crusade for Christ 403(B) Plan | ||
| A/C Erin S. Layne | |||
| 5962 Aberdeen St. | |||
| Littleton, CO 80120-2705 | 991 | 16.88% | |
| M | Gary L. Preston IRA Rollover Plan | ||
| 7850 Victoria Way | |||
| St. Louis Park, MN 55426-3063 | 704 | 12.00% | |
| R | Merrill Lynch | ||
| 4800 Deer Lake Dr., E. FL 3 | |||
| Jacksonville, FL 32246-6484 | 20,180 | 33.02% | |
| R | Frontier Trust Company | ||
| FBO — Finish Line Technologies Inc. 401K | |||
| PO Box 10758 | |||
| Fargo, ND 58106-0758 | 8,071 | 13.21% | |
| R | Frontier Trust Company | ||
| Dansker & Aspromonte Associates RET | |||
| PO Box 10758 | |||
| Fargo, ND 58106-0758 | 7,831 | 12.81% | |
| R | Frontier Trust Company | ||
| FBO — Executive Marketing Consultants, Inc. | |||
| PO Box 10758 | |||
| Fargo, ND 58106-0758 | 3,091 | 5.06% | |
| R | Frontier Trust Company | ||
| FBO — Polo Ranch 401k Retirement Plan | |||
| PO Box 10758 | |||
| Fargo, ND 58106-0758 | 5,160 | 8.44% | |
| Y | Steven W. Curbow & Catherine Curbow | ||
| 12 Pilgrim Lane | |||
| Medfield, MA 02052-3229 | 8,399 | 8.42% | |
| Y**** | Great-West Trust Company, LLC — | ||
| The Putnam Retirement Plan | 55,357 | 55.47% | |
| Y**** | Great-West Trust Company, LLC — | ||
| Putnam Defined Contribution Plans | 5,700 | 5.71% | |
| Putnam Global Equity Fund | |||
| A | Pershing LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 3,988,073 | 5.80% | |
| C | Wells Fargo Advisors | ||
| Special Custody Acct for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 89,604 | 7.54% | |
| C | Pershing LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 90,987 | 7.66% | |
| C | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 72,672 | 6.12% | |
| M* | PECO Employees 401(k) Plan | 65,135 | 6.04% |
| R | Capital Bank & Trust Co. | ||
| Geddes & Co Pension Plan | |||
| 8515 E Orchard Rd. # 2T2 | |||
| Greenwood Villeage, CO 80111-5002 34,427 | 34.47% | ||
| R | MG Trust Company | ||
| Magtech & Power Conversion, Inc. | |||
| 700 17th St. Suite 300 | |||
| Denver, CO 80202-3531 | 6,958 | 6.97% | |
| R5 | Putnam LLC | ||
| One Post Office Square | |||
| Boston, MA 02109 | 1,131 | 100.00% | |
| R6 | Putnam LLC | ||
| One Post Office Square | |||
| Boston, MA 02109 | 760,242 | 99.43% | |
| Y | R. Shepherd Perkins | ||
| 87 Mount Vernon St., Apt L-2 | |||
| Boston, MA 02108-1330 | 139,407 | 6.28% | |
| Y | Raymond James | ||
| 880 Carillon Pkwy | |||
| St. Petersburg, FL 33716-110 | 208,331 | 9.38% | |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Y** | Great-West Trust Company, LLC — | ||
| The Putnam Retirement Plan | 468,307 | 21.08% | |
| Y** | Great-West Trust Company, LLC — | ||
| Recordkeeping for various | |||
| benefit plans | 116,900 | 5.26% | |
| Putnam Global Financials Fund | |||
| A | Putnam LLC | ||
| One Post Office Square | |||
| Boston, MA 02109-2199 | 247,792 | 43.98% | |
| A | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 42,080 | 7.47% | |
| A | National Financial Services, LLC | ||
| 499 Washington Blvd | |||
| Jersey City, NJ 07310 | 30,082 | 5.34% | |
| B | National Financial Services, LLC | ||
| 499 Washington Blvd | |||
| Jersey City, NJ 07310 | 4,050 | 7.61% | |
| B | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 3,617 | 6.80% | |
| B | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 5,834 | 10.97% | |
| B | LPL Financial | ||
| 9785 Towne Centre Dr. | |||
| San Diego, CA 92121-1968 | 3,126 | 5.88% | |
| C | Charles Schwab & Co., Inc. | ||
| 101 Montgomery St. | |||
| San Francisco, CA 94104-4151 | 180,985 | 62,26% | |
| C | LPL Financial | ||
| 9785 Towne Centre Dr. | |||
| San Diego, CA 92121-1968 | 48,801 | 17.13% | |
| M | South Glens Falls Central School 403(B) Plan | ||
| 5 Owen Ave. | |||
| Queeenbury, NY 12804-1111 | 1,322 | 16.42% | |
| M | Alam M. Qadri IRA Rollover Plan | ||
| 1315 Connecticut Woods Dr. | |||
| Hudson, OH 44236-1271 | 2,787 | 34.62% | |
| M | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 1,280 | 15.90% | |
| M | Putnam LLC | ||
| One Post Office Square | |||
| Boston, MA 02109-2199 | 1,161 | 14.42% | |
| R | Frontier Trust Company | ||
| FBO — Mason & Mincey ODPA 401k | |||
| PO Box 10758 | |||
| Fargo, ND 58106-0758 | 15,993 | 38.27% | |
| R | Frontier Trust Company | ||
| Neighborhood Lending Partners, Inc. | |||
| PO Box 10758 | |||
| Fargo, ND 58106-0758 | 3,523 | 8.43% | |
| R | Frontier Trust Company | ||
| Wind-Up Entertainment 401k Plan | |||
| PO Box 10758 | |||
| Fargo, ND 58106-0758 | 3,185 | 7.62% | |
| R | Frontier Trust Company | ||
| FBO — RKT Savings & Retirement Plan | |||
| PO Box 10758 | |||
| Fargo, ND 58106-0758 | 2,966 | 7.10% | |
| R | Frontier Trust Company | ||
| Kaplan Massamillo & Andrews, LLC | |||
| PO Box 10758 | |||
| Fargo, ND 58106-0758 | 2,411 | 5.77% | |
| R | Merrill Lynch | ||
| 4800 Deer Lake Dr., E. FL 3 | |||
| Jacksonville, FL 32246 | 3,145 | 7.53% | |
| R | New World Travel Inc. | ||
| PO Box 10758 | |||
| Fargo, ND 58106-0758 | 3,118 | 7.46% | |
| L-19 |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Putnam Global Financials Fund (cont.) | |||
| R | Envelope Freedom Holdings, LLC | ||
| PO Box 10758 | |||
| Fargo, ND 58106-0758 | 2,922 | 6.99% | |
| Y | LPL Financial | ||
| 9785 Towne Centre Dr. | |||
| San Diego, CA 92121-1968 | 94,517 | 27.38% | |
| Y | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 92,252 | 26.72% | |
| Y**** | Great-West Trust Company, LLC — | ||
| The Putnam Retirement Plan | 45,691 | 13.23% | |
| Y*** | Putnam Global Sector Fund — | ||
| Global Financials Fund A shares | 27,387 | 7.93% | |
| Y*** | Putnam Global Sector Fund — | ||
| Global Financials Fund Y shares | 45,964 | 13.31% | |
| Putnam Global Health Care Fund | |||
| A | MLPF&S | ||
| 4800 Deer Lake Dr., E. FL 3 | |||
| Jacksonville, FL 32246-6484 | 1,478,477 | 7.47% | |
| A | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 1,455,525 | 7.37% | |
| A | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 1,263,723 | 6.39% | |
| A | National Financial Services | ||
| 499 Washington Blvd. | |||
| Jersey City, NJ 07310-2010 | 1,163,872 | 5.88% | |
| A | Edward D. Jones & Co | ||
| 201 Progress Pkwy | |||
| Maryland Height, MO 63043-3009 | 1,000,842 | 5.06% | |
| B | MLPF&S | ||
| 4800 Deer Lake Dr., E., FL 3 | |||
| Jacksonville, FL 32246-6484 | 41,360 | 6.10% | |
| B | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 46,585 | 6.87% | |
| B | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 58,834 | 8.67% | |
| C | LPL Financial | ||
| 9785 Towne Centre Dr. | |||
| San Diego, CA 92121-1968 | 26,422 | 5.21% | |
| C | MLPF&S | ||
| 4800 Deer Lake Dr., E., FL 3 | |||
| Jacksonville, FL 32246-6484 | 56,533 | 11.14% | |
| C | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 62,211 | 12.26% | |
| C | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 39,915 | 7.87% | |
| C | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 29,750 | 5.86% | |
| M | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 22,873 | 10.22% | |
| M | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 18,970 | 8.47% | |
| M | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 15,957 | 7.13% | |
| M | UBS WM USA | ||
| 1000 Harbor Blvd | |||
| Weehawken, NJ 07086-6761 | 11,455 | 5.12% | |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| M | Edward D. Jones & Co. | ||
| 201 Progress Pkwy | |||
| Maryland Heights, MO 63043-3009 | 11,726 | 5.24% | |
| R | MLPF&S | ||
| 4800 Deer Lake Dr, E. FL 3 | |||
| Jacksonville, FL 32246-6484 | 11,542 | 5.16% | |
| R | Greg Hedding & Randall Moroney | ||
| ILT Employees PSP | |||
| 8515 E. Orchard Rd, #2T2 | |||
| Greenwood Village, CO 80111-5002 | 4,007 | 5.58% | |
| R | Merrill Lynch | ||
| 4800 Deer Lake Dr., E. FL 3 | |||
| Jacksonville, FL 32246-6494 | 7,839 | 10.93% | |
| R | Hartford Securities Distribution | ||
| PO Box 2999 | |||
| Hartford, CT 06104 | 3,671 | 5.12% | |
| Y | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 31,629 | 5.98% | |
| Y | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 38,605 | 7.30% | |
| Y | Merrill Lynch | ||
| 4800 Deer Lake Dr., E., FL 3 | |||
| Jacksonville, FL 32246-6484 | 48,316 | 9.14% | |
| Y** | Great-West Trust Company , LLC — | ||
| The Putnam Retirement Plan | 181,291 | 34.29% | |
| Y** | Great-West Trust Company , LLC — | ||
| Putnam Deferred | |||
| Compensation Plans | 43,657 | 8.26% | |
| Y** | Great-West Trust Company, LLC — | ||
| Putnam Voluntary Plan | 33,862 | 6.40% | |
| Putnam Global Income Trust | |||
| A | UBS Wealth Management USA | ||
| Omni Account M/F | |||
| Attn: Department Manager | |||
| 1000 Harbor Blvd | |||
| Weehawken, NJ 07086-6761 | 2,639,982 | 16.49% | |
| A | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 1,391,783 | 8.69% | |
| A | Wells Fargo Advisors | ||
| Special Custody Acct for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 1,148,945 | 7.27% | |
| A | National Financial Services LLC | ||
| For The Exclusive Benefit | |||
| Of Our Customers | |||
| 499 Washington Blvd | |||
| Attn: Mutual Funds Dept 4th Fl | |||
| Jersey City, NJ 07310-2010 | 1,069,432 | 6.68% | |
| B | Wells Fargo Advisors | ||
| Special Custody Acct for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 162,471 | 22.22% | |
| B | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 82,659 | 11.30% | |
| B | MLPF&S For The Sole Benefit | ||
| Of Its Customers | |||
| Attn: Fund Administration | |||
| 4800 Deer Lake Dr., E., FL 3 | |||
| Jacksonville, FL 32246-6484 | 45,838 | 6.27% | |
| B | Edward D. Jones & Co. | ||
| Attn: Mutual Fund Shareholder | |||
| Accounting | |||
| 201 Progress Pkwy | |||
| Maryland Hts, MO 63043-3009 | 52,391 | 7.16% | |
| L-20 |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Putnam Global Income Trust (cont.) | |||
| B | National Financial Services LLC | ||
| For The Exclusive Benefit | |||
| Of Our Customers | |||
| 499 Washington Blvd | |||
| Attn: Mutual Funds Dept 4th Fl. | |||
| Jersey City, NJ 07310-2010 | 40,172 | 5.49% | |
| B | Raymond James | ||
| Omnibus for Mutual Funds | |||
| House Acct Firm 92500015 | |||
| Attn: Courtney Waller | |||
| 880 Carillon Pkwy | |||
| St. Petersburg, FL 33716-1100 | 52,891 | 7.23% | |
| C | MLPF&S For The Sole Benefit | ||
| Of Its Customers | |||
| Attn: Fund Administration | |||
| 4800 Deer Lake Dr., E., FL 3 | |||
| Jacksonville, FL 32246-6484 | 342,261 | 13.29% | |
| C | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 341,595 | 13.26% | |
| C | Raymond James | ||
| Omnibus for Mutual Funds | |||
| House Acct Firm 92500015 | |||
| Attn: Courtney Waller | |||
| 880 Carillon Pkwy | |||
| St. Petersburg, FL 33716-1100 | 291,517 | 11.32% | |
| C | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 208,589 | 8.10% | |
| C | Wells Fargo Advisors | ||
| Special Custody Acct for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 233,925 | 9.08% | |
| C | UBS Wealth Management USA | ||
| Omni Account M/F | |||
| Attn: Department Manager | |||
| 1000 Harbor Blvd | |||
| Weehawken, NJ 07086-6761 | 228,945 | 8.89% | |
| C | National Financial Services LLC | ||
| For The Exclusive Benefit | |||
| Of Our Customers | |||
| 499 Washington Blvd | |||
| Attn: Mutual Funds Dept 4th Fl. | |||
| Jersey City, NJ 07310-2010 | 180,317 | 7.00% | |
| C | LPL Financial | ||
| 9785 Towne Centre Dr. | |||
| San Diego, CA 92121-1968 | 153,839 | 5.97% | |
| C | Charles Schwab & Co. Inc. | ||
| 101 Montgomery St. | |||
| San Francisco, CA 94104-4151 | 148,052 | 5.75% | |
| M | Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. | ||
| Structured Products Division | |||
| 29-20, Mejirodai 3-Chome, Bunkyo-Ku | |||
| Tokyo 112-8688, Japan | 777,400 | 75.64% | |
| R | MLPF&S For The Sole Benefit | ||
| Of Its Customers | |||
| Attn: Fund Administration | |||
| 4800 Deer Lake Dr., E., FL 3 | |||
| Jacksonville, FL 32246-6484 | 142,743 | 32.18% | |
| R | MG Trust Company Cust. FBO | ||
| World Resources Institute Pension P | |||
| 700 17th St., Ste. 300 | |||
| Denver, CO 80202-3304 | 61,917 | 13.96% | |
| R5 | Putnam Investment Holdings LLC | ||
| One Post Office Square | |||
| Boston, MA 02109 | 837 | 100.00% | |
| R6 | Putnam Investment Holdings LLC | ||
| One Post Office Square | |||
| Boston, MA 02109 | 324,509 | 99.74% | |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Y | MLPF&S For The Sole Benefit | ||
| Of Its Customers | |||
| Attn: Fund Administration | |||
| 4800 Deer Lake Dr., E., FL 3 | |||
| Jacksonville, FL 32246-6484 | 1,171,219 | 34.89% | |
| Y | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 315,510 | 9.40% | |
| Y | Wells Fargo Advisors | ||
| Special Custody Acct for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 700,823 | 20.88% | |
| Y** | Great-West Trust Company LLC — | ||
| The Putnam Retirement Plan | 237,456 | 7.70% | |
| Putnam Global Industrials Fund | |||
| A | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 239,882 | 28.61% | |
| A | Putnam LLC | ||
| One Post Office Square | |||
| Boston, MA 02109-2199 | 196,001 | 23.37% | |
| A | National Financial Services, LLC | ||
| 499 Washington Blvd | |||
| Jersey City, NJ 07310-2010 | 125,469 | 14.96% | |
| B | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 7,406 | 23.54% | |
| B | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 6,106 | 19.41% | |
| C | LPL Financial | ||
| 9785 Towne Centre Dr. | |||
| San Diego, CA 92121-1968 | 2,293 | 5.65% | |
| C | National Financial Services, LLC | ||
| 499 Washington Blvd | |||
| Jersey City, NJ 07310-2010 | 2,107 | 5.19% | |
| C | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 14,786 | 36.44% | |
| C | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 7,754 | 19.11% | |
| M | Priscilla Popov | ||
| 58 Grace Ave, Fl. 1 | |||
| Great Neck, NY 11021-2617 | 192 | 5.27% | |
| M | LPL Financial | ||
| 9785 Towne Centre Dr. | |||
| San Diego, CA 92121-1968 | 1,105 | 30.33% | |
| M | Judy R. Taylor IRA Rollover Plan | ||
| 3289 W. Fieldstream Lane | |||
| Meridian, ID 83646-8331 | 1,257 | 34.48% | |
| M | Teri M. LePage IRA Plan | ||
| 5 Andrew Lane’Bear, DE 19701-1542 | 544 | 14.91% | |
| M | Russell L. Levings & Carolyn S. Levings | ||
| 4640 Northride Lane | |||
| Noble, OK 73068-8102 | 247 | 6.79% | |
| M | Sharon K. Winnie-Vann IRA Rollover Plan | ||
| PO Box 221 | |||
| Seneca, MO 64865-0221 | 193 | 5.30% | |
| R | CBNA FBO State Motors, INc. | ||
| 6 RHaods Dr, Ste. 7 | |||
| Utica, NY 12502-6317 | 785 | 18.76% | |
| R | Frontier Trust Company | ||
| Respiratory & Sleep Disorders | |||
| PO Box 10758 | |||
| Fargo, ND 58106-0758 | 2,189 | 52.30% | |
| R | Putnam LLC | ||
| One Post Office Square | |||
| Boston, MA 02109-2199 | 1,207 | 28.85% | |
| L-21 |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Putnam Global Industrials Fund (cont.) | |||
| Y | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 11,801 | 10.75% | |
| Y | Ravi Akhoury | ||
| 6 Pine Valley Way | |||
| Florham Park, NJ 07932-2700 | 6,124 | 5.58% | |
| Y | S. Scott Usecheck | ||
| 65 Anderson St, Apt. 1B | |||
| Boston, MA 02114-4354 | 5,828 | 5.31% | |
| Y**** | Great-West Trust Company, LLC — | ||
| The Putnam Retirement Plan | 41,595 | 37.88% | |
| Y*** | Putnam Global Sector Fund — | ||
| Global Industrials Fund A shares | 11,321 | 10.31% | |
| Y*** | Putnam Global Sector Fund — | ||
| Global Industrials Fund Y shares | 19,015 | 17.32% | |
| Putnam Global Natural Resources Fund | |||
| A | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 972,511 | 8.79% | |
| A | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 627,781 | 5.67% | |
| B | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 69,845 | 10.21% | |
| B | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 61,415 | 8.98% | |
| C | Raymond James | ||
| 880 Carillon Pkwy | |||
| St. Petersburg, FL 33716-1100 | 90,406 | 14.19% | |
| C | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 68,460 | 10.75% | |
| C | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 43,241 | 6.79% | |
| C | MLPF&S | ||
| 4800 Deer Lake Dr, E. FL 3 | |||
| Jacksonville, FL 32246-6484 | 41,828 | 6.57% | |
| C | National Financial Services, LLC | ||
| 499 Washington Blvd | |||
| Jersey City, NJ 07310-2010 | 36,618 | 5.75% | |
| R | Hartford Securities Distribution | ||
| As agent for Reliance Trust Co. | |||
| FBO — Agents Plan Customers | |||
| PO Box 2999 | |||
| Hartford, CT 06104-2999 | 74,001 | 10.58% | |
| R | Capital Bank & Trust Company | ||
| AAC 401k & PSP | |||
| c/o Plan Premier Fascorp | |||
| 8515 E. Orchard Rd, #2T2 | |||
| Greenwood Village, CO 80111-5002 | 47,625 | 6.81% | |
| R | Merrill Lynch | ||
| 4800 Deer Lake Dr., E. FL 3 | |||
| Jacksonville, FL 32246-6484 | 46,183 | 6.61% | |
| Y**** | Great-West Trust Company, LLC — | ||
| The Putnam Retirement Plan | 267,607 | 11.58% | |
| Y | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 143,834 | 6.23% | |
| Y | Merrill Lynch | ||
| 4800 Deer Lake Dr., E. FL 3 | |||
| Jacksonville, FL 32246-6484 | 1,696,733 | 73.44% | |
| Putnam Global Sector Fund | |||
| A | RBC Capital Markets, LLC | ||
| 510 Marquette Ave S. | |||
| Minneapolis, MN 5504-1110 | 11,128 | 6.92% | |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| A | National Financial Services LLC | ||
| 499 Washington Blvd | |||
| Jersey City, NJ 07310 | 23,501 | 14.62% | |
| A | Pershing LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399 | 18,066 | 11.24% | |
| A | Edward D. Jones & Co | ||
| 201 Progress Parkway | |||
| Maryland HTS, MO 63043-3009 | 14,340 | 8.92% | |
| B | National Financial Services LLC | ||
| 499 Washington Blvd | |||
| Jersey City, NJ 07310 | 4,274 | 19.84% | |
| B | Pershing LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399 | 6,837 | 31.73% | |
| B | Michelle Riley | ||
| 380 Westport Tpke | |||
| Fairfield, CT 06824-1682 | 2,534 | 11.76% | |
| B | Jerald C. Jordan & Leslie M. Jordan | ||
| PO Box 258 | |||
| Riddle, OR 97469-0258 | 1,111 | 5.16% | |
| C | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 4,185 | 16.18% | |
| C | Jerry/Susan O’Donnell | ||
| 6345 Peace Pipe Dr. | |||
| Billings, MT 59106-3680 | 2,385 | 9.22% | |
| C | James M. Beckwith | ||
| 420 Bricker Lane | |||
| Lebanon, PA 17042 | 2,061 | 7.97% | |
| C | Carolyn R Beckwith | ||
| 420 Bricker Lane | |||
| Lebanon, PA 17042 | 2,061 | 7.97% | |
| C | Janice P. Anderson | ||
| 22993 Valley High Rd | |||
| Morrison, CO 80465 | 1,622 | 6.27% | |
| M | Putnam LLC | ||
| One Post Office Square | |||
| Boston, MA 02109 | 1,138 | 75.92% | |
| M | Antoinette E. Simos | ||
| PO Box 92 | |||
| Nobelesville, IN 46061 | 360 | 24.08% | |
| R | Putnam LLC | ||
| One Post Office Square | |||
| Boston, MA 02109 | 1,146 | 92.45% | |
| R | MG Trust Company | ||
| AD Enterprises | |||
| 717 17th St. Ste. 1300 | |||
| Denver, CO 80202-3304 | 94 | 7.55% | |
| Y | Robert L. Reynolds | ||
| 153 Garfield Road | |||
| Concord, MA 01742 | 19,279 | 7.l7% | |
| Y | Aaron Cooper and Emily G Cooper | ||
| 31 Winthrop Rd. | |||
| Lexington, MA 02421 | 14,320 | 5.32% | |
| Y | Raymond James | ||
| 880 Carillon Pkwy | |||
| St. Petersburg, FL 33718-1100 | 141,317 | 52.53% | |
| Y** | Great-West Trust Company, LLC — | ||
| The Putnam Retirement Plan | 65,084 | 24.19% | |
| Putnam Global Technology Fund | |||
| A | National Financial Services, LLC | ||
| 499 Washington Blvd | |||
| Jersey City, NJ 07310-2010 | 26,085 | 5.19% | |
| A | Putnam LLC | ||
| One Post Office Square | |||
| Boston, MA 02109-2199 | 141,167 | 28.11% | |
| A | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 52,588 | 10.47% | |
| L-22 |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Putnam Global Technology Fund (cont.) | |||
| B | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 15,755 | 23.76% | |
| B | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 5,826 | 8.79% | |
| C | Lee Frankel | ||
| 9060 Union Turnpike, Apt. 17A | |||
| Glendale, NY 11385-8072 | 9,253 | 12.73% | |
| C | Charles Schwab & Co. Inc. | ||
| 101 Montgomery St. | |||
| San Francisco, CA 94104-4151 | 10,042 | 13.82% | |
| M | Cynthia Baker IRA Rollover Plan | ||
| 3804 Cibola Trl | |||
| Carrollton, TX 75007-6238 | 1,405 | 24.93% | |
| M | Susan B. Kellett IRA Rollover Plan | ||
| 633 Fairview Ave. | |||
| St. Louis, MO 63119-1808 | 1,110 | 19.69% | |
| M | Kathy Neri IRA Rollover Plan | ||
| 446 Beckham Dr. | |||
| San Jose, CA 95123-5608 | 1,013 | 17.98% | |
| M | Edward D. Jones & Co. | ||
| 201 Progress Pkwy | |||
| Maryland Heights, MO 63043-3009 | 789 | 14.01% | |
| M | Steven D. Arizaga SEP IRA Plan | ||
| 6734 Mission St. | |||
| Yuma, AZ 85365-8898 | 362 | 6.43% | |
| M | Marcos Silva | ||
| 12162 NW 75th Pl. | |||
| Parkland, FL 33076-4500 | 351 | 6.22% | |
| M | Marilyn L. Hauf | ||
| 381 Rushing Creek CT | |||
| Henderson, NV 89014-4512 | 339 | 6.02% | |
| R | MG Trust Company | ||
| Hampton | |||
| 717 17th St. Ste. 1300 | |||
| Denver, CO 80202-3304 | 116 | 8.07% | |
| R | Frontier Trust Company | ||
| Tierra Media Inc. 401k | |||
| PO Box 10758 | |||
| Fargo, ND 58106-0758 | 83 | 5.76% | |
| R | FIIOC FBO | ||
| Farmers Insurance Co. | |||
| 100 Magellan Way | |||
| Covington, KY 41015-1987 | 93 | 6.46% | |
| R | Putnam LLC | ||
| One Post Office Square | |||
| Boston, MA 02109-2199 | 1,144 | 79.71% | |
| Y | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 14,216 | 13.17% | |
| Y | Ravi Akhoury | ||
| 6 Pine Valley Way | |||
| Florham Park, NJ 07932-2700 | 6,443 | 5.97% | |
| Y**** | Great-West Trust Company, LLC — | ||
| The Putnam Retirement Plan | 39,600 | 36.70% | |
| Y*** | Putnam Global Sector Fund — | ||
| Global Technology Fund A shares | 12,731 | 11.80% | |
| Y*** | Putnam Global Sector Fund — | ||
| Global Technology Fund Y shares | 21,342 | 19.78% | |
| Putnam Global Telecommunications Fund | |||
| A | National Financial Services, LLC | ||
| 499 Washington Blvd | |||
| Jersey City, NJ 07310 | 58,891 | 6.90% | |
| A | Putnam LLC | ||
| One Post Office Square | |||
| Boston, MA 02109-2199 | 216,403 | 25.35% | |
| A | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 94,124 | 11.03% | |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| B | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 9,473 | 24.76% | |
| B | Betsy H. Dexheimer IRA Plan | ||
| 19 Woodrow Rd | |||
| Batavia, NY 14020-1201 | 2,571 | 6.72% | |
| B | USAA Investment Management Company | ||
| 9800 Fredericksburg Rd | |||
| San Antonio, TX 78288-0001 | 2,080 | 5.44% | |
| C | LPL Financial | ||
| 9785 Towne Centre Dr. | |||
| San Diego, CA 92121-1968 | 4,658 | 7.42% | |
| C | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 5,124 | 8.17% | |
| C | Raymond James | ||
| 880 Carillon Pkwy | |||
| St. Petersburg, FL 33716-1100 | 16,089 | 25.64% | |
| C | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, Mo 63103-2523 | 14,235 | 22.68% | |
| C | National Financial Services, LLC | ||
| 499 Washing Blvd | |||
| Jersey City, NJ 07310-2010 | 3,985 | 6.35% | |
| M | Craig Stastny | ||
| 1184 Adler Ln | |||
| Carol Stream, IL 60188-1332 | 522 | 16.08% | |
| M | WTRISC as TTEE FBO United Talent Agency | ||
| PO Box 52129 | |||
| Phoenix, AZ 85072-2129 | 228 | 7.03% | |
| M | Ameritrade, Inc. | ||
| PO Box 2226 | |||
| Omaha, NE 68103-2226 | 206 | 6.35% | |
| M | Putnam LLC | ||
| One Post Office Square | |||
| Boston, MA 02109-2199 | 1,171 | 36.07% | |
| M | Victoria E. Cravens / Walter B. Nash IRA Plan | ||
| 5203 Paseo Ricoso | |||
| Camarillo, CA 93102-5326 | 321 | 9.90% | |
| M | Teri M. LePage IRA Plan | ||
| 5 Andrew Lane | |||
| Bear, DE 19701—1542 | 195 | 6.02% | |
| M | Paul Lodge | ||
| 13400 Burgundy Pl | |||
| Caldwell, ID 83607-9690 | 543 | 16.71% | |
| R | M Squared Strategies, Inc. | ||
| 717 17th St, Ste. 1300 | |||
| Denver, CO 80202-3304. | 1,735 | 8.71% | |
| R | Frontier Trust Company | ||
| Envelope Freedom Holdings, LLC | |||
| PO Box 10758 | |||
| Fargo, ND 58106-0758 | 2,761 | 13.86% | |
| R | Frontier Trust Company | ||
| Respiratory & Sleep Disorder Specialists | |||
| PO Box 10758 | |||
| Fargo, ND 58106-0758 | 5,106 | 25.63% | |
| R | Frontier Trust Company | ||
| FBO — RKT Savings & Retirement Plan | |||
| PO Box 10758 | |||
| Fargo, ND 58106-0758 | 2,925 | 14.68% | |
| R | DB Systems Corp Profit Sharing | ||
| Frontier Trust Company | |||
| PO Box 10758 | |||
| Fargo, ND 58106-0758 | 1,920 | 9.64% | |
| R | MG Trust Company | ||
| FBO — Computerland Network Technologies | |||
| 700 17th St., Ste. 300 | |||
| Denver, CO 80202-3531 | 1,809 | 9.08% | |
| R | Putnam LLC | ||
| One Post Office Square | |||
| Boston, MA 02109-2199 | 1,182 | 5.93% | |
| L-23 |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Putnam Global Telecommunications Fund (cont.) | |||
| Y | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 126,809 | 55.87% | |
| Y**** | Great-West Trust Company — | ||
| The Putnam Retirement Plan | 48,657 | 21.44% | |
| Y | Charles Schwab & Co., Inc. | ||
| 101 Montgomery St. | |||
| San Francisco, CA 94104-4151 | 13,576 | 5.98% | |
| Putnam Global Utilities Fund | |||
| A | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 1,297,967 | 7.68% | |
| A | Edward D. Jones & Co. | ||
| 201 Progress Pkwy | |||
| Maryland Heights, MO 63043-3009 | 1,249,907 | 7.39% | |
| A | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 958,382 | 5.67% | |
| B | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 30,242 | 6.28% | |
| B | Charles Schwab & Co., Inc. | ||
| 101 Montgomery St. | |||
| San Francisco, CA 94104-4151 | 27,701 | 5.75% | |
| C | National Financial Services, LLC | ||
| 499 Washing Blvd | |||
| Jersey City, NJ 07310-2010 | 17,709 | 5.25% | |
| C | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 45,728 | 13.56% | |
| C | MLPF&S | ||
| 4800 Deer Lake Dr, E., FL 3 | |||
| Jacksonville, FL 32246-8484 | 19,697 | 5.84% | |
| M | Rosemary Newman | ||
| 3278 W. Catalina Ln. | |||
| Boise, ID 83705-4005 | 5,931 | 5.32% | |
| M | Edward D. Jones & Co. | ||
| 201 Progress Pkwy | |||
| Maryland Heights, MO 63043-3009 | 12,720 | 11.42% | |
| M | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 5,936 | 5.33% | |
| R | MLPF&S | ||
| 4800 Deer Lake Dr, E., FL 3 | |||
| Jacksonville, FL 32246-8484 | 18,166 | 14.68% | |
| R | Frontier Trust Company | ||
| Caring for Women 401K Plan | |||
| PO Box 10758 | |||
| Fargo, ND 58106-0758 | 14,493 | 11.71% | |
| R | Frontier Trust Company | ||
| Micro-Mode Product Inc. 401k Plan | |||
| PO Box 10758 | |||
| Fargo, ND 58106-0758 | 12,111 | 9.79% | |
| Y**** | Great-West Trust Company — | ||
| The Putnam Retirement Plan | 145,861 | 45.87% | |
| Y | Merrill Lynch | ||
| 4800 Deer Lake Dr., E., FL 3 | |||
| Jacksonville, FL 32246-6484 | 64,659 | 20.34% | |
| Y | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 17,467 | 5.49% | |
| The Putnam Fund for Growth and Income | |||
| A | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 19,428,134 | 7.25% | |
| A | Wells Fargo Advisors | ||
| Special Custody Acct for the Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 15,220,138 | 5.67% | |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| B | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 409,384 | 7.86% | |
| C | UBS Wealth Management USA | ||
| Omni Account M/F | |||
| Attn: Department Manager | |||
| 1000 Harbor Blvd | |||
| Weehawken, NJ 07086-6761 | 410,265 | 16.04% | |
| C | Wells Fargo Advisors | ||
| Special Custody Acct for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 207,753 | 8.12% | |
| C | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 135,134 | 5.28% | |
| M | Wells Fargo Advisors | ||
| Special Custody Acct for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 132,804 | 6.85% | |
| M | Edward D. Jones & Co. | ||
| Attn: Mutual Fund Shareholder | |||
| Accounting | |||
| 201 Progress Pkwy | |||
| Maryland Hts, MO 63043-3009 | 130,299 | 6.72% | |
| R | MG Trust Co Cust FBO | ||
| Freestate Management LLC | |||
| 700 17th St., Ste. 300 | |||
| Denver, CO 80202-3304 | 62,177 | 29.25% | |
| R | Capital Bank & Trust Co | ||
| Geddes & Co Pension Plan | |||
| 8515 E. Orchard Rd. #2T2 | |||
| Greenwood Vlg, CO 80111-5002 | 36,761 | 17.29% | |
| R | Capital Bank & Trust Co | ||
| HK Research Corp PSP | |||
| 8515 E. Orchard Rd. #2T2 | |||
| Greenwood Vlg, CO 80111-5002 | 29,164 | 13.72% | |
| R5 | Putnam Investment Holdings, LLC | ||
| One Post Office Square | |||
| Boston, MA 02109 | 749 | 100.00% | |
| R6 | Putnam Investment Holdings, LLC | ||
| One Post Office Square | |||
| Boston, MA 02109 | 973,849 | 99.62% | |
| Y | Wells Fargo Advisors | ||
| Special Custody Acct for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 235,835 | 9.80% | |
| Y | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 215,174 | 8.94 | |
| Y | Merrill Lynch | ||
| 4800 Deer Lake Dr. E. FL 3. | |||
| Jacksonville, FL 32246-6484 | 191,348 | 7.95% | |
| Y** | Great-West Trust | ||
| Company LLC TTEE | 470,773 | 19.56% | |
| Putnam Growth Opportunities Fund | |||
| A | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 1,327 | 8.95% | |
| A | Wells Fargo Advisors | ||
| Special Custody Acct for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 836,386 | 5.64% | |
| A | National Financial Services LLC | ||
| For The Exclusive Benefit | |||
| Of Our Customers | |||
| 499 Washington Blvd | |||
| Attn: Mutual Funds Dept 4th Fl. | |||
| Jersey City, NJ 07310-2010 | 769,422 | 5.19% | |
| L-24 |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Putnam Growth Opportunities Fund (cont.) | |||
| B | Charles Schwab & Co. Inc. | ||
| 101 Montgomery St. | |||
| San Francisco, CA 94104-4151 | 87,205 | 8.87% | |
| C | Charles Schwab & Co. Inc. | ||
| 101 Montgomery St. | |||
| San Francisco, CA 94104-4151 | 41,479 | 5.31% | |
| C | Wells Fargo Advisors | ||
| Special Custody Acct for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 77,030 | 9.85% | |
| C | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 69,685 | 8.91% | |
| C | MLPF&S For The Sole Benefit | ||
| Of Its Customers | |||
| Attn: Fund Administration | |||
| 4800 Deer Lake Dr., E., FL 3 | |||
| Jacksonville, FL 32246-6484 | 67,154 | 8.59% | |
| C | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 41,300 | 5.28% | |
| M | Wells Fargo Advisors | ||
| Special Custody Acct for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 20,457 | 8.29% | |
| R | Frontier Trust Company 10771 | ||
| PO Box 10758 | |||
| Fargo, ND 58106-0758 | 46,229 | 43.84% | |
| R | Counsel Trust DBA MATC FBO | ||
| CCBG Architects Inc. 401K Profit | |||
| Sharing Plan & Trust | |||
| 1251 Waterfront Pl. Ste. 525 | |||
| Pittsburg, PA 15222-4228 | 13,680 | 12.97% | |
| R | Wells Fargo Advisors | ||
| Special Custody Acct for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 9,686 | 9.19% | |
| R | Capital Bank & Trust Company TTEE | ||
| EVO 401K PSP | |||
| 8515 E. Orchard Rd. 2T2 | |||
| Greenwood Village, CO 80111-5002 | 7,243 | 6.87% | |
| R | MG Trust Company | ||
| Stark Custom Doors 401K | |||
| 717 17th St. Ste. 1300 | |||
| Denver, CO 80202-3304 | 5,847 | 5.55% | |
| R5 | Putnam LLC | ||
| One Post Office Square | |||
| Boston, MA 02109-2199 | 562 | 100.00% | |
| R6 | Putnam LLC | ||
| One Post Office Square | |||
| Boston, MA 02109-2199 | 300,792 | 93.29 | |
| R6 | Great-West Trust Company, LLC | ||
| Recordkeeper for various benefit plans | |||
| 8515 E. Orchard Rd. 2T2 | |||
| Greenwood Village, CO 80111-5002 | 21,055 | 6.53% | |
| Y | Great-West Trust Company, LLC | ||
| The Putnam Retirement Plan | |||
| 8515 E. Orchard Rd. 2T2 | |||
| Greenwood Village, CO 80111-5002 | 55,172 | 10.66% | |
| Y | Wells Fargo Advisors | ||
| Special Custody Acct for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 108,673 | 20.99% | |
| Y | LPL Financial | ||
| Omnibus Customer Account | |||
| Attn: Lindsay O’Toole | |||
| 9785 Towne Centre Dr. | |||
| San Diego, CA 92121-1968 | 53,942 | 10.42% | |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Putnam High Yield Advantage Fund | |||
| A | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 13,114,775 | 14.33% | |
| A | UBS Wealth Management USA | ||
| Omni Account M/F | |||
| Attn: Department Manager | |||
| 1000 Harbor Blvd | |||
| Weehawken, NJ 07086-6761 | 10,220,428 | 11.17% | |
| A | Hartford Life Insurance Co. | ||
| DC III Separate Acct. CL A | |||
| Attn: UIT Operations | |||
| 1 Griffin Rd. N | |||
| Windsor, CT 06095-1512 | 9,533,204 | 10.42% | |
| A | National Financial Services, LLC | ||
| 499 Washington Blvd | |||
| Jersey City, NJ 07310-2010 | 4,693,156 | 5.13% | |
| B | Wells Fargo Advisors | ||
| Special Custody Acct for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 565,758 | 20.19% | |
| B | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 365,363 | 13.04% | |
| B | MLPF&S For The Sole Benefit | ||
| Of Its Customers | |||
| Attn: Fund Administration | |||
| 4800 Deer Lake Dr., E., FL 3 | |||
| Jacksonville, FL 32246-6484 | 195,845 | 6.99% | |
| B | National Financial Services LLC | ||
| For The Exclusive Benefit | |||
| Of Our Customers | |||
| 499 Washington Blvd | |||
| Attn: Mutual Funds Dept 4th Fl. | |||
| Jersey City, NJ 07310-2010 | 171,442 | 6.12% | |
| B | Charles Schwab & Co., Inc. | ||
| 101 Montgomery St. | |||
| San Francisco, CA 94104-4151 | 145,054 | 5.18% | |
| C | UBS Wealth Management USA | ||
| Omni Account M/F | |||
| Attn: Department Manager | |||
| 1000 Harbor Blvd | |||
| Weehawken, NJ 07086-6761 | 958,438 | 20.51% | |
| C | National Financial Services LLC | ||
| For The Exclusive Benefit | |||
| Of Our Customers | |||
| 499 Washington Blvd | |||
| Attn: Mutual Funds Dept 4th Fl. | |||
| Jersey City, NJ 07310-2010 | 749,677 | 16.04% | |
| C | MLPF&S For The Sole Benefit | ||
| Of Its Customers | |||
| Attn: Fund Administration | |||
| 4800 Deer Lake Dr., E., FL 3 | |||
| Jacksonville, FL 32246-6484 | 635,145 | 13.59% | |
| C | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 340,631 | 7.29% | |
| C | Wells Fargo Advisors | ||
| Special Custody Acct for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 311,050 | 6.65% | |
| M | Mitsubishi UFJ Morgan Stanley | ||
| Securities Co. Ltd. | |||
| Structured Products Division | |||
| 29-20, Mejirodai 3-Chome, Bunkyo-Ku | |||
| Tokyo 112-8688, Japan | 18,098,538 | 94.42% | |
| R | Hartford Life Insurance Co. | ||
| Company DC III Separate Acct. | |||
| Attn: UIT Operations | |||
| 1 Griffin Rd. N | |||
| Windsor, CT 06095-1512 | 2,718,137 | 69.77% | |
| L-25 |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Putnam High Yield Advantage Fund (cont.) | |||
| R** | Great-West Life & Annuity | ||
| Fascore LLC | |||
| 8515 E. Orchard Rd. 2T2 | |||
| Greenwood, CO 80111-5002 | 889,558 | 22.83% | |
| Y | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 7,343,358 | 20.40% | |
| Y | Charles Schwab & Co. Inc. | ||
| Special Custody A/C FBO Customers | |||
| Attn: Mutual Funds | |||
| 101 Montgomery St. | |||
| San Francisco, CA 94104-4151 | 2,957,796 | 8.22% | |
| Y | National Financial Services LLC | ||
| For The Exclusive Benefit | |||
| Of Our Customers | |||
| 499 Washington Blvd | |||
| Attn: Mutual Funds Dept 4th Fl. | |||
| Jersey City, NJ 07310-2010 | 2,185,322 | 6.07% | |
| Y | MLPF&S For The Sole Benefit | ||
| Of Its Customers | |||
| Attn: Fund Administration | |||
| 4800 Deer Lake Dr., E., FL 3 | |||
| Jacksonville, FL 32246-6484 | 15,640,809 | 43.46% | |
| Putnam High Yield Trust | |||
| A | Edward D. Jones & Co. | ||
| Attn: Mutual Fund Shareholder | |||
| Accounting | |||
| 201 Progress Pkwy | |||
| Maryland Hts, MO 63043-3009 | 15,760,620 | 11.37% | |
| A | Wells Fargo Advisors | ||
| Special Custody Acct for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 10,606,716 | 7.65% | |
| A | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 7,723,295 | 5.57% | |
| A | National Financial Services LLC | ||
| For The Exclusive Benefit | |||
| Of Our Customers | |||
| 499 Washington Blvd | |||
| Attn: Mutual Funds Dept 4th Fl. | |||
| Jersey City, NJ 07310-2010 | 9,859,453 | 7.11% | |
| B | LPL Financial | ||
| 9785 Towne Centre Dr. | |||
| San Diego, CA 92121-1968 | 142,670 | 5.61% | |
| B | Wells Fargo Advisors | ||
| Special Custody Acct for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 594,257 | 23.35% | |
| B | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 292,964 | 11.51% | |
| B | National Financial Services LLC | ||
| For The Exclusive Benefit | |||
| Of Our Customers | |||
| 499 Washington Blvd | |||
| Attn: Mutual Funds Dept 4th Fl. | |||
| Jersey City, NJ 07310-2010 | 162,290 | 6.38% | |
| C | Wells Fargo Advisors | ||
| Special Custody Acct for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 894,783 | 12.62% | |
| C | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 769,699 | 10.85% | |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| C | National Financial Services LLC | ||
| For The Exclusive Benefit | |||
| Of Our Customers | |||
| 499 Washington Blvd | |||
| Attn: Mutual Funds Dept 4th Fl. | |||
| Jersey City, NJ 07310-2010 | 609,461 | 8.59% | |
| C | MLPF&S For The Sole Benefit | ||
| Of Its Customers | |||
| Attn: Fund Administration | |||
| 4800 Deer Lake Dr., E., FL 3 | |||
| Jacksonville, FL 32246-6484 | 434,964 | 6.13% | |
| C | UBS Wealth Management USA | ||
| Omni Account M/F | |||
| Attn: Department Manager | |||
| 1000 Harbor Blvd | |||
| Weehawken, NJ 07086-6761 | 382,390 | 5.39% | |
| M | DCGT as TTEE and /or CUST FBO | ||
| Principal Financial Group | |||
| Qualified FIA Omnibus | |||
| Attn: NPIO Trade Desk | |||
| 711 High St. | |||
| Des Moines, IA 50392-0001 | 205,608 | 7.35% | |
| R | State Street Bank TTEE Cust FBO | ||
| ADP Access | |||
| 1 Lincoln St. | |||
| Boston, MA 02111-2901 | 551,299 | 35.71% | |
| R | Great-West Life & Annuity | ||
| Fascore, LLC | |||
| 8515 E. Orchard Rd, #2T2 | |||
| Greenwood Village, CO 80111-5002 97,927 | 6.34% | ||
| R**** | Great-West Trust Company LLC — | ||
| Employee Benefits Clients 401K | 202,102 | 13.09% | |
| Y | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 9,142,491 | 32.82% | |
| Y | Tufts Assoc HMO | ||
| 705 Mount Auburn St. | |||
| Watertown, MA 02472-1508 | 4,728,532 | 16.97% | |
| Y | Charles Schwab & Co., Inc. | ||
| 101 Montgomery St. | |||
| San Francisco, CA 94104-4151 | 1,761,675 | 6.32% | |
| Y | Network Health, LLC | ||
| 705 Mount Auburn St. | |||
| Watertown, MA 02472-1508 | 1,545,664 | 5.55% | |
| Putnam Income Fund | |||
| A | National Financial Services, LLC | ||
| One World Financial Center | |||
| New York, NY 10281 | 9,455k375 | 8.74% | |
| A | Pershing, LLC | ||
| 1Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 7,124,647 | 6.59% | |
| A | Merrill, Lynch, Pierce, Fenner & Smith Inc. | ||
| 4800 Deer Lake Dr E FL 3 | |||
| Jacksonville, FL 32246-6484 | 6,569,994 | 6.08% | |
| A | Edward D Jones & Co. | ||
| 201 Progress Pkwy | |||
| Maryland Heights, MO 63043-3009 | 6,195,051 | 5.73% | |
| A | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 5,513l214 | 5.10% | |
| B | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 1,164,860 | 23.31% | |
| B | Merrill, Lynch, Pierce, Fenner & Smith Inc. | ||
| 4800 Deer Lake Dr. E FL 3 | |||
| Jacksonville, FL 32246-6484 | 631,809 | 12.65% | |
| B | National Financial Services, LLC | ||
| One World Financial Center | |||
| New York, NY 10281 | 476,914 | 9.55% | |
| B | Pershing, LLC | ||
| 1Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 435,974 | 8.73% | |
| L-26 |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Putnam Income Fund (cont.) | |||
| C | Merrill, Lynch, Pierce, Fenner & Smith Inc. | ||
| Attn: Fund Administration | |||
| 4800 Deer Lake Dr. E FL 3 | |||
| Jacksonville, FL 32246-6484 | 4,300,374 | 22.55% | |
| C | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 2,647,732 | 13.88% | |
| C | Pershing, LLC | ||
| 1Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 2,210,869 | 11.59% | |
| C | National Financial Services, LLC | ||
| 499 Washington Blvd. | |||
| Jersey City, NJ 07310 | 1,564,279 | 8.20% | |
| C | Raymond James | ||
| Attn: Courtney Waller | |||
| 880 Carillon Pkwy | |||
| St. Petersburg, FL 33716-1100 | 1,030,642 | 5.40% | |
| C | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 1,180,945 | 6.19% | |
| C | UBS WM USA | ||
| 1000 Harbor Blvd | |||
| Weehawken, NJ 07086-6761 | 1,057,816 | 5.55% | |
| M | Mizuho Securities Co., Ltd. | ||
| Product Development Dept. | |||
| Operations & Administration Office | |||
| JA Bldg. 1-3-1, Otemachi | |||
| Chiyoda-Ku, Tokyo, | |||
| 100-6825 Japan | 16,613,600 | 90.32% | |
| R | Merrill, Lynch, Pierce, Fenner & Smith Inc. | ||
| Attn: Fund Administration | |||
| 4800 Deer Lake Dr. E FL 3 | |||
| Jacksonville, FL 32246-6484 | 94,602 | 8.90% | |
| R | Hartford Life Insurance | ||
| Attn: UIT Operations | |||
| 1 Griffin Rd N | |||
| Windsor, CT 06095-1512 | 65,857 | 6.20% | |
| R5 | Putnam LLC | ||
| One Post Office Square | |||
| Boston, MA 02109 | 1,467 | 100.00% | |
| R6 | Putnam LLC | ||
| One Post Office Square | |||
| Boston, MA 02109 | 784,711 | 99.81% | |
| Y | Merrill, Lynch, Pierce, Fenner & Smith Inc. | ||
| Attn: Fund Administration | |||
| 4800 Deer Lake Dr. E FL 3 | |||
| Jacksonville, FL 32246-6484 | 3,991,684 | 19.72% | |
| Y | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 3,819,128 | 18.87% | |
| Y | Pershing, LLC | ||
| 1Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 1,648,312 | 8.14% | |
| Y | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 2,094,948 | 10.35% | |
| Y | National Financial Services, LLC | ||
| 499 Washington Blvd | |||
| Jersey City, NJ 07310-2010 | 1,344,233 | 6.64% | |
| Y** | Great-West Trust Company, LLC — | ||
| Recordkeeping for various | |||
| benefit plans | 1,343,672 | 6.64% | |
| Putnam Intermediate-Term Municipal Income Fund | |||
| A | Putnam Investments Holdings, LLC | ||
| One Post Office Square | |||
| Boston, MA 02109 | 999,874 | 88.23% | |
| B | Putnam Investments Holdings, LLC | ||
| One Post Office Square | |||
| Boston, MA 02109 | 1,001 | 100.00% | |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| C | Putnam Investments Holdings, LLC | ||
| One Post Office Square | |||
| Boston, MA 02109 | 1,001 | 100.00% | |
| M | Putnam Investments Holdings, LLC | ||
| One Post Office Square | |||
| Boston, MA 02109 | 1,003 | 100.00% | |
| Y | Jameson A. Baxter & Reginald R. Baxter | ||
| 626 Old Barn Rd. | |||
| LK Barrington, IL 60010-6203 | 2,482 | 35.82% | |
| Y | George Putnam, III | ||
| 49 Union St. | |||
| Manchester, MA 01944-1561 | 1,191 | 17.19% | |
| Y | Putnam Investments Holdings, LLC | ||
| One Post Office Square | |||
| Boston, MA 02109 | 1,005 | 14.50% | |
| Y | Andra S. Bolotin & Steven J. Bolotin | ||
| &C Donnell St. | |||
| Cambridge, MA 02138 | 1,001 | 14.44% | |
| Putnam International Capital Opportunities Fund | |||
| A | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 2,033,303 | 12.52% | |
| A | National Financial Services LLC | ||
| For the Exclusive Benefit | |||
| of our Customers | |||
| 200 Liberty Street, 5th Fl. | |||
| One World Financial Center | |||
| New York, NY 10281-5503 | 1,365,714 | 8.41% | |
| A | Wells Fargo Advisors | ||
| Special Custody Account for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 1,014,383 | 6.25% | |
| B | Wells Fargo Advisors | ||
| Special Custody Account for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 29,768 | 5.82% | |
| B | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 30,684 | 6.00% | |
| C | Wells Fargo Advisors | ||
| Special Custody Account for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 179,948 | 16.34% | |
| C | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 155,453 | 14.11% | |
| C | MLPF&S for the Sole Benefit | ||
| of Its Customers | |||
| Attn: Fund Administration | |||
| 4800 Deer Lake Dr. E FL 3 | |||
| Jacksonville, FL 32246-6484 | 105,535 | 9.58% | |
| C | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 91,321 | 8.29% | |
| C | National Financial Services LLC | ||
| For the Exclusive Benefit | |||
| of our Customers | |||
| 200 Liberty Street, 5th Fl. | |||
| One World Financial Center | |||
| New York, NY 10281-5503 | 74,808 | 6.79% | |
| M | National Financial Services LLC | ||
| For the Exclusive Benefit | |||
| of our Customers | |||
| 200 Liberty Street, 5th Fl. | |||
| One World Financial Center | |||
| New York, NY 10281-5503 | 23,786 | 11.13% | |
| L-27 |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Putnam International Capital Opportunities Fund (cont.) | |||
| M | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 16,034 | 7.50% | |
| R | Hartford Life Insurance Co. | ||
| DC III Separate Acct R | |||
| Attn: UIT Operations | |||
| 1 Griffinn Rd. | |||
| N. Windsor, CT 06095-1512 | 242,366 | 21.87% | |
| R | State Street Bank | ||
| Ttee Cust FBO | |||
| ADP Access | |||
| 1 Lincoln St. | |||
| Boston, MA 02111-2901 | 218,282 | 19.70% | |
| R**** | Great West Life & | ||
| Annuity-Fascore, LLC | 233,435 | 21.06% | |
| Y | Wells Fargo Advisors | ||
| Special Custody Account for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 363,599 | 10.57% | |
| Y | Charles Schwab & Co Inc. | ||
| Clearing Account for the Exclusive | |||
| Benefit of Their Customers | |||
| 101 Montgomery St. | |||
| San Francisco, CA 94104-4151 | 284,647 | 8.28% | |
| Y | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 212,881` | 6.19% | |
| Y**** | Great-West Trust Company, LLC — | ||
| The Putnam Retirement Plan | 439,187 | 12.77% | |
| Y**** | Great-West Trust Company, LLC — | ||
| Recordkeeping for various | |||
| benefit plans | 347,011 | 10.09% | |
| Putnam International Equity Fund | |||
| A | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 3,463,800 | 9.01% | |
| A | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 2,893,663 | 7.52% | |
| A | National Financial Services, LLC | ||
| 499 Washington Blvd | |||
| Jersey City, NJ 07310-2010 | 2,511,650 | 6.53% | |
| A | MLPF&S | ||
| 4800 Deer Lake Dr., E., FL 3 | |||
| Jacksonville, FL 32246-6484 | 1,976,645 | 5.14% | |
| B | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 84,716 | 7.97% | |
| C | MLPF&S | ||
| 4800 Deer Lake Dr.,E., FL 3 | |||
| Jacksonville, FL 32246-6484 | 406,208 | 15.24% | |
| C | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 350,163 | 13.13% | |
| C | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 309,608 | 11.61% | |
| C | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 219,487 | 8.23% | |
| C | UBS WM USA | ||
| 1000 Harbor Blvd | |||
| Weehawken, NJ 07086-6761 | 186,927 | 7.01% | |
| C | National Financial Services, LLC | ||
| 499 Washington Blvd | |||
| Jersey City, NJ 07310-2010 | 183,266 | 6.87% | |
| M | MLPF&S | ||
| 4800 Deer Lake Dr., E., FL 3 | |||
| Jacksonville, FL 32246-6484 | 81,910 | 10.29% | |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| M | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 58,041 | 7.29% | |
| M | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 42,561 | 5.35% | |
| M | Mercer Trust Company | ||
| CKS Packaging, Inc. 401K Plan | |||
| 1 Investors Way | |||
| Norwood, MA 02062-1599 | 39,771 | 5.00% | |
| R | MG Trust Company Trustee | ||
| Federal Steel & Erection Company | |||
| 717 17th St., Ste. 1300 | |||
| Denver, CO 80202-3304 | 13,301 | 9.52% | |
| R | Reliance Trust Company FBO | ||
| American Dawn | |||
| PO Box 48529 | |||
| Atlanta, GA 30362-1529 | 12,471 | 8.92% | |
| R5 | Putnam, LLC | ||
| One Post Office Square | |||
| Boston, MA 02109 | 590 | 100.00% | |
| R6 | Great-West Trust Company, LLC — | ||
| The Putnam Retirement Plan | |||
| 8515 E. Orchard St., #2T2 | |||
| Greenwood Village, CO 80111-5002 | 670,745 | 99.91% | |
| Y | Wells Fargo Bank FBO — Tetra Tech Inc. | ||
| 1525 West WT Harris Blvd | |||
| Charlotte, NC 28288—1076 | 903,574 | 34.95% | |
| Y | Great-West Trust Company, LLC — | ||
| Recordkeeping for various | |||
| benefit plans | |||
| 8515 E. Orchard St., #2T2 | |||
| Greenwood Village, CO 80111-5002 | 593,149 | 22.94% | |
| Y | Wells Fargo Advisors | ||
| Special Custody Account for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 390,605 | 15.11% | |
| Y | Merrill Lynch | ||
| 4800 Deer Lake Dr., E., FL 3 | |||
| Jacksonville, FL 32246-6484 | 135,306 | 5.23% | |
| Putnam International Growth Fund | |||
| A | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 1,218,375 | 7.14% | |
| A | Wells Fargo Advisors | ||
| Special Custody Acct for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 1,144,340 | 6.71% | |
| A | MLPF&S For The Sole Benefit | ||
| Of Its Customers | |||
| Attn: Fund Administration | |||
| 4800 Deer Lake Dr., E., FL 3 | |||
| Jacksonville, FL 32246-6484 | 954,968 | 5.60% | |
| A | National Financial Services LLC | ||
| For The Exclusive Benefit | |||
| Of Our Customers | |||
| 499 Washington Blvd | |||
| Attn: Mutual Funds Dept 4th Fl. | |||
| Jersey City, NJ 07310-2010 | 921,699 | 5.40% | |
| B | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 27,483 | 5.78% | |
| B | Wells Fargo Advisors | ||
| Special Custody Acct for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 28,888 | 6.08% | |
| L-28 |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Putnam International Growth Fund (cont.) | |||
| C | MLPF&S For The Sole Benefit | ||
| Of Its Customers | |||
| Attn: Fund Administration | |||
| 4800 Deer Lake Dr., E., FL 3 | |||
| Jacksonville, FL 32246-6484 | 65,813 | 12.89% | |
| C | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 42,288 | 8.28% | |
| C | Wells Fargo Advisors | ||
| Special Custody Acct for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 42,986 | 8.42% | |
| C | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 39,912 | 7.82% | |
| C | National Financial Services LLC | ||
| For The Exclusive Benefit | |||
| Of Our Customers | |||
| 499 Washington Blvd | |||
| Attn: Mutual Funds Dept 4th Fl. | |||
| Jersey City, NJ 07310-2010 | 32,070 | 6.28% | |
| M | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 29,894 | 8.04% | |
| M | Wells Fargo Advisors | ||
| Special Custody Acct for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 20,991 | 5.64% | |
| M | MLPF&S For The Sole Benefit | ||
| Of Its Customers | |||
| Attn: Fund Administration | |||
| 4800 Deer Lake Dr., E., FL 3 | |||
| Jacksonville, FL 32246-6484 | 23,162 | 6.23% | |
| M | Edward D. Jones & Co. | ||
| Attn: Mutual Fund Shareholder | |||
| Accounting | |||
| 201 Progress Pkwy | |||
| Maryland Hts, MO 63043-3009 | 21,796 | 5.86% | |
| R | Capital Bank & Trust Co. | ||
| Geddes & Co. Pension Plan | |||
| 8515 E. Orchard Rd. 2T2 | |||
| Greenwood Vlg, CO 80111-5002 | 15,799 | 11.75% | |
| R | MLPF&S For The Sole Benefit | ||
| Of Its Customers | |||
| Attn: Fund Administration | |||
| 4800 Deer Lake Dr., E., FL 3 | |||
| Jacksonville, FL 32246-6484 | 14,585 | 10.85% | |
| R | MG Trust Company | ||
| Miller Brothers Inc 401(K) Sav | |||
| 700 17th St., Ste. 300 | |||
| Denver, CO 80202-3531 | 10,099 | 7.51% | |
| R | MG Trust Company | ||
| DTI Integrated Business Solution | |||
| 700 17th St., Ste. 300 | |||
| Denver, CO 80202-3531 | 7,626 | 5.67% | |
| R | MG Trust Company | ||
| M&M Pediatrics P.C. | |||
| 717 17th St. Ste. 1300 | |||
| Denver, CO 80202-3304 | 9,086 | 6.76% | |
| Y | Merrill Lynch | ||
| 4800 Deer Lake Dr. E. FL 3 | |||
| Jacksonville, FL 32246-6484 | 154,601 | 14.51% | |
| Y** | Great-West Trust Company, LLC — | ||
| The Putnam Retirement Plan | 608,355 | 57.08% | |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Putnam International Value Fund | |||
| A | Edward D. Jones & Co. | ||
| Attn: Mutual Fund Shareholder | |||
| Accounting | |||
| 201 Progress Pkwy | |||
| Maryland Hts., MO 63043-3009 | 2,759,187 | 16.50% | |
| B | Edward D. Jones & Co. | ||
| Attn: Mutual Fund Shareholder | |||
| Accounting | |||
| 201 Progress Pkwy | |||
| Maryland Hts., MO 63043-3009 | 74,879 | 10.42% | |
| M | Edward D. Jones & Co. | ||
| Attn: Mutual Fund Shareholder | |||
| Accounting | |||
| 201 Progress Pkwy | |||
| Maryland Hts., MO 63043-3009 | 37,983 | 11.99% | |
| A | Pershing, LLC | ||
| 1 Pershing Plz | |||
| Jersey City, NJ 07399-0001 | 1,210,818 | 7.24% | |
| A | Wells Fargo Advisors | ||
| Special Custody Acct For The | |||
| Exclusive Benefit Of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 878,021 | 5.25% | |
| B | Pershing, LLC | ||
| 1 Pershing Plz | |||
| Jersey City, NJ 07399-0001 | 37,813 | 5.26% | |
| C | MLPF&S for the Sole Benefit | ||
| of Its Customers | |||
| Attn. Fund Administration | |||
| 4800 Deer Lake Dr. E FL 3 | |||
| Jacksonville, FL 32246-6484 | 105,222 | 12.51% | |
| C | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 67,937 | 8.08% | |
| C | Pershing, LLC | ||
| 1 Pershing Plz | |||
| Jersey City, NJ 07399-0001 | 52,127 | 6.20% | |
| C | National Financial Services, LLC | ||
| for the Exclusive Benefit of Our Customers | |||
| 200 Liberty Street, 5th Fl | |||
| One World Financial Center | |||
| New York, NY 10281-5503 | 45,903 | 5.46% | |
| M | LPL Financial | ||
| 9785 Towne Centre Dr. | |||
| San Diego CA 92121-1968 | 17,416 | 5.50% | |
| R | MLPF&S for the Sole Benefit of | ||
| Its Customers | |||
| Attn. Fund Administration | |||
| 4800 Deer Lake Dr. E FL 3 | |||
| Jacksonville, FL 32246-6484 | 23,155 | 9.95% | |
| R | MG Trust Company Cust FBO | ||
| Merit Contracting Inc. | |||
| 700 17th St. Ste 300 | |||
| Denver, CO 80202-3531 | 17,713 | 7.61% | |
| Y | Great-West Trust Company, LLC — | ||
| The Putnam Retirement Plan | |||
| 8515 E Orchard Rd. 2T2 | |||
| Greenwood Village, CO 80111-5002 | 351,523 | 51.94% | |
| Y | Wells Fargo Advisors | ||
| Special Custody Acct for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 53,912 | 7.97% | |
| Y | MLPF&S for the Sole Benefit | ||
| of Its Customers | |||
| Attn. Fund Administration | |||
| 4800 Deer Lake Dr. E FL 3 | |||
| Jacksonville, FL 32246-6484 | 43,237 | 6.39% | |
| L-29 |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Putnam Investors Fund | |||
| A | Pershing, LLC | ||
| 1 Pershing Plz | |||
| Jersey City, NJ 07399-0001 | 5,373,865 | 7.02% | |
| A | Wells Fargo Advisors | ||
| Special Custody Acct For The | |||
| Exclusive Benefit of Customers | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 4,944,030 | 6.46% | |
| A | National Financial Services LLC | ||
| For the Exclusive Benefit of Our Customers | |||
| 200 Liberty Street 5th Fl | |||
| One World Financial Center | |||
| New York, NY 10281 | 3,943,858 | 5.16% | |
| C | Pershing, LLC | ||
| 1 Pershing Plz | |||
| Jersey City, NJ 07399-0001 | 222,440 | 11.00% | |
| C | Wells Fargo Advisors | ||
| Special Custody Acct For The | |||
| Exclusive Benefit of Customers | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 137,720 | 6.81% | |
| C | National Financial Services LLC | ||
| For the Exclusive Benefit | |||
| of Our Customers | |||
| 200 Liberty Street 5th Fl | |||
| One World Financial Center | |||
| New York, NY 10281 | 146,264 | 7.23% | |
| C | Merrill Lynch | ||
| For the Sole Benefit of its Customers | |||
| Attn Fund Administration | |||
| 4800 Deer Lake Drive, E FL 3 | |||
| Jacksonville, FL 32246-6484 | 114,956 | 5.68% | |
| C | UBS WM USA | ||
| Omni Account M/F | |||
| Atn: Department Manager | |||
| 1000 Harbor Blvd | |||
| Weehawken, NJ 07086-6761 | 112,977 | 5/59% | |
| M* | CKS Packaging Inc. 401K Plan | 178,472 | 14.41% |
| R | ING National Trust Agent | ||
| 1 Orange Way | |||
| Windsor, CT 06095-4773 | 40,767 | 24.61% | |
| R | Hartford Life Insurance Co. | ||
| DC III Separate Acct R | |||
| Attn UIT Operations | |||
| 1 Griffin Rd N | |||
| Windsor, CT 06095-1512 | 27,999 | 16.90% | |
| R | MG Trust Company | ||
| Robert Sorrentino, DMD 401(K) P/S P | |||
| 700 17th St. Ste 300 | |||
| Denver, CO 80202-3531 | 10,782 | 6.51% | |
| R | Frontier Trust Company | ||
| D. Burke Mechanical Corp 401k | |||
| PO Box 10758 | |||
| Fargo, ND 58106-0758 | 9,423 | 5.69% | |
| R5 | Putnam LLC | ||
| One Post Office Square | |||
| Boston, MA 02109 | 724 | 100.00% | |
| R6 | Putnam LLC | ||
| One Post Office Square | |||
| Boston, MA 02109 | 749,386 | 99.90% | |
| Y | Raymond James Omnibus for Mutual Funds | ||
| House Acct Firm 92500015 | |||
| Attn: Courtney Waller | |||
| 880 Carillon Pkwy | |||
| St. Petersburgh, Fl 33716-1100 | 1,038,284 | 37.25% | |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Putnam Low Volatility Equity Fund | |||
| A | Putnam Investment Holdings, LLC | ||
| One Post Office Square | |||
| Boston, MA 02109 | 296,000 | 75.08% | |
| A | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 61,170 | 15.52% | |
| B | RBD Capital Markets, LLC | ||
| 510 Marquette Ave S | |||
| Minneapolis, MN 55402-1110 | 3,805 | 36.58% | |
| B | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 2,157 | 20.74% | |
| B | Putnam Investment Holdings, LLC | ||
| One Post Office Square | |||
| Boston, MA 02109 | 1,000 | 9.61% | |
| B | Anthony J. Sciuto & Marguerite A. Sciuto | ||
| 234 Summer St. | |||
| Haverhill, MA 01830-6318 | 966 | 9.29% | |
| B | LPL Financial | ||
| 9785 Towne Centre Dr. | |||
| San Diego, CA 92121-1968 | 939 | 9.02% | |
| C | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 40,068 | 90.39% | |
| M | Putnam Investment Holdings, LLC | ||
| One Post Office Square | |||
| Boston, MA 02109 | 1,000 | 50.64% | |
| M | Kathie A. Rhorer & Karen Hattabaugh | ||
| PO Box 1332 | |||
| Bedford, IN 47421-1332 | 975 | 49.36% | |
| Y | MCWOOD & CO | ||
| PO Box 29522 | |||
| Raleigh, NC | |||
| 27626-0522 | 1,020,162 | 43.31% | |
| Y | Wells Fargo Bank NA FBO | ||
| SGHS Operating Acct | |||
| PO Box 1533 | |||
| Minneapolis, MN 55480-1533 | 876,524 | 37.21% | |
| Y | SEI PRIVATE TRCO | ||
| C/O State Street Bank | |||
| 1 Freedom Valley Dr. | |||
| Oaks, PA 19456-9989 | 348,524 | 14.80% | |
| Putnam Massachusetts Tax Exempt Income Fund | |||
| A | National Financial Services, LLC | ||
| for the Exclusive Benefit of Our Customers | |||
| 499 Washington Blvd. | |||
| Attn: Mutual Funds Dept 4th Fl | |||
| Jersey City, NJ 07310-2010 | 4,070,656.946 | 13.79% | |
| A | UBS Wealth Management USA | ||
| 0O0 11011 6100 | |||
| Omni Account M/F | |||
| Attn: Department Manager | |||
| 1000 Harbor Blvd. | |||
| Weehawken, NJ 07086-6761 | 2,598,544.322 | 8.80% | |
| A | MLPF&S for the Sole Benefit of its Customers | ||
| 4800 Deer Lake Dr. E FL 3 | |||
| Jacksonville, FL 32246-6484 | 2,547,210.620 | 8.63% | |
| A | Pershing LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 2,322,115.630 | 7.87% | |
| A | Wells Fargo Advisors | ||
| Special Custody Acct for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 1,844,035.347 | 6.25% | |
| A | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 1,668,139.292 | 5.65% | |
| L-30 |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Putnam Massachusetts Tax Exempt Income Fund (cont.) | |||
| B | RBC Capital Markets, LLC | ||
| Mutual Fund Omnibus Processing | |||
| Attn: Mutual Fund Ops Manager | |||
| 510 Marquette Ave S | |||
| Minneapolis, MN 55402-1110 | 66,184.324 | 17.28% | |
| B | Pershing LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 41,309.616 | 10.79% | |
| B | MLPF&S for the Sole Benefit | ||
| of its Customers | |||
| 4800 Deer Lake Dr. E FL 3 | |||
| Jacksonville, FL 32246-6484 | 32,520.179 | 8.49% | |
| B | National Financial Services, LLC | ||
| for the Exclusive Benefit of Our Customers | |||
| 499 Washington Blvd. | |||
| Attn: Mutual Funds Dept 4th Fl | |||
| Jersey City, NJ 07310-2010 | 23,695.017 | 6.19% | |
| C | MLPF&S for the Sole Benefit | ||
| of its Customers | |||
| 4800 Deer Lake Dr. E FL 3 | |||
| Jacksonville, FL 32246-6484 | 946,373.843 | 25.08% | |
| C | National Financial Services, LLC | ||
| for the Exclusive Benefit of | |||
| Our Customers | |||
| 499 Washington Blvd. | |||
| Attn: Mutual Funds Dept 4th Fl | |||
| Jersey City, NJ 07310-2010 | 562,297.053 | 14.90% | |
| C | Pershing LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 349,374.179 | 9.26% | |
| C | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 285,148.865 | 7.56% | |
| M | National Financial Services, LLC | ||
| for the Exclusive Benefit | |||
| of Our Customers | |||
| 499 Washington Blvd. | |||
| Attn: Mutual Funds Dept 4th Fl | |||
| Jersey City, NJ 07310-2010 | 112,432.204 | 30.97% | |
| M | SEI Private Trust Company | ||
| For the Benefit of Mellon Bank ID 225 | |||
| 1 Freedom Valley Dr. | |||
| Oaks, PA 19456-9989 | 79,742.765 | 21.97% | |
| M | Pershing LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 55,332.307 | 15.24% | |
| M | MLPF&S for the Sole Benefit | ||
| of its Customers | |||
| 4800 Deer Lake Dr. E FL 3 | |||
| Jacksonville, FL 32246-6484 | 32,052.241 | 8.83% | |
| Y | National Financial Services, LLC | ||
| for the Exclusive Benefit | |||
| of Our Customers | |||
| 499 Washington Blvd. | |||
| Attn: Mutual Funds Dept 4th Fl | |||
| Jersey City, NJ 07310-2010 | 1,304,422.368 | 50.24% | |
| Y | MLPF&S for the Sole Benefit | ||
| of its Customers | |||
| 4800 Deer Lake Dr. E FL 3 | |||
| Jacksonville, FL 32246-6484 | 427,495.621 | 16.47% | |
| Y | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 166,882.455 | 6.43% | |
| Y | Wells Fargo Advisors | ||
| Special Custody Acct for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 145,595.866 | 5.61% | |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Y | Pershing LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 134,770.869 | 5.19% | |
| Y | Charles Schwab & Co. Inc | ||
| Clearing Account for the | |||
| Exclusive Benefit of Their Customers | |||
| 101 Montgomery St. | |||
| San Francisco, CA 94104-4151 | 131,486.415 | 5.06% | |
| Putnam Michigan Tax Exempt Income Fund | |||
| A | Edward D Jones & Co | ||
| For the Benefit of Customers | |||
| 12555 Manchester Rd. | |||
| Saint Louis, MO 63131-3729 | 1,035,998.306 | 13.53% | |
| A | Raymond James & Assoc Inc | ||
| Attn: Courtney Waller | |||
| 880 Carillon Pkwy | |||
| St. Petersburg, FL 33716-1100 | 683,979.975 | 8.93% | |
| A | Pershing LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 670,162.875 | 8.75% | |
| A | Wells Fargo Advisors | ||
| Special Custody Acct for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 585,426.840 | 7.65% | |
| B | MLPF&S for the Sole Benefit | ||
| of its Customers | |||
| 4800 Deer Lake Dr. E FL 3 | |||
| Jacksonville, FL 32246-6484 | 62,350.143 | 35.45% | |
| B | Wells Fargo Advisors | ||
| Special Custody Acct for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 37,070.070 | 21.08% | |
| B | Oppenheimer & Co Inc. | ||
| FBO Harry Bush and Isabele Bush Co-Ttees | |||
| Bush Family Rev Trust | |||
| 628 6th St. | |||
| Wyandotte, MI 48192-2636 | 9,636.089 | 5.48% | |
| C | Pershing LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 55,740.808 | 27.28% | |
| C | Raymond James & Assoc Inc | ||
| Attn: Courtney Waller | |||
| 880 Carillon Pkwy | |||
| St. Petersburg, FL 33716-1100 | 28,773.912 | 14.08% | |
| C | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 19,713.197 | 9.65% | |
| C | UBS Wealth Management USA | ||
| 0O0 11011 6100 | |||
| Omni Account M/F | |||
| Attn: Department Manager | |||
| 1000 Harbor Blvd. | |||
| Weehawken, NJ 07086-6761 | 15,419.586 | 7.55% | |
| C | MLPF&S for the Sole Benefit of | ||
| its Customers | |||
| 4800 Deer Lake Dr. E FL 3 | |||
| Jacksonville, FL 32246-6484 | 13,483.684 | 6.60% | |
| M | Edward D Jones & Co | ||
| For the Benefit of Customers | |||
| 12555 Manchester Rd. | |||
| Saint Louis, MO 63131-3729 | 8,900.081 | 39.57% | |
| M | Wells Fargo Advisors | ||
| Special Custody Acct for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 7,914.347 | 35.18% | |
| M | Betty Pobuda & Robert E Pobuda | ||
| JTWROS | |||
| 29642 Heritage Ln | |||
| Paw Paw, MI 49079-8413 | 2,108.774 | 9.37% | |
| L-31 |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Putnam Michigan Tax Exempt Income Fund (cont.) | |||
| M | Putnam, LLC | ||
| One Post Office Square | |||
| Boston, MA 02109 | 1,832.408 | 8.15% | |
| M | Cetera Investment Svcs. | ||
| (FBO)Raymond Brown 18830914 | |||
| 400 first Street So | |||
| Suite 300 | |||
| P.O. Box 283 | |||
| St. Cloud, MN 56302-0283 | 1,543.842 | 6.86% | |
| Y | Pershing LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 63,237.536 | 34.17% | |
| Y | MLPF&S for the Sole Benefit of | ||
| its Customers | |||
| 4800 Deer Lake Dr. E FL 3 | |||
| Jacksonville, FL 32246-6484 | 34,152.689 | 18.45% | |
| Y | Wells Fargo Advisors | ||
| Special Custody Acct for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 31,362.117 | 16.94% | |
| Y | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 23,037.394 | 12.45% | |
| Y | LPL Financial | ||
| Omnibus Customer Account | |||
| Attn: Lindsay O’Toole | |||
| 9785 Towne Centre Dr. | |||
| San Diego, CA 92121-1968 | 16,688.344 | 9.02% | |
| Putnam Minnesota Tax Exempt Income Fund | |||
| A | Edward D Jones & Co | ||
| For the Benefit of Customers | |||
| 12555 Manchester Rd. | |||
| Saint Louis, MO 63131-3729 | 1,361,325.681 | 13.92% | |
| A | Pershing LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 1,000,246.242 | 10.23% | |
| B | Charles Schwab & Co. Inc | ||
| Clearing Account for the Exclusive | |||
| Benefit of Their Customers | |||
| 101 Montgomery St. | |||
| San Francisco, CA 94104-4151 | 46,147.642 | 30.17% | |
| B | Pershing LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 36,134.413 | 23.62% | |
| B | Wells Fargo Advisors | ||
| Special Custody Acct for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 9,647.715 | 6.31% | |
| B | Edward D Jones & Co | ||
| For the Benefit of Customers | |||
| 12555 Manchester Rd. | |||
| Saint Louis, MO 63131-3729 | 9,381.819 | 6.13% | |
| C | Pershing LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 509,500.204 | 27.22% | |
| C | Wells Fargo Advisors | ||
| Special Custody Acct for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 252,045.896 | 13.47% | |
| M | Stifel Nicolaus & Co Inc | ||
| Richard E & Charlotte A Wuttke | |||
| Charlotte A Wuttke, Bruce Wuttke | |||
| 501 North Broadway | |||
| St. Louis, MO 63102-2188 | 10,528.849 | 17.35% | |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| M | Ann P Gustin & John M Gustin, Ttees | ||
| Gustin Revocable Living Trust | |||
| U/D/T 03/18/2003 | |||
| 3061 Woodlark Ln. | |||
| Eagan, MN 55121-1916 | 7,716.599 | 12.71% | |
| M | Scott K Biesanz Ttee | ||
| Scott K Biesanz Rev Trust | |||
| U/A Dtd 01/12/2005 | |||
| 724 Washington St. | |||
| Winona, MN 55987-3350 | 5,756.232 | 9.48% | |
| M | National Financial Services, LLC | ||
| for the Exclusive Benefit of | |||
| Our Customers | |||
| 499 Washington Blvd. | |||
| Attn: Mutual Funds Dept 4th Fl | |||
| Jersey City, NJ 07310-2010 | 5,740.700 | 9.46% | |
| M | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 5,144.033 | 8.48% | |
| M | LPL Financial | ||
| Omnibus Customer Account | |||
| Attn: Lindsay O’Toole | |||
| 9785 Towne Centre Dr. | |||
| San Diego, CA 92121-1968 | 4,740.401 | 7.81% | |
| M | David P Merten & Kay M Merten JTWROS | ||
| 1364 Windsor Ln | |||
| Grayslake, IL 60030-3759 | 4,022.657 | 6.63% | |
| M | Edward D Jones & Co | ||
| For the Benefit of Customers | |||
| 12555 Manchester Rd. | |||
| Saint Louis, MO 63131-3729 | 3,666.060 | 6.04% | |
| Y | Wells Fargo Advisors | ||
| Special Custody Acct for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 62,875.586 | 35.75% | |
| Y | Pershing LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 57,976.179 | 32.96% | |
| Y | MLPF&S for the Sole Benefit of | ||
| its Customers | |||
| 4800 Deer Lake Dr. E FL 3 | |||
| Jacksonville, FL 32246-6484 | 29,481.753 | 16.76% | |
| Y | LPL Financial | ||
| Omnibus Customer Account | |||
| Attn: Lindsay O’Toole | |||
| 9785 Towne Centre Dr. | |||
| San Diego, CA 92121-1968 | 14,799.501 | 8.41% | |
| Putnam Money Market Fund | |||
| A [ ] | Great-West Trust | ||
| Company, LLC FBO | 75,229,521.664 | 5.75% | |
| B | Wells Fargo Advisors | ||
| 2801 Market Street | |||
| Saint Louis, MO 63103 | 2,024,548.465 | 14.49% | |
| C | Wells Fargo Advisors | ||
| 2801 Market Street | |||
| Saint Louis, MO 63103 | 1,904,618.312 | 7.29% | |
| C | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 1,756,196.650 | 6.72% | |
| C | Charles Schwab & Co. Inc | ||
| Clearing Account for the | |||
| Exclusive Benefit of Their Customers | |||
| 101 Montgomery St. | |||
| San Francisco, CA 94104-4151 1,704,813.980 | 6.52% | ||
| C | National Financial Services, LLC | ||
| for the Exclusive Benefit of | |||
| Our Customers | |||
| 499 Washington Blvd. | |||
| Attn: Mutual Funds Dept 4th Fl | |||
| Jersey City, NJ 07310-2010 | 1,601,957.400 | 6.13% | |
| L-32 |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Putnam Money Market Fund (cont.) | |||
| M* | CKS Packaging Inc. 401k Plan | 3,563,914.452 | 12.18% |
| R | Frontier TRCO FBO | ||
| End Clinic Inc | |||
| PO Box 10758 | |||
| Fargo, ND 58106 | 3,563,914.452 | 12.18% | |
| T [ ] | Great-West Trust Company, LLC — Employee | ||
| Benefits Clients 401(k) | 11,114,347.960 | 52.90% | |
| T [ ] | Great-West Trust Company, LLC — Great West | ||
| IRA Advantage | 2,966,070.193 | 14.12% | |
| Putnam Money Market Liquidity Fund | |||
| P | Putnam Stable Value Intermediate Domestic | ||
| Investment Grade Trust | [ ] | 19.57% | |
| P | Putnam Dynamic Asset | ||
| Allocation-Growth Fund | [ ] | 8.69% | |
| P | Putnam Absolute Return Fund | [ ] | 8.52% |
| P | Putnam Stable Value Intermediate Domestic | ||
| Investment Grade Trust | [ ] | 8.17% | |
| P | Putnam Capital Spectrum Fund | [ ] | 7.70% |
| P | Putnam Total Return Trust | [ ] | 7.50% |
| P | Putnam Diversified Income Trust | [ ] | 7.36% |
| P | Putnam Total Return Trust | [ ] | 6.49% |
| P | Putnam Dynamic Asset | ||
| Allocation-Balanced Fund | [ ] | 6.32% | |
| P | Putnam U.S. Government Income Trust | [ ] | 19.57% |
| Putnam Multi-Cap Core Fund | |||
| A | Pershing LLC | ||
| P.O. Box 2052 | |||
| Jersey City, NJ 07303-2052 | 175,712.493 | 23.70% | |
| A | Putnam, LLC | ||
| One Post Office Square | |||
| Boston, MA 02109 | 122,545.423 | 16.53% | |
| A | LPL Financial | ||
| Attn: Lindsay O’Toole | |||
| 9785 Towne Center Drive | |||
| San Diego, CA 92121 | 63,073.636 | 8.51% | |
| A | Raymond James | ||
| Attn: Courtney Waller | |||
| 880 Carillon Parkway | |||
| St. Petersburg, FL 33716-1100 | 46,968.118 | 6.33% | |
| A | National Financial Services, LLC | ||
| 499 Washington Blvd | |||
| Jersey City, NJ 07310-2010 | 42,113.321 | 5.68% | |
| B | Pershing LLC | ||
| P.O. Box 2052 | |||
| Jersey City, NJ 07303-2052 | 5,412.625 | 17.18% | |
| B | Raymond James | ||
| Attn: Courtney Waller | |||
| 880 Carillon Parkway | |||
| St. Petersburg, FL 33716-1100 | 3,597.809 | 11.42% | |
| B | LPL Financial | ||
| Attn: Lindsay O’Toole | |||
| 9785 Towne Center Drive | |||
| San Diego, CA 92121 | 2,055.501 | 6.53% | |
| B | Stifel, Nicolaus & Co. Inc. | ||
| Robert Miller IRA | |||
| 501 N Broadway FL 8 | |||
| St. Louis MO 63102-2188 | 1,844.130 | 5.85% | |
| C | Raymond James | ||
| Attn: Courtney Waller | |||
| 880 Carillon Parkway | |||
| St. Petersburg, FL 33716-1100 | 22,610.868 | 21.91% | |
| C | Pershing LLC | ||
| P.O. Box 2052 | |||
| Jersey City, NJ 07303-2052 | 18,257.636 | 17.69% | |
| C | LPL Financial | ||
| Attn: Lindsay O’Toole | |||
| 9785 Towne Center Drive | |||
| San Diego, CA 92121 | 13,088.015 | 12.68% | |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| C | Ronald Hoffman | ||
| 7643 Circulo Sequoia | |||
| Carlsbad CA 92009-8472 | 6,631.300 | 6.43% | |
| C | Goldstein & Bachman PA | ||
| A/C Howard A. Bachman | |||
| 9 Walnut Ln. | |||
| Manalapan, NJ 07726-4655 | 5,901.370 | 5.72% | |
| M | Michael E. Griest | ||
| 418 Depew St. | |||
| Peekskill, NY 10566-4606 | 1,417.434 | 26.38% | |
| M | Putnam, LLC | ||
| One Post Office Square | |||
| Boston, MA 02109 | 1,125.611 | 20.95% | |
| M | Douglas Holland | ||
| 2470 Lowell Mill Road | |||
| Kenley, NC 27542-8354 | 862.129 | 16.05% | |
| M | Bethany Jean Zare | ||
| 1190 E. Saint James Street | |||
| San Jose, CA 95116-1126 | 591.466 | 11.01% | |
| M | Sara Mathews | ||
| 10882 Wengate Ln. | |||
| Blue Ash, OH 45241-2937 | 426.808 | 7.94% | |
| M | Rachel Mathews | ||
| 770 Sanctuary Cove Dr. | |||
| West Palm Beach, FL 33410-4521 339.996 | 6.33% | ||
| R | Putnam, LLC | ||
| One Post Office Square | |||
| Boston, MA 02109 | 1,128.321 | 100.00% | |
| Y | Pershing LLC | ||
| P.O. Box 2052 | |||
| Jersey City, NJ 07303-2052 | 129,350.785 | 41.72% | |
| Y [ ] | Great-West Trust Company, LLC 60,057.843 | 19.37% | |
| Y | Raymond James | ||
| Attn: Courtney Waller | |||
| 880 Carillon Parkway | |||
| St. Petersburg, FL 33716-1100 | 41,762.702 | 13.47% | |
| Y | Gerard & Gail Sullivan | ||
| 22 Whitehall CIR | |||
| Beverly MA 01915-2437 | 29,188.922 | 9.41% | |
| Putnam Multi-Cap Growth Fund | |||
| A | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 3,157,928.575 | 6.70% | |
| A | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 2,828,001.858 | 6.00% | |
| A | National Financial Services, LLC | ||
| 499 Washington Blvd | |||
| Jersey City, NJ 07310-2010 | 2,502,911.532 | 5.31% | |
| C | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 68,496.012 | 7.67% | |
| C | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 60,964.956 | 6.83% | |
| C | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 53,550.841 | 6.00% | |
| C | National Financial Services, LLC | ||
| 499 Washington Blvd | |||
| Jersey City, NJ 07310-2010 | 48,569.056 | 5.44% | |
| C | MLPF&S | ||
| 4800 Deer Lake Dr. E. FL 3 | |||
| Jacksonville, FL 32246-6484 | 45,788.696 | 5.13% | |
| M* | CKS Packaging, Inc. 401k Plan | 71,929.672 | 8.78% |
| R | Capital Bank and Trust Co TTEE | ||
| Mossberg Corp Employee Savings Plan | |||
| 8515 E. Orchard Rd, #2T2 | |||
| Greenwood Village, | |||
| CO 80111-5002 | 18,634.957 | 15.56% | |
| L-33 |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Putnam Multi-Cap Growth Fund (cont.) | |||
| R | Capital Bank and Trust Co. | ||
| Alcan Rolled Products / Ravenswood LLC | |||
| Salaried DCP 401k | |||
| c/o Plan Premier Fascorp | |||
| 8515 E. Orchard Rd, #2T2 | |||
| Greenwood Village, CO 80111-5002 14,222.659 | 11.88% | ||
| R | Capital Bank and Trust Co. | ||
| HK Research Corp PSP | |||
| 8515 E. Orchard Rd, #2T2 | |||
| Greenwood Village, CO 80111-5002 13,347.920 | 11.15% | ||
| R | Reliance Trust Company | ||
| FBO — American Dawn | |||
| PO Box 48529 | |||
| Atlanta, GA 30362-1529 | 9,382.806 | 7.84% | |
| R | Hartford Life Insurance Co. | ||
| 1 Griffin Rd N | |||
| Windsor, CT 06095-1512 | 7,707.163 | 6.44% | |
| R | ING National Trust | ||
| FBO ING | |||
| 1 Orange Way | |||
| Windsor, CT 06095-4773 | 6,773.180 | 5.66% | |
| Y [ ] | Great-West Trust Company, LLC — | ||
| The Putnam Retirement Plan | 576,808.783 | 27.70% | |
| Y [ ] | Great-West Trust Company, LLC — | ||
| Recordkeeping for various | |||
| benefit plans | 559,605.721 | 26.87% | |
| Y* | Marsh & McLennan Supplemental | ||
| Retirement Plan | 451,633.305 | 21.69% | |
| Putnam Multi-Cap Value Fund | |||
| A | Pershing, LLC | ||
| 1 Pershing Plz | |||
| Jersey City, NJ 07399-0001 | 1,264,626.059 | 7.53% | |
| A | Edward Jones & Co for the benefit of customers | ||
| 12555 Manchester Rd | |||
| Saint Louis, MO 63131-3729 | 1,092,195.203 | 6.50% | |
| A | Wells Fargo Advisors | ||
| Special Custody Acct for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St | |||
| Saint Louis, MO 63103-2523 | 970,020.579 | 5.78% | |
| B | Wells Fargo Advisors | ||
| Special Custody Acct for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St | |||
| Saint Louis, MO 63103-2523 | 31,561.937 | 5.40% | |
| C | Wells Fargo Advisors | ||
| Special Custody Acct for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St | |||
| Saint Louis, MO 63103-2523 | 173,605.408 | 15.93% | |
| C | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd floor | 90,743.829 | 8.33% | |
| C | Pershing, LLC | ||
| 1 Pershing Plz | |||
| Jersey City, NJ 07399-0001 | 57,839.874 | 5.31% | |
| M* | PECO Employees 401k plan | 21,608.867 | 9.25% |
| R | Hartford Life Insurance Co | ||
| Attn Unit Operations | |||
| 1 Griffin Rd | |||
| Windsor CT 06095-1512 | 189,857.143 | 31.75% | |
| Y [ ] | Great-West Trust Company, LLC — | ||
| The Putnam Retirement Plan | 540,347.542 | 49.66% | |
| Y | Wells Fargo Advisors | ||
| Special Custody Acct for the Exclusive Benefit of Customer | |||
| 2801 Market St | |||
| Saint Louis, MO 63103-2523 | 80,306.691 | 7.38% | |
| Y | LPL Financial | ||
| Attn: Lindsay O’Toole | |||
| 9785 Towne Center Drive | |||
| San Diego, CA 92121 | 65,551.359 | 6.02% | |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Putnam New Jersey Tax Exempt Income Fund | |||
| A | National Financial Services, LLC | ||
| for the Exclusive Benefit of | |||
| Our Customers | |||
| 499 Washington Blvd. | |||
| Attn: Mutual Funds Dept 4th Fl | |||
| Jersey City, NJ 07310-2010 | 3,252,215.820 | 16.42% | |
| A | Wells Fargo Advisors | ||
| Special Custody Acct for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St | |||
| Saint Louis, MO 63103-2523 | 2,971,032.042 | 15.00% | |
| A | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 1,753,846.554 | 8.85% | |
| A | MLPF&S for the Sole Benefit of | ||
| its Customers | |||
| 4800 Deer Lake Dr. E FL 3 | |||
| Jacksonville, FL 32246-6484 | 1,512,545.066 | 7.64% | |
| A | Pershing LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 1,378,822.223 | 6.96% | |
| A | Charles Schwab & Co. Inc | ||
| Clearing Account for the | |||
| Exclusive Benefit of | |||
| Their Customers | |||
| 101 Montgomery St. | |||
| San Francisco, CA 94104-4151 1,080,115.605 | 5.45% | ||
| B | Wells Fargo Advisors | ||
| Special Custody Acct for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 326,930.915 | 52.83% | |
| B | Wells Fargo Advisors | ||
| Special Custody Acct for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 76,263.195 | 12.32% | |
| B | Pershing LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 55,271.649 | 8.93% | |
| B | MLPF&S for the Sole Benefit of | ||
| its Customers | |||
| 4800 Deer Lake Dr. E FL 3 | |||
| Jacksonville, FL 32246-6484 | 45,152.198 | 7.30% | |
| B | National Financial Services, LLC | ||
| for the Exclusive Benefit of | |||
| Our Customers | |||
| 499 Washington Blvd. | |||
| Attn: Mutual Funds Dept 4th Fl | |||
| Jersey City, NJ 07310-2010 | 326,930.915 | 52.83% | |
| C | Wells Fargo Advisors | ||
| Special Custody Acct for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 940,412.559 | 33.38% | |
| C | Charles Schwab & Co. Inc | ||
| Clearing Account for the Exclusive | |||
| Benefit of Their Customers | |||
| 101 Montgomery St. | |||
| San Francisco, CA 94104-4151 | 390,281.552 | 13.85% | |
| C | MLPF&S for the Sole Benefit of | ||
| its Customers | |||
| Attn: Fund Administration | |||
| 4800 Deer Lake Dr. E FL 3 | |||
| Jacksonville, FL 32246-6484 | 311,069.610 | 11.04% | |
| C | Pershing LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 229,662.814 | 8.15% | |
| C | Raymond James & Assoc Inc | ||
| Attn: Courtney Waller | |||
| 880 Carillon Pkwy | |||
| St. Petersburg, FL 33716-1100 | 202,935.978 | 7.20% | |
| L-34 |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Putnam New Jersey Tax Exempt Income Fund (cont.) | |||
| C | National Financial Services, LLC | ||
| for the Exclusive Benefit of | |||
| Our Customers | |||
| 499 Washington Blvd. | |||
| Attn: Mutual Funds Dept 4th Fl | |||
| Jersey City, NJ 07310-2010 | 184,757.092 | 6.56% | |
| C | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 176,770.361 | 6.27% | |
| M | Wells Fargo Advisors | ||
| Special Custody Acct for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 208,280.551 | 63.02% | |
| M | National Financial Services, LLC | ||
| for the Exclusive Benefit of | |||
| Our Customers | |||
| 499 Washington Blvd. | |||
| Attn: Mutual Funds Dept 4th Fl | |||
| Jersey City, NJ 07310-2010 | 23,989.793 | 7.26% | |
| M | Leonard Cavaliere & Joseph Cavaliere JTWROS | ||
| 21 King George Rd. | |||
| Warren, NJ 07059-7014 | 17,428.799 | 5.27% | |
| Y | MLPF&S for the Sole Benefit of | ||
| its Customers | |||
| Attn: Fund Administration | |||
| 4800 Deer Lake Dr. E FL 3 | |||
| Jacksonville, FL 32246-6484 | 1,107,478.830 | 59.47% | |
| Y | Wells Fargo Advisors | ||
| Special Custody Acct for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 429,308.030 | 23.05% | |
| Y | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 245,453.642 | 13.18% | |
| Putnam New York Tax Exempt Income Fund | |||
| A | Pershing LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 16,652,125.786 | 13.80% | |
| A | Merrill, Lynch, Pierce, Fenner & Smith | ||
| For the Sole Benefit of its Customers | |||
| Attn: Fund Administration | |||
| 4800 Deer Lake Drive East FL 3 | |||
| Jacksonville, FL 32246-6484 | 12,872,804.221 | 10.67% | |
| A | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 8,145,012.600 | 6.75% | |
| A | Wells Fargo Advisors | ||
| Special Custody Acct for the Exclusive | |||
| Benefit of the Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 7,487,717.612 | 6.20% | |
| B | Pershing LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 437,472.157 | 27.93% | |
| B | National Financial Services, LLC | ||
| For the Exclusive Benefit of Our Customers | |||
| 499 Washington Blvd | |||
| Attn: Mutual Funds Dept. 4th Fl | |||
| Jersey City, NJ 07310-2010 | 188,140.281 | 12.01% | |
| B | Wells Fargo Advisors | ||
| Special Custody Acct for the Exclusive | |||
| Benefit of the Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 186,556.515 | 11.91% | |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| B | Merrill, Lynch, Pierce, Fenner & Smith | ||
| For the Sole Benefit of its Customers | |||
| Attn: Fund Administration | |||
| 4800 Deer Lake Drive East FL 3 | |||
| Jacksonville, FL 32246-6484 | 178,189.824 | 11.38% | |
| C | Pershing LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 2,231,206.045 | 30.49% | |
| C | Charles Schwab & Co Inc. | ||
| Clearing Account for the | |||
| Exclusive Benefit of Their Customers | |||
| 101 Montgomery Street | |||
| San Francisco, CA 94104-4151 | 968,888.129 | 13.24% | |
| C | Merrill, Lynch, Pierce, Fenner & Smith | ||
| For the Sole Benefit of its Customers | |||
| Attn: Fund Administration | |||
| 4800 Deer Lake Drive East FL 3 | |||
| Jacksonville, FL 32246-6484 | 902,415.109 | 12.33% | |
| C | LPL Financial | ||
| Attn: Lindsay O’Toole | |||
| 9785 Towne Center Drive | |||
| San Diego, CA 92121 | 598,025.317 | 8.17% | |
| C | Wells Fargo Advisors | ||
| Special Custody Acct for the | |||
| Exclusive Benefit of the Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 414,788.375 | 5.67% | |
| C | National Financial Services, LLC | ||
| For the Exclusive Benefit of | |||
| Our Customers | |||
| 499 Washington Blvd | |||
| Attn: Mutual Funds Dept. 4th Fl | |||
| Jersey City, NJ 07310-2010 | 384,460.763 | 5.25% | |
| M | Pershing LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 50,754.681 | 29.18% | |
| M | Edward D. Jones & Co. | ||
| Attn: Mutual Fund Shareholder Accounting | |||
| 201 Progress Pkwy | |||
| Maryland Heights, | |||
| MO 63043-3009 | 39,703.013 | 22.83% | |
| M | Paula Detiberiis & Lorraine Detiberiis JTWROS | ||
| Multiple Beneficiaries | |||
| 16136 91st St. | |||
| Howard Beach, NY 11414-3424 | 25,749.705 | 14.80% | |
| M | Elizabeth Frasca | ||
| 15 Kaldenberg Pl., Apt 1 | |||
| Tarrytown, NY 10591-7662 | 19,056.237 | 10.96% | |
| M | Diane M. Mullen | ||
| Dennis M. Mullen JTWROS | |||
| 2684 New Scotland Rd. | |||
| Voorheesville, NY 12186-5021 | 8,753.150 | 5.03% | |
| Y | Merrill, Lynch, Pierce, Fenner & Smith | ||
| For the Sole Benefit | |||
| of its Customers | |||
| Attn: Fund Administration | |||
| 4800 Deer Lake Drive East FL 3 | |||
| Jacksonville, FL 32246-6484 | 773,456.038 | 32.23% | |
| Y | Wells Fargo Advisors | ||
| Special Custody Acct for the | |||
| Exclusive Benefit of the Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 568,269.387 | 23.68% | |
| Y | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 372,191.815 | 15.51% | |
| Y | National Financial Services, LLC | ||
| For the Exclusive Benefit of Our Customers | |||
| 499 Washington Blvd | |||
| Attn: Mutual Funds Dept. 4th Fl | |||
| Jersey City, NJ 07310-2010 | 206,129.888 | 8.59% | |
| L-35 |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Putnam New York Tax Exempt Income Fund (cont.) | |||
| Y | John A Hill | ||
| 33 Avon Rd. | |||
| Bronxville, NY 10708-1601 | 186,515.222 | 7.77% | |
| Putnam Ohio Tax Exempt Income Fund | |||
| A | Edward D Jones & Co | ||
| For the Benefit of Customers | |||
| 12555 Manchester Rd. | |||
| Saint Louis, MO 63131-3729 | 1,567,419.684 | 11.22% | |
| A | Wells Fargo Advisors | ||
| Special Custody Acct for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 1,260,447.996 | 9.02% | |
| A | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 1,205,187.279 | 8.63% | |
| A | UBS Wealth Management USA | ||
| 0O0 11011 6100 | |||
| Omni Account M/F | |||
| Attn: Department Manager | |||
| 1000 Harbor Blvd. | |||
| Weehawken, NJ 07086-6761 | 1,114,312.180 | 7.98% | |
| A | Pershing LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 917,754.559 | 6.57% | |
| A | National Financial Services, LLC | ||
| for the Exclusive Benefit | |||
| of Our Customers | |||
| 499 Washington Blvd. | |||
| Attn: Mutual Funds Dept 4th Fl | |||
| Jersey City, NJ 07310-2010 | 759,757.839 | 5.44% | |
| B | Pershing LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 91,231.337 | 42.52% | |
| B | Wells Fargo Advisors | ||
| Special Custody Acct for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 14,339.129 | 6.68% | |
| B | LPL Financial | ||
| Omnibus Customer Account | |||
| Attn: Lindsay O’Toole | |||
| 9785 Towne Centre Dr. | |||
| San Diego, CA 92121-1968 | 11,285.250 | 5.26% | |
| C | Pershing LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 376,378.412 | 27.43% | |
| C | UBS Wealth Management USA | ||
| Attn: Department Manager | |||
| 1000 Harbor Blvd. | |||
| Weehawken, NJ 07086-6761 | 226,992.809 | 16.54% | |
| C | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 108,373.553 | 7.90% | |
| C | MLPF&S for the Sole Benefit | ||
| of its Customers | |||
| Attn: Fund Administration | |||
| 4800 Deer Lake Dr. E FL 3 | |||
| Jacksonville, FL 32246-6484 | 85,796.613 | 6.25% | |
| C | Charles Schwab & Co. Inc | ||
| Clearing Account for the Exclusive | |||
| Benefit of Their Customers | |||
| 101 Montgomery St. | |||
| San Francisco, CA 94104-4151 | 71,411.429 | 5.20% | |
| M | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 26,488.048 | 45.75% | |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| M | Pamela R LaulessTOD | ||
| 2664 Alexandria Dr. | |||
| Lima, OH 45805-2678 | 8,895.488 | 15.36% | |
| M | Albert A Myers | ||
| TOD Thelma A Myers | |||
| Subject To State TOD Rules | |||
| 6314 S Funk Rd. | |||
| Shreve, OH 44676-9716 | 5,580.307 | 9.64% | |
| M | Patricia J White | ||
| Dalmas L White JTWROS | |||
| 2076 US 68 South, Lot 36 | |||
| Wilmington, OH 45177-9785 | 5,563.754 | 9.61% | |
| Y | SEI Private Trust Company | ||
| c/o First Merit ID 682 | |||
| 1 Freedom Valley Dr. | |||
| Oaks, PA 19456-9989 | 248,408.810 | 36.95% | |
| Y | MLPF&S for the Sole Benefit of | ||
| its Customers | |||
| Attn: Fund Administration | |||
| 4800 Deer Lake Dr. E FL 3 | |||
| Jacksonville, FL 32246-6484 | 137,090.557 | 20.39% | |
| Y | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 128,482.304 | 19.11% | |
| Y | Wells Fargo Advisors | ||
| Special Custody Acct for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 114,201.583 | 16.98% | |
| Putnam Pennsylvania Tax Exempt Income Fund | |||
| A | National Financial Services, LLC | ||
| for the Exclusive Benefit | |||
| of Our Customers | |||
| 499 Washington Blvd. | |||
| Attn: Mutual Funds Dept 4th Fl | |||
| Jersey City, NJ 07310-2010 | 4,819,269.697 | 25.47% | |
| A | Pershing LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 1,701,687.341 | 8.99% | |
| A | Wells Fargo Advisors | ||
| Special Custody Acct for the Exclusive | |||
| Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 1,613,740.197 | 8.53% | |
| A | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 988,354.101 | 5.22% | |
| B | National Financial Services, LLC | ||
| for the Exclusive Benefit of | |||
| Our Customers | |||
| 499 Washington Blvd. | |||
| Attn: Mutual Funds Dept 4th Fl | |||
| Jersey City, NJ 07310-2010 | 179,666.543 | 27.49% | |
| B | Wells Fargo Advisors | ||
| Special Custody Acct for the Exclusive | |||
| Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 152,656.863 | 23.35% | |
| B | Pershing LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 36,245.212 | 5.54% | |
| C | Wells Fargo Advisors | ||
| Special Custody Acct for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 525,425.356 | 17.02% | |
| C | National Financial Services, LLC | ||
| for the Exclusive Benefit | |||
| of Our Customers | |||
| 499 Washington Blvd. | |||
| Attn: Mutual Funds Dept 4th Fl | |||
| Jersey City, NJ 07310-2010 | 510,327.540 | 16.53% | |
| L-36 |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Putnam Pennsylvania Tax Exempt Income Fund (cont.) | |||
| C | LPL Financial | ||
| Attn: Lindsay O’Toole | |||
| 9785 Towne Centre Dr. | |||
| San Diego, CA 92121-1968 | 433,633.937 | 14.05% | |
| C | Pershing LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 271,494.335 | 8.79% | |
| C | Charles Schwab & Co. Inc | ||
| Clearing Account for the Exclusive | |||
| Benefit of Their Customers | |||
| 101 Montgomery St. | |||
| San Francisco, CA 94104-4151 | 184,814.212 | 5.99% | |
| C | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 159,097.714 | 5.15% | |
| M | John J Handley & Joyce A Handley | ||
| Ten In Comm | |||
| 495 Lake Louise Rd. | |||
| Dallas, PA 18612-6063 | 125,952.679 | 27.65% | |
| M | Pershing LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 73,991.511 | 16.24% | |
| M | LPL Financial | ||
| Attn: Lindsay O’Toole | |||
| 9785 Towne Centre Dr. | |||
| San Diego, CA 92121-1968 | 27,130.126 | 5.95% | |
| M | Michael Steinkirchner & Maury Steinkirchner JTWROS | ||
| 445 Turtle Ln | |||
| Langhorne, PA 19047-3161 | 23,834.657 | 5.23% | |
| Y | Wells Fargo Advisors | ||
| Special Custody Acct for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 125,952.679 | 27.65% | |
| Y | RBC Capital Markets, LLC | ||
| Attn: Mutual Fund Ops Manager | |||
| 510 Marquette Ave S | |||
| Minneapolis, MN 55402-1110 | 73,991.511 | 16.24% | |
| Y | LPL Financial | ||
| Attn: Lindsay O’Toole | |||
| 9785 Towne Centre Dr. | |||
| San Diego, CA 92121-1968 | 27,130.126 | 5.95% | |
| Y | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 23,834.657 | 5.23% | |
| Y | Pershing LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 125,952.679 | 27.65% | |
| Y | National Financial Services, LLC | ||
| for the Exclusive Benefit of | |||
| Our Customers | |||
| 499 Washington Blvd. | |||
| Attn: Mutual Funds Dept 4th Fl | |||
| Jersey City, NJ 07310-2010 | 73,991.511 | 16.24% | |
| Putnam Research Fund | |||
| A | Wells Fargo Advisors | ||
| Special Custody Acct for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 674,834.844 | 6.96% | |
| A | Pershing LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 633,875.714 | 6.54% | |
| B | Wells Fargo Advisors | ||
| Special Custody Acct for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 28,931.446 | 5.62% | |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| C | Wells Fargo Advisors | ||
| Special Custody Acct for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 95,872.292 | 15.05% | |
| C | Pershing LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 42,899.973 | 6.74% | |
| C | MLPF&S for the Sole Benefit of its Customers | ||
| Attn: Fund Administration | |||
| 4800 Deer Lake Dr. E FL 3 | |||
| Jacksonville, FL 32246-6484 | 32,118.547 | 5.04% | |
| M | Wells Fargo Advisors | ||
| Special Custody Acct for the Exclusive | |||
| Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 15,292.646 | 7.62% | |
| R | MG Trust Company Cust | ||
| Atlantic Technical Services | |||
| 700 17th St., Ste. 300 | |||
| Denver, CO 80202-3531 | 2,702.008 | 27.18% | |
| R | MG Trust Company Cust | ||
| Federal Steel & Erection Company | |||
| 700 17th St., Ste. 300 | |||
| Denver, CO 80202-3531 | 1,299.183 | 13.07% | |
| R | MG Trust Company Cust | ||
| Tua Sales Inc. | |||
| 700 17th St., Ste. 300 | |||
| Denver, CO 80202-3531 | 1,137.267 | 11.44% | |
| R | MG Trust Company Cust | ||
| Wyde Corp | |||
| 700 17th St., Ste. 300 | |||
| Denver, CO 80202-3531 | 1,101.625 | 11.08% | |
| R | MG Trust Company Cust | ||
| Pinemore Camp Association | |||
| 700 17th St., Ste. 300 | |||
| Denver, CO 80202-3531 | 650.433 | 6.54% | |
| R | MG Trust Company Cust | ||
| Valley Adjusting Service Inc. | |||
| 700 17th St., Ste. 300 | |||
| Denver, CO 80202-3531 | 633.005 | 6.37% | |
| Y [ ] | Great-West Trust Company, LLC — | ||
| The Putnam Retirement Plan | 246,986.366 | 44.98% | |
| Y | Wells Fargo Advisors | ||
| Special Custody Acct for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 191,230.000 | 34.83% | |
| Putnam RetirementReady 2055 Fund | |||
| A | Jason Kalish | ||
| 118 Grove Street Apt 4 | |||
| Stamford, CT 06901 | 16,294.592 | 34.63% | |
| A [ ] | Great-West Trust Company, | ||
| Recordkeeper for various | |||
| benefit plans | 9,072.392 | 19.28% | |
| A | Ryan Bagley | ||
| 205 Pinehurst Ave #2A | |||
| New York, NY 10033 | 5,361.488 | 11.39% | |
| A [ ] | Western Federal Credit Union | 3,519.687 | 7.48% |
| B | Sarah Murphy | ||
| 29 Alton Ave | |||
| Cumberland, RI 02864 | 1,159.821 | 47.49% | |
| B | Putnam LLC | ||
| One Post Office Square | |||
| Boston, MA 02109 | 1,127.889 | 46.18% | |
| C | Systematic Asian Leadership | ||
| A/C Nathan Clifton | |||
| PO Box 38405 | |||
| Charlotte, NC 28272 | 1,708.259 | 25.18% | |
| C | Putnam LLC | ||
| One Post Office Square | |||
| Boston, MA 02109 | 1,135.445 | 16.74% | |
| L-37 |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Putnam RetirementReady 2055 Fund (cont.) | |||
| C | Dennis Mos & Denise Mos Comm PROP | ||
| 2912 Field Ct | |||
| San Diego, CA 92110 | 1,033.734 | 15.24% | |
| C | Leroy Cusd | ||
| A/C Elizabeth Conn | |||
| 207 Marsh Hawk Dr | |||
| Le Ray, IL 61752 | 944.863 | 13.93% | |
| C | Shannon McLoughlin Daley | ||
| 106 Glen Ave | |||
| Millburn, NJ 07041 | 668.211 | 9.85% | |
| M | Putnam LLC | ||
| One Post Office Square | |||
| Boston, MA 02109 | 1,132.237 | 45.26% | |
| M | Keansburg Board of Education | ||
| A/C Uriel Morfin | |||
| 50 Manito Road | |||
| Manasquan, NJ 08736 | 648.552 | 25.93% | |
| M | Nicholas Lelgie | ||
| 650 Carlisle Ave | |||
| Hamilton, OH 45013 | 647.455 | 25.88% | |
| R [ ] | Great-West Trust Company, LLC | ||
| The Putnam Retirement Plan | 5,332.399 | 74.56% | |
| R | Putnam LLC | ||
| One Post Office Square | |||
| Boston, MA 02109 | 1,139.925 | 15.94% | |
| R | ING National Trust FBO | ||
| 1 Orange Way | |||
| Windsor, CT 06095 | 679.162 | 9.50% | |
| Y [ ] | Great-West Trust | ||
| Company, LLC FBO | 36,345.494 | 66.04% | |
| Y [ ] | UGL Services UNICCO Operations | 9,509.640 | 17.28% |
| Y [ ] | Great-West Trust Company, LLC | ||
| The Putnam Retirement Plan | 7,174.738 | 13.04% | |
| Putnam RetirementReady 2050 Fund | |||
| A [ ] | Great-West Trust Company, Recordkeeper | ||
| for various benefit plans | 88,126.573 | 32.70% | |
| A [ ] | Western Federal Credit Union | 16,396.658 | 6.08% |
| A | Eugene Blake | ||
| 8 Spruce Cir | |||
| Andover, MA 01810 | 16,237.721 | 6.02% | |
| A | MG Trust Company Cust | ||
| Norman’s Wright/Airelink Mech EQ | |||
| 700 17th St., Ste. 300 | |||
| Denver, CO 80202-3531 | 14,940.254 | 5.54% | |
| B | National Financial Services, LLC | ||
| FBO its customers | |||
| 499 Washington Blvd | |||
| Jersey City, NJ 07310 | 3,566.266 | 23.83% | |
| B | Samantha Singh | ||
| 5838 Pala Mesa Drive | |||
| San Jose, CA 95123 | 1,589.631 | 10.62% | |
| B | Vineet Arora | ||
| 5605 S. Woodlawn Ave | |||
| Chicago, IL 60637 | 988.897 | 6.61% | |
| C | Deborah Nevin | ||
| 3409 Malito Dr | |||
| Bonia, CA 91902 | 2,376.630 | 15.22% | |
| C | First Nations Community | ||
| A/C Jessica Tsabetsave | |||
| 5712 Potentilla CT NW | |||
| Albuquerque, NM 87210 | 2,090.189 | 13.38% | |
| C | Ian Sacco | ||
| 3650 Eugene Place | |||
| San Diego, CA 92116 | 1,166.149 | 7.47% | |
| C | First Nations Community | ||
| A/C Diane Mccurg | |||
| 225 Charter House | |||
| Williamsburg, VA 23188 | 999.727 | 6.40% | |
| C | Georgia Phares | ||
| 6385 Ebb Tide Way | |||
| Carlsbad, CA 92011 | 950.719 | 6.09% | |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| C | First Nations Community | ||
| A/C Mary Flynn | |||
| 8608 Tia Christina Dr NW | |||
| Albuquerque, NM 87114 | 780.232 | 5.00% | |
| M | Pershing LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399 | 670.412 | 34.96% | |
| M | Keansburg Board of Education | ||
| A/C James Schumacher | |||
| 67 Tall Timber Road | |||
| Middletown, NJ 07748 | 377.227 | 19.67% | |
| M* | PECO Employees 401(K) Plan | 304.337 | 15.87% |
| M | Phoenix Data Systems Inc | ||
| A/C A/C Brandon Wayne | |||
| 1605 Bawtree Street | |||
| W. Bloomfield, MI 48324 | 207.939 | 10.84% | |
| M | Keansburg Board of Education | ||
| A/C Jason Wombough | |||
| 93 Seabreeze Way | |||
| Keansburg, NJ 07734 | 122.967 | 6.41% | |
| M | Michelle Voight Shisler | ||
| 507 Lead Street | |||
| Kingman, AZ 86401 | 106.238 | 5.54% | |
| M | Putnam LLC | ||
| One Post Office Sq. | |||
| Boston, MA 02109-2106 | 96.591 | 5.04% | |
| R [ ] | Great-West Trust Company, LLC | ||
| The Putnam Retirement Plan | 54,914.609 | 35.14% | |
| R | MG Trust Company Cust | ||
| Wyde Corp. | |||
| 700 17th St., Ste. 300 | |||
| Denver, CO 80202-3531 | 21,457.640 | 13.73% | |
| R | ING National Trust FBO | ||
| 1 Orange Way | |||
| Windsor, CT 06095 | 9,575.798 | 6.13% | |
| R | MG Trust Company Cust | ||
| FBO Rincon Band of Luiseno Indians | |||
| 700 17th St., Ste. 300 | |||
| Denver, CO 80202-3531 | 8,392.580 | 5.37% | |
| Y [ ] | Great-West Trust Company, LLC | ||
| The Putnam Retirement Plan | 203,014.373 | 77.82% | |
| Y [ ] | UGL Services UNICCO Operations 32,775.382 | 12.56% | |
| Putnam RetirementReady 2045 Fund | |||
| A [ ] | Great-West Trust Company, Recordkeeper | ||
| for various benefit plans | 130,843.194 | 30.01% | |
| A | Ameritrade Inc FBO | ||
| PO Box 2226 | |||
| Omaha, NE 68102-2226 | 31,436.752 | 7.21% | |
| A [ ] | Livewire Mobile Inc. | 22,072.016 | 5.06% |
| B | Taj Sabih | ||
| 528 Timber Way | |||
| Lewisville, TX 75067 | 1,422.112 | 8.79% | |
| B | LPL Financial | ||
| Attn: Lindsay O’Toole | |||
| 9785 Towne Centre Drive | |||
| San Diego, CA 92121-1968 | 1,318.431 | 8.15% | |
| B | Cassandra Juneau | ||
| 305 Melodywood Drive | |||
| Friendswood, TX 77545 | 969.857 | 6.00% | |
| B | Katie Darling | ||
| 777 E. Sandhill CT | |||
| Lehi, Utah 84043 | 948.121 | 5.86% | |
| B | James Coleman | ||
| A/C Megan Reisenauer | |||
| 2420 Marie Road | |||
| Turlock, CA 95380 | 893.583 | 5.53% | |
| C | Abraham Schoenfeld | ||
| 4 Green Hill Lane | |||
| Spring Valley, NY 10977 | 3,089.036 | 18.74% | |
| C | Lisa Mapes | ||
| 96 River View Rd | |||
| Sugar Run, PA 18846 | 2,242.684 | 13.61% | |
| L-38 |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Putnam RetirementReady 2045 Fund (cont.) | |||
| C | Kidspeak Speech & Language Services | ||
| A/C Rachel Crowley | |||
| 6807 Old Forge Drive | |||
| Charlotte, NC 28226 | 1,871.850 | 11.36% | |
| C | David Braham | ||
| 9200 Walsall CV | |||
| Austin, TX 78749 | 1,380.228 | 8.37% | |
| M | Phoenix Data Systems Inc | ||
| A/C Aaron M. Peters | |||
| 2660 Sterling River Drive | |||
| Fowlerville, MI 48836 | 389.306 | 30.12% | |
| M | Renee Judson | ||
| 3004 N. Harrison St | |||
| Wilmington, DE 19802 | 293.101 | 22.68% | |
| M | Denise Lee Burgess | ||
| 3014 W. William Cannon Drive; | |||
| Apt 522 | |||
| Austin, Texas 78745 | 184.508 | 14.28% | |
| M | Pershing LLC | ||
| P.O. Box 2052 | |||
| Jersey City, NJ 07303-2052 | 115.999 | 8.97% | |
| M | Phoenix Data Systems Inc | ||
| A/C Courtney Widzinski | |||
| 2061 Hollywood Ave | |||
| Grosse Point, MI 48236 | 112.750 | 8.72% | |
| M | Putnam LLC | ||
| One Post Office Sq. | |||
| Boston, MA 02109-2106 | 69.373 | 5.37% | |
| R [ ] | Great-West Trust Company, Recordkeeper | ||
| for various benefit plans | 51,344.693 | 36.94% | |
| R | MG Trust Company Cust | ||
| FBO Rincon Band of Luiseno Indians | |||
| 700 17th St., Ste. 300 | |||
| Denver, CO 80202-3531 | 13,110.257 | 9.43% | |
| R | MG Trust Company Cust | ||
| FBO C&C Web International, Inc. | |||
| 700 17th St., Ste. 300 | |||
| Denver, CO 80202-3531 | 10,204.716 | 7.34% | |
| R | MG Trust Company Cust | ||
| Wyde Corp | |||
| 700 17th St., Ste. 300 | |||
| Denver, CO 80202-3531 | 9,197.198 | 6.62% | |
| Y [ ] | Great-West Trust Company, LLC — | ||
| The Putnam Retirement Plan | 195,438.885 | 79.82% | |
| Y [ ] | UGL Services UNICCO Operations 29,743.096 | 12.15% | |
| Putnam RetirementReady 2040 Fund | |||
| A [ ] | Great West Trust | ||
| Company, LLC FBO | 142,683.124 | 24.39% | |
| A [ ] | Western Federal Credit Union | 42,114.549 | 7.20% |
| B | LPL Financial | ||
| Attn: Lindsay O’Toole | |||
| 9785 Towne Centre Drive | |||
| San Diego, CA 92121-1968 | 12,178.321 | 28.92% | |
| B | National Financial Services, LLC | ||
| FBO its customers | |||
| 499 Washington BLVD | |||
| Jersey City, NJ 07310 | 4,597.813 | 10.92% | |
| B | Pershing LLC | ||
| P.O. Box 2052 | |||
| Jersey City, NJ 07303-2052 | 4,036.735 | 9.59% | |
| C | Anne Bonczek | ||
| 81 Redfield Street | |||
| Tunkhannock, PA 18657 | 2,489.172 | 12.07% | |
| C | Edward Jones & Co. | ||
| 12555 Manchester Road | |||
| Saint Louis, MO 63131 | 1,562.698 | 7.58% | |
| C | Jennifer Sackett | ||
| PO Box 514 | |||
| Wyallsing, PA 18853 | 1,499.825 | 7.27% | |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| C | Joshua Parkhurst | ||
| 1586 Steam Mill Hollow Rd | |||
| Laceyville, PA 18623 | 1,412.998 | 6.85% | |
| C | Jeffrey Carver | ||
| 225 Glen Road | |||
| Camp Hill, PA 17011 | 1,267.082 | 6.14% | |
| C | Diabetes Management & Supplies | ||
| c/o Terry Miller | |||
| 4913 Steele Street | |||
| Metairie, LA 70006 | 1,032.754 | 5.01% | |
| M | Keansburg Board of Education | ||
| A/C Dana Florio | |||
| 71 Galloping Drive | |||
| Belford, NJ 07718 | 701.372 | 24.12% | |
| M | Phoenix Data Systems | ||
| A/C Sushma Krishnaswamy | |||
| 398 Daylily Dr | |||
| Rochester Hills, MI 48307 | 561.796 | 19.32% | |
| M | Simi Valley Unified School District | ||
| A/C Karen Linn | |||
| 6043 Mescallero Pl | |||
| Simi Valley, CA 93063 | 365.344 | 12.56% | |
| M | Township High School District 211 | ||
| A/C Anthony Tosh | |||
| 849 W Saint John Pl | |||
| Palatine, IL 60067 | 312.335 | 10.74% | |
| M | Keansburg Board of Education | ||
| A/C Theresa Konor | |||
| 2 Addison Road | |||
| Howell, NJ 07731 | 255.785 | 8.80% | |
| M | Keansburg Board of Education | ||
| A/C Tara Kukulski | |||
| 434 Middlewood Road | |||
| Middletown, NJ 07748 | 181.798 | 6.25% | |
| M | Mary Lowell | ||
| 3451 N Apache St | |||
| Kingman, AZ 86401 | 152.939 | 5.26% | |
| R [ ] | Great-West Trust Company, Recordkeeper | ||
| for various benefit plans | 54,715.621 | 30.41% | |
| R | MG Trust Company Cust | ||
| FBO Rincon Band of Luiseno Indians | |||
| 700 17th St., Ste. 300 | |||
| Denver, CO 80202-3531 | 12,056.373 | 6.70% | |
| R | MG Trust Company Cust | ||
| IHS Pharmacy | |||
| 700 17th St., Ste. 300 | |||
| Denver, CO 80202-3531 | 11,029.558 | 6.13% | |
| Y [ ] | Great-West Trust Company, LLC — | ||
| The Putnam Retirement Plan | 216,863.078 | 74.78% | |
| Y [ ] | UGL Services UNICCO Operations 43,718.980 | 15.07% | |
| Putnam RetirementReady 2035 Fund | |||
| A [ ] | Great West Trust | ||
| Company, LLC FBO | 122,624.934 | 16.11% | |
| A | National Financial Services, LLC | ||
| FBO its customers | |||
| 499 Washington BLVD | |||
| Jersey City, NJ 07310 | 106,540.895 | 14.00% | |
| A* | IBEW Local 40 | 49,380.111 | 6.49% |
| A [ ] | Livewire Mobile Inc. | 39,883.551 | 5.24% |
| B | Pershing LLC | ||
| P.O. Box 2052 | |||
| Jersey City, NJ 07303-2052 | 6,918.411 | 13.15% | |
| B | Alessandra Nardi | ||
| 2028 Parker Street | |||
| Berkeley, CA 94704 | 3,693.308 | 7.02% | |
| B | LPL Financial | ||
| Attn: Lindsay O’Toole | |||
| 9785 Towne Centre Drive | |||
| San Diego, CA 92121-1968 | 3,620.081 | 6.88% | |
| B | Patrick Keenan | ||
| 785 Keller Pkwy | |||
| Saint Paul, MN 55117 | 2,679.715 | 5.09% | |
| L-39 |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Putnam RetirementReady 2035 Fund (cont.) | |||
| C | MG Trust Company Cust | ||
| Gartner Anesthesia PLLC | |||
| 700 17th St., Ste. 300 | |||
| Denver, CO 80202-3531 | 5,982.664 | 21.00% | |
| C | Merritt Swartley | ||
| 3684 N Sawgrass Way | |||
| Boise, ID 83704 | 2,286.067 | 8.03% | |
| C | Dushore Grocery Inc | ||
| A/C Justin Haas | |||
| 15768 SR 87 | |||
| Dushore, PA 18604 | 1,517.957 | 5.33% | |
| C | Dushore Grocery Inc | ||
| A/C Kristin Haas | |||
| 15768 SR 87 | |||
| Dushore, PA 18604 | 1,516.786 | 5.32% | |
| M | Timothy McDonough | ||
| 26 Green Street | |||
| Rockland, MA 02370 | 5,895.811 | 42.37% | |
| M | Fairfield Public Schools | ||
| A/C Steven Blumenthal | |||
| 49 Winchester Ave | |||
| North Haven, CT 06473 | 5,444.637 | 39.13% | |
| M | Putnam LLC | ||
| One Post Office Sq. | |||
| Boston, MA 02109-2106 | 1,227.724 | 8.82% | |
| R [ ] | Great-West Trust Company, | ||
| Recordkeeper for various | |||
| benefit plans | 69,502.290 | 29.79% | |
| R | MG Trust Company Cust | ||
| HIS Pharmacy | |||
| 700 17th St., Ste. 300 | |||
| Denver, CO 80202-3531 | 24,209.986 | 10.38% | |
| R | MG Trust Company Cust | ||
| One Fish Two Fish Inc Employees | |||
| 700 17th St., Ste. 300 | |||
| Denver, CO 80202-3531 | 15,477.330 | 6.63% | |
| R | MG Trust Company Cust | ||
| United Smiles PC | |||
| 700 17th St., Ste. 300 | |||
| Denver, CO 80202-3531 | 15,126.077 | 6.48% | |
| Y [ ] | Great-West Trust Company, LLC — | ||
| The Putnam Retirement Plan | 370,491.849 | 72.50% | |
| Y [ ] | UGL Services UNICCO Operations 75,798.644 | 14.83% | |
| Y [ ] | UGL Services UNICCO Operations 37,434.852 | 7.33% | |
| Putnam RetirementReady 2030 Fund | |||
| A [ ] | Great-West Trust Company, | ||
| Recordkeeper for various | |||
| benefit plans | 195,808.348 | 18.82% | |
| A | National Financial Services, LLC | ||
| FBO its customers | |||
| 499 Washington BLVD | |||
| Jersey City, NJ 07310 | 79,212.666 | 7.61% | |
| B | Pershing LLC | ||
| P.O. Box 2052 | |||
| Jersey City, NJ 07303-2052 | 11,348.164 | 16.86% | |
| B | National Financial Services, LLC | ||
| FBO its customers | |||
| 499 Washington BLVD | |||
| Jersey City, NJ 07310 | 5,902.063 | 8.77% | |
| B | Michael Flaherty | ||
| 6103 Gulick Rd | |||
| Naples, NY 14512 | 4,657.946 | 6.92% | |
| B | Jesse Allen | ||
| 3 Parkwood CT | |||
| Streamwood, IL 60107-2244 | 3,673.343 | 5.46% | |
| C | Roseman Dental | ||
| A/C Peter Rosenman | |||
| 328 Greenbank Rd. | |||
| Bryn Mawr, PA 19010-1619 | 7,308.334 | 16.72% | |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| C | Beavercreek City Schools | ||
| A/C Staci Auer | |||
| 4286 Bristol DR | |||
| Beavercreek, OH 45440 | 4,723.720 | 10.81% | |
| C | Beavercreek City Schools | ||
| A/C Nicola T/ Moorehead | |||
| 2389 Brown Bark Drive | |||
| Beavercreek, OH 45440 | 3,626.977 | 8.30% | |
| C | CVS Thoracic & Cardiovascular | ||
| A/C John Limoli | |||
| 11743 W 27th Drive | |||
| Lakewood, CO 80215 | 3,623.858 | 8.29% | |
| C | Melissa McGinness | ||
| Beneficiary of John McClary | |||
| 1586 Midvale Ave | |||
| Los Angeles, CA 90024 | 2,679.177 | 6.13% | |
| C | Beavercreek City Schools | ||
| A/C Tammy Horney | |||
| 7700 Tanyard Rd | |||
| Yellow Spgs, OH 45387 | 2,189.888 | 5.01% | |
| M | Keansburg Board of Education | ||
| A/C Catherine Callaghan | |||
| PO Box 547 | |||
| Red Bank, NJ 07701 | 1,235.512 | 20.84% | |
| M | National Financial Services, LLC | ||
| FBO its customers | |||
| 499 Washington BLVD | |||
| Jersey City, NJ 07310 | 1,218.189 | 20.55% | |
| M | David Pinckley | ||
| 2622 Toyon Way | |||
| Yuba City, CA 95993 | 715.235 | 12.07% | |
| M | Barbara Boyd | ||
| 4060 Vitobello CT | |||
| Kingman AZ 86401 | 524.786 | 8.85% | |
| M | Steven Arizaga | ||
| For Kennedy Arizaga | |||
| 6734 E. Mission Street | |||
| Yuma, AZ 85365 | 386.144 | 6.51% | |
| M | Christopher Lynch | ||
| 451 Broadway | |||
| Lynn, MA 01904 | 376.013 | 6.34% | |
| M | STEP | ||
| A/C Folly Nelson | |||
| PO Box 121 | |||
| Grass Range, MT 59032 | 309.234 | 5.22% | |
| R [ ] | Great-West Trust Company, | ||
| Recordkeeper for various | |||
| benefit plans | 123,637.421 | 34.17% | |
| R | ING National Trust FBO | ||
| 1 Orange Way | |||
| Windsor, CY 06095 | 41,352.521 | 11.43% | |
| R | MG Trust Company Cust | ||
| Midwest Maintenance Co Inc. | |||
| 700 17th St., Ste. 300 | |||
| Denver, CO 80202-3531 | 20,692.667 | 5.72% | |
| Y [ ] | Great-West Trust Company, LLC — | ||
| The Putnam Retirement Plan | 423,602.284 | 71.09% | |
| Y [ ] | UGL Services UNICCO Operations 52,633.492 | 8.83% | |
| Y [ ] | UGL Services UNICCO Operations 36,284.991 | 6.09% | |
| Putnam RetirementReady 2025 Fund | |||
| A [ ] | Great-West Trust Company, | ||
| Recordkeeper for various | |||
| benefit plans | 301,059.352 | 23.53% | |
| A | National Financial Services, LLC | ||
| FBO its customers | |||
| 499 Washington BLVD | |||
| Jersey City, NJ 07310 | 134,258.843 | 10.49% | |
| B | National Financial Services, LLC | ||
| FBO its customers | |||
| 499 Washington BLVD | |||
| Jersey City, NJ 07310 | 7,891.382 | 14.17% | |
| L-40 |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Putnam RetirementReady 2025 Fund (cont.) | |||
| B | Memorial Medical Center (IL) | ||
| A/C Kathy S. Lee | |||
| 2500 E. Lake Shore Dr. | |||
| Springfield, IL 62712-5500 | 5,178.830 | 9.30% | |
| C | Frontier TRCO FBO | ||
| Debra Sutton P.A. 401(k) plan | |||
| PO Box 10758 | |||
| Fargo, ND 58106 | 4,428.822 | 9.29% | |
| C | North Dakota State University | ||
| A/C Charlene D. Goodyear | |||
| 2218 7th Street N | |||
| Fargo, ND 58102 | 3,382.254 | 7.10% | |
| C | Beavercreek City Schools | ||
| A/C Carol M. Wade | |||
| 3544 Knollwood Dr | |||
| Beavercreek, OK 45432-2318 | 3,319.281 | 6.96% | |
| C | Roseman Dental | ||
| A/C Judith Vivian | |||
| 1075 Balsam Way | |||
| Blue Bell, PA 19422 | 2,902.262 | 6.09% | |
| C | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 2,855.682 | 5.99% | |
| C | LPL Financial | ||
| Attn: Lindsay O’Toole | |||
| 9785 Towne Centre Drive | |||
| San Diego, CA 92121-1968 | 2,589.786 | 5.43% | |
| C | H. Felde Tool & Machine Co. | ||
| A/C Edgar Soler | |||
| 608 Prince Street | |||
| Pekin, IL 615540 | 2,529.281 | 5.31% | |
| M | David Sayers | ||
| 39 Commonwealth Avenue | |||
| Haverhill, MA 01830 | 4,428.822 | 9.29% | |
| M | National Financial Services, LLC | ||
| FBO its customers | |||
| 499 Washington BLVD | |||
| Jersey City, NJ 07310 | 3,382.254 | 7.10% | |
| M | Betsy McCarthy | ||
| 112 Roth St | |||
| Houston, PA 15842 | 3,319.281 | 6.96% | |
| M | Betsy McCarthy | ||
| Benefit of Zigmund Roskowski | |||
| 112 Roth St | |||
| Houston, PA 15842 | 2,902.262 | 6.09% | |
| M | Herman Zeller | ||
| 1941 Pamela Street | |||
| Oxnard, PA 93036 | 2,855.682 | 5.99% | |
| R [ ] | Great-West Trust Company, | ||
| Recordkeeper for various | |||
| benefit plans | 96,193.633 | 35.68% | |
| R | MG Trust Company Cust | ||
| Journey Communications | |||
| 700 17th St., Ste. 300 | |||
| Denver, CO 80202-3531 | 27,589.119 | 10.23% | |
| R | MG Trust Company Cust | ||
| Escoe Companies | |||
| 700 17th St., Ste. 300 | |||
| Denver, CO 80202-353112.95 | 19,537.174 | 7.25% | |
| Y [ ] | Great-West Trust Company, LLC — | ||
| The Putnam Retirement Plan | 389,080.271 | 61.10% | |
| Y [ ] | UGL Services UNICCO Operations146,021.196 | 22.93% | |
| Y [ ] | UGL Services UNICCO Operations 38,809.058 | 6.09% | |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Putnam RetirementReady 2020 Fund | |||
| A [ ] | Great West Trust | ||
| Company, LLC FBO | 245,308.890 | 18.57% | |
| A | National Financial Services, LLC | ||
| FBO its customers | |||
| 499 Washington BLVD | |||
| Jersey City, NJ 07310 | 73,860.103 | 5.59% | |
| B | Jewish Senior Life | ||
| A/C Daniel Katz | |||
| 438 Sundance Trl | |||
| Webster, NY 14580 | 6,250.103 | 8.42% | |
| B | Johnson City School District | ||
| A/C Cathy M. Botts | |||
| 109 Chestnut Ridge Dr. | |||
| Jonesborough, TN 37659-7457 | 5,095.772 | 6.86% | |
| B | Connetquot School of Islip | ||
| A/C Jane E. Murphy | |||
| 12 Franklin Road | |||
| Oakdale, NY 11769-2223 | 4,784.226 | 6.44% | |
| B | LPL Financial | ||
| Attn: Lindsay O’Toole | |||
| 9785 Towne Centre Drive | |||
| San Diego, CA 92121-1968 | 4,596.438 | 6.19% | |
| B | Guita Ghaditi, MD | ||
| 795 Rosewood Lane | |||
| York, PA 17403-5917 | 4,179.925 | 5.63% | |
| C | Wells Fargo Advisors | ||
| Special Custody Acct For the Exclusive | |||
| Benefit of its Customers | |||
| 2801 Market St | |||
| Saint Louis, MO 63103 | 8,797.992 | 12.93% | |
| C | Beavercreek City Schools | ||
| A/C Mary K. Hunsaker | |||
| 1837 Andrea Circle | |||
| Beavercreek, OH 45434 | 6,654.582 | 9.78% | |
| C | Fairfield Board OF Education | ||
| A/C Eileen Frankel | |||
| 9 Katy Lane | |||
| Norwalk, CT 06851 | 4,337.145 | 6.37% | |
| C | Mark Hall | ||
| 5121 N Bank Road | |||
| Crescent City, CA 955231 | 4,074.055 | 5.99% | |
| C | Bridgeport CT Board OF Education | ||
| A/C Gidalia Olivera | |||
| 29 Nature Lane | |||
| Shelton, CT 06484-4220 | 3,785.659 | 5.56% | |
| C | Beavercreek City Schools | ||
| A/C Sharon Geise | |||
| 542 Colonial Drive | |||
| Beavercreek OH 45434 | 3,562.733 | 5.24% | |
| M | Ouachita Parish School District | ||
| A/C Eddie E. Mahoney | |||
| 101 N. Willow BND | |||
| Monroe, LA 71203-9615 | 3,176.603 | 38.17% | |
| M | Albert Barker | ||
| PO Box 703 | |||
| Bordertown, NJ 08505 | 970.957 | 11.67% | |
| M | Barbara Schenck | ||
| 705 E Drake Rd; Apt 50 | |||
| Fort Collins, CO 80525 | 524.564 | 6.30% | |
| M | Albert Barker | ||
| PO Box 703 | |||
| Bordertown, NJ 08505 | 523.671 | 6.29% | |
| M | Frederick Watkins | ||
| 91 Bellhaven Chase CT | |||
| Mableton, GA 30126-5959 | 501.654 | 6.03% | |
| M | California State University Fullerton | ||
| A/C Brett Fisher | |||
| 1548 E. Brookdale Pl | |||
| Fullerton, CA 92831 | 478.003 | 5.74% | |
| L-41 |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Putnam RetirementReady 2020 Fund (cont.) | |||
| R [ ] | Great-West Trust Company, Recordkeeper | ||
| for various benefit plans | 157,432.851 | 56.40% | |
| Y [ ] | Great-West Trust Company, LLC — | ||
| The Putnam Retirement Plan | 175,099.488 | 47.45% | |
| Y [ ] | UGL Services UNICCO | ||
| Operations | 140,758.397 | 38.14% | |
| Putnam RetirementReady 2015 Fund | |||
| A [ ] | Great-West Trust Company, LLC — | ||
| Recordkeeper for various plans | 178,667.001 | 18.39% | |
| B | LPL Financial | ||
| Attn: Lindsay O’Toole | |||
| 9785 Towne Centre Drive | |||
| San Diego, Ca 92121-1358 | 14,054.419 | 31.11% | |
| B | UMB Bank na c/f | ||
| FBO Marcia Kaminker | |||
| 81 Davidson S Mill Rd | |||
| N. Brunswick, NJ 08902 | 3,778.234 | 8.36% | |
| B | UMB Bank na c/f | ||
| FBO Marcia Kaminker | |||
| 81 Davidson S Mill Rd | |||
| N. Brunswick, NJ 08902 | 3,662.034 | 8.11% | |
| B | Wells Fargo Advisors | ||
| FBO Customer Accounts | |||
| 2801 market street | |||
| saint louis, mo 63103 | 3,134.566 | 6.94% | |
| B | Sahodree Thakurdin | ||
| 17 Big Horn Drive | |||
| Palm Coast, FL 32137-3719 | 2,722.021 | 6.03% | |
| B | Anne Albone | ||
| 112 Bear Creek Path | |||
| Ormond Beach, FL 32174-8790 | 2,412.244 | 5.34% | |
| C | Beavercreek City Schools | ||
| A/C Erin E. Klingler | |||
| 1646 Turner Rd | |||
| Xena, OH 45385 | 3,713.087 | 15.62% | |
| C | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 3,384.104 | 14.23% | |
| C | Wright State University | ||
| A/C John L. Bale | |||
| 10223 Simms Station Road | |||
| Dayton, OH 45458-9528 | 2,941.171 | 12.37% | |
| C | Judy Smith | ||
| 57 Mill Street | |||
| East Haven, CT 06512 | 1,827.164 | 7.68% | |
| C | Beavercreek City Schools | ||
| A/C Caye Black | |||
| 2011 Wentworth Village Drive | |||
| Bellbrook, OH 45385 | 1,618.117 | 6.80% | |
| C | Beavercreek City Schools | ||
| A/C Pandora Boos | |||
| 221 Wistowa TRL | |||
| Beavercreek, OH 454310-2015 | 1,312.100 | 5.52% | |
| M | Joyce Webb Shanower & Alisa Sedacca | ||
| Bene of Frank Shanower SEP IRA | |||
| 6365 Brookline CT | |||
| Cumming, GA 30040 | 1,732.363 | 20.22% | |
| M | Steven Arizaga | ||
| 6734 E. Mission Street | |||
| Yuma, AZ 85365 | 1,290.659 | 15.07% | |
| M | Jack Hallack | ||
| 10120 Arrowhead Dr. Apt 7 | |||
| Jacksonville, FL 32257 | 755.647 | 8.82% | |
| M | Carbondale Elem School District No 956 | ||
| A/C Margaret L. Mayberry | |||
| 7843 Giant City Road | |||
| PO Box 2941 | |||
| Carbondale, IL 62902 | 750.088 | 8.76% | |
| M | Robin Bodkins | ||
| PO Box 1148 | |||
| Kingman, AZ 86402 | 742.911 | 8.67% | |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| M | Herman Zeller | ||
| 1941 Pamela Street | |||
| Oxnard, CA 93036 | 639.385 | 7.46% | |
| M | Peter Shkrutz | ||
| 1 Birch Street | |||
| Milltown, NJ 08850 | 498.189 | 5.82% | |
| M | Pamela Shinogle | ||
| 3533 S. Bear Creek Road | |||
| Kaw City OK 74641-9613 | 449.744 | 5.25% | |
| R [ ] | Great West Trust | ||
| Company, LLC FBO | 68,746.102 | 38.07% | |
| R | MG Trust Company Cust | ||
| Silver Lake Construction Inc. | |||
| 700 17th St., Ste. 300 | |||
| Denver, CO 80202-3531 | 30,797.118 | 17.06% | |
| R | ING National Trust FBO | ||
| 1 Orange Way | |||
| Windsor, CT 06095 | 10,195.605 | 5.65% | |
| R | MG Trust Company Cust | ||
| Jack Ouio CPA | |||
| 700 17th St., Ste. 300 | |||
| Denver, CO 80202-3531 | 9,432.394 | 5.22% | |
| Y [ ] | UGL Services UNICCO Operations 97,301.228 | 39.76% | |
| Y [ ] | Great-West Trust Company, LLC — | ||
| The Putnam Retirement Plan | 84,586.100 | 34.56% | |
| Y [ ] | UGL Services UNICCO Operations 34,818.214 | 14.23% | |
| Putnam Retirement Income Fund Lifestyle 1 | |||
| A [ ] | Great-West Trust Company, LLC — | ||
| Recordkeeping for various | |||
| benefit plans | 74,467.168 | 8.59% | |
| A* | IBEW Local 40 NECA 401K Plan | 57,852.643 | 6.68% |
| A | National Financial Services, LLC | ||
| FBO its customers | |||
| 499 Washington Blvd | |||
| Jersey City, NJ 07310 | 46,481.508 | 5.36% | |
| B | Dunkelberg McLinley Folkers Walk | ||
| A/C Michelle Grimm | |||
| 3019 360th St | |||
| Osage, IA 50461 | 2,482.247 | 24.30% | |
| B | Pershing LLC | ||
| I Pershing Plaza | |||
| Jersey City, NJ 07303 | 1,974.561 | 19.33% | |
| B | Victor Matheiu | ||
| 1133 N Grand St | |||
| West Suffield, CT 06093 | 1,359.130 | 13.30% | |
| B | Hua Hsing Wei | ||
| 9146 Emperor Ave | |||
| San Gabriel, CA 91775 | 897.493 | 8.78% | |
| B | Mabel Adams | ||
| 2012 N. 24th St. | |||
| Boise, ID 83702-0205 | 891.923 | 8.73% | |
| C | LPL Financial | ||
| Attn: Lindsay O’Toole | |||
| 9785 Towne Centre Drive | |||
| San Diego, CA 92121-1358 | 6,979.686 | 17.68% | |
| C | Otto Eachus | ||
| 4805 Mason Dr | |||
| Boswell, NM 882011 | 4,113.559 | 10.42% | |
| C | Joseph Skinner | ||
| 10824 Via Cascabel | |||
| San Diego, CA 92124 | 2,658.052 | 6.73% | |
| C | San Diego Unified School Dist. | ||
| A/C Veronica Bowen | |||
| 12031 Obispo Rd | |||
| San Diego, CA 92128 | 2,463.130 | 6.24% | |
| C | Pershing LLC | ||
| I Pershing Plaza | |||
| Jersey City, NJ 07303 | 2,460.894 | 6.23% | |
| C | Jan Richards | ||
| 1100 De Bremond Drive | |||
| Roswell, NM 88201-1110 | 2,070.512 | 5.25% | |
| L-42 |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Putnam Retirement Income Fund Lifestyle 1 (cont.) | |||
| M | Gene Friel | ||
| 3094 Ridge Rd. | |||
| South Park, PA 15129-9334 | 12,995.860 | 68.36% | |
| M | Pershing LLC | ||
| I Pershing Plaza | |||
| Jersey City, NJ 07303 | 2,329.790 | 12.25% | |
| R [ ] | Great-West Trust Company, | ||
| Recordkeeper for various | |||
| benefit plans | 22,149.892 | 36.52% | |
| R | MG Trust Company Cust | ||
| CVC Environmental Inc | |||
| 700 17th St., Ste. 300 | |||
| Denver, CO 80202-3531 | 10,430.457 | 17.20% | |
| R | MG Trust Company Cust | ||
| Midtown Motors Inc | |||
| 700 17th St., Ste. 300 | |||
| Denver, CO 80202-3531 | 5,165.256 | 8.52% | |
| R | MG Trust Company Cust | ||
| Bio-Serv Inc. Profit Sharing Plan | |||
| 700 17th St., Ste. 300 | |||
| Denver, CO 80202-3531 | 3,586.813 | 5.91% | |
| R | MG Trust Company Cust | ||
| Midwest Political Science ASSOCIATION | |||
| 700 17th St., Ste. 300 | |||
| Denver, CO 80202-3531 | 3,428.410 | 5.65% | |
| Y [ ] | UGL Services UNICCO | ||
| Operations | 303,133.066 | 69.90% | |
| Y [ ] | Great-West Trust Company, LLC — | ||
| The Putnam Retirement Plan | 52,966.562 | 12.21% | |
| Y [ ] | UGL Services UNICCO Operations 39,386.917 | 9.08% | |
| Y [ ] | UGL Services UNICCO Operations 27,718.797 | 6.39% | |
| Putnam Retirement Income Fund Lifestyle 2 | |||
| A | Putnam LLC | ||
| One Post Office Sq. | |||
| Boston, MA 02109-2106 | 950,984.817 | 84.73% | |
| B | Putnam LLC | ||
| One Post Office Sq. | |||
| Boston, MA 02109-2106 | 10,000.000 | 59.59% | |
| B | UMB Bank NA C/F | ||
| Pen Argyl School District 403B | |||
| FBO Andrea A. Poloni | |||
| 114 ½ George Street | |||
| Pen Argyl, PA 18072-1736 | 4,633.902 | 27.61% | |
| B | U.S. Bancorp Investments Inc | ||
| FBO 230964231 | |||
| 60 Livingston Ave | |||
| Saint Paul, MN 55107-2292 | 2,085.753 | 12.43% | |
| C | Putnam LLC | ||
| One Post Office Sq. | |||
| Boston, MA 02109-2106 | 10,000.000 | 43.12% | |
| C | Ameritrade Inc FBO | ||
| PO Box 2226 | |||
| Omaha, NE 68103 | 4,863.813 | 20.97% | |
| C | Duane & Vicky Madsen | ||
| c/o Stacey Westbrook | |||
| 1137 212th Street | |||
| New Richmond, WI 54017 | 4,331.088 | 18.67% | |
| C | James H. Hamlin | ||
| Roth IRA Plan | |||
| 1588 Turnberry CT | |||
| Beaumont, CA 92223-8541 | 2,294.729 | 9.89% | |
| M | Putnam LLC | ||
| One Post Office Sq. | |||
| Boston, MA 02109-2106 | 10,003.077 | 81.57% | |
| M | Janice E. Barnhart | ||
| 174 Barnhart Road | |||
| Julian, PA 16844-9305 | 2,260.341 | 18.43% | |
| R | Putnam LLC | ||
| One Post Office Sq. | |||
| Boston, MA 02109-2106 | 10,003.077 | 100.00% | |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Y | Putnam LLC | ||
| One Post Office Sq. | |||
| Boston, MA 02109-2106 | 10,019.754 | 69.64% | |
| Y | George Putnam, III | ||
| One Post Office Square | |||
| Boston, MA 02109 | 1,613.384 | 11.21% | |
| Y | Robert Patterson | ||
| One Post Office Square | |||
| Boston, MA 02109 | 1,074.479 | 7.47% | |
| Putnam Retirement Income Fund Lifestyle 3 | |||
| A | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 65,606.621 | 6.25% | |
| A | National Financial Services LLC | ||
| For the Exclusive Benefit of Our Customers | |||
| 499 Washington Blvd. | |||
| Attn: Mutual Funds Dept. 4th Fl | |||
| Jersey City, NJ 07310-2010 | 62,497.179 | 5.96% | |
| A | LPL Financial | ||
| Omnibus Customer Account | |||
| Attn: Lindsay O’Toole | |||
| 9785 Towne Centre Dr. | |||
| San Diego, CA 92121-1968 | 56,475.537 | 5.38% | |
| B | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 13,842.656 | 18.19% | |
| B | Wells Fargo Advisors | ||
| 2801 Market St. | |||
| St. Louis, MO 63103-2523 | 11,915.183 | 15.66% | |
| B | National Financial Services LLC | ||
| For the Exclusive Benefit of Our Customers | |||
| 499 Washington Blvd. | |||
| Attn: Mutual Funds Dept. 4th Fl | |||
| Jersey City, NJ 07310-2010 | 7,709.611 | 10.13% | |
| B | Merrill Lynch | ||
| For the Sole Benefit of its Customers | |||
| Attn: Fund Administration | |||
| 4800 Deer Lake Drive, E FL 3 | |||
| Jacksonville, FL 32246 | 4,478.406 | 5.89% | |
| B | Erminia White& Kathleen A Abruzzo JTWROS | ||
| 9005 84th St | |||
| Woodhaven, NY 11421-2418 | 4,135.291 | 5.44% | |
| C | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 53,920.113 | 20.03% | |
| C | LPL Financial | ||
| Omnibus Customer Account | |||
| Attn: Lindsay O’Toole | |||
| 9785 Towne Centre Dr. | |||
| San Diego, CA 92121-1968 | 37,337.961 | 13.87% | |
| C | National Financial Services LLC | ||
| For the Exclusive Benefit of Our Customers | |||
| 499 Washington Blvd. | |||
| Attn: Mutual Funds Dept. 4th Fl | |||
| Jersey City, NJ 07310-2010 | 23,123.911 | 8.59% | |
| C | Raymond James | ||
| House Account Firm 92500015 | |||
| Attn: Courtney Waller | |||
| 880 Carillon Pkwy | |||
| St. Petersburg, FL 33716-1100 | 16,594.017 | 6.16% | |
| M | Rosa L Cornelius | ||
| IRA Rollover Plan | |||
| 1949 Baja Dr. | |||
| Los Fresnos, TX 78566-4222 | 17,944.315 | 36.90% | |
| M | Edward D Jones & Co | ||
| Attn: Mutual Fund Shareholder Accounting | |||
| 201 Progress Pkwy | |||
| Maryland Hts., MO 63043-3009 | 16,956.927 | 34.87% | |
| M | LPL Financial | ||
| Omnibus Customer Account | |||
| Attn: Lindsay O’Toole | |||
| 9785 Towne Centre Dr. | |||
| San Diego, CA 92121-1968 | 12,354.966 | 25.41% | |
| L-43 |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Putnam Retirement Income Fund Lifestyle 3 (cont.) | |||
| R | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 227.286 | 63.32% | |
| R | Putnam LLC | ||
| One Post Office Square | |||
| Boston, MA 02109 | 131.634 | 36.68% | |
| Y | John A Hill | ||
| 33 Avon Rd | |||
| Bronxville, NY 10708-1601 | 33,749.973 | 32.93% | |
| Y | Merrill Lynch | ||
| For the Sole Benefit of its Customers | |||
| Attn: Fund Administration | |||
| 4800 Deer Lake Drive, E FL 3 | |||
| Jacksonville, FL 32246 | 14,766.451 | 14.41% | |
| Y | Great-West Trust Company, LLC | ||
| The Putnam Retirement Plan | 12,696.169 | 12.39% | |
| Y | Dudley R Davidson Jr. IRA Plan | ||
| 4004 Loon Lake Ct. | |||
| Linden, MI 48451-9456 | 8,844.458 | 8.63% | |
| Y | Frances M Davidson IRA Plan | ||
| 4004 Loon Lake Ct. | |||
| Linden, MI 48451-9456 | 8,337.614 | 8.13% | |
| Y | Jameson A Baxter & Reginald R Baxter JTWROS | ||
| 626 Old Barn Rd | |||
| Lk Barrington, IL 60010-6203 | 6,947.077 | 6.78% | |
| Putnam Short Duration Income Fund | |||
| A | UBS Wealth Management USA | ||
| 0O0 11011 6100 | |||
| Omni Account M/F | |||
| Attn: Department Manager | |||
| 1000 Harbor Blvd. | |||
| Weehawken, NJ 07086-6761 | 73,069,383.375 | 66.40% | |
| A | Morgan Stanley Smith Barney | ||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 13,891,609.866 | 12.62% | |
| B | Janney Montgomery Scott, LLC | ||
| A/C Robert James Steele | |||
| 1801 Market Street | |||
| Philadelphia, PA 19103 | 5,760.475 | 12.13% | |
| B | Terese Schroeder | ||
| 12285 165th Ave SE | |||
| Becker, MN 55308 | 4,143.921 | 8.73% | |
| B | LPL Financial | ||
| Omnibus Customer Account | |||
| Attn: Lindsay O’Toole | |||
| 9785 Towne Centre Dr. | |||
| San Diego, CA 92121-1968 | 3,959.137 | 8.34% | |
| B | National Financial Services, LLC | ||
| For the Exclusive Benefit of our Customers | |||
| 499 Washington Blvd. | |||
| Attn: Mutual Funds Dept. 4th fl | |||
| Jersey City, NJ 07310-2010 | 2,463.132 | 5.19% | |
| B | Dennis & Donna Bouser | ||
| 25 Towhee Dr | |||
| Palmerton, PA 18071 | 2,458.086 | 5.18% | |
| C | Morgan Stanley Smith Barney | ||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 196,573.287 | 26.78% | |
| C | UBS Wealth Management USA | ||
| 0O0 11011 6100 | |||
| Omni Account M/F | |||
| Attn: Department Manager | |||
| 1000 Harbor Blvd. | |||
| Weehawken, NJ 07086-6761 | 130,863.615 | 17.83% | |
| C | Pershing LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 104,888.560 | 14.29% | |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| C | LPL Financial | ||
| Omnibus Customer Account | |||
| Attn: Lindsay O’Toole | |||
| 9785 Towne Centre Dr. | |||
| San Diego, CA 92121-1968 | 60,272.475 | 8.21% | |
| C | Raymond James | ||
| Attn: Courtney Waller | |||
| 880 Carillon Parkway | |||
| St. Petersburg, FL 33716 | 58,443.925 | 7.96% | |
| M | UBS Wealth Management USA | ||
| 0O0 11011 6100 | |||
| Omni Account M/F | |||
| Attn: Department Manager | |||
| 1000 Harbor Blvd. | |||
| Weehawken, NJ 07086-6761 | 48,829.874 | 44.04% | |
| M | Morgan Stanley Smith Barney | ||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 26,442.901 | 23.85% | |
| M | Timothy & Candice McDermitt | ||
| 2651 Terrace Dr | |||
| Honolulu, HI 96822 | 10,360.759 | 9.34% | |
| M | Anne Marie & Denis Quagliariello | ||
| 2309 Poplar Rd | |||
| Havertown, PA 19083 | 5,940.840 | 5.36% | |
| R | Morgan Stanley Smith Barney | ||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 57,932.976 | 46.94% | |
| R | Frontier TRCO FBO | ||
| Dr. Michael Schwartz PS Plan 59 | |||
| PO Box 11758 | |||
| Fargo, ND 58106 | 26,445.519 | 21.43% | |
| R | Frontier TRCO FBO | ||
| Central Texas Hospitalists | |||
| PO Box 11758 | |||
| Fargo, ND 58106 | 18,383.581 | 14.90% | |
| R | Putnam, LLC | ||
| One Post Office Square | |||
| Boston, MA 02109 | 10,027.572 | 8.13% | |
| R5 | Putnam, LLC | ||
| One Post Office Square | |||
| Boston, MA 02109 | 1,006.041 | 100.00% | |
| R6 [ ] | Great-West Trust | ||
| Company, LLC FBO | 34,688.276 | 97.18% | |
| Y | Morgan Stanley Smith Barney | ||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 7,335,479.158 | 44.87% | |
| Y | Pershing LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 1,890,941.385 | 11.57% | |
| Y | Raymond James | ||
| Attn: Courtney Waller | |||
| 880 Carillon Parkway | |||
| St. Petersburg, FL 33716 | 1,860,827.674 | 11.38% | |
| Y | National Financial Services, LLC | ||
| For the Exclusive Benefit | |||
| of our Customers | |||
| 499 Washington Blvd. | |||
| Attn: Mutual Funds Dept. 4th fl | |||
| Jersey City, NJ 07310-2010 | 1,608,458.568 | 9.84% | |
| Y | LPL Financial | ||
| Omnibus Customer Account | |||
| Attn: Lindsay O’Toole | |||
| 9785 Towne Centre Dr. | |||
| San Diego, CA 92121-1968 | 7,335,479.158 | 44.87% | |
| Putnam Short Term Investment Fund | |||
| P | Putnam Dynamic Asset | ||
| Allocation-Growth Fund | [ ] | 9.26% | |
| P | Putnam Dynamic Asset | ||
| Allocation-Balanced Fund | [ ] | 7.42% | |
| L-44 |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Putnam Short Term Investment Fund (cont.) | |||
| P | Putnam Equity Income Fund | [ ] | 7.32% |
| P | The Putnam Fund for Growth Income | [ ] | 7.11% |
| P | Putnam Capital Spectrum Fund | [ ] | 5.95% |
| P | The George Putnam of Boston | ||
| d/b/a George Putnam Balanced Fund | [ ] | 5.66% | |
| P | Putnam Equity Spectrum Fund | [ ] | 5.34% |
| Putnam Short-Term Municipal Income Fund | |||
| A | Putnam, LLC | ||
| One Post Office Square | |||
| Boston, MA 02109 | 997,130.114 | 71.97% | |
| A | Barbara Goldstein | ||
| 20 James Rd | |||
| Harrison. NY 10528 | 104,943.930 | 7.57% | |
| A | Charles Schwab & CO Inc. | ||
| 101 Montgomery Street | |||
| San Francisco, CA 94104-4154 | 80,187.360 | 5.79% | |
| B | Pershing LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 1,730.270 | 60.72% | |
| B | Putnam, LLC | ||
| One Post Office Square | |||
| Boston, MA 02109 | 1,000.360 | 35.10% | |
| C | Pershing LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 16,594.168 | 64.53% | |
| C | LPL Financial | ||
| Omnibus Customer Account | |||
| Attn: Lindsay O’Toole | |||
| 9785 Towne Centre Dr. | |||
| San Diego, CA 92121-1968 | 7,566.762 | 29.42% | |
| M | Diane & Dennis Mullen | ||
| 2684 New Scotland Rd | |||
| Voorheesville, NY 12186 | 6,012.024 | 85.73% | |
| M | Putnam, LLC | ||
| One Post Office Square | |||
| Boston, MA 02109 | 1,000.958 | 14.27% | |
| Y | National Financial Services, LLC | ||
| For the Exclusive Benefit of our Customers | |||
| 499 Washington Blvd. | |||
| Attn: Mutual Funds Dept. 4th fl | |||
| Jersey City, NJ 07310-2010 | 62,200.839 | 85.83% | |
| Putnam Small Cap Growth Fund | |||
| A | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399 | 226,474.093 | 5.16% | |
| B | Merrill, Lynch, Pierce, Fenner & Smith Inc. | ||
| 4800 Deer Lake Dr E FL 3 | |||
| Jacksonville, FL 32246-6484 | 6,627.147 | 18.36% | |
| B | LPL Financial | ||
| Attn: Lindsay O’Toole | |||
| 9785 Towne Ctr. Dr. | |||
| San Diego, CA 92121-1968 | 2,797.297 | 7.75% | |
| C | National Financial Service, LLC | ||
| 200 Liberty Street, 5th Floor | |||
| One World Financial Center | |||
| New York, NY 10281 | 28,989.008 | 11.00% | |
| C | Morgan Stanley Smith Barney | ||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 24,348.893 | 9.24% | |
| C | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399 | 21,418.489 | 8.13% | |
| C | Wells Fargo Advisor | ||
| 2801 Market Street | |||
| Saint Louis, MO 63103 | 18,851.113 | 7.16% | |
| C | Merrill, Lynch, Pierce, Fenner & Smith Inc. | ||
| 4800 Deer Lake Dr E FL 3 | |||
| Jacksonville, FL 32246-6484 | 18,332.596 | 6.96% | |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| C | LPL Financial | ||
| Attn: Lindsay O’Toole | |||
| 9785 Towne Ctr. Dr. | |||
| San Diego, CA 92121-1968 | 14,669.367 | 5.57% | |
| M | National Financial Service, LLC | ||
| 499 Washington BLVD. | |||
| Jersey City, New Jersey | |||
| 07310-2010 | 6,421.392 | 13.74% | |
| M | PAI Trust Company, INC | ||
| 1300 Enterprise Dr. | |||
| De Pere, WI 54115-4934 | 3,136.496 | 6.71% | |
| M | Steve Beckley | ||
| 2032 Why Worry Ln. | |||
| Eugene OR 97405-7025 | 2,639.816 | 5.65% | |
| M | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399 | 2,587.710 | 5.54% | |
| M | MG Trust Company Cust. FBO | ||
| Spine & Brain Neurosurgery Center | |||
| 717 17th St. STE. 1300 | |||
| Denver, CO 80202-3304 | 2,490.397 | 5.33% | |
| M | Nationwide Trust Company | ||
| PO Box 182029 | |||
| Columbus, OH 43218-2029 | 2,351.328 | 5.03% | |
| R | Hartford Securities Distribution | ||
| Attn UIT Operations | |||
| PO Box 2999 | |||
| Hartford, CT 06104 | 147,591.269 | 36.05% | |
| R | Capital Bank and Trust Company | ||
| 8515 E Orchard Road, #2T2 | |||
| Greenwood Village, CO 80111 | 66,160.192 | 16.16% | |
| R | Hartford Life Insurance CO | ||
| 1 Griffin Road N | |||
| Windsor, CT 06095-1512 | 60,301.975 | 14.73% | |
| Y [ ] | Great-West Trust Company, LLC | ||
| The Putnam Retirement Plan | 264,921.914 | 61.05% | |
| Y | LPL Financial | ||
| Attn: Lindsay O’Toole | |||
| 9785 Towne Ctr. Dr. | |||
| San Diego, CA 92121-1968 | 24,112.442 | 5.56% | |
| Y [ ] | Great-West Trust Company, LLC | ||
| The Putnam Retirement Plan | 23,647.908 | 5.45% | |
| Putnam Small Cap Value Fund | |||
| A | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399 | 871,053.488 | 8.11% | |
| A | National Financial Service, LLC | ||
| 200 Liberty Street, 5th Floor | |||
| One World Financial Center | |||
| New York, NY 10281 | 648,016.092 | 6.03% | |
| A | Wells Fargo Advisors | ||
| Special Custody Acct for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 589,341.590 | 5.48% | |
| C | LPL Financial | ||
| Attn: Lindsay O’Toole | |||
| 9785 Towne Ctr. Dr. | |||
| San Diego, CA 92121-1968 | 871,053.488 | 8.11% | |
| C | Wells Fargo Advisors | ||
| Special Custody Acct for the | |||
| Exclusive Benefit of Customer | |||
| 2801 Market St. | |||
| Saint Louis, MO 63103-2523 | 648,016.092 | 6.03% | |
| C | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399 | 589,341.590 | 5.48% | |
| C | MLPF&S for the Sole Benefit of its Customers | ||
| 4800 Deer Lake Dr. E FL 3 | |||
| Jacksonville, FL 32246-6484 | 871,053.488 | 8.11% | |
| L-45 |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Putnam Small Cap Value Fund (cont.) | |||
| M | Mark Torbeck | ||
| IRA Rollover Plan | |||
| 5765 Birchmont Place Dr | |||
| Saint Louis, MO 63129-2987 | 5,915.237 | 5.66% | |
| R | MG Trco Cust Ffbo | ||
| Gregory Kuo DDS Pension Plan | |||
| 700 17th Stte 300 | |||
| Denver, Co 80202-3531 | 4,915.193 | 13.79% | |
| R | MG Trust Company Cust | ||
| CMS Watch | |||
| 700 17th St., Ste. 300 | |||
| Denver, CO 80202-3531 | 4,122.644 | 11.56% | |
| R | MG Trust Company Cust | ||
| Block Business Systems Inc | |||
| 700 17th St., Ste. 300 | |||
| Denver, CO 80202-3531 | 3,119.125 | 8.75% | |
| R | MG Trust Company Cust | ||
| Covalent Systems Group | |||
| 700 17th St., Ste. 300 | |||
| Denver, CO 80202-3531 | 2,471.113 | 6.93% | |
| R | MG Trust Company Cust | ||
| Lakeshore Interactive LLC | |||
| 700 17th St., Ste. 300 | |||
| Denver, CO 80202-3531 | 2,258.734 | 6.34% | |
| Y | LPL Financial | ||
| Attn: Lindsay O’Toole | |||
| 9785 Towne Ctr. Dr. | |||
| San Diego, CA 92121-1968 | 3,659,442.419 | 71.55% | |
| Y [ ] | Great-West Trust Company, LLC | ||
| The Putnam Retirement Plan | 884,907.423 | 17.30% | |
| Putnam Strategic Volatility Equity Fund | |||
| A | Putnam, LLC | ||
| One Post Office Square | |||
| Boston, MA 02109 | 296,000.000 | 96.23% | |
| B | Putnam, LLC | ||
| One Post Office Square | |||
| Boston, MA 02109 | 1,000.000 | 50.17% | |
| B | Mary Stowell | ||
| 28 Timmerman Ave | |||
| St Johnsville, NY 13452 | 679.612 | 34.09% | |
| B | LPL Financial | ||
| Attn: Lindsay O’Toole | |||
| 9785 Towne Ctr. Dr. | |||
| San Diego, CA 92121-1968 | 216.591 | 10.87% | |
| C | Putnam, LLC | ||
| One Post Office Square | |||
| Boston, MA 02109 | 1,000.000 | 43.93% | |
| C | Ying Fu | ||
| 1028 Vista Pointe Circle | |||
| San Ramon, CA 94582 | 719.080 | 31.59% | |
| C | Jackie Conely-Sheller | ||
| 310 S. Clinton St | |||
| Stockbridge, MI 49285 | 449.106 | 19.73% | |
| M | Putnam, LLC | ||
| One Post Office Square | |||
| Boston, MA 02109 | 1,000.000 | 100.00% | |
| Y | LPL Financial | ||
| Attn: Lindsay O’Toole | |||
| 9785 Towne Ctr. Dr. | |||
| San Diego, CA 92121-1968 | 35,121.146 | 39.24% | |
| Y [ ] | Great-West Trust Company, LLC | ||
| The Putnam Retirement Plan | 19,270.910 | 21.53% | |
| Y | James Fetch | ||
| 44 Prince Street | |||
| Apt 505 | |||
| Boston, MA 02113 | 14,821.600 | 16.56% | |
| Y | Robert Schoen | ||
| 11 Beech S\Rd | |||
| Brookline MA 02446 | 5,354.589 | 5.98% | |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Y | Jameson & Reginald Baxter | ||
| 626 Old Barn Rd | |||
| LK Barrington, IL 60010 | 4,812.320 | 5.38% | |
| Putnam Tax Exempt Income Fund | |||
| A | Edward D. Jones & Co. | ||
| 201 Progress Pkwy. | |||
| Maryland Heights, MO | |||
| 63043-3009 | 16,272,715.611 | 14.27% | |
| A | Wells Fargo Advisors | ||
| 2801 Market Street | |||
| Saint Louis, MO 63103-2523 | 11,619,829.038 | 10.19% | |
| A | Merrill, Lynch, Pierce, Fenner & Smith Inc. | ||
| 4800 Deer Lake Dr E FL 3 | |||
| Jacksonville, FL 32246-6484 | 7,579,843.732 | 6.65% | |
| A | National Financial Service, LLC | ||
| 200 Liberty Street, 5th Floor | |||
| One World Financial Center | |||
| New York, NY 10281 | 6,580,183.779 | 5.77% | |
| A | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 6,556,237.718 | 5.75% | |
| B | Wells Fargo Advisors | ||
| 2801 Market Street | |||
| Saint Louis, MO 63103-2523 | 315,591.036 | 29.35% | |
| B | Merrill, Lynch, Pierce, Fenner & Smith Inc. | ||
| 4800 Deer Lake Dr E FL 3 | |||
| Jacksonville, FL 32246-6484 | 165,095.547 | 15.36% | |
| B | National Financial Services LLC | ||
| 200 Liberty Street, 5th Fl. | |||
| One World Financial Center | |||
| New York, NY 10281-5503 | 131,505.405 | 12.23% | |
| B | Pershing LLC | ||
| P.O. Box 2052 | |||
| Jersey City, NJ 07303-2052 | 129,862.779 | 12.08% | |
| C | Merrill, Lynch, Pierce, Fenner & Smith Inc. | ||
| 4800 Deer Lake Dr E FL 3 | |||
| Jacksonville, FL 32246-6484 | 878,083.883 | 20.31% | |
| C | Wells Fargo Advisors | ||
| 2801 Market Street | |||
| Saint Louis, MO 63103-2523 | 464,161.459 | 10.74% | |
| C | Pershing LLC | ||
| P.O. Box 2052 | |||
| Jersey City, NJ 07303-2052 | 450,810.609 | 10.43% | |
| C | Raymond James | ||
| Attn: Courtney Waller | |||
| 880 Carillon Parkway | |||
| St. Petersburg, FL 33716 | 364,622.575 | 8.43% | |
| C | National Financial Services LLC | ||
| 200 Liberty Street, 5th Fl. | |||
| One World Financial Center | |||
| New York, NY 10281-5503 | 307,664.641 | 7.12% | |
| C | LPL Financial | ||
| Attn: Lindsay O’Toole | |||
| 9785 Towne Ctr. Dr. | |||
| San Diego, CA 92121-1968 | 253,315.776 | 5.86% | |
| M | Edward D. Jones & Co. | ||
| 201 Progress Pkwy. | |||
| Maryland Heights, MO | |||
| 63043-3009 | 166,029.463 | 21.56% | |
| M | Pershing LLC | ||
| P.O. Box 2052 | |||
| Jersey City, NJ 07303-2052 | 139,204.698 | 18.08% | |
| M | Wells Fargo Advisors | ||
| 2801 Market Street | |||
| Saint Louis, MO 63103-2523 | 106,722.495 | 13.86% | |
| Y | Merrill, Lynch, Pierce, Fenner & Smith Inc. | ||
| 4800 Deer Lake Dr E FL 3 | |||
| Jacksonville, FL 32246-6484 | 823,413.799 | 25.61% | |
| Y | National Financial Services LLC | ||
| 200 Liberty Street, 5th Fl. | |||
| One World Financial Center | |||
| New York, NY 10281-5503 | 784,677.704 | 24.40% | |
| L-46 |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Putnam Tax Exempt Income Fund (cont.) | |||
| Y | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 586,763.439 | 18.25% | |
| Y | Wells Fargo Advisors | ||
| 2801 Market Street | |||
| Saint Louis, MO 63103-2523 | 537,445.646 | 16.71% | |
| Y | LPL Financial | ||
| Attn: Lindsay O’Toole | |||
| 9785 Towne Ctr. Dr. | |||
| San Diego, CA 92121-1968 | 161,438.687 | 5.02% | |
| Putnam Tax Exempt Money Market Fund | |||
| A | John Hill | ||
| 33 Avon Rd | |||
| Bronxville, NY 10708 | 3,041,168.870 | 7.14% | |
| Putnam Tax-Free High Yield Fund | |||
| A | Wells Fargo Advisors | ||
| 2801 Market Street | |||
| Saint Louis, MO 63103 | 7,680,735.530 | 11.14% | |
| A | Edward D. Jones & Co. | ||
| 201 Progress Parkway | |||
| Maryland, Heights, MO | |||
| 63043-3009 | 6,909,262.961 | 10.02% | |
| A | Pershing LLC | ||
| P.O. Box 2052 | |||
| Jersey City, NJ 07303-2052 | 4,685,071.748 | 6.79% | |
| A | Merrill, Lynch, Pierce Fenner & Smith | ||
| 4800 Deer Lake Drive E. Floor 3 | |||
| Jacksonville, FL 32246-6484 | 4,646,531.870 | 6.74% | |
| A | Morgan Stanley Smith Barney | ||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 4,044,835.281 | 5.87% | |
| A | National Financial Services LLC | ||
| 200 Liberty Street, 5th Floor | |||
| One World Financial Center | |||
| New York, NY 10281-5503 | 4,044,558.173 | 5.86% | |
| B | Wells Fargo Advisors | ||
| 2801 Market Street | |||
| Saint Louis, MO 63103 | 295,740.609 | 27.60% | |
| B | Pershing LLC | ||
| P.O. Box 2052 | |||
| Jersey City, NJ 07303-2052 | 167,948.348 | 15.68% | |
| B | Merrill, Lynch, Pierce Fenner & Smith | ||
| 4800 Deer Lake Drive E. Floor 3 | |||
| Jacksonville, FL 32246-6484 | 134,472.527 | 12.55% | |
| B | National Financial Services LLC | ||
| 200 Liberty Street, 5th Floor | |||
| One World Financial Center | |||
| New York, NY 10281-5503 | 104,580.139 | 9.76% | |
| B | Charles Schwab & CO Inc. | ||
| 101 Montgomery Street | |||
| San Francisco, CA 94104-4154 | 62,838.938 | 5.87% | |
| C | Merrill, Lynch, Pierce Fenner & Smith | ||
| 4800 Deer Lake Drive E. Floor 3 | |||
| Jacksonville, FL 32246-6484 | 1,708,627.169 | 32.11% | |
| C | Wells Fargo Advisors | ||
| 2801 Market Street | |||
| Saint Louis, MO 63103 | 688,636.396 | 12.94% | |
| C | Pershing LLC | ||
| P.O. Box 2052 | |||
| Jersey City, NJ 07303-2052 | 444,441.927 | 8.35% | |
| C | UBS WM USA | ||
| Attn: Department Manager | |||
| 1000 Harbor Blvd | |||
| Weehawken, NJ 07086 | 337,519.688 | 6.34% | |
| C | Morgan Stanley Smith Barney | ||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 314,776.257 | 5.92% | |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| C | National Financial Services LLC | ||
| 200 Liberty Street, 5th Floor | |||
| One World Financial Center | |||
| New York, NY 10281-5503 | 279,756.995 | 5.26% | |
| M | Edward D. Jones & CO | ||
| 201 Progress Parkway | |||
| Maryland Heights, MO 63043 | 114,261.093 | 16.07% | |
| M | Morgan Stanley Smith Barney | ||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 43,955.783 | 6.18% | |
| M | Pershing LLC | ||
| P.O. Box 2052 | |||
| Jersey City, NJ 07303-2052 | 41,778.539 | 5.88% | |
| M | National Financial Services LLC | ||
| 200 Liberty Street, 5th Floor | |||
| One World Financial Center | |||
| New York, NY 10281-5503 | 38,480.104 | 5.41% | |
| Y | Merrill, Lynch, Pierce Fenner & Smith | ||
| 4800 Deer Lake Drive E. Floor 3 | |||
| Jacksonville, FL 32246-6484 | 1,577,968.587 | 34.05% | |
| Y | Pershing LLC | ||
| P.O. Box 2052 | |||
| Jersey City, NJ 07303-2052 | 696,308.272 | 15.03% | |
| Y | Wells Fargo Advisors | ||
| 2801 Market Street | |||
| Saint Louis, MO 63103 | 419,347.657 | 9.05% | |
| Y | LPL Financial | ||
| Omnibus Customer Account | |||
| Attn: Lindsay O’Toole | |||
| 9785 Towne Centre Dr. | |||
| San Diego, CA 92121-1968 | 410,246.109 | 8.85% | |
| Y | Morgan Stanley Smith Barney | ||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 409,376.605 | 8.83% | |
| Y | National Financial Services LLC | ||
| 200 Liberty Street, 5th Floor | |||
| One World Financial Center | |||
| New York, NY 10281-5503 | 367,603.032 | 7.93% | |
| Y | Charles Schwab & CO Inc. | ||
| 101 Montgomery Street | |||
| San Francisco, CA 94104-4154 | 292,222.885 | 6.31% | |
| Putnam U.S. Government Income Trust | |||
| A | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 5,129,202.334 | 6.93% | |
| A | Merrill, Lynch, Pierce, Fenner & Smith | ||
| 4800 Deer Lake Drive E, Floor 3 | |||
| Jacksonville, Florida 32246-64845,010,652.704 | 6.77% | ||
| A | Wells Fargo Advisors | ||
| 2801 Market Street | |||
| Saint Louis, MO 63103 | 4,036,040.640 | 5.45% | |
| B | Wells Fargo Advisors | ||
| 2801 Market Street | |||
| Saint Louis, MO 63103 | 563,111.795 | 27.03% | |
| B | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 437,426.710 | 21.00% | |
| B | Merrill, Lynch, Pierce, Fenner & Smith | ||
| 4800 Deer Lake Drive E, Floor 3 | |||
| Jacksonville, Florida 32246-6484 107,190.475 | 5.15% | ||
| C | Wells Fargo Advisors | ||
| 2801 Market Street | |||
| Saint Louis, MO 63103 | 1,344,168.845 | 17.80% | |
| C | Merrill, Lynch, Pierce, Fenner & Smith | ||
| 4800 Deer Lake Drive E, Floor 3 | |||
| Jacksonville, Florida 32246-6484 898,447.469 | 11.90% | ||
| C | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 873,885.435 | 11.57% | |
| L-47 |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Putnam U.S. Government Income Trust (cont.) | |||
| C | National Financial Services LLC | ||
| 499 Washington Blvd | |||
| Jersey City, NJ 07310 | 653,496.625 | 8.65% | |
| C | Morgan Stanley Smith Barney | ||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 649,765.856 | 8.60% | |
| C | Raymond James | ||
| Attn: Courtney Waller | |||
| 880 Carillon Parkway | |||
| St. Petersburg, FL 33716 | 401,971.961 | 5.32% | |
| M | Mitsubishi UFJ Morgan Stanley | ||
| Securities CO LTD | |||
| 29-20 Mejiroda 3-Chome, Bunkyo-ku | |||
| Tokyo 112-8688 Japan | 849,830.000 | 59.37% | |
| M | Morgan Stanley Smith Barney | ||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 89,102.719 | 6.22% | |
| M | National Financial Services LLC | ||
| 499 Washington Blvd | |||
| Jersey City, NJ 07310 | 79,819.313 | 5.58% | |
| R | Merrill, Lynch, Pierce, Fenner & Smith | ||
| 4800 Deer Lake Drive E, Floor 3 | |||
| Jacksonville, Florida 32246-6484 685,429.350 | 27.03% | ||
| R | State Street Bank and Trust | ||
| 1 Lincoln Street | |||
| Boston, MA 02111 | 440,359.645 | 17.37% | |
| Y | Merrill, Lynch, Pierce, Fenner & Smith | ||
| 4800 Deer Lake Drive E, Floor 3 | |||
| Jacksonville, Florida 32246-6484 692,073.061 | 16.90% | ||
| Y | Wells Fargo Advisors | ||
| 2801 Market Street | |||
| Saint Louis, MO 63103 | 413,100.558 | 10.09% | |
| Y | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 395,374.105 | 9.65% | |
| Y [ ] | Great-West Trust | ||
| Company, LLC FBO | 374,776.747 | 9.15% | |
| Y | National Financial Services LLC | ||
| 499 Washington Blvd | |||
| Jersey City, NJ 07310 | 372,789.470 | 9.10% | |
| Y | Morgan Stanley Smith Barney | ||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 329,711.841 | 8.05% | |
| Y [ ] | Great-West Trust Company, LLC | ||
| The Putnam Retirement Plan | 285,656.782 | 6.97% | |
| Y | Charles Schwab & Co. Inc. | ||
| 101 Montgomery St. | |||
| San Francisco, CA 94104-4151 | 225,869.713 | 5.52% | |
| Putnam Voyager Fund | |||
| A | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399 | 7,732,263.511 | 6.70% | |
| A | Wells Fargo Advisors | ||
| 2801 Market Street | |||
| Saint Louis, MO 63103 | 6,363,745.375 | 5.51% | |
| A | National Financial Services, LLC | ||
| 499 Washington St. | |||
| Jersey City, NJ 07310-2010 | 6,357,318.661 | 5.51% | |
| A | Merrill Lynch Pierce Fenner & Smith | ||
| 4800 Deer Lake Drive E FL 3 | |||
| Jacksonville, FL 32246-6484 | 6,279,527.352 | 5.44% | |
| B | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399 | 301,338.120 | 6.62% | |
| B | Merrill Lynch Pierce Fenner & Smith | ||
| 4800 Deer Lake Drive E FL 3 | |||
| Jacksonville, FL 32246-6484 | 280,516.452 | 6.17% | |
| B | Wells Fargo Advisors | ||
| 2801 Market Street | |||
| Saint Louis, MO 63103 | 248,141.243 | 5.45% | |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| C | Merrill Lynch Pierce Fenner & Smith | ||
| 4800 Deer Lake Drive E FL 3 | |||
| Jacksonville, FL 32246-6484 | 1,456,743.545 | 25.73% | |
| C | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 592,250.954 | 10.46% | |
| C | UBS WM USA | ||
| 1000 Harbor Blvd | |||
| Weehawken, NJ 07086 | 521,496.416 | 9.21% | |
| C | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399-0001 | 493,426.657 | 8.72% | |
| C | Wells Fargo Advisors | ||
| 2801 Market Street | |||
| Saint Louis, MO 63103 | 408,238.569 | 7.21% | |
| C | Raymond James | ||
| Attn: Courtney Waller | |||
| 880 Carillon Parkway | |||
| St. Petersburg, FL 33716 | 331,852.809 | 5.86% | |
| M* | CKS Packaging Inc. 401(k) Plan | 90,645.411 | 9.08% |
| R | Merrill Lynch Pierce Fenner & Smith | ||
| 4800 Deer Lake Drive E FL 3 | |||
| Jacksonville, FL 32246-6484 | 90,645.411 | 9.08% | |
| R | Hartford Securities Distribution | ||
| Attn: UIT Operations | |||
| PO Box 2999 | |||
| Hartford, CT 06104 | 90,645.411 | 9.08% | |
| R5 | Putnam, LLC | ||
| One Post Office Square | |||
| Boston, MA 02109 | 463.415 | 100.00% | |
| R6 | Great-West Trust Company, LLC | ||
| The Putnam Retirement Plan | 1,094,609.072 | 99.96% | |
| Y | Merrill Lynch Pierce Fenner & Smith | ||
| 4800 Deer Lake Drive E FL 3 | |||
| Jacksonville, FL 32246-6484 | 1,574,633.571 | 14.99% | |
| Y | Wells Fargo Advisors | ||
| 2801 Market Street | |||
| Saint Louis, MO 63103 | 789,789.025 | 7.52% | |
| Y [ ] | Great-West Trust Company, LLC | ||
| FBO | 703,460.282 | 6.70% | |
| Y | Morgan Stanley Smith Barney | ||
| Harborside Financial Center | |||
| Plaza 2, 3rd Floor | |||
| Jersey City, NJ 07311 | 614,141.920 | 5.85% | |
| Y | Pershing, LLC | ||
| 1 Pershing Plaza | |||
| Jersey City, NJ 07399 | 596,853.031 | 5.68% | |
| Y | National Financial Services, LLC | ||
| 499 Washington St. | |||
| Jersey City, NJ 07310-2010 | 563,251.672 | 5.36% | |
| Putnam VT Absolute Return Absolute 500 Fund | |||
| IA | Putnam, LLC | ||
| One Post Office Square | |||
| Boston, MA 02109+ | 1,000.000 | 100.00% | |
| IB | Sun Life Assurance | ||
| Company of Canada(19) + | 1,646,826.282 | 93.75% | |
| Putnam VT American Government Income Fund | |||
| IA | Hartford Life & Annuity (7) + | 3,287,848.407 | 54.41% |
| IA | Hartford Life (8) + | 2,545,767.647 | 42.13% |
| IB | Allstate Life | ||
| Insurance Company(1) + | 2,148,271.819 | 62.21% | |
| IB | Hartford Life & Annuity (7) | 520,693.896 | 15.08% |
| IB | Hartford Life (8) | 227,941.058 | 6.60% |
| IB | Allstate Life | ||
| Insurance Company (1) | 215,204.133 | 6.23% | |
| Putnam VT Capital Opportunities Fund | |||
| IA | Hartford Life & Annuity (7) + | 426,431.496 | 52.45% |
| IA | Hartford Life Insurance Co.(9) + | 386,628.381 | 47.55% |
| IB | Hartford Life & Annuity (7) + | 352,030.375 | 44.95% |
| L-48 |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Putnam VT Capital Opportunities Fund (cont.) | |||
| IB | Allstate Life Insurance Company (1) +227,481.392 | 29.05% | |
| IB | Hartford Life & Annuity (7) | 108,717.979 | 13.88% |
| IB | Hartford Life Insurance Co.( 9) | 41,562.964 | 5.31% |
| Putnam VT Diversified Income Fund | |||
| IA | Hartford Life & Annuity (7) + | 8,077,716.046 | 48.11% |
| IA | Hartford Life (8) + | 7,527,831.425 | 44.84% |
| IB | Hartford Life & Annuity (7) + | 17,764,370.459 | 52.65% |
| IB | Hartford Life (8) | 8,156,812.386 | 24.18% |
| IB | Allstate Life | ||
| Insurance Company (1) | 3,810,466.263 | 11.29% | |
| Putnam VT Equity Income Fund | |||
| IA | Hartford Life & Annuity (7) + | 6,201,831.022 | 60.11% |
| IA | Hartford Life Insurance Co (9) + 3,394,037.629 | 32.90% | |
| IB | Allstate Life | ||
| Insurance Company (1) + | 4,233,875.931 | 32.51% | |
| IB | Hartford Life & Annuity (7) | 1,911,727.294 | 14.68% |
| IB | Guardian Insurance & | ||
| Annuity Co. Inc.(6) | 1,732,644.963 | 13.31% | |
| IB | Metlife Investors VA(13) | 1,382,190.320 | 10.61% |
| IB | Hartford Life Insurance Co (9) | 713,274.482 | 5.48% |
| Putnam VT George Putnam Balanced Fund | |||
| IA | Hartford Life & Annuity (7) + | 5,466,396.350 | 58.50% |
| IA | Hartford Life (8) + | 3,477,536.017 | 37.21% |
| IB | Allstate Life | ||
| Insurance Company (1) + | 6,701,596.281 | 69.92% | |
| IB | Hartford Life & Annuity (7) | 1,612,412.818 | 16.82% |
| IB | Hartford Life (8) | 586,969.275 | 6.12% |
| IB | Allstate Life of NY (2) | 568,405.559 | 5.93% |
| Putnam VT Global Asset Allocation Fund | |||
| IA | Hartford Life & Annuity (7) + | 3,670,768.317 | 47.44% |
| IA | Hartford Life (8) + | 3,348,955.793 | 43.28% |
| IB | Allstate Life | ||
| Insurance Company (1) + | 1,370,798.170 | 41.26% | |
| IB | Hartford Life & Annuity (7) + | 1,206,973.284 | 36.33% |
| IB | Hartford Life (8) | 525,958.264 | 15.83% |
| IB | Allstate Life of NY (2) | 212,853.174 | 6.41% |
| Putnam VT Global Equity Fund | |||
| IA | Hartford Life & Annuity (7) + | 6,075,811.408 | 45.29% |
| IA | Hartford Life (8) + | 5,827,992.036 | 43.45% |
| IA | Hartford Life & Annuity (7) | 768,680.119 | 5.73% |
| IA | Hartford Life Insurance Co (9) | 690,062.616 | 5.14% |
| IB | Allstate Life | ||
| Insurance Company (1) + | 1,242,502.736 | 74.29% | |
| IB | Allstate Life of NY (2) | 129,255.283 | 7.73% |
| IB | Retirement Builder Variable | ||
| Annuity Account (16) | 112,615.395 | 6.73% | |
| IB | Hartford Life & Annuity (7) | 89,019.165 | 5.32% |
| Putnam VT Global Health Care Fund | |||
| IA | Hartford Life & Annuity (7) + | 1,497,633.605 | 48.27% |
| IA | Hartford Life (8) + | 1,389,413.524 | 44.78% |
| IB | Riversource Life | ||
| Insurance Company (17) + | 1,973,363.327 | 36.78% | |
| IB | Allstate Life | ||
| Insurance Company (1) + | 1,746,665.134 | 32.56% | |
| IB | Lincoln National Variable(12) | 585,137.867 | 10.91% |
| Putnam VT Global Utilities Fund | |||
| IA | Hartford Life (8) + | 3,621,415.391 | 52.63% |
| IA | Hartford Life & Annuity (7) + | 2,987,281.380 | 43.41% |
| IA | Hartford Life (8) + | 3,621,415.391 | 52.63% |
| IB | Allstate Life | ||
| Insurance Company (1) + | 911,633.574 | 78.05% | |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| IB | Allstate Life of NY (2) | 107,476.132 | 9.20% |
| IB | Hartford Life & Annuity (7) | 101,813.427 | 8.72% |
| Putnam VT Growth and Income Fund Putnam | |||
| IA | Hartford Life (8) + | 23,107,111.460 | 48.44% |
| IA | Hartford Life & Annuity (7) + | 20,759,820.549 | 43.52% |
| IB | Allstate Life | ||
| Insurance Company (1) + | 6,418,062.436 | 60.81% | |
| IB | Hartford Life & Annuity (7) | 1,019,646.146 | 9.66% |
| IB | Allstate Life of NY (2) | 575,463.636 | 5.45% |
| IB | Hartford Life (8) | 538,550.054 | 5.10% |
| Putnam VT Growth Opportunities Fund | |||
| IA | Hartford Life & Annuity (7) + | 986,178.172 | 55.72% |
| IA | Hartford Life (8) + | 750,034.766 | 42.38% |
| IB | Allstate Life | ||
| Insurance Company (1) + | 1,323,153.968 | 73.97% | |
| IB | Hartford Life & Annuity (7) | 127,093.241 | 7.11% |
| IB | Allstate Life of NY (2) | 122,817.343 | 6.87% |
| IB | Hartford Life (8) | 103,696.017 | 5.80% |
| IB | Retirement Builder Variable | ||
| Annuity Account (16) | 100,317.322 | 5.61% | |
| Putnam VT High Yield Fund | |||
| IA | CMFG GROUP(5) + | 16,203,993.350 | 39.65% |
| IA | Hartford Life & Annuity (7) | 9,677,009.162 | 23.68% |
| IA | Hartford Life (8) | 9,300,268.117 | 22.76% |
| IA | Hartford Life & Annuity (7) | 2,878,167.461 | 7.04% |
| IB | Allstate Life | ||
| Insurance Company (1) + | 5,888,223.698 | 39.86% | |
| IB | Jefferson National Life (11) | 1,929,157.074 | 13.06% |
| IB | Hartford Life & Annuity (7) | 1,860,059.540 | 12.59% |
| IB | Riversource Life | ||
| Insurance Company (17) | 1,353,734.683 | 9.16% | |
| IB | Security Benefit Life (18) | 1,097,287.994 | 7.43% |
| IB | Hartford Life & Annuity (7) | 829,070.183 | 5.61% |
| Putnam VT Income Fund | |||
| IA | Hartford Life (8) + | 8,328,784.414 | 47.45% |
| IA | Hartford Life & Annuity (7) + | 6,358,712.479 | 36.23% |
| IA | Hartford Life & Annuity (7) | 1,261,713.389 | 7.19% |
| IB | Allstate Life | ||
| Insurance Company (1) + | 7,106,652.836 | 64.97% | |
| IB | Allstate Life of NY (2) | 1,100,183.570 | 10.06% |
| IB | Hartford Life & Annuity (7) | 1,001,967.846 | 9.16% |
| IB | Hartford Life & Annuity (7) | 876,444.169 | 8.01% |
| IB | Hartford Life (8) | 638,007.709 | 5.83% |
| Putnam VT International Equity Fund | |||
| IA | Hartford Life & Annuity (7) + | 3,916,990.867 | 39.87% |
| IA | Hartford Life (8) + | 2,874,501.696 | 29.26% |
| IA | Hartford Life & Annuity (7) | 1,639,762.869 | 16.69% |
| IA | Hartford Life Insurance Co (9) | 902,392.446 | 9.19% |
| IB | Allstate Life | ||
| Insurance Company (1) + | 5,601,232.836 | 27.51% | |
| IB | Hartford Life & Annuity (7) + | 5,238,855.615 | 25.73% |
| IB | Hartford Life (8) | 2,945,355.225 | 14.47% |
| IB | Riversource Life | ||
| Insurance Company (17) | 1,887,381.565 | 9.27% | |
| IB | Allstate Northbrook Life (3) | 1,581,007.098 | 7.77% |
| Putnam VT International Growth Fund | |||
| IA | Hartford Life & Annuity (7) + | 1,077,561.858 | 51.56% |
| IA | Hartford Life (8) + | 905,692.065 | 43.33% |
| IB | Allstate Life | ||
| Insurance Company (1) + | 758,019.924 | 80.38% | |
| IB | Hartford Life & Annuity (7) | 68,706.421 | 7.29% |
| IB | Allstate Life of NY (2) | 56,176.353 | 5.96% |
| L-49 |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| Putnam VT International Value Fund | |||
| IA | Hartford Life & Annuity (7) + | 3,956,291.498 | 56.44% |
| IA | Hartford Life (8) + | 2,488,245.494 | 35.50% |
| IB | Hartford Life & Annuity (7) + | 2,021,130.912 | 38.31% |
| IB | Allstate Life | ||
| Insurance Company (1) + | 1,531,364.377 | 29.02% | |
| IB | Hartford Life (8) | 552,453.826 | 10.47% |
| IB | AM Gen Signature II A(4) | 484,924.338 | 9.19% |
| IB | Lincoln Benefit Life Co(12) | 285,758.568 | 5.42% |
| Putnam VT Investors Fund | |||
| IA | Hartford Life (8) + | 2,906,842.748 | 49.41% |
| IA | Hartford Life & Annuity (7) + | 2,780,014.700 | 47.25% |
| IB | Allstate Life | ||
| Insurance Company (1) + | 3,927,184.805 | 43.83% | |
| IB | Hartford Life & Annuity (7) + | 2,851,632.554 | 31.82% |
| IB | Hartford Life (8) | 1,772,606.268 | 19.78% |
| Putnam VT Money Market Fund | |||
| IA | Hartford Life & Annuity (7) + | 44,375,063.828 | 49.17% |
| IA | Hartford Life (8) + | 39,787,607.000 | 44.09% |
| IB | Allstate Life | ||
| Insurance Company (1) + | 67,604,960.530 | 71.80% | |
| IB | Allstate Life of NY (2) | 15,582,292.760 | 16.55% |
| IB | Retirement Builder Variable | ||
| Annuity Account (16) | 4,718,649.130 | 5.01% | |
| Putnam VT Multi-Cap Growth Fund | |||
| IA | Hartford Life & Annuity (7) + | 6,246,292.172 | 31.20% |
| IA | Hartford Life (8) + | 5,908,400.218 | 29.51% |
| IA | Riversource Life | ||
| Insurance Company (17) + | 5,464,332.800 | 27.29% | |
| IB | Allstate Life | ||
| Insurance Company (1) + | 2,905,237.479 | 44.80% | |
| IB | Riversource Life | ||
| Insurance Company (17) | 1,241,807.755 | 19.15% | |
| IB | Hartford Life & Annuity (7) | 1,073,722.554 | 16.56% |
| IB | Hartford Life (8) | 363,865.400 | 5.61% |
| Putnam VT Multi-Cap Value Fund | |||
| IA | Hartford Life & Annuity (7) + | 820,383.222 | 52.06% |
| IA | Hartford Life Insurance Co (9) + 755,560.732 | 47.94% | |
| IB | Allstate Life | ||
| Insurance Company (1) + | 412,282.333 | 59.51% | |
| IB | Hartford Life & Annuity (7) | 162,857.529 | 23.51% |
| IB | Hartford Life Insurance Co (9) | 75,722.189 | 10.93% |
| Putnam VT Research Fund | |||
| IA | Hartford Life & Annuity (7) + | 720,143.567 | 49.39% |
| IA | Hartford Life (8) + | 699,697.767 | 47.99% |
| IB | Allstate Life | ||
| Insurance Company (1) + | 1,539,850.944 | 81.86% | |
| IB | Hartford Life & Annuity (7) | 140,327.561 | 7.46% |
| IB | Allstate Life of NY(2) | 111,215.461 | 5.91% |
| Putnam VT Small Cap Value Fund | |||
| IA | Hartford Life & Annuity(7) + | 1,761,895.874 | 50.32% |
| IA | Hartford Life (8) + | 1,666,546.658 | 47.59% |
| IB | Hartford Life & Annuity (7) + | 2,867,057.377 | 36.96% |
| IB | Hartford Life (8) | 1,633,186.909 | 21.06% |
| IB | Allstate Life | ||
| nsurance Company (1) | 1,584,926.560 | 20.43% | |
| IB | Northbrook Life | ||
| Insurance Company(14) | 836,000.352 | 10.78% | |
| IB | Hartford Life & Annuity (7) | 412,442.124 | 5.32% |
| Putnam VT Voyager Fund | |||
| IA | Hartford Life (8) + | 6,696,376.538 | 46.76% |
| IA | Hartford Life & Annuity (7) + | 5,892,021.556 | 41.15% |
| IA | Hartford Life & Annuity (7) | 823,496.060 | 5.75% |
| Class | Shareholder Name and Address | Holdings | Percentage Owned |
| IB | Allstate Life | ||
| Insurance Company (1) + | 2,196,166.243 | 48.89% | |
| IB | Hartford Life & Annuity (7) | 604,207.509 | 13.45% |
| IB | Principal Financial | ||
| Group PFLX(15) | 422,582.657 | 9.41% | |
| IB | Hartford Life (3) | 245,464.364 | 5.46% |
| IB | Allstate Northbrook Life (3) | 238,133.941 | 5.30% |
* The address for the name listed is: c/o Mercer Trust Company, as trustee or agent, Investors Way, Norwood, MA 02062.
** The address for the name listed is: c/o Great-West Trust Company, LLC, as trustee or agent, 8515 E. Orchard Road Greenwood Village, CO 80111-5002
*** The address for the name listed is: c/o Putnam Investments, One Post Office Square, Boston, MA 02109.
**** The address for the name listed above is: c/o Orchard Trust Company, LLC, as trustee or agent, 8515 E. Orchard Road, Greenwood Village, CO 80111-5002
+ Shareholder may be deemed to control the indicated fund.
The addresses for the shareholders listed above are:
(1) Retirement Builder Variable Annuity Account, 4333 Edgewood Rd NE,Cedar Rapids IA 52499-0001
(2) Allstate Life Insurance Co., 3100 Sanders Road, Northbrook, IL 60062
(3) Allstate Life of New York, 3100 Sanders Road, Northbrook, IL 60062
(4) Allstate Northbrook Life, 3100 Sanders Road, Northbrook, IL 60062
(5) Am Gen Signature II A, 2727 Allen PKWY, Suite A, Houston, Texas 77019-2116
(6) CMFG Group, 2000 Heritage Way, Waverly, IA 50677
(7) Guardian Insurance & Annuity, 3900 Burgess Pl, Bethlehem PA 18017
(8) Hartford Life & Annuity, 1 Griffin Rd. N., Windsor, CT 06095
(9) Hartford Life, 1 Griffin Rd. N., Windsor, CT 06095
(10) Hartford Life Insurance Co., 1 Griffin Rd. N., Windsor, CT 06095
(11) Horace Mann Life Insurance Company, 1 Horace Mann Plz, Springfield, Il 62715
(12) Lincoln Benefit Life, C/O Allstate Financial, 544 Lakeview Pkwy, Vernon Hills,IL 60061
(13) Lincoln National Variable, Universal Life, 1300 S. Clinton St., Fort Wayne,IN 46802
(14) MetLife Investors VA/VL Acct 1, 501 Boylston St., Boston, MA 02116
(15) Northbrook Life Insurance, 3100 Sanders Rd Ste K4A, Northbrook IL 60062
(16) Principal Financial Group PFLX, 711 High St, Des Moines, IA 50392
(17) Riversource Life Insurance Company, 70100 Ameriprise Financial Center,Minneapolis, MN 55474
(18) Sun Life Assurance Company of Canada (US),1 Sun Life Executive ParkSC3241, Wellesley Hills, MA 02481
(19) Jefferson National Life, 10350 Ormsby Park Pl, Ste 600,Louisville KY 40223-6175
(20) Security Benefit Life, Variable Annuity Account XIV, 1 Security Benefit Pl,Topeka KS 66636-1000
Additional ownership information for Putnam closed-end funds
In addition to the holdings information listed above, for the Putnam closed-end funds, as of September 30, 2013, to the knowledge of the funds, the following additional persons owned beneficially or of record more than 5% of the common shares of certain Putnam closed-end funds.
| Fund | Shareholder Name and Address | Holdings | Percentage Owned |
| Putnam High Income Securities Fund | |||
| [ ] | [ ] | [ ] | |
| Putnam Managed Municipal Income Trust | |||
| [ ] | [ ] | [ ] | |
| Putnam Master Intermediate Income Trust | |||
| [ ] | [ ] | ||
| Putnam Municipal Opportunities Trust | |||
| [ ] | [ ] | [ ] | |
| Putnam Premier Income Trust | |||
| [ ] | [ ] | [ ] | |
| L-50 |
Appendix M — Form of Amended and Restated Declaration of Trust
| [INSERT NAME OF FUND] |
| AMENDED AND RESTATED AGREEMENT |
| AND DECLARATION OF TRUST |
This AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST made at Boston, Massachusetts, on this ____ day of _________, 2014, hereby amends and restates in its entirety the Agreement and Declaration of Trust dated _______________, as heretofore amended, by the Trustees hereunder and by the holders of shares of beneficial interest issued hereunder as hereinafter provided.
| WITNESSETH that |
WHEREAS, this Trust has been formed to carry on the business of an investment company; and
WHEREAS, the Trustees have agreed to manage all property coming into their hands as trustees of a Massachusetts voluntary association with transferable shares in accordance with the provisions hereinafter set forth;
NOW, THEREFORE, the Trustees hereby declare that they will hold all cash, securities and other assets, which they may from time to time acquire in any manner as Trustees hereunder IN TRUST to manage and dispose of the same upon the following terms and conditions for the benefit of the holders from time to time of Shares in this Trust as hereinafter set forth.
| Name and Definitions |
Name
This Trust shall be known as “[insert name of fund]” and the Trustees shall conduct the business of the Trust under that name or any other name as they may from time to time determine.
Definitions
Whenever used herein, unless otherwise required by the context or specifically provided:
The “Trust” refers to the Massachusetts business trust established by this Agreement and Declaration of Trust, as amended from time to time;
“Trustees” refers to the Trustees of the Trust elected in accordance with Article IV;
“Shares” means the equal proportionate transferable units of interest into which the beneficial interest in the Trust shall be divided from time to time or, if more than one series or class of Shares is authorized by the Trustees, the equal proportionate transferable units into which each series or class of Shares shall be divided from time to time;
“Shareholder” means a record owner of Shares;
The “1940 Act” refers to the Investment Company Act of 1940 and the Rules and Regulations thereunder, all as amended from time to time;
The terms “Affiliated Person”, “Assignment”, “Commission”, “Interested Person”, “Principal Underwriter” and “Majority Shareholder Vote” (the 67% or 50% requirement of the third sentence of Section 2(a)(42) of the 1940 Act, whichever may be applicable) shall have the meanings given them in the 1940 Act (as modified by any applicable exemptive order issued thereunder by the Securities and Exchange Commission);
“Declaration of Trust” shall mean this Agreement and Declaration of Trust as amended or restated from time to time;
“Bylaws” shall mean the Bylaws of the Trust as amended or restated from time to time;
The term “series” or “series of Shares” refers to the one or more separate investment portfolios of the Trust into which the assets and liabilities of the Trust may be divided and the Shares of the Trust representing the beneficial interest of Shareholders in such respective portfolios; and
The term “class” or “class of Shares” refers to the division of Shares representing any series into two or more classes as provided in Article III, Section 1 hereof.
| Purpose of Trust |
The purpose of the Trust is to provide investors a managed investment primarily in securities, debt instruments and other instruments and rights of a financial character.
| Shares |
Division of Beneficial Interest
The number of Shares authorized shall be unlimited. The Shares of the Trust shall be issued in one or more series as the Trustees may, without shareholder approval, authorize. Each series shall be preferred over all other series in respect of the assets allocated to that series within the meaning of the 1940 Act and shall represent a separate investment portfolio of the Trust. The beneficial interest in each series shall at all times be divided into Shares, without par value, each of which shall, except as provided in the following sentence, represent an equal proportionate interest in the series with each other Share of the same series, none having priority or preference over another. The Trustees may, without Shareholder approval, divide the Shares of any series into two or more classes, Shares of each such class having such preferences and special or relative rights and privileges (including conversion rights, if any) as the Trustees may determine and as shall be set forth in the Bylaws. The Trustees may, without Shareholder approval, from time to time divide or combine the Shares of any series or class into a greater or lesser number without thereby changing the proportionate beneficial interest in the series or class. The Trustees may also, without shareholder approval, from time to time combine the Shares or two or more classes of any series into a single class.
| M-1 |
Ownership of Shares
The ownership of Shares shall be recorded on the books of the Trust or a transfer or similar agent. No certificates certifying the ownership of Shares shall be issued except as the Trustees may otherwise determine from time to time. The Trustees may make such rules as they consider appropriate for the issuance of Share certificates, the retirement of Share certificates, the transfer of Shares and similar matters. The record books of the Trust as kept by the Trust or any transfer or similar agent, as the case may be, shall be conclusive as to who are the Shareholders of each series and class and as to the number of Shares of each series and class held from time to time by each Shareholder.
Investment in the Trust
The Trustees shall accept investments in the Trust from such persons and on such terms and for such consideration, which may consist of cash or tangible or intangible property or a combination thereof, as they or the Bylaws from time to time authorize.
All consideration received by the Trust for the issue or sale of Shares of each series, together with all income, earnings, profits, and proceeds thereof, including any proceeds derived from the sale, exchange or liquidation thereof, and any funds or payments derived from any reinvestment of such proceeds in whatever form the same may be, shall irrevocably belong to the series of Shares with respect to which the same were received by the Trust for all purposes, subject only to the rights of creditors, and shall be so handled upon the books of account of the Trust and are herein referred to as “assets of” such series.
No Preemptive Rights
Shareholders shall have no preemptive or other right to subscribe to any additional Shares or other securities issued by the Trust.
Status of Shares and Limitation of Personal Liability
Shares shall be deemed to be personal property giving only the rights provided in this Declaration of Trust or the Bylaws. Every Shareholder by virtue of having become a Shareholder shall be held to have expressly assented and agreed to the terms of this Declaration of Trust and the Bylaws and to have become a party thereto. The death of a Shareholder during the continuance of the Trust shall not operate to terminate the same nor entitle the representative of any deceased Shareholder to an accounting or to take any action in court or elsewhere against the Trust or the Trustees, but only to the rights of said decedent under this Trust. Ownership of Shares shall not entitle the Shareholder to any title in or to the whole or any part of the Trust property or right to call for a partition or division of the same or for an accounting, nor shall the ownership of Shares constitute the Shareholders partners. Neither the Trust nor the Trustees, nor any officer, employee or agent of the Trust shall have any power to bind personally any Shareholder, nor except as specifically provided herein to call upon any Shareholder for the payment of any sum of money or assessment whatsoever other than such as the Shareholder may at any time personally agree to pay.
Derivative Actions
Section 6. No Shareholder shall have the right to bring or maintain any court action, proceeding or claim on behalf of the Trust without first making demand on the Trustees requesting the Trustees to bring or maintain such action, proceeding or claim. Such demand shall be mailed to the Clerk of the Trust at the Trust’s principal office and shall set forth in reasonable detail the nature of the proposed court action, proceeding or claim and the essential facts relied upon by the Shareholder to support the allegations made in the demand. The Trustees may determine whether the bringing or maintenance of any such action, proceeding or claim is in the best interests of the Trust or, alternatively in their sole discretion, may submit the matter to a vote of the Shareholders of the Trust. Any such determination made by the Trustees in good faith shall be binding on all Shareholders.
Exclusive Selection of Forum for Certain Shareholder Actions
Section 7. Any action brought by a Shareholder seeking to enforce any right or privilege of Shareholders under this Declaration of Trust, challenging the powers of the Trustees thereunder, alleging a breach of fiduciary duty by any Trustee or officer of the Trust or otherwise involving primarily the internal affairs of the Trust may be brought only in the courts of The Commonwealth of Massachusetts.
| The Trustees |
Election
A Trustee may be elected either by the Trustees or by the Shareholders. The number of Trustees shall be fixed from time to time by the Trustees and, at or after the commencement of the business of the Trust, shall be not less than three. Each Trustee elected by the Trustees or the Shareholders shall serve until he or she retires, resigns, is removed or dies or until the next meeting of Shareholders called for the purpose of electing Trustees and until the election and qualification of his or her successor.
Removal
Section 2. A Trustee may be removed (i) by vote of the holders of two-thirds of the outstanding Shares at a meeting called for the purpose or (ii) by vote of two-thirds of the Trustees.
Effect of Death, Resignation, etc. of a Trustee
Section 3. The death, declination, resignation, retirement, removal or incapacity of the Trustees, or any one of them, shall not operate to annul the Trust or to revoke any existing agency created pursuant to the terms of this Declaration of Trust.
Powers
Section 4. Subject to the provisions of this Declaration of Trust, the business of the Trust shall be managed by the Trustees, and they shall have all powers necessary or convenient to carry out that responsibility. Without limiting the foregoing, the Trustees may adopt Bylaws not inconsistent with this Declaration of Trust providing for the conduct of the business of the Trust and may amend and repeal them to the extent that such Bylaws do not reserve that right to the Shareholders; they may fill vacancies in or add to their number, and may elect and remove such
| M-2 |
officers and appoint and terminate such agents as they consider appropriate; they may appoint from their own number, and terminate, any one or more committees consisting of two or more Trustees, including an executive committee which may, when the Trustees are not in session, exercise some or all of the power and authority of the Trustees as the Trustees may determine; they may employ one or more custodians of the assets of the Trust and may authorize such custodians to employ subcustodians and to deposit all or any part of such assets in a system or systems for the central handling of securities, retain a transfer agent or a Shareholder servicing agent, or both, provide for the distribution of Shares by the Trust, through one or more principal underwriters or otherwise, set record dates for the determination of Shareholders with respect to various matters, and in general delegate such authority as they consider desirable to any officer of the Trust, to any committee of the Trustees and to any agent or employee of the Trust or to any such custodian or underwriter.
Without limiting the foregoing, the Trustees shall have power and authority:
To invest and reinvest cash, and to hold cash uninvested;
To sell, exchange, lend, pledge, mortgage, hypothecate, write options on and lease any or all of the assets of the Trust;
To vote or give assent, or exercise any rights of ownership, with respect to stock or other securities or property; and to execute and deliver proxies or powers of attorney to such person or persons as the Trustees shall deem proper, granting to such person or persons such power and discretion with relation to securities or property as the Trustees shall deem proper;
To exercise powers and rights of subscription or otherwise which in any manner arise out of ownership of securities;
To hold any security or property in a form not indicating any trust, whether in bearer, unregistered or other negotiable form, or in the name of the Trustees or of the Trust or in the name of a custodian, subcustodian or other depositary or a nominee or nominees or otherwise;
Subject to the provisions of Article III, Section 3, to allocate assets, liabilities, income and expenses of the Trust to a particular series of Shares or to apportion the same among two or more series, provided that any liabilities or expenses incurred by or arising in connection with a particular series of Shares shall be payable solely out of the assets of that series; and to the extent necessary or appropriate to give effect to the preferences and special or relative rights and privileges of any classes of Shares, to allocate assets, liabilities, income and expenses of a series to a particular class of Shares of that series or to apportion the same among two or more classes of Shares of that series;
To consent to or participate in any plan for the reorganization, consolidation or merger of any corporation or issuer, any security of which is or was held in the Trust; to consent to any contract, lease, mortgage, purchase or sale of property by suchcorporation or issuer, and to pay calls or subscriptions with respect to any security held in the Trust;
To join other security holders in acting through a committee, depositary, voting trustee or otherwise, and in that connection to deposit any security with, or transfer any security to, any such committee, depositary or trustee, and to delegate to them such power and authority with relation to any security (whether or not so deposited or transferred) as the Trustees shall deem proper, and to agree to pay, and to pay, such portion of the expenses and compensation of such committee, depositary or trustee as the Trustees shall deem proper;
To compromise, arbitrate or otherwise adjust claims in favor of or against the Trust or any matter in controversy, including but not limited to claims for taxes;
To enter into joint ventures, general or limited partnerships and any other combinations or associations;
To borrow funds;
To endorse or guarantee the payment of any notes or other obligations of any person; to make contracts of guaranty or suretyship, or otherwise assume liability for payment thereof; and to mortgage and pledge the Trust property or any part thereof to secure any of or all such obligations;
To purchase and pay for entirely out of Trust property such insurance as they may deem necessary or appropriate for the conduct of the business, including without limitation, insurance policies insuring the assets of the Trust and payment of distributions and principal on its portfolio investments, and insurance policies insuring the Shareholders, Trustees, officers, employees, agents, investment advisers or managers, principal underwriters, or independent contractors of the Trust individually against all claims and liabilities of every nature arising by reason of holding, being or having held any such office or position, or by reason of any action alleged to have been taken or omitted by any such person as Shareholder, Trustee, officer, employee, agent, investment adviser or manager, principal underwriter, or independent contractor, including any action taken or omitted that may be determined to constitute negligence, whether or not the Trust would have the power to indemnify such person against such liability; and
To pay pensions for faithful service, as deemed appropriate by the Trustees, and to adopt, establish and carry out pension, profit-sharing, share bonus, share purchase, savings, thrift and other retirement, incentive and benefit plans, trusts and provisions, including the purchasing of life insurance and annuity contracts as a means of providing such retirement and other benefits, for any or all of the Trustees, officers, employees and agents of the Trust.
The Trustees shall not in any way be bound or limited by any present or future law or custom in regard to investments by trustees. Except as otherwise provided herein or from time to time in the Bylaws, any action to be taken by the Trustees may
| M-3 |
be taken by a majority of the Trustees present at a meeting of the Trustees (a quorum being present), within or without Massachusetts, including any meeting held by means of a conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other at the same time and participation by such means shall constitute presence in person at a meeting, or by written consents of a majority of the Trustees then in office.
Payment of Expenses by Trust
Section 4. The Trustees are authorized to pay or to cause to be paid out of the assets of the Trust, all expenses, fees, charges, taxes and liabilities incurred or arising in connection with the Trust, or in connection with the management thereof, including, but not limited to, the Trustees’ compensation and such expenses and charges for the services of the Trust’s officers, employees, investment adviser or manager, principal underwriter, auditor, counsel, custodian, transfer agent, Shareholder servicing agent, and such other agents or independent contractors and such other expenses and charges as the Trustees may deem necessary or proper to incur, provided, however, that all expenses, fees, charges, taxes and liabilities incurred by or arising in connection with a particular series of Shares shall be payable solely out of the assets of that series.
Ownership of Assets of the Trust
Section 5. Title to all of the assets of each series of Shares and of the Trust shall at all times be considered as vested in the Trustees.
Advisory, Management and Distribution
Section 6. Subject to a favorable Majority Shareholder Vote, the Trustees may, at any time and from time to time, contract for exclusive or nonexclusive advisory and/or management services with any corporation, trust, association or other organization (the “Manager”), every such contract to comply with such requirements and restrictions as may be set forth in the Bylaws; and any such contract may contain such other terms interpretive of or in addition to said requirements and restrictions as the Trustees may determine, including, without limitation, authority to determine from time to time what investments shall be purchased, held, sold or exchanged and what portion, if any, of the assets of the Trust shall be held uninvested and to make changes in the Trust’s investments. The Trustees may also, at any time and from time to time, contract with the Manager or any other corporation, trust, association or other organization, appointing it exclusive or nonexclusive distributor or principal underwriter for the Shares, every such contract to comply with such requirements and restrictions as may be set forth in the Bylaws; and any such contract may contain such other terms interpretive of or in addition to said requirements and restrictions as the Trustees may determine.
The fact that:
any of the Shareholders, Trustees or officers of the Trust is a shareholder, director, officer, partner, trustee, employee, manager, adviser, principal underwriter or distributor or agentof or for any corporation, trust, association, or other organization, or of or for any parent or affiliate of any organization, with which an advisory or management contract, or principal underwriter’s or distributor’s contract, or transfer, Shareholder servicing or other agency contract may have been or may hereafter be made, or that any such organization, or any parent or affiliate thereof, is a Shareholder or has an interest in the Trust, or that
any corporation, trust, association or other organization with which an advisory or management contract or principal underwriter’s or distributor’s contract, or transfer, Shareholder servicing or other agency contract may have been or may hereafter be made also has an advisory or management contract, or transfer, Shareholder servicing or other agency contract with one or more other corporations, trusts, associations, or other organizations, or has other business or interests
shall not affect the validity of any such contract or disqualify any Shareholder, Trustee or officer of the Trust from voting upon or executing the same or create any liability or accountability to the Trust or its Shareholders.
| Shareholders’ Voting Powers and Meetings |
Voting Powers
Subject to the voting powers of one or more classes of Shares as set forth elsewhere in this Declaration of Trust or in the Bylaws, the Shareholders shall have power to vote only (i) for the election of Trustees as provided in Article IV, Section 1, (ii) for the removal of Trustees as provided in Article IV, Section 2, (iii) with respect to any Manager as provided in Article IV, Section 6, (iv) with respect to any termination of this Trust to the extent and as provided in Article IX, Section 4, (v) with respect to any amendment of this Declaration of Trust to the extent and as provided in Article IX, Section 8, and (vi) with respect to such additional matters relating to the Trust as may be required by this Declaration of Trust, the Bylaws or any registration of the Trust with the Securities and Exchange Commission (or any successor agency) or any state, or as the Trustees may consider necessary or desirable. Each whole Share shall be entitled to one vote as to any matter on which it is entitled to vote and each fractional Share shall be entitled to a proportionate fractional vote. On any matter submitted to a vote of Shareholders, all Shares of the Trust then entitled to vote shall, except as otherwise provided in the Bylaws, be voted in the aggregate as a single class without regard to series or classes of shares, except (1) when required by the 1940 Act or when the Trustees shall have determined that the matter affects one or more series or classes of Shares materially differently, Shares shall be voted by individual series or class; and (2) when the Trustees have determined that the matter affects only the interests of one or more series or classes, only Shareholders of such series or classes shall be entitled to vote thereon. There shall be no cumulative voting in the election of Trustees. Shares may be voted in person or by proxy. A proxy with respect to Shares held in the name of two or more
| M-4 |
persons shall be valid if executed by any one of them unless at or prior to exercise of the proxy the Trust receives a specific written notice to the contrary from any one of them. A proxy purporting to be executed by or on behalf of a Shareholder shall be deemed valid unless challenged at or prior to its exercise and the burden of proving invalidity shall rest on the challenger. Until Shares of any series or class are issued, the Trustees may exercise all rights of Shareholders and may take any action required by law, this Declaration of Trust or the Bylaws to be taken by Shareholders as to such series or class.
Voting Power and Meetings
Meetings of Shareholders of any or all series or classes may be called by the Trustees from time to time for the purpose of taking action upon any matter requiring the vote or authority of the Shareholders of such series or classes as herein provided or upon any other matter deemed by the Trustees to be necessary or desirable. Written notice of any meeting of Shareholders shall be given or caused to be given by the Trustees by mailing such notice at least seven days before such meeting, postage prepaid, stating the time, place and purpose of the meeting, to each Shareholder entitled to vote at such meeting at the Shareholder’s address as it appears on the records of the Trust. If the Trustees shall fail to call or give notice of any meeting of Shareholders for a period of 30 days after written application by Shareholders holding at least 10% of the then outstanding shares of all series and classes entitled to vote at such meeting requesting a meeting to be called for a purpose requiring action by the Shareholders as provided herein or in the Bylaws, then Shareholders holding at least 10% of the then outstanding Shares of all series and classes entitled to vote at such meeting may call and give notice of such meeting, and thereupon the meeting shall be held in the manner provided for herein in case of call thereof by the Trustees. Notice of a meeting need not be given to any Shareholder if a written waiver of notice, executed by him or her before or after the meeting, is filed with the records of the meeting, or to any Shareholder who attends the meeting without protesting prior thereto or at its commencement the lack of notice to him or her.
Quorum and Required Vote
Thirty percent of Shares entitled to vote on a particular matter shall be a quorum for the transaction of business on that matter at a Shareholders’ meeting, except that where any provision of law or of this Declaration of Trust or the Bylaws requires that holders of any series or class shall vote as an individual series or class, then thirty percent of the aggregate number of Shares of that series or class entitled to vote shall be necessary to constitute a quorum for the transaction of business by that series or class. Any lesser number shall be sufficient for adjournments. Any adjourned session or sessions may be held, within a reasonable time after the date set for the original meeting, without the necessity of further notice. Except when a larger vote is required by any provision of law or of this Declaration of Trust or the Bylaws, a majority of the Shares voted shall decide any questions and a plurality shall elect a Trustee, provided that where any provision of law or of this Declaration of Trust or the Bylaws requires that the holders of any series or class shall vote as an individual series or class then a majority of the Shares of that series or class voted on the matter (or a plurality with respect to the election of a Trustee) shall decide that matter insofar as that series or class is concerned.
Action by Written Consent
Any action taken by Shareholders may be taken without a meeting if a majority of Shareholders entitled to vote on the matter (or such larger proportion thereof as shall be required by any express provision of this Declaration of Trust or the Bylaws) consent to the action in writing and such written consents are filed with the records of the meetings of Shareholders. Such consent shall be treated for all purposes as a vote taken at a meeting of Shareholders.
Additional Provisions
The Bylaws may include further provisions, not inconsistent with this Declaration of Trust, regarding Shareholders’ voting powers, the conduct of meetings and related matters.
| Distributions, Redemptions and Repurchases |
Distributions
The Trustees may each year, or more frequently if they so determine, distribute to the Shareholders of each series out of the assets of such series such amounts as the Trustees may determine. Any such distribution to the Shareholders of a particular series shall be made to said Shareholders pro rata in proportion to the number of Shares of such series held by each of them, except to the extent otherwise required or permitted by the preferences and special or relative rights and privileges of any classes of Shares of that Series, and any distribution to the Shareholders of a particular class of Shares shall be made to such Shareholders pro rata in proportion to the number of Shares of such class held by each of them. Such distributions shall be made in cash, Shares or other property, or a combination thereof, as determined by the Trustees. Any such distribution paid in Shares will be paid at the net asset value thereof as determined in accordance with the Bylaws.
Redemptions and Repurchases
The Trust shall purchase such Shares as are offered by any Shareholder for redemption, upon the presentation of any certificate for the Shares to be purchased, a proper instrument of transfer and a request directed to the Trust or a person designated by the Trust that the Trust purchase such Shares, or in accordance with such other procedures for redemption as the Trustees may from time to time authorize; and the Trust will pay therefor the net asset value thereof, as next determined in accordance with the Bylaws, less any redemption charge fixed by the Trustees. Payment for said Shares shall be made by the Trust to the Shareholder within seven days after the date on which the request is made. The obligation set forth in this Section 2 is subject to the provision that in the event that at any time the New York
| M-5 |
Stock Exchange is closed for other than customary weekends or holidays, or, if permitted by rules of the Securities and Exchange Commission, during periods when trading on the Exchange is restricted or during any emergency which makes it impractical for the Trust to dispose of its investments or to determine fairly the value of its net assets, or during any other period permitted by order of the Securities and Exchange Commission for the protection of investors, such obligation may be suspended or postponed by the Trustees. The Trust may also purchase or repurchase Shares at a price not exceeding the net asset value of such Shares in effect when the purchase or repurchase or any contract to purchase or repurchase is made. Payment for any redemption, purchase or repurchase may be made in cash or in other property, or any combination thereof. The composition of any such payment shall be determined by the Trust in its sole discretion, and the Trust shall have no obligation to effect a pro rata division of cash or other property in making any such payment. In no event shall the Trust be liable for any delay of any other person in transferring securities or other property selected for delivery as all or part of any such payment.
Redemption at the Option of the Trust
The Trust shall have the right at its option and at any time to redeem Shares of any Shareholder at the net asset value thereof as determined in accordance with the Bylaws: (i) if at such time such Shareholder owns fewer Shares than, or Shares having an aggregate net asset value of less than, an amount determined from time to time by the Trustees, in which case the Trust may redeem all Shares owned by such Shareholder or only so many of such Shares as may be required to compensate the Trust for any fee fixed from time to time by the Trustees for the maintenance of small accounts; (ii) to the extent that such Shareholder owns Shares of a particular series of Shares equal to or in excess of a percentage of the outstanding Shares of that series determined from time to time by the Trustees; (iii) to the extent that such Shareholder owns Shares of the Trust representing a percentage equal to or in excess of such percentage of the aggregate number of outstanding Shares of the Trust or the aggregate net asset value of the Trust determined from time to time by the Trustees; (iv) if such Shareholder fails to supply appropriate personal and tax identification information requested by the Trust; (v) if such Shareholder fails to meet or maintain the qualifications for ownership of a particular series or class; or (vi) if the Trustees determine for any other reason, in their sole discretion, that the ownership of Shares by a Shareholder is not in the best interests of the remaining Shareholders of the Trust or of the applicable series or class.
| Compensation and Limitation of Liability of Trustees |
Compensation
The Trustees as such shall be entitled to reasonable compensation from the Trust; they may fix the amount of their compensation. Nothing herein shall in any way prevent the employment of any Trustee for advisory, management, legal,accounting, investment banking or other services and payment for the same by the Trust.
Limitation of Liability
A Trustee shall be liable for his or her own willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of the office of Trustee, and for nothing else. The Trustees shall not be responsible or liable in any event for any neglect or wrongdoing of any officer, agent, employee, manager or principal underwriter of the Trust, nor shall any Trustee be responsible for the act or omission of any other Trustee. The appointment, designation or identification of a Trustee as an officer of the Trustees or of any committee of the Trustees, or as an expert with respect to certain matters (including without limitation identification of a Trustee as an “audit committee financial expert”) shall not impose on that person any duty, obligation or liability that is greater than the duties, obligations and liabilities imposed on that person as a Trustee in the absence of such appointment, designation or identification, and no Trustee who has special skills or expertise or who is appointed, designated of identified as aforesaid, shall be held to a higher standard of care by virtue thereof or be limited in any way with respect to any right or privilege to which such person would otherwise be entitled as a Trustee hereunder, including without limitation the right of indemnification. Nothing herein contained shall protect any Trustee against any liability to which he or she would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office.
| Indemnification |
Trustees, Officers, etc.
The Trust shall indemnify each of its Trustees and officers (including persons who serve at the Trust’s request as directors, officers or trustees of another organization in which the Trust has any interest as a shareholder, creditor or otherwise) (hereinafter referred to as a “Covered Person”) against all liabilities and expenses, including but not limited to amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and counsel fees reasonably incurred by any Covered Person in connection with the defense or disposition of any action, suit or other proceeding, whether civil or criminal, before any court or administrative or legislative body, in which such Covered Person may be or may have been involved as a party or otherwise or with which such Covered Person may be or may have been threatened, while in office or thereafter, by reason of being or having been such a Covered Person except with respect to any matter as to which such Covered Person shall have been finally adjudicated in any such action, suit or other proceeding (a) not to have acted in good faith, (b) not to have acted in the reasonable belief that such Covered Person’s action was in the best interests of the Trust or at least was not opposed to the best interests of the Trust, (c) in the case of a
| M-6 |
criminal proceeding, to have had reasonable cause to believe his or her action was unlawful or (d) to be liable to the Trust or its Shareholders by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such Covered Person’s office (each of such exceptions being referred to hereinafter as “Disabling Conduct”). Expenses, including counsel fees so incurred by any such Covered Person (but excluding amounts paid in satisfaction of judgments, in compromise or as fines or penalties), shall be paid from time to time by the Trust in advance of the final disposition of any such action, suit or proceeding upon receipt of an undertaking by or on behalf of such Covered Person to repay amounts so paid to the Trust if it is ultimately determined that indemnification of such expenses is not authorized under this Article, provided, however, that either (a) such Covered Person shall have provided appropriate security for such undertaking, (b) the Trust shall be insured against losses arising from any such advance payments or (c) either a majority of the disinterested Trustees acting on the matter (provided that a majority of the disinterested Trustees then in office act on the matter), or independent legal counsel in a written opinion, shall have determined, based upon a review of readily available facts (as opposed to a full trial type inquiry) that there is reason to believe that such Covered Person will be found entitled to indemnification under this Article. In making any such determination, the disinterested Trustees or such counsel, as the case may be, shall afford the Covered Person a rebuttable presumption that the Covered Person did not engage in Disabling Conduct.
Compromise Payment
As to any matter disposed of (whether by a compromise payment, pursuant to a consent decree or otherwise) without an adjudication by a court, or by any other body before which the proceeding was brought, that such Covered Person engaged in Disabling Conduct, indemnification shall be provided if (a) approved as in the best interests of the Trust, after notice that it involves such indemnification, by at least a majority of the disinterested Trustees acting on the matter (provided that a majority of the disinterested Trustees then in office act on the matter) upon a determination, based upon a review of readily available facts (as opposed to a full trial type inquiry) that such Covered Person did not engage in Disabling Conduct, or (b) there has been obtained an opinion in writing of independent legal counsel, based upon a review of readily available facts (as opposed to a full trial type inquiry) to the effect that such Covered Person did not engage in Disabling Conduct. Any approval pursuant to this Section shall not prevent the recovery from any Covered Person of any amount paid to such Covered Person in accordance with this Section as indemnification if such Covered Person is subsequently adjudicated by a court of competent jurisdiction not to have engaged in Disabling Conduct.
Right Not Exclusive
The right of indemnification hereby provided shall not be exclusive of or affect any other rights to which such Covered Person may be entitled. As used in this Article VIII, the term “Covered Person” shall include such person’s heirs, executors and administrators and a “disinterested Trustee” is a Trustee who is not an “interested person” of the Trust as defined in Section 2(a)(19) of the 1940 Act (or who has been exempted from being an “interested person” by any rule, regulation or order of the Securities and Exchange Commission) and against whom none of such actions, suits or other proceedings or another action, suit or other proceeding on the same or similar grounds is then or has been pending. Nothing contained in this Article shall affect any rights to indemnification to which personnel of the Trust, other than Trustees or officers, and other persons may be entitled by contract or otherwise under law, nor the power of the Trust to purchase and maintain liability insurance on behalf of any such person.
Shareholders
In case any Shareholder or former Shareholder shall be held to be personally liable solely by reason of his or her being or having been a Shareholder and not because of his or her acts or omissions or for some other reason, the Shareholder or former Shareholder (or his or her heirs, executors, administrators or other legal representative or in the case of a corporation or other entity, its corporate or other general successor) shall be entitled to be held harmless from and indemnified against all loss and expense arising from such liability, but only out of the assets of the particular series of Shares of which he or she is or was a Shareholder.
| Miscellaneous |
Trustees, Shareholders, etc. Not Personally Liable for Obligations of the Trust; Notice
Section 1. All persons extending credit to, contracting with or having any claim against the Trust or a particular series of Shares shall look only to the assets of the Trust or the assets of that particular series of Shares for payment under such credit, contract or claim, and neither the Shareholders nor the Trustees, nor any of the Trust’s officers, employees or agents, whether past, present or future, shall be personally liable therefor.
Every note, bond, contract, instrument, certificate or undertaking and every other act or thing whatsoever executed or done by any Trustee, officer, employee or agent on behalf of the Trust or the Trustees or any of them in connection with the Trust shall be conclusively deemed to have been executed or done only in or with respect to such person’s capacity as a Trustee, officer, employee or agent, and such person shall not be personally liable thereon.
Every note, bond, contract, instrument, certificate or undertaking executed on behalf of the Trust by any Trustee, officer, employee or agent of the Trust shall give notice that this Declaration of Trust is on file with the Secretary of State of The
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Commonwealth of Massachusetts and shall recite that the same was executed by them on behalf of the Trust in their capacity as Trustees, officers, employees or agents of the Trust and not individually and that the obligations of such instrument are not binding upon any of them or the Shareholders individually but are binding only upon the assets and property of the Trust, and may contain such further recitals as the person so executing may deem appropriate, but any omission of such notice or recitals shall not operate to bind any such Trustee, officer, employee or agent or the Shareholders individually.
Trustees’ Faith Actions Binding; Expert Advice; No Bond or Surety
Section 2. The exercise by the Trustees of their powers and discretions hereunder shall be binding upon everyone interested. The Trustees may take advice of counsel or other experts with respect to the meaning and operation of this Declaration of Trust, and shall be under no liability for any act or omission taken in accordance with such advice or for failing to follow such advice. The Trustees shall not be required to give any bond as such, nor any surety if a bond is required.
Liability of Third Persons Dealing with Trustee
Section 3. No person dealing with the Trustees shall be bound to make any inquiry concerning the validity of any transaction made or to be made by the Trustees or to see to the application of any payments made or property transferred to the Trust or upon its order.
Duration and Termination of Trust
Section 4. Unless terminated as provided herein, the Trust and each series and class shall continue without limitation of time. The Trust or any series or class of any series may be terminated at any time (i) by the Trustees by written notice to the Shareholders of the Trust or to the Shareholders of the particular series or class, as the case may be, or (ii) by the affirmative vote of the lessor of (1) more than 50% of the outstanding Shares of each series or class entitled to vote, or (2) 67% or more of the Shares of each series or class entitled to vote and present at a meeting called for this purpose if more than 50% of the outstanding Shares of each series or class entitled to vote are present at the meeting in person or by proxy. Upon termination of the Trust or of any series or class, after paying or otherwise providing for all charges, taxes, expenses and liabilities, whether due or accrued or anticipated, of the Trust, or of the particular series or class, as may be determined by the Trustees, the Trust shall in accordance with such procedures as the Trustees consider appropriate reduce the remaining assets of the Trust, or of the particular series or classes, as the case may be, to distributable form in cash or shares or other property, or any combination thereof, and distribute the proceeds to the Shareholders of the Trust or of the particular series or class, ratably according to the number of Shares of such series or class held by the several Shareholders of such series or class on the date of termination, except to the extent otherwise required or permitted by thepreferences and special or relative rights and privileges of any classes of Shares of that series or class.
Merger, Consolidation, Sale of Assets and Other Reorganizations
Section 5. Except as otherwise required by applicable law, the Trustees may, without Shareholder approval, authorize the Trust or any series or class to merge, consolidate or reorganize with any other entity (including another series or class of the Trust), or to sell or exchange all or substantially all of the assets of the Trust or of any series or class, in each case upon such terms and for such consideration as they may determine to be in the best interests of the Trust or of the particular series or class. The authority provided by this Section shall be in addition to the powers granted to the Trustees under any other provision of this Declaration of Trust.
Filing and Copies, References, Headings
Section 6. The original or a copy of this instrument and of each amendment hereto shall be kept at the office of the Trust where it may be inspected by any Shareholder. A copy of this instrument and of each amendment hereto shall be filed by the Trust with the Secretary of State of The Commonwealth of Massachusetts and with the Boston City Clerk, as well as any other governmental office where such filing may from time to time be required. Anyone dealing with the Trust may rely on a certificate by an officer of the Trust as to whether or not any such amendments have been made and as to any matters in connection with the Trust hereunder, and, with the same effect as if it were the original, may rely on a copy certified by an officer of the Trust to be a copy of this instrument or of any such amendments. In this instrument and in any such amendment, references to this instrument and all expressions like “herein”, “hereof’ and “hereunder” shall be deemed to refer to this instrument as amended or affected by any such amendments. Headings are placed herein for convenience of reference only and shall not be taken as a part hereof or control or affect the meaning, construction or effect of this instrument. This instrument may be executed in any number of counterparts each of which shall be deemed an original.
Applicable Law
Section 7. This Declaration of Trust is made in The Commonwealth of Massachusetts, and it is created under and is to be governed by and construed and administered according to the laws of said Commonwealth. The Trust shall be of the type commonly called a Massachusetts business trust and, without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust.
Amendments
Section 8. This Declaration of Trust may be amended at any time by an instrument in writing signed by a majority of the then Trustees when authorized to do so by a vote of the Shareholders, provided that Shareholder authorization shall not be required in the case of any amendment (i) having the purpose of changing the name of the Trust or of supplying any omission,
| M-8 |
curing any ambiguity or curing, correcting or supplementing any defective or inconsistent provision contained herein or (ii) which is determined by the Trustees in their sole discretion not to have a material adverse effect on the Shareholders of any series or class of Shares.
IN WITNESS WHEREOF, the undersigned, being a majority of the Trustees of the Trust, hereunto set their hands and seals in the City of Boston, Massachusetts for themselves and their assigns, as of the day and year first above written.
Appendix N — Table of Constituent Series of each Trust of the Putnam Open-End Funds
| Trust | Funds/Series |
| Putnam American Government Income Fund | |
| Putnam Arizona Tax Exempt Income Fund | |
| Putnam California Tax Exempt Income Fund | |
| Putnam Convertible Securities Fund | |
| Putnam Diversified Income Trust | |
| Putnam Asset Allocation Funds | Putnam Dynamic Asset Allocation Balanced Fund |
| Putnam Dynamic Asset Allocation Conservative Fund | |
| Putnam Dynamic Asset Allocation Growth Fund | |
| Putnam Equity Income Fund | |
| Putnam Europe Equity Fund | |
| The Putnam Fund For Growth And Income | |
| Putnam Funds Trust | Putnam Absolute Return 100 Fund |
| Putnam Absolute Return 300 Fund | |
| Putnam Absolute Return 500 Fund | |
| Putnam Absolute Return 700 Fund | |
| Putnam Asia Pacific Equity Fund | |
| Putnam Capital Spectrum Fund | |
| Putnam Dynamic Asset Allocation Equity Fund | |
| Putnam Dynamic Risk Allocation Fund | |
| Putnam Emerging Markets Equity Fund | |
| Putnam Emerging Markets Income Fund | |
| Putnam Equity Spectrum Fund | |
| Putnam Floating Rate Income Fund | |
| Putnam Global Consumer Fund | |
| Putnam Global Dividend Fund | |
| Putnam Global Energy Fund | |
| Putnam Global Financials Fund | |
| Putnam Global Industrials Fund | |
| Putnam Global Sector Fund | |
| Putnam Global Technology Fund | |
| Putnam Global Telecommunications Fund | |
| Putnam Intermediate-Term Municipal Income Fund | |
| M/N-1 |
| Trust | Funds |
| Putnam Funds Trust (continued) | Putnam International Value Fund |
| Putnam Low Volatility Equity Fund | |
| Putnam Money Market Liquidity Fund | |
| Putnam Multi-Cap Core Fund | |
| Putnam Retirement Income Fund Lifestyle 2 | |
| Putnam Retirement Income Fund Lifestyle 3 | |
| Putnam Short Duration Income Fund | |
| Putnam Short Term Investment Fund | |
| Putnam Short-Term Municipal Income Fund | |
| Putnam Small Cap Growth Fund | |
| Putnam Strategic Volatility Equity Fund | |
| The George Putnam Fund Of Boston | |
| (D/B/A George Putnam Balanced Fund) | |
| Putnam Global Equity Fund | |
| Putnam Global Health Care Fund | |
| Putnam Global Income Trust | |
| Putnam Global Natural Resources Fund | |
| Putnam Global Utilities Fund | |
| Putnam High Yield Advantage Fund | |
| Putnam High Yield Trust | |
| Putnam Income Fund | |
| Putnam International Equity Fund | |
| Putnam Investment Funds | Putnam Capital Opportunities Fund |
| Putnam Growth Opportunities Fund | |
| Putnam International Capital Opportunities Fund | |
| Putnam International Growth Fund | |
| Putnam Multi-Cap Value Fund | |
| Putnam Research Fund | |
| Putnam Small Cap Value Fund | |
| Putnam Investors Fund | |
| Putnam Massachusetts Tax Exempt Income Fund | |
| Putnam Michigan Tax Exempt Income Fund | |
| Putnam Minnesota Tax Exempt Income Fund | |
| Putnam Money Market Fund | |
| Putnam Multi-Cap Growth 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 RetirementReady Funds | 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 RetirementReady 2020 Fund | |
| Putnam RetirementReady 2015 Fund | |
| Putnam Retirement Income Fund Lifestyle 1 | |
| Putnam Tax Exempt Income Fund | |
| Putnam Tax Exempt Money Market Fund | |
| Putnam Tax-Free Income Trust | Putnam AMT-Free Municipal Fund |
| Putnam Tax-Free High Yield Fund | |
| Putnam U.S. Government Income Trust | |
| N-2 |
| Trust | Funds |
| Putnam Variable Trust | Putnam VT Absolute Return 500 Fund |
| Putnam VT American Government Income Fund | |
| Putnam VT Capital Opportunities Fund | |
| Putnam VT Diversified Income Fund | |
| Putnam VT Equity Income Fund | |
| Putnam VT George Putnam Balanced Fund | |
| Putnam VT Global Asset Allocation Fund | |
| Putnam VT Global Equity Fund | |
| Putnam VT Global Health Care Fund | |
| Putnam VT Global Utilities Fund | |
| Putnam VT Growth And Income Fund | |
| Putnam VT Growth Opportunities Fund | |
| Putnam VT High Yield Fund | |
| Putnam VT Income Fund | |
| Putnam VT International Equity Fund | |
| Putnam VT International Growth Fund | |
| Putnam VT International Value Fund | |
| Putnam VT Investors Fund | |
| Putnam VT Money Market Fund | |
| Putnam VT Multi-Cap Growth Fund | |
| Putnam VT Multi-Cap Value Fund | |
| Putnam VT Research Fund | |
| Putnam VT Small Cap Value Fund | |
| Putnam VT Voyager Fund | |
| Putnam Voyager Fund | |
| N-3 |
Putnam Investments
One Post Office Square
Boston, MA 02109
1-800-225-1581
Address correspondence to
Putnam Investor Services
P.O. Box 8383
Boston, MA 02266-8383
| putnam.com | xxxxxx 11/13 |
CONSOLIDATED PROXY CARD
By signing below, you, as a Putnam fund shareholder, appoint [Trustees John A. Hill and Robert E. Patterson], and each of them separately, with power of substitution to each, to be your proxies. You are empowering them to vote your Putnam fund shares on your behalf at the meeting of the shareholders of the Putnam Funds. The meeting will take place on February 27, 2014 at 11:00 a.m., Boston time, and may be adjourned to later times or dates.Your vote is being solicited on behalf of the Trustees. When you complete and sign this proxy card, your shares will be voted on your behalf exactly as you have indicated on the other side of this card.If you simply sign this proxy card, and do not vote on a specific proposal, your shares will be automatically voted as the Trustees recommend.The proxies are also authorized to vote at their discretion on any other matter that arises at the meeting or any adjournment of the meeting.
For convenience, if you wish to vote in thesame way for all your fundssubject to each proposal, please use the form on the reverse side.
SIGN AND DATE BELOW ONLY IF YOU ARE VOTING IN THE SAME WAY FOR ALL OFYOUR FUNDS ON EACH PROPOSAL.
Note: If you elect to vote using this Consolidated Proxy Card, donotreturn the Individual Proxy Cards below.
Sign your name exactly as it appears on this card. If you own shares jointly, each owner should sign. When signing as executor, administrator, attorney, trustee, guardian, or as custodian for a minor, please give your full title as such. If you are signing for a corporation, please sign the full corporate name and indicate the signer’s office. If you are a partner, sign in the partnership name.
| Proposals | Please vote by filling in the appropriate box below. | ||||
| To vote on all proposals as the Trustees recommend, mark this box. (No other vote is necessary.) | □ | ||||
| THE TRUSTEES RECOMMEND A VOTEFORALL PROPOSALS. To determine which proposals are applicable to your fund, please see page 4 in the proxy | |||||
| statement. | |||||
| 1. Approving a proposed new management contract for your fund (see p. [ ]). | FOR | AGAINST | ABSTAIN | ||
□ | □ | □ | |||
| Funds subject to Proposals 2 and 3: All fundsexcept forPutnam High Income | |||||
| Securities Fund, Putnam Managed Municipal Income Trust, Putnam Master | |||||
| Intermediate Income Trust, Putnam Municipal Opportunities Trust and Putnam | |||||
| Premier Income Trust. | |||||
| 2. Electing Trustees (see p. [ ]). | |||||
| FOR ALL | WITHHOLD ALL | FOR ALL EXCEPT* | |||
□ | □ | □ | |||
| 2-a) Liaquat Ahamed | 2-f) Robert J. Darretta | 2-k) Robert E. Patterson | |||
| 2-b) Ravi Akhoury | 2-g) Katinka Domotorffy | 2-l) George Putnam, III | |||
| 2-c) Barbara M. Baumann | 2-h) John A. Hill | 2-m) Robert L. Reynolds | |||
| 2-d) Jameson A. Baxter | 2-i) Paul L. Joskow | 2-n) W. Thomas Stephens | |||
| 2-e) Charles B. Curtis | 2-j) Kenneth R. Leibler | ||||
| *To withhold authority to vote for one or more specific nominees, but to vote for all other nominees, check the “FOR ALL EXCEPT” box and write the name(s) | |||||
| or number(s) of the excluded nominee(s) below: | |||||
| 3. Approving an Amended and Restated Declaration of Trust for your fund (see p. | FOR | AGAINST | ABSTAIN | ||
| [ ]). | □ | □ | □ | ||
| Fund subject to Proposal 4: Putnam Dynamic Asset Allocation Conservative Fund | |||||
| 4. Approving an amendment to a fundamental investment restriction with respect | FOR | AGAINST | ABSTAIN | ||
| to investments in commodities (see p. [ ]). | □ | ■ | □ | ||
| -2- |
| Funds subject to Proposal 5: Putnam Global Consumer Fund and Putnam Global Financials Fund | |||||
| FOR | AGAINST | ABSTAIN | |||
| 5. Approving an amendment to a fundamental investment policy regarding to | □ | □ | □ | ||
| diversification of investments (see p. [ ]). | |||||
| Important Notice Regarding the Availability of Proxy Materials for the Shareholder Meeting to be held on February 27, 2014. The proxy statement for | |||||
| this meeting is available at: [ | |||||
| If you have any questions on these proposals, please call toll-free [ ]. | Please sign and date the other side of this card. | ||||
| CUSIP: [123456789] | Barcode | TAG ID: [12345678] | |||
| -3- |
[FUND NAME PRINTS HERE]
By signing below, you, as a Putnam fund shareholder, appoint [Trustees John A. Hill and Robert E. Patterson], and each of them separately, with power of substitution to each, to be your proxies. You are empowering them to vote your Putnam fund shares on your behalf at the meeting of the shareholders of the referenced fund. The meeting will take place on February 27, 2014 at 11:00 a.m., Boston time, and may be adjourned to later times or dates.Your vote is being solicited on behalf of the Trustees. When you complete and sign this proxy card, your shares will be voted on your behalf exactly as you have indicated on the other side of this card.If you simply sign this proxy card, and do not vote on a specific proposal, your shares will be automatically voted as the Trustees recommend.The proxies are also authorized to vote at their discretion on any other matter that arises at the meeting or any adjournment of the meeting.
If you wish to voteseparately for each of your fundssubject to each proposal, please use the forms on the reverse side (and on accompanying pages, if necessary). A separate form applies to each of your funds.
SIGN AND DATE BELOW ONLY IF YOU ARE VOTING SEPARATELY FOR EACH OF YOURFUNDS ON EACH PROPOSAL.
Note: If you elect to vote using the Individual Proxy Card, donotreturn the Consolidated Proxy Card above.
Sign your name exactly as it appears on this card. If you own shares jointly, each owner should sign. When signing as executor, administrator, attorney, trustee, guardian, or as custodian for a minor, please give your full title as such. If you are signing for a corporation, please sign the full corporate name and indicate the signer’s office. If you are a partner, sign in the partnership name.
| Proposals | Please vote by filling in the appropriate box below. | ||||
| To vote on all proposals as the Trustees recommend, mark this box. (No other vote is necessary.) | □ | ||||
| THE TRUSTEES RECOMMEND A VOTEFORALL PROPOSALS. To determine which proposals are applicable to your fund, please see page [4] in the | |||||
| proxy statement. | |||||
| 1. Approving a proposed new management contract for your fund (see p. [ ]). | FOR | AGAINST | ABSTAIN | ||
□ | □ | □ | |||
| Funds subject to Proposals 2 and 3: All fundsexcept forPutnam High Income | |||||
| Securities Fund, Putnam Managed Municipal Income Trust, Putnam Master | |||||
| Intermediate Income Trust, Putnam Municipal Opportunities Trust and Putnam | |||||
| Premier Income Trust. | |||||
| 2. Electing Trustees (see p. [ ]). | |||||
| FOR ALL | WITHHOLD ALL | FOR ALL EXCEPT* | |||
□ | □ | □ | |||
| 2-a) Liaquat Ahamed | 2-f) Robert J. Darretta | 2-k) Robert E. Patterson | |||
| 2-b) Ravi Akhoury | 2-g) Katinka Domotorffy | 2-l) George Putnam, III | |||
| 2-c) Barbara M. Baumann | 2-h) John A. Hill | 2-m) Robert L. Reynolds | |||
| 2-d) Jameson A. Baxter | 2-i) Paul L. Joskow | 2-n) W. Thomas Stephens | |||
| 2-e) Charles B. Curtis | 2-j) Kenneth R. Leibler | ||||
| *To withhold authority to vote for one or more specific nominees, but to vote for all other nominees, check the “FOR ALL EXCEPT” box and write the name(s) | |||||
| or number(s) of the excluded nominee(s) below: | |||||
| 3. Approving an Amended and Restated Declaration of Trust for your fund (see p. | FOR | AGAINST | ABSTAIN | ||
| [ ]). | □ | □ | □ | ||
| Fund subject to Proposal 4: Putnam Dynamic Asset Allocation Conservative Fund. | |||||
| 4. Approving an amendment to a fundamental investment restriction with respect | FOR | AGAINST | ABSTAIN | ||
| to investments in commodities (see p. [ ]). | □ | □ | □ | ||
| -2- |
| Funds subject to Proposal 5: Putnam Global Consumer Fund and Putnam Global Financials Fund. | |||||
| FOR | AGAINST | ABSTAIN | |||
| 5. Approving an amendment to a fundamental investment policy regarding | □ | □ | □ | ||
| diversification of investments (see p. [ ]). | |||||
| Important Notice Regarding the Availability of Proxy Materials for the Shareholder Meeting to be held on February 27, 2014. The proxy statement for | |||||
| this meeting is available at: [ ]. | |||||
| If you have any questions on these proposals, please call toll-free [ ]. | Please sign and date the other side of this card. | ||||
| CUSIP: [123456789] | Barcode | TAG ID: [12345678] | |||
| -3- |