0000869392-15-000123.txt : 20150925
0000869392-15-000123.hdr.sgml : 20150925
20150925135552
ACCESSION NUMBER: 0000869392-15-000123
CONFORMED SUBMISSION TYPE: NSAR-B
PUBLIC DOCUMENT COUNT: 4
CONFORMED PERIOD OF REPORT: 20150731
FILED AS OF DATE: 20150925
DATE AS OF CHANGE: 20150925
EFFECTIVENESS DATE: 20150925
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: GEORGE PUTNAM BALANCED FUND
CENTRAL INDEX KEY: 0000081259
IRS NUMBER: 046013677
STATE OF INCORPORATION: MA
FISCAL YEAR END: 0731
FILING VALUES:
FORM TYPE: NSAR-B
SEC ACT: 1940 Act
SEC FILE NUMBER: 811-00058
FILM NUMBER: 151124902
BUSINESS ADDRESS:
STREET 1: ONE POST OFFICE SQ
CITY: BOSTON
STATE: MA
ZIP: 02109
BUSINESS PHONE: 8002252581
MAIL ADDRESS:
STREET 1: ONE POST OFFICE SQ
CITY: BOSTON
STATE: MA
ZIP: 02109
FORMER COMPANY:
FORMER CONFORMED NAME: GEORGE PUTNAM FUND OF BOSTON
DATE OF NAME CHANGE: 19940302
FORMER COMPANY:
FORMER CONFORMED NAME: PUTNAM EQUITY INCOME FUND/NEW
DATE OF NAME CHANGE: 19940302
FORMER COMPANY:
FORMER CONFORMED NAME: PUTNAM GEORGE FUND OF BOSTON
DATE OF NAME CHANGE: 19920703
0000081259
S000005597
GEORGE PUTNAM FUND OF BOSTON
C000015264
Class A Shares
PGEOX
C000015265
Class B Shares
PGEBX
C000015266
Class C Shares
PGPCX
C000015267
Class M Shares
PGEMX
C000015268
Class R Shares
PGPRX
C000015269
Class Y Shares
PGEYX
C000136854
Class R5
C000136855
Class R6
NSAR-B
1
answer.fil
PAGE 1
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PAGE 2
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PAGE 3
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PAGE 4
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PAGE 6
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PAGE 7
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PAGE 8
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PAGE 9
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PAGE 11
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SIGNATURE JANET C. SMITH
TITLE PRINC. ACCT. OFFICER
EX-99
2
auditltr001.txt
Report of Independent Registered Public Accounting Firm
To the Trustees and Shareholders of George Putnam Balanced
Fund
In planning and performing our audit of the financial
statements of George Putnam Balanced Fund (the Fund) as of and
for the year ended July 31, 2015, in accordance with the
standards of the Public Company Accounting Oversight Board
(United States), we considered the Funds internal control over
financial reporting, including controls over safeguarding
securities, as a basis for designing our auditing procedures
for the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form NSAR,
but not for the purpose of expressing an opinion on the
effectiveness of the Funds internal control over financial
reporting. Accordingly, we do not express an opinion on the
effectiveness of the Funds internal control over financial
reporting.
The management of the Fund is responsible for establishing and
maintaining effective internal control over financial
reporting. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected
benefits and related costs of controls. A funds internal
control over financial reporting is a process designed to
provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial
statements for external purposes in accordance with generally
accepted accounting principles. A funds internal control over
financial reporting includes those policies and procedures
that (1) pertain to the maintenance of records that, in
reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the fund; (2)
provide reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and
that receipts and expenditures of the fund are being made only
in accordance with authorizations of management and trustees
of the fund; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition,
use or disposition of a funds assets that could have a
material effect on the financial statements.
Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the
degree of compliance with the policies or procedures may
deteriorate.
A deficiency in internal control over financial reporting
exists when the design or operation of a control does not
allow management or employees, in the normal course of
performing their assigned functions, to prevent or detect
misstatements on a timely basis. A material weakness is a
deficiency, or a combination of deficiencies, in internal
control over financial reporting, such that there is a
reasonable possibility that a material misstatement of the
Funds annual or interim financial statements will not be
prevented or detected on a timely basis.
Our consideration of the Funds internal control over financial
reporting was for the limited purpose described in the first
paragraph and would not necessarily disclose all deficiencies
in internal control over financial reporting that might be
material weaknesses under standards established by the Public
Company Accounting Oversight Board (United States). However,
we noted no deficiencies in the Funds internal control over
financial reporting and its operation, including controls over
safeguarding securities, that we consider to be material
weaknesses as defined above as of July 31, 2015.
This report is intended solely for the information and use of
management and the Board of Trustees of George Putnam Balanced
Fund and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than
these specified parties.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
September 10, 2015
2 of 2
1 of 2
PricewaterhouseCoopers LLP, 125 High Street, Boston, MA 02110
T (617) 530 5000, F(617) 530 5001, www.pwc.com/us
EX-99
3
pilcntct001.txt
PUTNAM FUNDS
SUBMANAGEMENT CONTRACT
This SubManagement Contract is dated as of February 27, 2014
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
SubManager).
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 on Schedule A
hereto, 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 SubManager 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 SubManager 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 SUBMANAGER.
(a) The SubManager, 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
SubManager (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 SubManager
prior to the creation of an Allocated Sleeve for such Fund. The
SubManager 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
Funds investments held in such Allocated Sleeve.
(b) The Manager may also, at its discretion, request the
SubManager to provide assistance with purchasing and selling
securities for any Fund, including the placement of orders with
brokerdealers selected in accordance with Section 1(d), even if the
Manager has not established an Allocated Sleeve for such Fund.
(c) The SubManager 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 SubManager shall place all orders for the purchase
and sale of portfolio investments for any Allocated Sleeve with
brokers or dealers selected by the SubManager. In the selection of
such brokers or dealers and the placing of such orders, the
SubManager 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 SubManager, bearing in mind the Funds
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 SubManager 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 SubManager 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 SubManager 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 SubManager as to
which the Manager or the SubManager exercises investment
discretion. The SubManager agrees that in connection with purchases
or sales of portfolio investments for any Fund, neither the
SubManager nor any officer, director, employee or agent of the
SubManager shall act as a principal or receive any commission other
than as provided in Section 3.
(e) The SubManager shall not be obligated to pay any expenses
of or for the Manager or any Fund not expressly assumed by the
SubManager pursuant to this Section 1.
(f) In the performance of its duties, the SubManager will
comply with the provisions of the Agreement and Declaration of
Trust and ByLaws of each applicable Fund and such Funds 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
SubManager, and in any person controlled by or under common control
with the SubManager, and that the SubManager and any person
controlled by or under common control with the SubManager may have
an interest in such Fund. It is also understood that the SubManager
and any person controlled by or under common control with the
SubManager 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
SubManager as compensation for the SubManagers 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 ShortTerm 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 SubManager shall look only to the Manager for payment of its
fees. No Fund shall have any responsibility for paying any fees due
the SubManager.
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 SubManager as compensation for
the SubManagers 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 Funds
investment objective. For purposes of calculating Average Weekly
Assets, liabilities associated with any instruments or transactions
used to leverage the Funds 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 Managers 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 Funds net income and net shortterm capital gains (but not
longterm 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
SubManager 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 SubManager 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 OF THIS 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 Managers 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 the United States Securities Exchange Act of
1934 and the Rules and Regulations thereunder.
7. NONLIABILITY OF SUBMANAGER.
In the absence of willful misfeasance, bad faith or gross
negligence on the part of the SubManager, or reckless disregard of
its obligations and duties hereunder, the SubManager 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 SubManager represents that it is regulated by the FCA
in the conduct of its investment business. The SubManager 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 SubManager. The Manager and any
Fund is also entitled to make any complaints about the SubManager
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 SubManagers inability to
meet its liabilities.
(b) The Manager represents that it and each Fund are
Professional Customers in the meaning of the FCAs rules.
(c) Although each Fund is not a party hereto and shall have
no responsibility for the Managers or the SubManagers 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
/s/ Simon Davis
Simon Davis
PUTNAM INVESTMENT MANAGEMENT, LLC
By
/s/ James P. Pappas
James P. Pappas
Director of Trustee Relations and
Authorized Person
Schedule A
Effective February 27, 2014, unless otherwise noted
As amended as of November 20, 2014
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 AMTFree 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
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
The Putnam Fund for Growth and Income
Putnam Growth Opportunities Fund
Putnam High Income Securities Fund
Putnam High Yield Advantage Fund
Putnam High Yield Trust
Putnam Income Fund
Putnam IntermediateTerm Municipal Income Fund
Putnam International Capital Opportunities Fund
Putnam International Equity Fund
Putnam International Value Fund
Putnam International Growth 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 Opportunities Fund (effective November 20, 2014)
Putnam Mortgage Recovery Fund
Putnam MultiCap Core Fund
Putnam MultiCap Growth Fund
Putnam MultiCap 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 Retirement Income Fund Lifestyle 1
Putnam Retirement Income Fund Lifestyle 2
Putnam Retirement Income Fund Lifestyle 3
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 Short Term Investment Fund
Putnam ShortTerm 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 TaxFree 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
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 MultiCap Growth Fund
Putnam VT MultiCap Value Fund
Putnam VT Research Fund
Putnam VT Small Cap Value Fund
Putnam VT Voyager Fund
PUTNAM INVESTMENTS LIMITED
By /s/ Alan G. McCormack
Alan G. McCormack
PUTNAM INVESTMENT MANAGEMENT, LLC
By /s/ James P. Pappas
James P. Pappas
Director of Trustee Relations and
Authorized Person
-6-
47097505_2
47097505_2
-9-
-7-
Schedule A
(continued)
A-2
47097505_2
A-1
47097505_2
EX-99
4
perclass001.txt
George Putnam Balanced Fund, July 31, 2015 annual report
Because the electronic format for filing Form NSAR does not
provide adequate space for responding to certain items correctly,
the correct answers are as follows:
72DD1 (000s omitted)
Class A 11,916
Class B 102
Class C 136
Class M 516
72DD2 (000s omitted)
Class R 9
Class R5 463
Class R6 114
Class Y 1,599
73A1
Class A 0.192
Class B 0.068
Class C 0.071
Class M 0.110
73A2
Class R 0.151
Class R5 0.235
Class R6 0.253
Class Y 0.234
74U1 (000s omitted)
Class A 58,076
Class B 1,418
Class C 2,147
Class M 4,433
74U2 (000s omitted)
Class R 64
Class R5 4,146
Class R6 477
Class Y 6,650
74V1
Class A 17.22
Class B 17.02
Class C 17.10
Class M 16.99
74V2
Class R 17.16
Class R5 17.28
Class R6 17.28
Class Y 17.28
Item 61 Open end funds only
Additional Information About Minimum Required Investment
Shareholders can open a fund account with as little as $500 and
make subsequent investments in any amount. The minimum investment
is waived if you make regular investments weekly, semi monthly,
or monthly through automatic deductions through your bank
checking or savings account. Currently, Putnam is waiving the
minimum, but reserves the right to reject initial investments
under the minimum.
Item 85B
Additional Information About Errors and Omissions Policy
While no claims with respect to the Registrant/Series were filed
under such policy during the period, requests under such policy
for reimbursement of legal expenses and costs arising out of
claims of market timing activity in the Putnam Funds have been
submitted by the investment manager of the Registrant/Series.
Item 77I
The fund added new share classes Class R5 and class R6 shares
effective December 2, 2013 PEA106 filed on 11/26/13.