DEF 14A 1 a_cwproxydef14a.htm COMPLEXWIDE PROXY a_cwproxydef14a.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION 
WASHINGTON, DC 20549
 
SCHEDULE 14A
(RULE 14A-101)
 
INFORMATION REQUIRED IN PROXY STATEMENT 
 
SCHEDULE 14A INFORMATION
 
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of the Securities Exchange Act of 1934
 
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Filed by a Party other than the Registrant /    /

 

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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:

Visiting the website listed on the proxy card.

Calling by telephone, using the toll-free number listed on the proxy card.

Mailing the enclosed proxy card — be sure to sign, date, and return the card in the enclosed postage-paid envelope.

Of course, you are also welcome to attend the special shareholder meeting on 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 and certain non-substantive changes) 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 4 to 5 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 are 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 operation 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, to vote online or by telephone using the voting control number that appears on your proxy card. Delaying your vote will increase fund expenses if further mailings are required. Your shares will be voted on your behalf exactly as you have instructed. If you sign the proxy card without specifying your vote, your shares will be voted in accordance with the Trustees’ recommendations.

Your vote is extremely important. If you have questions, please call toll-free 1-866-963-5821 or contact your financial advisor.






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:

Visiting the website listed on the proxy card.

Calling by telephone, using the toll-free number listed on the proxy card.

Mailing the enclosed proxy card — be sure to sign, date, and return the card in the enclosed postage-paid envelope.

Of course, you are also welcome to attend the special shareholder meeting on 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 and certain non-substantive changes) 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 4 to 5 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 are 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 operation 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, to vote online or by telephone using the voting control number that appears on your proxy card. Delaying your vote will increase fund expenses if further mailings are required. Your shares will be voted on your behalf exactly as you have instructed. If you sign the proxy card without specifying your vote, your shares will be voted in accordance with the Trustees’ recommendations.

Your vote is extremely important. If you have questions, please call toll-free 1-866-963-5821 or contact your financial advisor.



 

 

 

 

 

 

 

 

 

 

 

 

 


 

Putnam Investments   
One Post Office Square   
Boston, MA 02109   
 
Address correspondence to   
Putnam Investor Services   
P.O. Box 8383   
Boston, MA 02266-8383   
 
putnam.com  284999 11/13 

 



Table of Contents

Notice of a Special Meeting of Shareholders  1 

Trustees’ Recommendations  3 

The Proposals   

1. APPROVING A NEW MANAGEMENT CONTRACT  3 

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 AN AMENDMENT TO A   
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 Contract Fees and   
Information About Similar Funds Advised by   
Putnam Management  D-1 

Appendix E — Current Sub-Management and   
Sub-Advisory Contracts  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 — Payments to Putnam   
Management and its Affiliates  J-1 

Appendix K — 5% Beneficial Ownership  K-1 

Appendix L — Form of Amended and   
Restated Declaration of Trust  L-1 

 

PROXY CARD(S) ENCLOSED

If you have any questions, please call toll-free 1-866-963-5821 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 www.proxy-direct.com/put-25215.



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, Massachusetts 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 new management contract for  All funds 
  your fund   

2.  Electing Trustees  All open-end funds 

3.  Approving an Amended and Restated  All open-end funds 
  Declaration of Trust for your fund   

4.  Approving an amendment to a funda-  Putnam Dynamic Asset Allocation Conservative Fund 
  mental investment restriction with respect   
  to investments in commodities   

5.  Approving an amendment to a funda-  Putnam Global Consumer Fund 
  mental investment policy with respect to  Putnam Global Financials Fund 
  diversification of investments   

 

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 toll-free 1-866-963-5821 or call your financial advisor.

Why has a special meeting of shareholders been called?

The Investment Company Act of 1940, as amended (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 Desmarais 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 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 the operations of 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, shareholders of all open-end Putnam funds 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 vote 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 in Appendix A. Each share is entitled to one vote, with fractional shares voting proportionately. Shares represented by your duly executed proxy card will be voted in accordance with your instructions. If you sign and return the proxy card but don’t fill in a vote, your shares will be voted in accordance with the Trustees’ recommendations. If any other business comes before your fund’s special meeting, your shares will be voted at the discretion of the persons designated on the proxy card.

Shareholders of 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 on pages 1 and 2, with the funds that are series of that trust appearing below its name. The outcome of a vote affecting one fund does not affect any other fund, except where series of a trust vote together as a single class. No proposal is contingent upon the outcome of any other proposal.

The Proposals

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

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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. Under the terms of the trust, 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. As a practical matter, it is generally expected that, while they serve as trustees, Paul Desmarais, Jr. and André Desmarais will exercise, jointly, voting control over the Power Corporation of Canada shares owned or controlled by the trust.

The trustees have the responsibility to manage the affairs of The Desmarais Family Residuary Trust, which include managing the trust property, distributing income to its designated beneficiaries, voting the shares of Power Corporation of Canada owned or controlled by the trust, and complying with the terms of the trust more generally. The family member trustees determine who will replace any of the trustees, provided that the family member trustees must be replaced with members of the Desmarais family and that the non-family member trustees must be replaced with non-family members. The ultimate beneficiaries of the principal of the trust, including any shares of Power Corporation of Canada owned by The Desmarais Family Residuary Trust, will be determined only upon the occurrence of future events, though it is generally contemplated that current and future members of the Desmarais family will be the ultimate beneficiaries.

The Transfer has not impacted the ownership of any of the companies owned, directly or indirectly, by Power Corporation of 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 are expected to 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 at Appendix B. You should refer to Appendix B for 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 in Appendix 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 in Appendix 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 see Appendix E for 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 their effective 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. Like the previous and interim management contracts, 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 outstanding voting

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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 voting securities” of the fund, as defined in the 1940 Act, 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 a fund’s 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 AMT-Free Municipal Fund  Putnam Master Intermediate Income Trust 
  Putnam Arizona Tax Exempt Income Fund  Putnam Michigan Tax Exempt Income Fund 
  Putnam California Tax Exempt Income Fund  Putnam Minnesota Tax Exempt Income Fund 
  Putnam Diversified Income Trust  Putnam Municipal Opportunities Trust 
  Putnam Emerging Markets Income Fund  Putnam New Jersey Tax Exempt Income Fund 
  Putnam Floating Rate Income Fund  Putnam New York Tax Exempt Income Fund 
  The George Putnam Fund of Boston  Putnam Ohio Tax Exempt 
  (d/b/a George Putnam Balanced Fund)  Income Fund 
  Putnam Global Income Trust  Putnam Pennsylvania Tax Exempt Income Fund 
  Putnam High Income Securities Fund  Putnam Premier Income Trust 
  Putnam High Yield Advantage Fund  Putnam Tax Exempt Income Fund 
  Putnam High Yield Trust  Putnam Tax-Free High Yield Fund 
  Putnam Intermediate-Term Municipal Income Fund  Putnam VT Diversified Income Fund 
  Putnam Managed Municipal Income Trust  Putnam VT George Putnam Balanced Fund 
  Putnam Massachusetts Tax Exempt Income Fund  Putnam VT High Yield 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   

 



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 the shareholders 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 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.

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-manager, 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 investment decisions 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.

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 

 

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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. See Appendix E for 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 F contains 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 contracts for the funds. The Trustees considered that, except for certain non-substantive changes, 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 Canada’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 (see page 28 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 be the 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 your fund. 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. Funds that commenced operations after 2009 have not yet held any shareholder meeting.

Biographical Information For The Fund’s Nominees.

The Board’s nominees for Trustees and their backgrounds are shown in the following pages. This information includes each nominee’s name, year of birth, principal occupation(s) during the past five years, and other information about the nominee’s professional background, including other directorships the nominee holds. Each 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 of Lords of Finance: The Bankers Who Broke the World. His articles on economics have appeared in the New York Times, Foreign Affairs, 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 of RAGE 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 to 2011 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 Fund Directors 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 national security 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 Chair of 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 2000 to 2011

Mr. Hill is founder and Vice-Chairman of First Reserve Corporation, the leading private equity buyout firm specializing in the worldwide 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 diversified 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 registered investment 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 of Directors, 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 each Trustee’s previous service as a member of the Board of Trustees of the Putnam funds, during which he or she has demonstrated a high level of diligence and commitment to the interests of fund shareholders and the ability to work effectively and collegially with other members of the Board. The Committee also considered, among other factors, the particular attributes described below with respect to the various individual Trustees.

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 New York Stock Exchange 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 New York Stock Exchange 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 New York Stock Exchange 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 New York Stock Exchange 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 in Appendix G of 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 Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the listing standards of the New York Stock Exchange. The Board has adopted a written charter for the Committee, a current copy of which is available at www.putnam.com/about-putnam/. The Committee 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 paragraphs 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 www.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 the Trustees 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 in Appendix H. As a group, the Trustees owned shares of the Putnam funds valued at approximately $95,601,009.14, 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 in Appendix 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 Committee 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 in Appendix I includes the year each Trustee became a Trustee of the Putnam funds, the fees paid to each of those Trustees by each fund included in this proxy statement for its most recent fiscal year (ended prior to 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 A. 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 14 nominees for election as Trustees who receive the greatest number of votes cast at the meeting will be elected as Trustees of your trust. The name of each trust is indicated in bold in the Notice of a Special Meeting of Shareholders on pages 1 and 2, with the funds that are series of that trust appearing below its name. 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 Trust, 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 Massachusetts 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 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 as Appendix L.

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 in Appendix L. For a copy of your fund’s Current Declaration, you may call Putnam Investments at 1-800-225-1581. Your fund’s Current Declaration is also on file with the Secretary of The Commonwealth of Massachusetts and may be accessed at the Secretary’s website at www.sec.state.ma.us.

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 to 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 shareholder approval. 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

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business trusts. This provision would not, however, limit the 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. Possible circumstances in which the Trustees may determine that a shareholder’s ownership of fund shares is not in the best interests of the remaining shareholders include situations in which a shareholder repeatedly violates short-term trading restrictions or otherwise abuses shareholder privileges, resides in a particular foreign jurisdiction that may result in the imposition of regulatory restrictions on the fund, or is added to the Specially Designated Nationals List maintained by the Office of Foreign Assets Control within the U.S. Department of the Treasury (or similar list of persons subject to sanction). 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 permit the 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. Any such fee would be retained by the fund (as an offset to transfer agency fees), and would not be paid to Putnam Management.

5. Indemnification of Trustees, Officers, etc. (all funds)

The Revised Declaration (Article VIII, Section 1) 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 indemnified 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 indemnification and hence may receive advancements of expenses in connection with indemnification. The Revised Declaration provides that the

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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 indemnification. The Trustees believe that providing for indemnification 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 VII, Section 2) clarifies 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, identification 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 indemnification. 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 IX, 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 some or all sales or exchanges of all or substantially all of the assets of the Trust or before some or all mergers or consolidations of the Trust with any other trust or corporation, as further described below.

The proposed changes would expand the authority of the Trustees to authorize reorganization transactions for all open-end Putnam funds 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, 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 Putnam Fund for Growth and Income and The George Putnam Fund of Boston (d/b/a George Putnam Balanced Fund) are currently not permitted to sell all of the Trust property as a whole without shareholder approval; the remaining open-end funds would be affected only by the additional authority to engage in mergers or consolidations.

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8. Redemption Fees (listed funds only)

The Revised Declaration (Article VI, Section 2) 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. Any such fees would be retained by the fund and would not be paid to Putnam Management. 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 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, 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 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, Sections 1 and 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, and would not be used where doing so would be prohibited by the laws of any jurisdiction where shares of the Affected Fund are registered for sale. In addition, if the Revised Declaration is approved for 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 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 Tax-Free High Yield Fund, Putnam U.S. Government Income Trust, and Putnam Voyager Fund.

Affected Funds 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 Diversified 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 Global Equity Fund, Putnam Global Health Care Fund, Putnam Global Income Trust, Putnam Global Natural Resources Fund, Putnam Global Utilities Fund, Putnam Growth Opportunities 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 Tax Exempt Income Fund, Putnam Tax Exempt

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Money Market Fund, Putnam Tax-Free High Yield Fund, Putnam U.S. Government Income Trust, and Putnam Voyager Fund.

10. Amendment of the Declaration of Trust (all funds)

The proposed changes to the Revised Declaration would expand, to a certain extent, the Trustees’ authority to amend a declaration of trust without obtaining a shareholder vote. Under the Revised Declaration (Article IX, 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 Putnam Fund for Growth and Income and The George Putnam Fund of Boston (d/b/a George Putnam Balanced Fund), the Current Declarations permit the 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 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 name of each trust is indicated in bold in the Notice of a Special Meeting of Shareholders on pages 1 and 2, with the funds that are series of that trust appearing below its name.

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

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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 (already permitted under its current investment restriction) 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 flexibility to invest in physical commodities could assist your fund in achieving its investment objective, because at times such investments may provide a more advantageous form of exposure to commodities than investing through financial instruments. Investments in physical commodities and commodity-linked investments may offer the opportunity for attractive investment returns 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. The values of commodity-linked investments may be highly volatile, and may be subject to a wide variety of risks relevant to the particular physical commodities that are the subject of the commodity-linked investment (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. The fund is already permitted to invest in commodity-linked investments.

Investments in physical commodities, which would be permitted under the proposed investment policy, may be subject to volatility and risks similar to those applicable to commodity-linked investments, and in addition may involve different custody, storage or delivery arrangements, which may be costly, and greater custody risks than other types of commodity-related investments. These and other risks associated with investment in commodities and commodity-linked notes are described in further detail in the fund’s prospectus and statement of additional information. 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 be the 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 meeting 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 diversified 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.

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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 Management 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.

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, consistent with the fundamental investment policy described above, 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 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 be the 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 (in person or by proxy) 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 Putnam Global Consumer Fund and Putnam Global Financials Fund each vote separately with respect to approving an amendment to the fund’s fundamental investment policy 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 person at the special meeting will be counted by persons your fund appoints as tellers for the meeting. The tellers will count the total number of votes cast “for” approval of a proposal for purposes of determining whether sufficient affirmative votes have been cast. Shares represented by proxies that reflect abstentions and “broker non-votes” (i.e., shares held by brokers or nominees as to which (i) instructions have not been received from the beneficial owners or the persons entitled to vote and (ii) the broker or nominee does not have the discretionary voting power on a particular matter) will be counted as shares that are present and entitled to vote on the matter for purposes of determining the presence of a quorum.

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

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Putnam Management, may benefit indirectly from the approval of the proposed management contracts.

With respect to Proposal 2, 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) 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 funds except funds that are 
series of Putnam Variable Trust

 

Solicitation of proxies. In addition to soliciting proxies by mail, the Trustees of your fund and employees of Putnam Management and Putnam Investor Services, as well as their agents, may solicit proxies in person or by telephone. Your fund may arrange to have a proxy solicitation firm call you to record your voting instructions by telephone. The procedures for voting proxies by telephone are designed to authenticate shareholders’ identities, to allow them to authorize the voting of their shares in accordance with their instructions, and to confirm that their instructions have been properly recorded. Shareholders would be called at the phone number Putnam Management or Putnam Investor Services has in its records for their accounts (or that Putnam Management or Putnam Investor Services obtains from agents acting on behalf of financial intermediaries, in the case of shares held in street name through a bank, banker or other financial intermediary) and would be given an opportunity to authenticate their identities and to authorize the proxies to vote their shares at the special meeting in accordance with their instructions. To ensure that shareholders’ instructions have been recorded correctly, they will also receive a confirmation of their instructions in the mail. A special toll-free number will be available in case the information contained in the confirmation is incorrect. Your fund has been advised by counsel that these procedures are consistent with the requirements of applicable law. If these procedures were subject to a successful legal challenge, such votes would not be counted at the special meeting. Your fund is unaware of any such challenge at this time.

Shareholders have the opportunity to submit their voting instructions over the Internet by using a program provided by a third-party vendor hired by Putnam Management or by automated telephone service. The giving of a proxy will not affect your right to vote in person should you decide to attend the special meeting. To vote online using the Internet, please access the Internet address listed on the proxy card and follow the instructions on the Internet site. Note that, if you have a smart phone with a “QR” reader, you may access the Internet address by scanning the QR code on your proxy card. To record your voting instructions using the automated telephone service, use the toll-free number listed on your proxy card. The Internet and telephone voting procedures are designed to authenticate shareholder identities, to allow shareholders to give their voting instructions, and to confirm that shareholders’ instructions have been recorded properly.

Your fund’s Trustees have adopted a general policy of maintaining confidentiality in the voting of proxies. Consistent with this policy, your fund may solicit proxies from shareholders who have not voted their shares or who have abstained from voting, including brokers and nominees.

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

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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 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 or by automated telephone service. The giving of such voting instructions will not affect your right to vote in person should you decide to attend the special meeting. To use the Internet, please access the Internet address listed on the proxy card, and follow the instructions on the Internet site. Note that, if you have a smart phone with a “QR” reader, you may access the Internet address by scanning the QR code on your proxy card. To record your voting instructions via automated telephone service, use the toll-free number listed on your proxy card. The Internet and telephone voting procedures are designed to authenticate Contract Owners’ identities, to allow Contract Owners to give their voting instructions, and to confirm that their instructions have been recorded properly.

Your fund’s Trustees have adopted a general policy of maintaining confidentiality in the voting of proxies and the giving of voting instructions. Consistent with this policy, your fund may solicit proxies from Contract Owners who have not voted their shares or who have abstained from voting.

Revocation of instructions. Any Contract Owner giving instructions to an Insurance Company has the power to revoke such instructions by mail by providing superseding instructions. All properly executed instructions received in time for the special meeting will be voted as specified in the instructions.

Revocation of proxies. Proxies, including proxies given by telephone or over the Internet, may be revoked at any time before they are voted either (i) by a written revocation received by the Clerk of your fund, (ii) by properly executing a later-dated proxy,

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(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, unless the fund commenced operations after 2009, in which case it has not yet held a shareholder meeting. 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 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. For managing the funds’ overall proxy campaign, Computershare Fund Solutions, 280 Oser Avenue, Hauppauge, NY 11788, will receive a management fee plus reimbursement for out-of-pocket expenses. Computer-share Fund Solutions will also receive fees in connection with assembling, mailing, and transmitting the notice of meeting, proxy statement and related materials on behalf of the funds, tabulating those votes that are received, and any solicitation of additional votes. While the fees received by Computershare Fund Solutions will vary based on the level of additional solicitation necessary to achieve quorum and shareholder approval, the fees paid to Computershare Fund Solutions are estimated to be approximately $2.7 million. In addition, banks, brokers, or other financial intermediaries holding shares as nominees will be reimbursed, upon request, for their reasonable expenses in sending solicitation materials to the principals of the accounts and tabulating those instructions that are received. Other costs associated with the proxy campaign include the expenses of the preparation, printing, and delivery of proxy materials. All proxy campaign costs for the open-end funds (which are holding meetings to consider several matters) are being borne equally by Putnam Investments and the open-end funds (subject to any applicable expense limitations, under which Putnam Investments would bear the costs). All proxy campaign costs for the closed-end funds are being borne by Putnam Investments, because those funds are holding a special meeting only to approve new management contracts in connection with the Transfer.

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

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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 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 semiannual 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 www.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 in Appendix D identifies 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.

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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.

Payments to Putnam Management or its affiliates. Appendix J shows 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 the Putnam funds  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     

 

5% Beneficial Ownership. As of September 30, 2013, to the knowledge of the funds, no person other than those listed on Appendix K owned beneficially or of record 5% or more of any class of shares of any Putnam fund. Putnam Investments or one of its affiliates (typically Putnam Investment Holdings, LLC) typically provides initial capital sufficient for the operation of new funds. Putnam Investments and its affiliates intend to vote their shares for each of the proposals, in accordance with the Trustees’ recommendations. As of the Record Date, these investments represented a majority of the outstanding voting shares of some Putnam funds. See Appendix K for information about persons owning 5% or more of any class of shares of each 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 funds.

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Appendix A — Number of Shares Outstanding as of the Record Date 12/02/2013

  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  15,530,216.343  46,626,767.515  31,491,323.266  28,459,856.834  56,790,186.359 

Class B  297,887.980  1,186,549.737  3,247,367.546  2,364,664.764  920,839.057 

Class C  2,925,653.088  15,743,381.878  16,200,797.505  12,527,363.499  1,777,012.486 

Class M  248,322.388  1,041,424.170  600,617.302  380,535.310  153,229.452 

Class R  30,641.810  64,264.041  481,317.289  156,375.857  828,007.252 

Class R5  996.612  975.430  902.440  866.606  1,117.524 

Class R6  49,465.144  238,192.189  365,506.523  523,500.332  246,587.821 

Class Y  7,177,921.872  23,971,760.154  19,039,987.567  38,463,840.482  2,286,432.762 

  Putnam AMT-Free  Putnam Arizona Tax  Putnam Asia Pacific  Putnam California Tax  Putnam Capital 
  Municipal Fund  Exempt Income Fund  Equity Fund  Exempt Income Fund  Opportunities Fund 

Class A  22,323,478.806  5,107,730.093  760,957.256  166,710,913.516  18,257,304.334 

Class B  229,312.555  140,289.162  23,690.240  900,565.337  924,941.642 

Class C  2,052,414.397  272,422.628  40,088.928  5,728,336.013  1,853,002.655 

Class M  67,225.781  121,962.784  4,085.321  335,685.823  308,666.425 

Class R      11,670.841    1,295,849.526 

Class R5          828.866 

Class R6          590,512.090 

Class Y  1,832,796.354  288,063.319  72,417.262  6,115,895.014  3,472,419.572 

          Putnam Dynamic 
  Putnam Capital  Putnam Convertible  Putnam Diversified  Putnam Dynamic Asset  Asset Allocation 
  Spectrum Fund  Securities Fund  Income Trust  Allocation Balanced Fund  Conservative Fund 

Class A  58,586,939.204  23,728,563.999  311,332,520.807  73,312,946.366  37,071,136.591 

Class B  1,826,361.819  513,221.682  10,467,065.090  6,101,202.749  2,422,473.554 

Class C  27,616,248.943  2,233,874.502  105,157,230.440  9,107,638.539  4,999,189.481 

Class M  211,796.558  165,153.915  30,113,285.876  2,004,901.735  886,217.574 

Class R  225,324.266  238,382.786  632,966.389  905,169.146  460,439.826 

Class R5      1,293.328  7,567.479  1,073.688 

Class R6      1,293.328  836,502.951  288,663.690 

Class Y  69,463,936.835  8,516,528.967  185,995,045.757  8,747,646.165  6,458,359.452 

  Putnam Dynamic Asset  Putnam Dynamic Asset  Putnam Dynamic Risk  Putnam Emerging Markets  Putnam Emerging Markets 
  Allocation Equity Fund  Allocation Growth Fund  Allocation Fund  Equity Fund  Income Fund 

Class A  2,767.796  77,415,213.756  4,049,864.166  2,721,095.299  1,045,036.260 

Class B    7,542,982.727  302,657.502  228,750.300  2,124.348 

Class C    9,629,964.582  1,735,731.235  265,172.702  17,241.074 

Class M    1,768,994.511  29,891.512  47,872.801  2,247.241 

Class R    1,017,040.425  42,998.082  31,517.832   

Class R5    8,089.128  985.592     

Class R6    1,566,697.407  193,651.927     

Class Y  1,939,219.387  8,020,151.631  13,192,389.590  637,759.180  77,648.998 

  Putnam Equity  Putnam Equity  Putnam Europe  Putnam Floating Rate  The Putnam Fund for 
  Income Fund  Spectrum Fund  Equity Fund  Income Fund  Growth and Income 

Class A  155,696,245.446  30,911,784.662  6,872,868.210  46,196,846.223  264,175,203.745 

Class B  5,142,478.290  956,805.054  144,630.042  2,172,435.771  5,065,709.627 

Class C  10,342,248.072  6,853,128.023  397,724.256  13,946,717.714  2,572,549.255 

Class M  2,026,712.273  81,605.477  126,273.199  686,465.132  1,920,670.995 

Class R  4,671,645.991  176,166.939  8,957.112  57,916.364  206,614.029 

Class R5  668.538        749.287 

Class R6  7,193,968.256        949,115.390 

Class Y  54,513,456.070  22,930,780.188  898,227.004  43,950,678.886  2,382,557.411 

 

A-1 

 



  The George Putnam Fund         
  of Boston (d/b/a George  Putnam Global  Putnam Global  Putnam Global  Putnam Global 
  Putnam Balanced Fund)  Consumer Fund  Dividend Fund  Energy Fund  Equity Fund 

Class A  68,127,494.943  740,312.483  837,767.527  1,126,787.494  67,793,161.663 

Class B  1,721,208.520  63,939.423  7,391.578  179,906.201  1,849,385.266 

Class C  1,648,508.801  149,628.673  20,912.292  103,099.328  1,236,530.942 

Class M  5,026,563.095  3,138.735  5,995.149  4,682.227  1,063,107.344 

Class R  66,316.401  10,024.583    83,586.992  96,846.625 

Class R5  654.450        1,130.834 

Class R6  654.450        751,971.922 

Class Y  7,115,255.957  226,169.077  45,380.833  90,386.314  2,347,453.852 

  Putnam Global  Putnam Global Health  Putnam Global  Putnam Global  Putnam Global Natural 
  Financials Fund  Care Fund  Income Trust  Industrials Fund  Resources Fund 

Class A  599,587.572  19,547,792.859  15,725,009.751  915,616.931  10,829,410.718 

Class B  53,820.074  670,771.820  706,454.333  32,063.056  655,802.777 

Class C  292,949.188  517,762.538  2,471,799.908  41,648.231  618,387.482 

Class M  6,277.193  231,561.548  981,412.460  4,002.167  198,693.144 

Class R  41,669.585  73,449.467  445,167.078  4,351.856  690,842.707 

Class R5      841.607     

Class R6      324,168.982     

Class Y  357,970,000.000  538,193.021  3,211,011.676  120,915.048  2,353,765.507 

  Putnam Global  Putnam Global  Putnam Global  Putnam Global  Putnam Growth 
  Sector Fund  Technology Fund  Telecommunications Fund  Utilities Fund  Opportunities Fund 

Class A  188,121.163  506,084.219  937,150.724  16,643,381.582  14,838,500.550 

Class B  25,480.633  67,153.012  41,509.165  472,132.754  963,492.956 

Class C  29,825.366  72,456.510  69,122.924  336,813.147  791,998.063 

Class M  1,520.150  5,634.662  3,615.927  109,316.413  234,962.828 

Class R  1,203.418  1,442.339  26,417.922  120,491.980  107,606.232 

Class R5          562.135 

Class R6          313,288.980 

Class Y  263,319.232  128,796.649  257,134.047  313,798.851  560,550.823 

  Putnam High Yield  Putnam High  Putnam  Putnam Intermediate-Term  Putnam International 
  Advantage Fund  Yield Trust  Income Fund  Municipal Income Fund  Capital Opportunities Fund 

Class A  91,273,484.204  138,666,369.784  108,666,103.602  1,153,536.137  15,919,800.597 

Class B  2,827,606.048  2,493,430.670  4,765,285.278  3,897.538  484,648.779 

Class C  4,785,794.129  7,169,615.597  18,358,331.057  1,001.173  1,085,497.617 

Class M  21,803,778.932  2,875,641.795  17,415,047.391  1,003.612  210,092.590 

Class R  3,996,770.774  1,480,566.775  1,164,229.548    1,095,292.706 

Class R5      1,476.034     

Class R6      2,322,354.477     

Class Y  36,079,016.265  28,908,067.502  17,995,595.293  6,952.660  3,228,397.397 

  Putnam International  Putnam International  Putnam International  Putnam  Putnam Low Volatility 
  Equity Fund  Growth Fund  Value Fund  Investors Fund  Equity Fund 

Class A  37,872,671.083  16,880,736.641  16,465,856.639  75,460,318.453  416,377.677 

Class B  1,017,027.292  463,480.505  689,984.001  3,048,156.597  12,014.910 

Class C  2,609,721.964  503,240.284  834,528.984  2,011,448.728  50,746.244 

Class M  785,510.928  360,814.084  310,031.465  1,220,183.106  1,974.659 

Class R  140,037.768  135,071.262  219,206.804  175,286.048   

Class R5  590.424    862.069  723.708   

Class R6  672,064.194    862.069  741,153.850   

Class Y  2,591,203.774  1,071,065.920  684,216.774  2,859,646.396  2,336,475.481 

 

A-2 

 



  Putnam Massachusetts Tax  Putnam Michigan Tax  Putnam Minnesota Tax  Putnam Money  Putnam Money Market 
  Exempt Income Fund  Exempt Income Fund  Exempt Income Fund  Market Fund  Liquidity Fund 

Class A  27,059,781.704  7,018,350.011  9,595,024.658  1,300,934,543.297   

Class B  361,410.316  169,591.508  146,367.666  13,654,800.654   

Class C  3,522,638.768  206,698.563  1,860,989.780  23,234,119.813   

Class M  320,548.059  22,632.815  59,023.048  29,862,067.876   

Class P          2,147,598,088.530 

Class R        32,264,082.355   

Class R5           

Class R6           

Class T        19,569,916.936   

Class Y  2,427,562.140  622,275.189  166,963.765     

  Putnam Multi-Cap  Putnam Multi-Cap  Putnam Multi-Cap  Putnam New Jersey Tax  Putnam New York Tax 
  Core Fund  Growth Fund  Value Fund  Exempt Income Fund  Exempt Income Fund 

Class A  767,705.843  46,496,822.420  16,808,921.085  19,225,867.520  117,513,229.834 

Class B  49,855.055  1,614,761.478  517,827.902  606,285.511  1,490,376.854 

Class C  176,275.211  887,481.685  1,107,412.792  2,662,487.167  7,034,298.198 

Class M  8,161.032  806,928.821  233,543.948  283,368.780  174,909.107 

Class R  1,128.321  120,408.636  610,523.502     

Class R5           

Class R6           

Class Y  340,503.482  2,041,560.945  1,156,908.196  1,835,054.990  2,257,779.960 

  Putnam Ohio Tax Exempt  Putnam Pennsylvania Tax  Putnam  Putnam RetirementReady  Putnam RetirementReady 
  Income Fund  Exempt Income Fund  Research Fund  2055 Fund  2050 Fund 

Class A  13,490,976.120  18,618,327.659  9,510,752.563  55,151.256  271,332.557 

Class B  207,261.008  626,203.852  499,179.988  2,442.396  15,566.866 

Class C  1,278,170.697  2,959,353.534  630,928.035  7,594.117  19,882.032 

Class M  50,815.987  452,660.844  197,280.226  2,588.269  2,012.163 

Class R      9,126.279  7,210.260  129,701.827 

Class R5           

Class R6           

Class Y  610,694.421  757,806.103  552,766.536  60,845.188  263,533.268 

  Putnam RetirementReady  Putnam RetirementReady  Putnam RetirementReady  Putnam RetirementReady  Putnam RetirementReady 
  2045 Fund  2040 Fund  2035 Fund  2030 Fund  2025 Fund 

Class A  423,312.939  565,567.393  785,933.081  1,074,802.518  1,280,107.983 

Class B  16,393.074  43,530.540  57,661.059  68,505.862  55,062.757 

Class C  16,878.945  22,888.403  29,759.595  44,010.867  50,041.481 

Class M  1,329.391  3,115.990  15,813.870  10,294.547  9,828.527 

Class R  137,244.718  175,749.214  226,038.297  359,785.060  276,096.963 

Class R5           

Class R6           

Class Y  256,277.351  294,163.321  517,780.875  583,730.356  636,721.953 

  Putnam RetirementReady  Putnam RetirementReady  Putnam Retirement Income  Putnam Retirement Income  Putnam Retirement Income 
  2020 Fund  2015 Fund  Fund Lifestyle 1  Fund Lifestyle 2  Fund Lifestyle 3 

Class A  1,288,497.310  941,396.272  851,370.965  1,160,549.558  1,071,826.156 

Class B  75,984.891  48,183.920  10,173.080  16,676.043  76,953.990 

Class C  74,870.876  27,981.316  38,949.620  22,717.807  265,648.764 

Class M  8,388.061  8,277.432  19,569.003  12,264.259  45,630.088 

Class R  282,762.488  176,130.951  61,524.090  10,003.077  359.919 

Class R5           

Class R6           

Class Y  373,782.337  246,212.165  467,468.735  14,395.746  109,073.026 

 

A-3 

 



  Putnam Short Duration  Putnam Short Term  Putnam Short-Term  Putnam Small Cap  Putnam Small Cap 
  Income Fund  Investment Fund  Municipal Income Fund  Growth Fund  Value Fund 

Class A  116,416,702.151    1,472,476.184  4,407,984.600  10,749,203.666 

Class B  51,199.615    2,842.018  42,169.548  315,678.112 

Class C  787,365.468    17,450.562  284,006.059  1,053,925.093 

Class M  67,831.971    7,017.874  50,015.223  102,200.082 

Class P    2,712,183,315.000       

Class R  200,274.123      402,428.468  36,630.307 

Class R5  1,007.580        667.557 

Class R6  47,471.078        667.557 

Class Y  20,807,391.716    351,184.689  452,359.328  5,829,792.676 

  Putnam Strategic Volatility  Putnam Tax Exempt  Putnam Tax Exempt  Putnam Tax-Free  Putnam U.S. Government 
  Equity Fund  Income Fund  Money Market Fund  High Yield Fund  Income Trust 

Class A  313,008.970  111,202,818.028  41,378,231.902  67,888,195.316  71,319,834.055 

Class B  2,003.454  1,060,666.586    1,032,620.048  1,961,008.514 

Class C  13,957.424  4,123,403.344    4,983,612.213  6,896,965.695 

Class M  1,000.000  733,607.385    669,203.971  1,387,300.795 

Class R          2,431,070.455 

Class R5           

Class R6           

Class Y  101,691.007  3,012,841.875    4,703,563.010  4,738,785.072 

  Putnam         
  Voyager Fund         

 
Class A  113,575,724.134         

 
Class B  4,424,393.329         

 
Class C  5,567,398.615         

 
Class M  974,737.475         

 
Class R  612,881.436         

 
Class R5  463.415         

 
Class R6  1,085,157.778         

 
Class Y  10,414,967.550         

  Putnam High Income  Putnam Managed Municipal  Putnam Master  Putnam Municipal  Putnam Premier 
  Securities Fund  Income Trust  Intermediate Income Trust  Opportunities Trust  Income Trust 

Common  16,320,020.942  57,293,816.998  61,817,857.904  41,558,832.364  133,014,418.930 

Series A           
Preferred    245       

Series B           
Preferred        3,417   

Series C           
Preferred    1,980    3,737   

  Putnam VT Absolute Return  Putnam VT American  Putnam VT Capital  Putnam VT Diversified  Putnam VT Equity 
  500 Fund  Government Income Fund  Opportunities Fund  Income Fund  Income Fund 

Class IA  1,000.000  5,788,658.152  793,711.393  16,270,898.873  10,047,859.135 

Class IB  1,929,016.260  3,375,595.154  772,151.964  31,761,702.116  13,071,913.921 

  Putnam VT George Putnam  Putnam VT Global Asset  Putnam VT Global  Putnam VT Global Health  Putnam VT Global 
  Balanced Fund  Allocation Fund  Equity Fund  Care Fund  Utilities Fund 

Class IA  9,094,776.157  7,534,607.440  13,027,877.260  3,046,967.539  6,623,829.677 

Class IB  9,196,625.629  3,084,547.403  1,632,419.703  5,226,231.206  1,132,673.547 

  Putnam VT Growth and  Putnam VT Growth  Putnam VT  Putnam VT  Putnam VT International 
  Income Fund  Opportunities Fund  High Yield Fund  Income Fund  Equity Fund 

Class IA  46,327,492.091  1,756,409.018  40,194,964.908  17,020,912.240  9,434,627.157 

Class IB  10,260,917.421  1,724,067.926  14,417,444.979  10,762,233.612  19,040,850.019 

 

A-4 

 



  Putnam VT International  Putnam VT International  Putnam VT  Putnam VT  Putnam VT Multi-Cap 
  Growth Fund  Value Fund  Investors Fund  Money Market Fund  Growth Fund 

Class IA  2,036,666.262  6,786,673.413  5,700,933.820  86,734,418.180  19,542,124.928 

Class IB  925,925.494  5,289,432.847  8,450,846.040  91,415,866.780  6,402,437.345 

  Putnam VT Multi-Cap  Putnam VT  Putnam VT Small Cap  Putnam VT   
  Value Fund  Research Fund  Value Fund  Voyager Fund   

 
Class IA  1,572,334.763  1,413,391.263  3,466,827.207  13,913,308.814   

 
Class IB  695,538.002  1,833,749.125  7,259,010.760  4,405,281.156   

 

 

Appendix B — Forms of Proposed Management Contract

 

For the following funds only:  Putnam Multi-Cap Value Fund 
Putnam American Government Income Fund  Putnam New Jersey Tax Exempt Income Fund 
Putnam AMT-Free Municipal Fund  Putnam New York Tax Exempt Income Fund 
Putnam Arizona Tax Exempt Income Fund  Putnam Ohio Tax Exempt Income Fund 
Putnam California Tax Exempt Income Fund  Putnam Pennsylvania Tax Exempt Income Fund 
Putnam Capital Opportunities Fund  Putnam Research Fund 
Putnam Convertible Securities Fund  Putnam RetirementReady 2055 Fund 
Putnam Diversified Income Trust  Putnam RetirementReady 2050 Fund 
Putnam Dynamic Asset Allocation Balanced Fund  Putnam RetirementReady 2045 Fund 
Putnam Dynamic Asset Allocation Conservative Fund  Putnam RetirementReady 2040 Fund 
Putnam Dynamic Asset Allocation Equity Fund  Putnam RetirementReady 2035 Fund 
Putnam Dynamic Asset Allocation Growth Fund  Putnam RetirementReady 2030 Fund 
Putnam Dynamic Risk Allocation Fund  Putnam RetirementReady 2025 Fund 
Putnam Equity Income Fund  Putnam RetirementReady 2020 Fund 
Putnam Emerging Markets Income Fund  Putnam RetirementReady 2015 Fund 
Putnam Floating Rate Income Fund  Putnam Retirement Income Fund Lifestyle 1 
The Putnam Fund for Growth and Income  Putnam Retirement Income Fund Lifestyle 2 
The George Putnam Fund of Boston  Putnam Retirement Income Fund Lifestyle 3 
(d/b/a George Putnam Balanced Fund)  Putnam Short Duration Income Fund 
Putnam Global Consumer Fund  Putnam Short Term Investment Fund 
Putnam Global Energy Fund  Putnam Short-Term Municipal Income Fund 
Putnam Global Financials Fund  Putnam Small Cap Value Fund 
Putnam Global Health Care Fund  Putnam Tax Exempt Income Fund 
Putnam Global Income Trust  Putnam Tax Exempt Money Market Fund 
Putnam Global Industrials Fund  Putnam Tax-Free High Yield Fund 
Putnam Global Natural Resources Fund  Putnam U.S. Government Income Trust 
Putnam Global Sector Fund  Putnam VT Absolute Return 500 Fund 
Putnam Global Technology Fund  Putnam VT American Government Income Fund 
Putnam Global Telecommunications Fund  Putnam VT Capital Opportunities Fund 
Putnam Global Utilities Fund  Putnam VT Diversified Income Fund 
Putnam High Yield Advantage Fund  Putnam VT Equity Income Fund 
Putnam High Yield Trust  Putnam VT George Putnam Balanced Fund 
Putnam Income Fund  Putnam VT Global Asset Allocation Fund 
Putnam Intermediate-Term Municipal Income Fund  Putnam VT Global Equity Fund 
Putnam Investors Fund  Putnam VT Global Health Care Fund 
Putnam Low Volatility Equity Fund  Putnam VT Global Utilities Fund 
Putnam Massachusetts Tax Exempt Income Fund  Putnam VT Growth and Income Fund 
Putnam Michigan Tax Exempt Income Fund  Putnam VT Growth Opportunities Fund 
Putnam Minnesota Tax Exempt Income Fund  Putnam VT High Yield Fund 
Putnam Money Market Fund  Putnam VT Income Fund 
Putnam Money Market Liquidity Fund  Putnam VT International Equity Fund 
Putnam Multi-Cap Core Fund  Putnam VT International Growth Fund 

 

A/B-1 

 



Putnam VT International Value Fund  Putnam VT Multi-Cap Value Fund 
Putnam VT Investors Fund  Putnam VT Research Fund 
Putnam VT Money Market Fund  Putnam VT Small Cap Value Fund 
Putnam VT Multi-Cap Growth 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”).

In consideration of the mutual covenants herein contained, it is agreed as follows:

1. SERVICES TO BE RENDERED BY MANAGER TO FUND.

(a) The Manager, at its expense, will furnish continuously an investment program for the Fund or, in the case of a Fund that has divided its shares into two or more series under Section 18(f) (2) of the Investment Company Act of 1940, as amended (the “1940 Act”), each series of the Fund identified from time to time on Schedule A to this Contract (each reference in this Contract to “a Fund” or to “the Fund” is also deemed to be a reference to any existing series of the Fund, as appropriate in the particular context), will determine what investments will be purchased, held, sold or exchanged by the Fund and what portion, if any, of the assets of the Fund will be held uninvested and will, on behalf of the Fund, make changes in such investments. Subject always to the control of the Trustees of the Fund and except for the functions carried out by the officers and personnel referred to in Section 1(d), the Manager will also manage, supervise and conduct the other affairs and business of the Fund and matters incidental thereto. In the performance of its duties, the Manager will comply with the provisions of the Agreement and Declaration of Trust and By-Laws of the Fund and the stated investment objectives, policies and restrictions of the Fund, will use its best efforts to safeguard and promote the welfare of the Fund and to comply with other policies which the Trustees may from time to time determine and will exercise the same care and diligence expected of the Trustees.

(b) The Manager, at its expense, except as such expense is paid by the Fund as provided in Section 1(d), will furnish (1) all necessary investment and management facilities, including salaries of personnel, required for it to execute its duties faithfully; (2) suitable office space for the Fund; and (3) administrative facilities, including bookkeeping, clerical personnel and equipment necessary for the efficient conduct of the affairs of the Fund, including determination of the net asset value of the Fund, but excluding shareholder accounting services. Except as otherwise provided in Section 1(d), the Manager will pay the compensation, if any, of the officers of the Fund.

(c) The Manager, at its expense, will place all orders for the purchase and sale of portfolio investments for the Fund’s account with brokers or dealers selected by the Manager. In the selection of such brokers or dealers and the placing of such orders, the Manager 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

B-2 

 



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 TO THE 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 on Schedule B attached to this Contract, as from time to time amended. The Fund’s “Average Net Assets” means the average of all of the determinations of the Fund’s net asset value at the close of business on each business day during each month while this Contract is in effect, except as is otherwise specified on Schedule 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; AMENDMENTS OF 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

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.

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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: See Appendix D to 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

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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 on Schedule A to this Contract (each reference in this Contract to “a Fund” or to “the Fund” is also deemed to be a reference to any existing series of the Fund, as appropriate in the particular context), will determine what investments will be purchased, held, sold or exchanged by the Fund and what portion, if any, of the assets of the Fund will be held uninvested and will, on behalf of the Fund, make changes in such investments. Subject always to the control of the Trustees of the Fund and except for the functions carried out by the officers and personnel referred to in Section 1(d), the Manager will also manage, supervise and conduct the other affairs and business of the Fund and matters incidental thereto. In the performance of its duties, the Manager will comply with the provisions of the Agreement and Declaration of Trust and By-Laws of the Fund and the stated investment objectives, policies and restrictions of the Fund, will use its best efforts to safeguard and promote the welfare of the Fund and to comply with other policies which the Trustees may from time to time determine and will exercise the same care and diligence expected of the Trustees.

(b) The Manager, at its expense, except as such expense is paid by the Fund as provided in Section 1(d), will furnish (1) all necessary investment and management facilities, including salaries of personnel, required for it to execute its duties faithfully; (2) suitable office space for the Fund; and (3) administrative facilities, including bookkeeping, clerical personnel and equipment necessary for the efficient conduct of the affairs of the Fund, including determination of the net asset value of the Fund, but excluding shareholder accounting services. Except as otherwise provided in Section 1(d), the Manager will pay the compensation, if any, of the officers of the Fund.

(c) The Manager, at its expense, will place all orders for the purchase and sale of portfolio investments for the Fund’s account with brokers or dealers selected by the Manager. In the selection of such brokers or dealers and the placing of such orders, the Manager 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.

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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 TO THE 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 on Schedule B attached to this Contract, as from time to time amended, subject to adjustment as set forth on Schedule C attached to this Contract, as from time to time amended. The Fund’s “Average Net Assets” means the average of all of the determinations of the Fund’s net asset value at the close of business on each business day during each period for which such computation is made. The Base Fee, as adjusted, is payable for each month within 15 days after the close of the month.

The fees payable by the Fund to the Manager pursuant to this Section 3 will be reduced by any commissions, fees, brokerage or similar payments received by the Manager or any affiliated person of the 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; AMENDMENTS OF 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

B-6 

 



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: See Appendix D to 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 with Schedule B will be adjusted, on a monthly basis, upward or downward, as the case may be, by an amount computed by applying the Performance Adjustment Rate to the Average Net Assets of the Fund for the Performance Period and dividing the result by twelve.

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 with Schedule B will be adjusted, on a monthly basis, upward or downward, as the case may be, by an amount computed by applying the Performance Adjustment Rate to the Average Net Assets of the Fund for the Performance Period and dividing the result by twelve.

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: 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.

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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; provided that the Performance Adjustment Rate for the Fund may not exceed the Maximum Performance Adjustment Rate set forth on Schedule B or be less than the Minimum Performance Adjustment Rate set forth on Schedule B.

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; provided that the Performance Adjustment Rate for the Fund may not exceed the Maximum Performance Adjustment Rate set forth on Schedule B or be less than the Minimum Performance Adjustment Rate set forth on Schedule B.

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 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; provided that the Performance Adjustment Rate for the Fund may not exceed the Maximum Performance Adjustment Rate set forth on Schedule B or be less than the Minimum Performance Adjustment Rate set forth on Schedule B.

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 in Schedule 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 in Schedule B. If the Trustees determine that another appropriate index of securities prices should be substituted as the Benchmark, the Trustees may determine, with the consent of the Manager, to use such other appropriate index of securities prices for purposes of this Schedule C (the “Replacement Benchmark”) without shareholder approval, unless shareholder approval of the change is otherwise required by applicable law. Any Replacement Benchmark will be applied prospectively to determine the amount of the Performance Adjustment. The Benchmark will continue to be used to determine the amount of the Performance Adjustment for that part of the Performance Period prior to the effective date of the Replacement Benchmark.

PUTNAM ASIA PACIFIC EQUITY FUND AND PUTNAM INTERNATIONAL VALUE FUND: Benchmark. The Fund’s initial Benchmark is set forth in Schedule B. If the Trustees determine that another appropriate index of securities prices should be substituted as the Benchmark, the Trustees may determine, with the consent of the Manager, to use such other appropriate index of securities prices for purposes of this Schedule C (the “Replacement Benchmark”) without shareholder approval, unless shareholder approval of the change is otherwise required by applicable law. Any Replacement Benchmark will be applied prospectively to determine the amount of the Performance Adjustment. The Benchmark will continue to be used to determine the amount of the Performance Adjustment for that part of the Performance Period prior to the effective date of the Replacement Benchmark.

The Fund’s initial Replacement Benchmark is set forth in Schedule B, together with its effective date of incorporation into the calculation of any adjustment to the Fund’s Base Fee. Any further Replacement Benchmark, and its effective date of incorporation into the calculation of any adjustment to the Fund’s Base Fee, will also be identified on Schedule B.

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

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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 this Schedule C, the computation of the Performance Adjustment Rate, the Investment Performance of the Measuring Class and the Investment Record of the Benchmark will be made in accordance with the Investment Advisers Act of 1940, as amended, and any applicable rules thereunder.

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:

1. SERVICES TO BE RENDERED BY MANAGER TO FUND.

(a) The Manager, at its expense, will furnish continuously an investment program for the Fund or, in the case of a Fund that has divided its shares into two or more series under Section 18(f) (2) of the Investment Company Act of 1940, as amended (the “1940 Act”), each series of the Fund identified from time to time on Schedule A to this Contract (each reference in this Contract to “a Fund” or to “the Fund” is also deemed to be a reference to any existing series of the Fund, as appropriate in the particular context), will determine what investments will be purchased, held, sold or exchanged by the Fund and what portion, if any, of the assets of the Fund will be held uninvested and will, on behalf of the Fund, make changes in such investments. Subject always to the control of the Trustees of the Fund and except for the functions carried out by the officers and personnel referred to in Section 1(d), the Manager will also manage, supervise and conduct the other affairs and business of the Fund and matters incidental thereto. In the performance of its duties, the Manager will comply with the provisions of the Agreement and Declaration of Trust and By-Laws of the Fund and the stated investment objectives, policies and restrictions of the Fund, will use its best efforts to safeguard and promote the welfare of the Fund and to comply with other policies which the Trustees may from time to time determine and will exercise the same care and diligence expected of the Trustees.

(b) The Manager, at its expense, except as such expense is paid by the Fund as provided in Section 1(d), will furnish (1) all necessary investment and management facilities, including salaries of personnel, required for it to execute its duties faithfully; (2) suitable office space for the Fund; and (3) administrative facilities, including bookkeeping, clerical personnel and equipment necessary for the efficient conduct of the affairs of the Fund, including determination of the net asset value of the Fund, but excluding shareholder accounting services. Except as otherwise provided in Section 1(d), the Manager will pay the compensation, if any, of the officers of the Fund.

(c) The Manager, at its expense, will place all orders for the purchase and sale of portfolio investments for the Fund’s account with brokers or dealers selected by the Manager. In the selection of such brokers or dealers and the placing of such orders, the Manager 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) 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

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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, service or other contracts with other organizations and persons and may have other interests and business.

3. COMPENSATION TO BE PAID BY THE FUND TO THE MANAGER.

The Fund will 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 on Schedule B attached to this Contract, as from time to time amended, subject to adjustment as set forth on Schedule C attached to this Contract, as from time to time amended. The Fund’s “Average Net Assets” means the average of all of the determinations of the Fund’s net asset value at the close of business on each business day during each period for which such computation is made. The Base Fee, as adjusted, is payable for each month within 15 days after the close of the month.

The fees payable by the Fund to the Manager pursuant to this Section 3 will be reduced by any commissions, fees, brokerage or similar payments received by the Manager or any affiliated person of the 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; AMENDMENTS OF 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.

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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: See Appendix D to 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 with Schedule B will be adjusted, on a monthly basis, upward or downward, as the case may be, by an amount computed by applying the Performance Adjustment Rate to the Average Net Assets of the Fund for the Performance Period and dividing the result by twelve.

Performance Period. The Performance Period is equal to 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.

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 on Schedule B or be less than the Minimum Performance Adjustment Rate set forth on Schedule B.

Investment Performance and Investment Record. These terms are used as defined in Rule 205-1 under the Investment Advisers Act of 1940, as amended, and shall each be computed on an annualized basis for any Performance Period greater than one year.

Hurdle. The Fund’s Hurdle is set forth in Schedule B.

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Benchmark. The Fund’s initial Benchmark is set forth in Schedule B. If the Trustees determine that another appropriate index of securities prices should be substituted as the Benchmark, the Trustees may determine, with the consent of the Manager, to use such other appropriate index of securities prices for purposes of this Schedule C (the “Replacement Benchmark”) without shareholder approval, unless shareholder approval of the change is otherwise required by applicable law. Any Replacement Benchmark will be applied prospectively to determine the amount of the Performance Adjustment. The Benchmark will continue to be used to determine the amount of the Performance Adjustment for that part of the Performance Period prior to the effective date of the Replacement Benchmark.

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 this Schedule C, the computation of the Performance Adjustment Rate, the Investment Performance of the Measuring Class and the Investment Record of the Benchmark will be made in accordance with the Investment Advisers Act of 1940, as amended, and any applicable rules thereunder.

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 on Schedule A to this Contract (each reference in this Contract to “a Fund” or to “the Fund” is also deemed to be a reference to any existing series of the Fund, as appropriate in the particular context), will determine what investments will be purchased, held, sold or exchanged by the Fund and what portion, if any, of the assets of the Fund will be held uninvested and will, on behalf of the Fund, make changes in such investments. Subject always to the control of the Trustees of the Fund and except for the functions carried out by the officers and personnel referred to in Section 1(d), the Manager will also manage, supervise and conduct the other affairs and business of the Fund and matters incidental thereto. In the performance of its duties, the Manager will comply with the provisions of the Agreement and Declaration of Trust and By-Laws of the Fund and the stated investment objectives, policies and restrictions of the Fund, will use its best efforts to safeguard and promote the welfare of the Fund and to comply with other policies which the Trustees may from time to time determine and will exercise the same care and diligence expected of the Trustees.

(b) The Manager, at its expense, except as such expense is paid by the Fund as provided in Section 1(d), will furnish (1) all necessary investment and management facilities, including salaries of personnel, required for it to execute its duties faithfully; (2) suitable office space for the Fund; and (3) administrative facilities, including bookkeeping, clerical personnel and equipment necessary for the efficient conduct of the affairs of the Fund, including determination of the net asset value of the Fund, but excluding shareholder accounting services. Except as otherwise provided in Section 1(d), the Manager will pay the compensation, if any, of the officers of the Fund.

(c) The Manager, at its expense, will place all orders for the purchase and sale of portfolio investments for the Fund’s account with brokers or dealers selected by the Manager. In the selection of such brokers or dealers and the placing of such orders, the Manager 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

B-12 

 



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 TO THE 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 on Schedule B attached 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 by multiplying (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

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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; AMENDMENTS OF 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: See Appendix D to 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”).

In consideration of the mutual covenants herein contained, it is agreed as follows:

1. SERVICES TO BE RENDERED BY MANAGER TO FUND.

(a) The Manager, at its expense, will furnish continuously an investment program for the Fund or, in the case of a Fund that has divided its shares into two or more series under Section 18(f) (2) of the Investment Company Act of 1940, as amended (the “1940 Act”), each series of the Fund identified from time to time on Schedule A to this Contract (each reference in this Contract to “a Fund” or to “the Fund” is also deemed to be a reference to any existing series of the Fund, as appropriate in the particular context), will determine what investments will be purchased, held, sold or exchanged by the Fund and what portion, if any, of the assets of the Fund will be held uninvested and will, on behalf of the Fund, make changes in such investments. Subject always to the control of the Trustees of the Fund and except for the functions carried out by the officers and personnel referred to in Section 1(d), the Manager will also manage, supervise and conduct the other affairs and business of the Fund and matters incidental thereto. In the performance of its duties, the Manager will comply with the provisions of the Agreement and Declaration of Trust and By-Laws of the Fund and the stated investment objectives, policies and restrictions of the Fund, will use its best efforts to safeguard and promote the welfare of the Fund and to comply with other policies which the Trustees may from time to time determine and will exercise the same care and diligence expected of the Trustees.

(b) The Manager, at its expense, except as such expense is paid by the Fund as provided in Section 1(d), will furnish (1) all necessary investment and management facilities, including salaries of personnel, required for it to execute its duties faithfully; (2) suitable office space for the Fund; and (3) administrative facilities, including bookkeeping, clerical personnel and equipment necessary for the efficient conduct of the affairs of the Fund, including determination of the net asset value of the Fund, but excluding shareholder accounting services. Except as otherwise provided in Section 1(d), the Manager will pay the compensation, if any, of the officers of the Fund.

(c) The Manager, at its expense, will place all orders for the purchase and sale of portfolio investments for the Fund’s account with brokers or dealers selected by the Manager. In the selection of such brokers or dealers and the placing of such orders, the Manager 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

B-15 

 



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 TO THE 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 on Schedule B attached 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, 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 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

B-16 

 



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; AMENDMENTS OF 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.

B-17 

 



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: See Appendix D to 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-18 

 



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 is dated January 1, 2010 and 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 the fund’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, as well as certain funds listed below, 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  September 24, 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 1, 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  January 1, 2010  February 4, 2011  Organization of the fund 

 

C-2 

 



Appendix D — Management Contract Fees and Information About Similar Funds Advised by Putnam Management

The following table contains certain information regarding funds for which Putnam Management provides investment advisory services, including the Putnam funds and funds that are not in the Putnam family of mutual funds, and that may have similar investment objective and policies to your fund. Pursuant to the applicable management contract, most of the open-end Putnam funds pay a management fee to Putnam Management according to a rate that is based on the average of the aggregate net assets of all open-end funds sponsored by Putnam Management (excluding fund assets that are invested in other Putnam funds (“Total Open-End Mutual Fund Average Net Assets”), as set forth below. Putnam Global Sector Fund and the Putnam RetirementReady Funds (including Putnam Retirement Income Fund Lifestyle 1) pay no management fee to Putnam Management, but Putnam Management receives management fees from the underlying Putnam funds in which each such fund invests. Each of Putnam Absolute Return 100 Fund, Putnam Absolute Return 300 Fund, Putnam High Income Securities Fund, Putnam Managed Municipal Income Trust, Putnam Master Intermediate Income Trust, Putnam Money Market Liquidity Fund, Putnam Municipal Opportunities Trust, Putnam Premier Income Trust, and Putnam Short Term Investment Fund pay a management fee to Putnam Management according to a rate that is based on the average of the net assets of the fund. The management fee for certain of the Putnam funds is increased or decreased by a performance adjustment as set forth below.

        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      mance adjustments and  be reduced under any  Current Investment 
Fund  FYE 1  Current Management Fee Schedule  reimbursements, if any)($)  applicable contract?  Objective 

PUTNAM  $276,839,232  of Average Net Assets  0.40%  $493,980  Yes  To earn a positive 
ABSOLUTE        (Represents    total return that 
RETURN 100 FUND  Benchmark:  BofA Merrill Lynch U.S.  0.15% of    exceeds the rate of 
    Treasury Bill Index (G0BA)  average net    inflation by 1% over 
        assets)    a reasonable period 
    Hurdle:  1.00%      of time, regardless of 
            market conditions. 
    Maximum         
    Performance         
    Adjustment Rate:  0.04%       
 
    Minimum Performance         
    Adjustment Rate:  -0.04%       

PUTNAM  $959,104,124  of Average Net Assets  0.60%  $4,354,861  Yes  To earn a positive 
ABSOLUTE        (Represents    total return that 
RETURN 300 FUND  Benchmark:  BofA Merrill Lynch U.S.  0.37% of    exceeds the rate of 
    Treasury Bill Index (G0BA)  average net    inflation by 3% over 
        assets)    a reasonable period 
    Hurdle:  3.00%      of time, regardless of 
            market conditions. 
    Maximum         
    Performance         
    Adjustment Rate:  0.12%       
 
    Minimum Performance         
    Adjustment Rate:  -0.12%       

 

D-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      mance adjustments and  be reduced under any  Current Investment 
Fund  FYE 1  Current Management Fee Schedule  reimbursements, if any)($)  applicable contract?  Objective 

PUTNAM  $828,585,249  First $5 billion of Total  0.880%  $5,233,405  Yes  To earn a positive 
ABSOLUTE    Open-End Mutual    (Represents    total return that 
RETURN 500 FUND  Fund Average Net    0.64% of    exceeds the rate of 
    Assets    average net    inflation by 5% over 
    Next $5 billion  0.830%  assets)    a reasonable period 
    Next $10 billion  0.780%      of time, regardless of 
    Next $10 billion  0.730%      market conditions. 
    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  $784,720,210  First $5 billion of Total  1.030%  $5,796,253  Yes  To earn a positive 
ABSOLUTE    Open-End Mutual    (Represents    total return that 
RETURN 700 FUND  Fund Average Net    0.81% of    exceeds the rate of 
    Assets    average net    inflation by 7% over 
    Next $5 billion  0.980%  assets)    a reasonable period 
    Next $10 billion  0.930%      of time, regardless of 
    Next $10 billion  0.880%      market conditions. 
    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  $577,015,363  First $5 billion of Total  0.550%  $2,665,472  Yes  High current income 
AMERICAN    Open-End Mutual    (Represents    with preservation of 
GOVERNMENT  Fund Average Net    0.40% of    capital as its secondary 
INCOME FUND  Assets    average net    objective. 
    Next $5 billion  0.500%  assets)     
    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%       

 

D-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      mance adjustments and  be reduced under any  Current Investment 
Fund  FYE 1  Current Management Fee Schedule  reimbursements, if any)($)  applicable contract?  Objective 

PUTNAM  $429,096,255  First $5 billion of Total  0.590%  $2,217,779  Yes  High current income 
AMT-FREE    Open-End Mutual    (Represents    exempt from federal 
MUNICIPAL FUND  Fund Average Net    0.44% of    income tax. 
    Assets    average net     
    Next $5 billion  0.540%  assets)     
    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 of Total  0.590%  $283,378  Yes  As high a level of 
TAX EXEMPT    Open-End Mutual    (Represents    current income exempt 
INCOME FUND  Fund Average Net    0.44% of    from federal income 
    Assets    average net    tax and Arizona person 
    Next $5 billion  0.540%  assets)    income tax as Putnam 
    Next $10 billion  0.490%      Management believes 
    Next $10 billion  0.440%      is consistent with 
    Next $50 billion  0.390%      preservation of capital. 
    Next $50 billion  0.370%       
    Next $100 billion  0.360%       
    Any excess thereafter  0.355%       

PUTNAM ASIA  $9,047,678  First $5 billion of Total  1.080%  $0  Yes  Long-term capital 
PACIFIC EQUITY  Open-End Mutual    (Represents    appreciation. 
FUND    Fund Average Net    0.00% of     
    Assets    average net     
    Next $5 billion  1.030%  assets)     
    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 and MSCI All       
    Country Asia Pacific Index       
      (Net Dividends)*†       
 
    Hurdle:  N/A       
 
    Maximum         
    Performance         
    Adjustment Rate:  0.21%       
 
    Minimum Performance         
    Adjustment Rate:  -0.21%       

PUTNAM  $1,450,023,315  First $5 billion of Total  0.590%  $7,293,763  Yes  As high a level of 
CALIFORNIA TAX  Open-End Mutual    (Represents    current income exempt 
EXEMPT INCOME  Fund Average Net    0.44% of    from federal income tax 
FUND    Assets    average net    and California person 
    Next $5 billion  0.540%  assets)    income tax as Putnam 
    Next $10 billion  0.490%      Management believes 
    Next $10 billion  0.440%      is consistent with 
    Next $50 billion  0.390%      preservation of capital. 
    Next $50 billion  0.370%       
    Next $100 billion  0.360%       
    Any excess thereafter  0.355%       

 

D-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      mance adjustments and  be reduced under any  Current Investment 
Fund  FYE 1  Current Management Fee Schedule  reimbursements, if any)($)  applicable contract?  Objective 

PUTNAM CAPITAL  $384,612,337  First $5 billion of Total  0.780%  $2,219,656  Yes  Long-term growth of 
OPPORTUNITIES  Open-End Mutual    (Represents    capital. 
FUND    Fund Average Net    0.63% of     
    Assets    average net     
    Next $5 billion  0.730%  assets)     
    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 of Total  0.880%  $13,364,984  Yes  Total return. 
SPECTRUM FUND  Open-End Mutual    (Represents     
    Fund Average Net    0.81% of     
    Assets    average net     
    Next $5 billion  0.830%  assets)     
    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  $630,148,238  First $5 billion of Total  0.780%  $4,049,683  Yes  With equal emphasis, 
CONVERTIBLE  Open-End Mutual    (Represents    current income and 
SECURITIES FUND  Fund Average Net    0.64% of    capital appreciation. Its 
    Assets    average net    secondary objective is 
    Next $5 billion  0.730%  assets)    conservation of capital. 
    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  $4,595,919,051  First $5 billion of Total  0.700%  $20,008,464  Yes  As high a level of current 
DIVERSIFIED  Open-End Mutual    (Represents    income as Putnam 
INCOME TRUST  Fund Average Net    0.55% of    Management believes 
    Assets    average net    is consistent with 
    Next $5 billion  0.650%  assets)    preservation of capital. 
    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-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      mance adjustments and  be reduced under any  Current Investment 
Fund  FYE 1  Current Management Fee Schedule  reimbursements, if any)($)  applicable contract?  Objective 

PUTNAM  $1,331,128,130  First $5 billion of Total  0.680%  $7,021,376  Yes  Total return. 
DYNAMIC ASSET  Open-End Mutual    (Represents     
ALLOCATION  Fund Average Net    0.53% of     
BALANCED FUND  Assets    average net     
    Next $5 billion  0.630%  assets)     
    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  $544,825,669  First $5 billion of Total  0.680%  $3,001,267  Yes  Total return consistent 
DYNAMIC ASSET  Open-End Mutual    (Represents    with preservation of 
ALLOCATION  Fund Average Net    0.53% of    capital. 
CONSERVATIVE  Assets    average net     
FUND    Next $5 billion  0.630%  assets)     
    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  $25,026,151  First $5 billion of Total  0.750%  $0  Yes  Long-term growth. 
DYNAMIC ASSET  Open-End Mutual    (Represents     
ALLOCATION  Fund Average Net    0.00% of     
EQUITY FUND  Assets    average net     
    Next $5 billion  0.700%  assets)     
    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  $1,671,640,573  First $5 billion of Total  0.750%  $9,791,000  Yes  Capital appreciation. 
DYNAMIC ASSET  Open-End Mutual    (Represents     
ALLOCATION  Fund Average Net    0.60% of     
GROWTH FUND  Assets    average net     
    Next $5 billion  0.700%  assets)     
    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  $248,897,395  First $5 billion of Total  1.050%  $1,418,724  Yes  Total return. 
RISK ALLOCATION  Open-End Mutual    (Represents     
FUND    Fund Average Net    0.74% of     
    Assets    average net     
    Next $5 billion  1.000%  assets)     
    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%       

 

D-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      mance adjustments and  be reduced under any  Current Investment 
Fund  FYE 1  Current Management Fee Schedule  reimbursements, if any)($)  applicable contract?  Objective 

PUTNAM  $34,205,915  First $5 billion of Total  1.080%  $187,478  Yes  Long-term capital 
EMERGING  Open-End Mutual    (Represents    appreciation. 
MARKETS EQUITY  Fund Average Net    0.54% of     
FUND  Assets    average net     
    Next $5 billion  1.030%  assets)     
    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  $10,302,550(3)  First $5 billion of Total  0.880%  $ (2)  Yes  High current income. 
EMERGING    Open-End Mutual        Capital growth is 
MARKETS INCOME  Fund Average Net        a secondary goal 
FUND    Assets        when consistent with 
    Next $5 billion  0.830%      achieving high current 
    Next $10 billion  0.780%      income. 
    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 EQUITY  $3,784,636,714  First $5 billion of Total  0.630%  $17,452,067  Yes  Capital growth and 
INCOME FUND  Open-End Mutual    (Represents    current income. 
    Fund Average Net    0.49% of     
    Assets    average net     
    Next $5 billion  0.580%  assets)     
    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  $1,104,110,144  First $5 billion of Total  0.880%  $5,907,335  Yes  Total Return. 
SPECTRUM FUND  Open-End Mutual    (Represents     
    Fund Average Net    0.85% of     
    Assets    average net     
    Next $5 billion  0.830%  assets)     
    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%       

 

D-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      mance adjustments and  be reduced under any  Current Investment 
Fund  FYE 1  Current Management Fee Schedule  reimbursements, if any)($)  applicable contract?  Objective 

PUTNAM EUROPE  $161,424,766  First $5 billion of Total  0.850%  $1,225,861  Yes  Capital appreciation. 
EQUITY FUND  Open-End Mutual    (Represents     
    Fund Average Net    0.78% of     
    Assets    average net     
    Next $5 billion  0.800%  assets)     
    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  $670,174,155  First $5 billion of Total  0.720%  $2,977,382  Yes  High current income. 
FLOATING RATE  Open-End Mutual    (Represents    Preservation of capital is 
INCOME FUND  Fund Average Net    0.58% of    a secondary goal. 
    Assets    average net     
    Next $5 billion  0.670%  assets)     
    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 PUTNAM  $4,442,530,367  First $5 billion of Total  0.630%  $21,457,542  Yes  Capital growth and 
FUND FOR    Open-End Mutual    (Represents    current income. 
GROWTH AND  Fund Average Net    0.49% of     
INCOME    Assets    average net     
    Next $5 billion  0.580%  assets)     
    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%       

THE GEORGE  $1,263,010,053  First $5 billion of Total  0.680%  $6,488,744  Yes  Capital growth and 
PUTNAM FUND OF  Open-End Mutual    (Represents    current income. 
BOSTON (d/b/a  Fund Average Net    0.53% of     
GEORGE PUTNAM  Assets    average net     
BALANCED FUND)  Next $5 billion  0.630%  assets)     
    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  $18,922,710  First $5 billion of Total  0.780%  $42,723  Yes  Capital appreciation. 
CONSUMER FUND  Open-End Mutual    (Represents     
    Fund Average Net    0.29% of     
    Assets    average net     
    Next $5 billion  0.730%  assets)     
    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-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      mance adjustments and  be reduced under any  Current Investment 
Fund  FYE 1  Current Management Fee Schedule  reimbursements, if any)($)  applicable contract?  Objective 

PUTNAM GLOBAL  $6,139,934(3)  First $5 billion of Total  0.850%  $ (2)  Yes  Capital growth and 
DIVIDEND FUND  Open-End Mutual        current income. 
    Fund 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  $21,342,356  First $5 billion of Total  0.780%  $76,398  Yes  Capital appreciation. 
ENERGY FUND  Open-End Mutual    (Represents     
    Fund Average Net    0.40% of     
    Assets    average net     
    Next $5 billion  0.730%  assets)     
    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 of Total  0.850%  $5,496,467  Yes  Capital Appreciation. 
EQUITY FUND Open-End Mutual    (Represents     
    Fund Average Net    0.71% of     
    Assets    average net     
    Next $5 billion  0.800%  assets)     
    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  $17,800,608  First $5 billion of Total  0.780%  $38,961  Yes  Capital appreciation. 
FINANCIALS FUND  Open-End Mutual    (Represents     
    Fund Average Net    0.26% of     
    Assets    average net     
    Next $5 billion  0.730%  assets)     
    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-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      mance adjustments and  be reduced under any  Current Investment 
Fund  FYE 1  Current Management Fee Schedule  reimbursements, if any)($)  applicable contract?  Objective 

PUTNAM GLOBAL  $1,197,089,834  First $5 billion of Total  0.780%  $6,970,314  Yes  Capital Appreciation. 
HEALTH CARE  Open-End Mutual    (Represents     
FUND    Fund Average Net    0.63% of     
    Assets    average net     
    Next $5 billion  0.730%  assets)     
    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 of Total  0.700%  $1,999,189  Yes  High current income. 
INCOME TRUST  Open-End Mutual    (Represents    Preservation of capital 
    Fund Average Net    0.56% of    and long-term total 
    Assets    average net    return are secondary 
    Next $5 billion  0.650%  assets)    objectives, but only to 
    Next $10 billion  0.600%      the extent consistent 
    Next $10 billion  0.550%      with the objective of 
    Next $50 billion  0.500%      seeking high current 
    Next $50 billion  0.480%      income. 
    Next $100 billion  0.470%       
    Any excess thereafter  0.465%       

PUTNAM GLOBAL  $18,151,538  First $5 billion of Total  0.780%  $16,277  Yes  Capital appreciation. 
INDUSTRIALS  Open-End Mutual    (Represents     
FUND    Fund Average Net    0.13% of     
    Assets    average net     
    Next $5 billion  0.730%  assets)     
    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 of Total  0.780%  $1,959,049  Yes  Capital Appreciation. 
NATURAL    Open-End Mutual    (Represents     
RESOURCES FUND  Fund Average Net    0.63% of     
    Assets    average net     
    Next $5 billion  0.730%  assets)     
    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 of Total  0.780%  $17,533  Yes  Capital appreciation. 
TECHNOLOGY  Open-End Mutual    (Represents     
FUND    Fund Average Net    0.15% of     
    Assets    average net     
    Next $5 billion  0.730%  assets)     
    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 of Total  0.780%  $51,643  Yes  Capital appreciation. 
TELECOMMUNI-  Open-End Mutual    (Represents     
CATIONS FUND  Fund Average Net    0.32% of     
    Assets    average net     
    Next $5 billion  0.730%  assets)     
    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-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      mance adjustments and  be reduced under any  Current Investment 
Fund  FYE 1  Current Management Fee Schedule  reimbursements, if any)($)  applicable contract?  Objective 

PUTNAM GLOBAL  $203,809,852  First $5 billion of Total  0.780%  $1,327,033  Yes  Capital growth and 
UTILITIES FUND  Open-End Mutual    (Represents    current income. 
    Fund Average Net    0.63% of     
    Assets    average net     
    Next $5 billion  0.730%  assets)     
    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 GROWTH  $393,031,498  First $5 billion of Total  0.710%  $1,825,919  Yes  Capital appreciation. 
OPPORTUNITIES  Open-End Mutual    (Represents     
FUND    Fund Average Net    0.51% of     
    Assets    average net     
    Next $5 billion  0.660%  assets)     
    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  $145,549,092  First $500 million  0.700%  $1,039,414  No  High current income. 
HIGH INCOME  Next $500 million  0.600%  (Represents    Secondary objective is 
SECURITIES FUND  Next $500 million  0.550%  0.70% of    capital appreciation. 
    Next $5 billion  0.500%  average net     
    Next $5 billion  0.475%  assets)     
    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 of Total  0.720%  $5,206,491  Yes  High current income. 
HIGH YIELD  Open-End Mutual    (Represents    Capital growth is 
ADVANTAGE  Fund Average Net    0.58% of    a secondary goal 
FUND    Assets    average net    when consistent with 
    Next $5 billion  0.670%  assets)    achieving high current 
    Next $10 billion  0.620%      income. 
    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%       

 

D-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      mance adjustments and  be reduced under any  Current Investment 
Fund  FYE 1  Current Management Fee Schedule  reimbursements, if any)($)  applicable contract?  Objective 

PUTNAM HIGH  $1,345,593,597  First $5 billion of Total  0.720%  $8,476,385  Yes  High current income. 
YIELD TRUST  Open-End Mutual    (Represents    Capital growth is 
    Fund Average Net    0.57% of    a secondary goal 
    Assets    average net    when consistent with 
    Next $5 billion  0.670%  assets)    achieving high current 
    Next $10 billion  0.620%      income. 
    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  $1,436,436,630  First $5 billion of Total  0.550%  $5,608,363  Yes  High current income 
FUND    Open-End Mutual    (Represents    consistent with what 
    Fund Average Net    0.41% of    Putnam Investment 
    Assets    average net    Management, LLC 
    Next $5 billion  0.500%  assets)    believes to be prudent 
    Next $10 billion  0.450%      risk. 
    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  $10,364,955(3)  First $5 billion of Total  0.590%  $ (2)  Yes  As high a level of 
INTERMEDIATE-  Open-End Mutual        current income exempt 
TERM MUNICIPAL  Fund Average Net        from federal income tax 
INCOME FUND  Assets        as Putnam Management 
    Next $5 billion  0.540%      believes is consistent 
    Next $10 billion  0.490%      with preservation 
    Next $10 billion  0.440%      of capital. 
    Next $50 billion  0.390%       
    Next $50 billion  0.370%       
    Next $100 billion  0.360%       
    Any excess thereafter  0.355%       

PUTNAM  $803,002,155  First $5 billion of Total  1.080%  $7,166,274  Yes  Long-term capital 
INTERNATIONAL  Open-End Mutual    (Represents    appreciation. 
CAPITAL    Fund Average Net    0.84% of     
OPPORTUNITIES  Assets    average net     
FUND    Next $5 billion  1.030%  assets)     
    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-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      mance adjustments and  be reduced under any  Current Investment 
Fund  FYE 1  Current Management Fee Schedule  reimbursements, if any)($)  applicable contract?  Objective 

PUTNAM  $962,771,808  First $5 billion of Total  0.850%  $7,100,664  Yes  Capital appreciation. 
INTERNATIONAL  Open-End Mutual    (Represents     
EQUITY FUND  Fund Average Net    0.72% of     
    Assets    average net     
    Next $5 billion  0.800%  assets)     
    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  $351,591,716  First $5 billion of Total  1.080%  $3,022,995  Yes  Long-term capital 
INTERNATIONAL  Open-End Mutual    (Represents    appreciation. 
GROWTH FUND  Fund Average Net    0.89% of     
    Assets    average net     
    Next $5 billion  1.030%  assets)     
    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%       

 

D-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      mance adjustments and  be reduced under any  Current Investment 
Fund  FYE 1  Current Management Fee Schedule  reimbursements, if any)($)  applicable contract?  Objective 

PUTNAM  $200,940,112  First $5 billion of Total  0.850%  $1,437,355  Yes  Capital growth. Current 
INTERNATIONAL  Open-End Mutual    (Represents    income is a secondary 
VALUE FUND  Fund Average Net    0.71% of    objective. 
    Assets    average net     
    Next $5 billion  0.800%  assets)     
    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       
    and S&P Developed Ex-U.S.       
    LargeMidCap Value Index       
    (Net Dividends)* ††       
 
    Hurdle:  N/A       
 
    Maximum         
    Performance         
    Adjustment Rate:  0.15%       
 
    Minimum Performance         
    Adjustment Rate:  -0.15%       

PUTNAM  $1,537,732,567  First $5 billion of Total  0.710%  $7,966,034  Yes  Long-term growth 
INVESTORS FUND  Open-End Mutual    (Represents    of capital and any 
    Fund Average Net    0.56% of    increased income that 
    Assets    average net    results from this growth. 
    Next $5 billion  0.660%  assets)     
    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  $29,929,699  First $5 billion of Total  0.780%  $0  Yes  Total return comparable 
VOLATILITY    Open-End Mutual    (Represents    to that of the U.S equity 
EQUITY FUND  Fund Average Net    0.00% of    markets, but with lower 
    Assets    average net    volatility, over a market 
    Next $5 billion  0.730%  assets)    cycle. 
    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  $466,728,330  The lesser of    $3,149,331  No  High current income 
MANAGED    (i) 0.55%, or    (Represents    free from federal 
MUNICIPAL  (ii) the following rates:    0.70% of    income tax. 
INCOME TRUST  First $500 million  0.650%  average net     
    Next $500 million  0.550%  assets)#     
    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-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      mance adjustments and  be reduced under any  Current Investment 
Fund  FYE 1  Current Management Fee Schedule  reimbursements, if any)($)  applicable contract?  Objective 

PUTNAM  $426,490,557  First $5 billion of Total  0.590%  $1,868,568  Yes  High level of current 
MASSACHUSETTS  Open-End Mutual    (Represents    income exempt from 
TAX EXEMPT  Fund Average Net    0.44% of    federal income tax and 
INCOME FUND  Assets    average net    Massachusetts personal 
    Next $5 billion  0.540%  assets)    income tax as Putnam 
    Next $10 billion  0.490%      Management believes 
    Next $10 billion  0.440%      is consistent with 
    Next $50 billion  0.390%      preservation of capital. 
    Next $50 billion  0.370%       
    Next $100 billion  0.360%       
    Any excess thereafter  0.355%       

PUTNAM MASTER  $345,143,575  First $500 million  0.750%  $2,723,636  No  High current income 
INTERMEDIATE  Next $500 million  0.650%  (Represents    and relative stability of 
INCOME TRUST  Next $500 million  0.600%  0.75% of    net asset value. 
    Next $5 billion  0.550%  average net     
    Next $5 billion  0.525%  assets)     
    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 of Total  0.590%  $362,014  Yes  As high a level of 
MICHIGAN TAX  Open-End Mutual    (Represents    current income exempt 
EXEMPT INCOME  Fund Average Net    0.44% of    from federal income tax 
FUND    Assets    average net    and Michigan personal 
    Next $5 billion  0.540%  assets)    income tax as Putnam 
    Next $10 billion  0.490%      Management believes 
    Next $10 billion  0.440%      is consistent with 
    Next $50 billion  0.390%      preservation of capital. 
    Next $50 billion  0.370%       
    Next $100 billion  0.360%       
    Any excess thereafter  0.355%       

PUTNAM  $125,148,611  First $5 billion of Total  0.590%  $532,651  Yes  As high a level of 
MINNESOTA TAX  Open-End Mutual    (Represents    current income exempt 
EXEMPT INCOME  Fund Average Net    0.44% of    from federal income tax 
FUND    Assets    average net    and Minnesota personal 
    Next $5 billion  0.540%  assets)    income tax as Putnam 
    Next $10 billion  0.490%      Management believes 
    Next $10 billion  0.440%      is consistent with 
    Next $50 billion  0.390%      preservation of capital. 
    Next $50 billion  0.370%       
    Next $100 billion  0.360%       
    Any excess thereafter  0.355%       

PUTNAM MONEY  $1,431,994,373  First $5 billion of Total  0.440%  $0  Yes  As high a rate of current 
MARKET FUND  Open-End Mutual    (Represents    income as Putnam 
    Fund Average Net    0.00% of    Management believes 
    Assets    average net    is consistent with 
    Next $5 billion  0.390%  assets)    preservation of capital 
    Next $10 billion  0.340%      and maintenance of 
    Next $10 billion  0.290%      liquidity. 
    Next $50 billion  0.240%       
    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 
MONEY MARKET      (Represents    income as Putnam 
LIQUIDITY FUND      0.00% of    Management believes 
        average net    is consistent with 
        assets)    preservation of capital 
            and maintenance of 
            liquidity. 

 

D-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      mance adjustments and  be reduced under any  Current Investment 
Fund  FYE 1  Current Management Fee Schedule  reimbursements, if any)($)  applicable contract?  Objective 

PUTNAM  $14,261,026  First $5 billion of Total  0.710%  $8,719  Yes  Capital appreciation. 
MULTI-CAP CORE  Open-End Mutual    (Represents     
FUND    Fund Average Net    0.08% of     
    Assets    average net     
    Next $5 billion  0.660%  assets)     
    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 of Total  0.710%  $16,342,403  Yes  Long-term capital 
MULTI-CAP  Open-End Mutual    (Represents    appreciation. 
GROWTH FUND  Fund Average Net    0.50% of     
    Assets    average net     
    Next $5 billion  0.660%  assets)     
    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  $312,805,407  First $5 billion of Total  0.710%  $2,138,018  Yes  Capital appreciation 
MULTI-CAP VALUE  Open-End Mutual    (Represents    and, as a secondary 
FUND    Fund Average Net    0.56% of    objective, current 
    Assets    average net    income. 
    Next $5 billion  0.660%  assets)     
    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  $580,642,631  The lesser of    $4,118,860  No  As high a level of 
MUNICIPAL    (i) 0.55%, or    (Represents    current income free 
OPPORTUNITIES  (ii) the following rates:    0.72% of    from federal income tax 
TRUST    First $500 million  0.650%  average net     as Putnam Management 
    Next $500 million  0.550%  assets)#    believes is consistent 
    Next $500 million  0.500%      with the preservation of 
    Next $5 billion  0.450%      capital. 
    Next $5 billion  0.425%       
    Next $5 billion  0.410%       
    Next $5 billion  0.390%       
    Any excess thereafter  0.380%       

PUTNAM NEW  $291,506,902  First $5 billion of Total  0.590%  $1,277,096  Yes  As high a level of 
JERSEY TAX    Open-End Mutual    (Represents    current income exempt 
EXEMPT INCOME  Fund Average Net    0.44% of    from federal income 
FUND    Assets    average net    tax and New Jersey 
    Next $5 billion  0.540%  assets)    personal income tax as 
    Next $10 billion  0.490%      Putnam Management 
    Next $10 billion  0.440%      believes is consistent 
    Next $50 billion  0.390%      with preservation of 
    Next $50 billion  0.370%      capital. 
    Next $100 billion  0.360%       
    Any excess thereafter  0.355%       

 

D-15 

 



        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      mance adjustments and  be reduced under any  Current Investment 
Fund  FYE 1  Current Management Fee Schedule  reimbursements, if any)($)  applicable contract?  Objective 

PUTNAM NEW  $1,313,387,219  First $5 billion of Total  0.590%  $5,479,662  Yes  As high a level of current 
YORK TAX    Open-End Mutual    (Represents    income exempt from 
EXEMPT INCOME  Fund Average Net    0.45% of    federal income tax and 
FUND    Assets    average net    New York State and City 
    Next $5 billion  0.540%  assets)    personal income taxes 
    Next $10 billion  0.490%      as Putnam Management 
    Next $10 billion  0.440%      believes is consistent 
    Next $50 billion  0.390%      with preservation of 
    Next $50 billion  0.370%      capital. 
    Next $100 billion  0.360%       
    Any excess thereafter  0.355%       

PUTNAM OHIO  $162,973,095  First $5 billion of Total  0.590%  $720,433  Yes  As high a level of 
TAX EXEMPT  Open-End Mutual    (Represents    current income exempt 
INCOME FUND  Fund Average Net    0.44% of    from federal income 
    Assets    average net    tax and Ohio personal 
    Next $5 billion  0.540%  assets)    income tax as Putnam 
    Next $10 billion  0.490%      Management believes 
    Next $10 billion  0.440%      is consistent with 
    Next $50 billion  0.390%      preservation of capital. 
    Next $50 billion  0.370%       
    Next $100 billion  0.360%       
    Any excess thereafter  0.355%       

PUTNAM  $245,528,782  First $5 billion of Total  0.590%  $1,105,281  Yes  As high a level of current 
PENNSYLVANIA  Open-End Mutual    (Represents    income exempt from 
TAX EXEMPT  Fund Average Net    0.44% of    federal income tax and 
INCOME FUND  Assets    average net    Pennsylvania personal 
    Next $5 billion  0.540%  assets)    income tax as Putnam 
    Next $10 billion  0.490%      Management believes 
    Next $10 billion  0.440%      is consistent with 
    Next $50 billion  0.390%      preservation of capital. 
    Next $50 billion  0.370%       
    Next $100 billion  0.360%       
    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%  (Represents     
    Next $500 million  0.600%  0.71% of     
    Next $5 billion  0.550%  average net     
    Next $5 billion  0.525%  assets)     
    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 of Total  0.710%  $1,251,275  Yes  Capital appreciation. 
RESEARCH FUND  Open-End Mutual    (Represents     
    Fund Average Net    0.56% of     
    Assets    average net     
    Next $5 billion  0.660%  assets)     
    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 
RETIREMENT-          and current income 
READY 2055 FUND          consistent with a 
            decreasing emphasis on 
            capital appreciation and 
            an increasing emphasis 
            on current income as it 
            approaches its target 
            date. 

 

D-16 

 



        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      mance adjustments and  be reduced under any  Current Investment 
Fund  FYE 1  Current Management Fee Schedule  reimbursements, if any)($)  applicable contract?  Objective 

PUTNAM  $10,658,409  N/A  N/A  N/A  Yes  Capital appreciation 
RETIREMENT-            and current income 
READY 2050 FUND            consistent with a 
            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 
RETIREMENT-          and current income 
READY 2045 FUND          consistent with a 
            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 
RETIREMENT-          and current income 
READY 2040 FUND          consistent with a 
            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 
RETIREMENT-          and current income 
READY 2035 FUND          consistent with a 
            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 
RETIREMENT-          and current income 
READY 2030 FUND          consistent with a 
            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 
RETIREMENT-          and current income 
READY 2025 FUND          consistent with a 
            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 
RETIREMENT-          and current income 
READY 2020 FUND          consistent with a 
            decreasing emphasis on 
            capital appreciation and 
            an increasing emphasis 
            on current income as it 
            approaches its target 
            date. 

 

D-17 

 



        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      mance adjustments and  be reduced under any  Current Investment 
Fund  FYE 1  Current Management Fee Schedule  reimbursements, if any)($)  applicable contract?  Objective 

PUTNAM  $25,087,950  N/A  N/A  N/A  Yes  Capital appreciation 
RETIREMENT-            and current income 
READY 2015 FUND          consistent with a 
            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 
RETIREMENT            income as Putnam 
INCOME FUND          Management believes 
LIFESTYLE 1            is consistent with 
            preservation of capital. 

PUTNAM  $12,495,315  First $5 billion of Total  0.680%  $0  Yes  Current Income 
RETIREMENT    Open-End Mutual    (Represents    consistent with what 
INCOME FUND  Fund Average Net    0.00% of    Putnam Management 
LIFESTYLE 2    Assets    average net    believes to be prudent 
    Next $5 billion  0.630%  assets)    risk. 
    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  $16,414,733  First $5 billion of Total  0.680%  $0  Yes  Current Income 
RETIREMENT    Open-End Mutual    (Represents    consistent with what 
INCOME FUND  Fund Average Net    0.00% of    Putnam Management 
LIFESTYLE 3    Assets    average net    believes to be prudent 
    Next $5 billion  0.630%  assets)    risk. Its secondary 
    Next $10 billion  0.580%      objective is capital 
    Next $10 billion  0.530%      appreciation. 
    Next $50 billion  0.480%       
    Next $50 billion  0.460%       
    Next $100 billion  0.450%       
    Any excess thereafter  0.445%       

PUTNAM SHORT  $1,151,155,979  First $5 billion of Total  0.500%  $1,293,633  Yes  As high a rate of current 
DURATION    Open-End Mutual    (Represents    income as Putnam 
INCOME FUND  Fund Average Net    0.21% of    Management believes 
    Assets    average net    is consistent with 
    Next $5 billion  0.450%  assets)    preservation of capital 
    Next $10 billion  0.400%      and maintenance of 
    Next $10 billion  0.350%      liquidity. 
    Next $50 billion  0.300%       
    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 
SHORT TERM      (Represents    income as Putnam 
INVESTMENT      0.00% of    Management believes 
FUND        average net    is consistent with 
        assets)    preservation of capital 
            and maintenance of 
            liquidity. 

PUTNAM SHORT-  $11,121,856(3)  First $5 billion of Total  0.500%  $ (2)  Yes  As high a level of 
TERM MUNICIPAL  Open-End Mutual        current income exempt 
INCOME FUND  Fund Average Net        from federal income tax 
    Assets        as Putnam Management 
    Next $5 billion  0.450%      believes is consistent 
    Next $10 billion  0.400%      with preservation 
    Next $10 billion  0.350%      of capital. 
    Next $50 billion  0.300%       
    Next $50 billion  0.280%       
    Next $100 billion  0.270%       
    Any excess thereafter  0.265%       

 

D-18 

 



        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      mance adjustments and  be reduced under any  Current Investment 
Fund  FYE 1  Current Management Fee Schedule  reimbursements, if any)($)  applicable contract?  Objective 

PUTNAM SMALL  $127,856,487  First $5 billion of Total  0.780%  $710,052  Yes  Capital appreciation. 
CAP GROWTH  Open-End Mutual    (Represents     
FUND    Fund Average Net    0.60% of     
    Assets    average net     
    Next $5 billion  0.730%  assets)     
    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  $168,319,734  First $5 billion of Total  0.780%  $1,004,942  Yes  Capital appreciation. 
CAP VALUE FUND  Open-End Mutual    (Represents     
    Fund Average Net    0.64% of     
    Assets    average net     
    Next $5 billion  0.730%  assets)     
    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  First $5 billion of Total  0.880%  $0  Yes  Total return in excess of 
STRATEGIC    Open-End Mutual    (Represents    that of the U.S. equity 
VOLATILITY    Fund Average Net    0.00% of    markets, but with 
EQUITY FUND  Assets    average net    comparable volatility. 
    Next $5 billion  0.830%  assets)     
    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:  0.15%       
 
    Minimum Performance         
    Adjustment Rate:  -0.15%       

PUTNAM TAX  $1,043,075,360  First $5 billion of Total  0.590%  $5,249,245  Yes  As high a level of 
EXEMPT INCOME  Open-End Mutual    (Represents    current income exempt 
FUND    Fund Average Net    0.44% of    from federal income tax 
    Assets    average net    as Putnam Management 
    Next $5 billion  0.540%  assets)    believes is consistent 
    Next $10 billion  0.490%      with preservation of 
    Next $10 billion  0.440%      capital. 
    Next $50 billion  0.390%       
    Next $50 billion  0.370%       
    Next $100 billion  0.360%       
    Any excess thereafter  0.355%       

 

D-19 

 



        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      mance adjustments and  be reduced under any  Current Investment 
Fund  FYE 1  Current Management Fee Schedule  reimbursements, if any)($)  applicable contract?  Objective 

PUTNAM TAX  $42,599,913  First $5 billion of Total  0.440%  $0  Yes  As high a rate of current 
EXEMPT MONEY  Open-End Mutual    (Represents    income exempt from 
MARKET FUND  Fund Average Net    0.00% of    federal income tax as 
    Assets    average net    Putnam Management 
    Next $5 billion  0.390%  assets)    believes is consistent 
    Next $10 billion  0.340%      with preservation of 
    Next $10 billion  0.290%      capital and maintenance 
    Next $50 billion  0.240%      of liquidity. 
    Next $50 billion  0.220%       
    Next $100 billion  0.210%       
    Any excess thereafter  0.205%       

PUTNAM  $986,169,531  First $5 billion of Total  0.630%  $5,642,898  Yes  High current income 
TAX-FREE HIGH  Open-End Mutual    (Represents    exempt from federal 
YIELD FUND    Fund Average Net    0.48% of    income tax. 
    Assets    average net     
    Next $5 billion  0.580%  assets)     
    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 of Total  0.550%  $5,771,426  Yes  As high a level of current 
GOVERNMENT  Open-End Mutual    (Represents    income as Putnam 
INCOME TRUST  Fund Average Net    0.40% of    Management believes 
    Assets    average net    is consistent with 
    Next $5 billion  0.500%  assets)    preservation of capital. 
    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  $3,758,223,225  First $5 billion of Total  0.710%  $15,286,375  Yes  Capital appreciation. 
VOYAGER FUND  Open-End Mutual    (Represents     
    Fund Average Net    0.43% of     
    Assets    average net     
    Next $5 billion  0.660%  assets)     
    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  $17,856,955  First $5 billion of Total  0.880%  $0  Yes  To earn a positive return 
ABSOLUTE    Open-End Mutual    (Represents    that exceeds the rate 
RETURN 500 FUND  Fund Average Net    0.00% of    of inflation by 5% over 
    Assets    average net    a reasonable period 
    Next $5 billion  0.830%  assets)    of time, regardless of 
    Next $10 billion  0.780%      market conditions. 
    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-20 

 



        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      mance adjustments and  be reduced under any  Current Investment 
Fund  FYE 1  Current Management Fee Schedule  reimbursements, if any)($)  applicable contract?  Objective 

PUTNAM VT  $115,123,322  First $5 billion of Total  0.550%  $505,029  Yes  High current income 
AMERICAN    Open-End Mutual    (Represents    with preservation of 
GOVERNMENT  Fund Average Net    0.41% of    capital as its secondary 
INCOME FUND  Assets    average net    objective. 
    Next $5 billion  0.500%  assets)     
    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  $30,538,729  First $5 billion of Total  0.780%  $207,222  Yes  Long-term growth of 
VT CAPITAL    Open-End Mutual    (Represents    capital. 
OPPORTUNITIES  Fund Average Net    0.64% of     
FUND    Assets    average net     
    Next $5 billion  0.730%  assets)     
    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  $447,542,301  First $5 billion of Total  0.700%  $2,532,568  Yes  As high a level of current 
DIVERSIFIED    Open-End Mutual    (Represents    income as Putnam 
INCOME FUND  Fund Average Net    0.56% of    Management believes 
    Assets    average net    is consistent with 
    Next $5 billion  0.650%  assets)    preservation of capital. 
    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  $387,269,715  First $5 billion of Total  0.630%  $1,806,301  Yes  Capital growth and 
EQUITY INCOME  Open-End Mutual    (Represents    current income. 
FUND    Fund Average Net    0.49% of     
    Assets    average net     
    Next $5 billion  0.580%  assets)     
    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  $173,285,587  First $5 billion of Total  0.680%  $956,470  Yes  Both capital growth and 
GEORGE PUTNAM  Open-End Mutual    (Represents    current income. 
BALANCED FUND  Fund Average Net    0.54% of     
    Assets    average net     
    Next $5 billion  0.630%  assets)     
    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 of Total  0.750%  $1,280,104  Yes  Long-term return 
GLOBAL ASSET  Open-End Mutual    (Represents    consistent with 
ALLOCATION  Fund Average Net    0.61% of    preservation of capital. 
FUND    Assets    average net     
    Next $5 billion  0.700%  assets)     
    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%       

 

D-21 

 



        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      mance adjustments and  be reduced under any  Current Investment 
Fund  FYE 1  Current Management Fee Schedule  reimbursements, if any)($)  applicable contract?  Objective 

PUTNAM VT  $198,411,625  First $5 billion of Total  0.850%  $1,394,894  Yes  Capital appreciation. 
GLOBAL EQUITY  Open-End Mutual    (Represents     
FUND    Fund Average Net    0.71% of     
    Assets    average net     
    Next $5 billion  0.800%  assets)     
    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 of Total  0.780%  $663,474  Yes  Capital appreciation. 
GLOBAL HEALTH  Open-End Mutual    (Represents     
CARE FUND    Fund Average Net    0.64% of     
    Assets    average net     
    Next $5 billion  0.730%  assets)     
    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 of Total  0.780%  $724,377  Yes  Capital growth and 
GLOBAL UTILITIES  Open-End Mutual    (Represents    current income. 
FUND    Fund Average Net    0.64% of     
    Assets    average net     
    Next $5 billion  0.730%  assets)     
    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 of Total  0.630%  $5,691,727  Yes  Capital growth and 
GROWTH AND  Open-End Mutual    (Represents    current income. 
INCOME FUND  Fund Average Net    0.49% of     
    Assets    average net     
    Next $5 billion  0.580%  assets)     
    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 of Total  0.710%  $120,564  Yes  Capital appreciation. 
GROWTH    Open-End Mutual    (Represents     
OPPORTUNITIES  Fund Average Net    0.47% of     
FUND    Assets    average net     
    Next $5 billion  0.660%  assets)     
    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  $397,577,870  First $5 billion of Total  0.720%  $2,293,594  Yes  High current income. 
YIELD FUND  Open-End Mutual    (Represents    Capital growth is 
    Fund Average Net    0.58% of    a secondary goal 
    Assets    average net    when consistent with 
    Next $5 billion  0.670%  assets)    achieving high current 
    Next $10 billion  0.620%      income. 
    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%       

 

D-22 

 



        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      mance adjustments and  be reduced under any  Current Investment 
Fund  FYE 1  Current Management Fee Schedule  reimbursements, if any)($)  applicable contract?  Objective 

PUTNAM VT  $379,960,720  First $5 billion of Total  0.550%  $1,576,095  Yes  High current income 
INCOME FUND  Open-End Mutual    (Represents    consistent with what 
    Fund Average Net    0.41% of    Putnam Management 
    Assets    average net    believes to be prudent 
    Next $5 billion  0.500%  assets)    risk. 
    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  $415,527,777  First $5 billion of Total  0.850%  $2,946,769  Yes  Capital appreciation. 
INTERNATIONAL  Open-End Mutual    (Represents     
EQUITY FUND  Fund Average Net    0.71% of     
    Assets    average net     
    Next $5 billion  0.800%  assets)     
    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 of Total  1.080%  $497,013  Yes  Long-term capital 
INTERNATIONAL  Open-End Mutual    (Represents    appreciation. 
GROWTH FUND  Fund Average Net    0.89% of     
    Assets    average net     
    Next $5 billion  1.030%  assets)     
    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 of Total  0.850%  $774,643  Yes  Capital growth. Current 
INTERNATIONAL  Open-End Mutual    (Represents    income is a secondary 
VALUE FUND  Fund Average Net    0.71% of    objective. 
    Assets    average net     
    Next $5 billion  0.800%  assets)     
    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 of Total  0.710%  $1,305,080  Yes  Long-term growth 
INVESTORS FUND  Open-End Mutual    (Represents    of capital and any 
    Fund Average Net    0.57% of    increased income that 
    Assets    average net    results from this growth. 
    Next $5 billion  0.660%  assets)     
    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  $214,045,425  First $5 billion of Total  0.440%  $164,496  Yes  As high a rate of current 
MONEY MARKET  Open-End Mutual    (Represents    income as Putnam 
FUND    Fund Average Net    0.07% of    Management believes 
    Assets    average net    is consistent with 
    Next $5 billion  0.390%  assets)    preservation of capital 
    Next $10 billion  0.340%      and maintenance of 
    Next $10 billion  0.290%      liquidity. 
    Next $50 billion  0.240%       
    Next $50 billion  0.220%       
    Next $100 billion  0.210%       
    Any excess thereafter  0.205%       

 

D-23 

 



        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      mance adjustments and  be reduced under any  Current Investment 
Fund  FYE 1  Current Management Fee Schedule  reimbursements, if any)($)  applicable contract?  Objective 

PUTNAM VT  $647,648,573  First $5 billion of Total  0.710%  $3,787,974  Yes  Long-term capital 
MULTI-CAP    Open-End Mutual    (Represents    appreciation. 
GROWTH FUND  Fund Average Net    0.57% of     
    Assets    average net     
    Next $5 billion  0.660%  assets)     
    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 of Total  0.710%  $195,889  Yes  Capital appreciation 
MULTI-CAP VALUE  Open-End Mutual    (Represents    and, as a secondary 
FUND    Fund Average Net    0.57% of    objective, current 
    Assets    average net    income. 
    Next $5 billion  0.660%  assets)     
    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  $53,107,377  First $5 billion of Total  0.710%  $312,623  Yes  Capital appreciation. 
RESEARCH FUND  Open-End Mutual    (Represents     
    Fund Average Net    0.57% of     
    Assets    average net     
    Next $5 billion  0.660%  assets)     
    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 of Total  0.780%  $1,423,370  Yes  Capital appreciation. 
SMALL CAP VALUE  Open-End Mutual    (Represents     
FUND    Fund Average Net    0.64% of     
    Assets    average net     
    Next $5 billion  0.730%  assets)     
    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 of Total  0.710%  $4,579,947  Yes  Capital appreciation. 
VOYAGER FUND  Open-End Mutual    (Represents     
    Fund Average Net    0.57% of     
    Assets    average net     
    Next $5 billion  0.660%  assets)     
    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-24 

 



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 1  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(4)  No  Long-term growth of capital  12/31/12 
SMALL COMPANY  Any excess thereafter  0.40%         
FUND               

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 $150 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               

 

* 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) Information provided as of most recently completed fiscal year prior to October 1, 2013.

(2) The fund has not experienced a fiscal year-end as of September 30, 2013.

(3) The net assets figure is based on assets as of the semi-annual period ended May 31, 2013 since this fund has not experienced a fiscal year-end since its inception.

(4) 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.

† Effective July 1, 2011, the fund’s benchmark index is the MSCI All Country Asia ex Japan Index (ND). Before July 1, 2011, the fund’s benchmark index was the MSCI All Country Asia Pacific Index (ND). Because the performance adjustment is based on a rolling thirty-six month performance period (or, if shorter, the period from January 1, 2010 to the end of the month for which the fee adjustment is being computed), there is a transition period during which the fund’s performance is compared to a composite index that reflects the performance of the previous index (MSCI All Country Asia Pacific Index (ND)) for the portion of the performance period before July 1, 2011, and the performance of the new index (MSCI All Country Asia ex-Japan Index (ND)) for the remainder of the period.

Effective July 1, 2011, the fund’s benchmark index is the MSCI EAFE Value Index (ND). Before July 1, 2011, the fund’s benchmark index was the S&P Developed/Ex-U.S. LargeMidCap Value Index. Because the performance adjustment is based on a rolling thirty-six month performance period (or, if shorter, the period from January 1, 2010 to the end of the month for which the fee adjustment is being computed), there is a transition period during which the fund’s performance is compared to a composite index that reflects the performance of the previous index (S&P Developed/Ex-U.S. LargeMidCap Value Index) for the portion of the performance period before July 1, 2011, and the performance of the new index (MSCI EAFE Value Index (ND)) for the remainder of the period.

# The management fee rate is expressed as a percentage of average net assets attributable to common shares of the fund.

D-25 

 



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 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 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

E-1 

 



or employee of, or be otherwise interested in, the Sub-Manager, and in any person controlled by or under common control with 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 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 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 there-under (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. 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:  /s/ Joseph T. Phoenix 
___________________________ 
Joseph T. Phoenix 
Director 
 
 
PUTNAM INVESTMENT MANAGEMENT, LLC 
 
 
By:  /s/ James P. Pappas 
___________________________ 
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

E-4 

 



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 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:  /s/ Joseph T. Phoenix 
___________________________ 
Joseph T. Phoenix 
Director 
 
 
PUTNAM INVESTMENT MANAGEMENT, LLC 
 
 
By:  /s/ James P. Pappas 
___________________________ 
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 on Schedule A hereto, 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 the management 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 on Schedule A the 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

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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 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 on Schedule 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 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) 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

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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

(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:  /s/ Joseph T. Phoenix 
___________________________ 
Joseph T. Phoenix 
Director 
 
   
PUTNAM INVESTMENT MANAGEMENT, LLC 
 
   
By:  /s/ James P. Pappas 
___________________________ 
James P. Pappas 
Director of Trustee Relations and Authorized Person 
 
   
THE PUTNAM ADVISORY COMPANY, LLC 
 
   
By:  /s/ James F. Clark 
___________________________ 
James F. Clark 
Associate General Counsel 

 

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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
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:  /s/ Joseph T. Phoenix 
___________________________ 
Joseph T. Phoenix 
Director 
 
 
PUTNAM INVESTMENT MANAGEMENT, LLC 
 
   
By:  /s/ James P. Pappas 
___________________________ 
James P. Pappas 
Director of Trustee Relations and Authorized Person 
 
 
THE PUTNAM ADVISORY COMPANY, LLC 
 
   
By:  /s/ James F. Clark 
___________________________ 
James F. Clark 
Associate General Counsel 

 

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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 current management 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 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.

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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 of these 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 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.

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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 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

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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 brokerage commissions 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 for investor 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.

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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 PricewaterhouseCoopers LLP 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.

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 30, 2013  $62,119  $—  $5,474  $— 

  April 30, 2012  $61,723  $—  $5,416  $656 

Putnam Capital Spectrum Fund  April 30, 2013  $95,656  $—  $9,549  $— 

  April 30, 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 Equity Fund  May 31, 2013  $73,558  $—  $11,870  $— 

  May 31, 2012  $75,260  $—  $14,922  $39 

Putnam Dynamic Asset Allocation Growth Fund  September 30, 2013  $161,823  $—  $34,890  $— 

  September 30, 2012  $229,014  $—  $33,559  $3,084 

Putnam Europe Equity Fund  June 30, 2013  $62,142  $—  $8,593  $— 

  June 30, 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  $— 

 

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Fund  Fiscal Year Ended  Audit Fees  Audit-Related Fees  Tax Fees  All Other Fees 

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 

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 

 

G-2 

 



Fund  Fiscal Year Ended  Audit Fees  Audit-Related Fees  Tax Fees  All Other Fees 

Putnam Retirement Income Fund Lifestyle 3  February 28, 2013  $82,890  $—  $7,575  $— 

  February 29, 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  $— 

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  $— 

 

G-3 

 



Fund  Fiscal Year Ended  Audit Fees  Audit-Related Fees  Tax Fees  All Other Fees 

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  $— 

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 29, 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  $— 

 

G-4 

 



Fund  Fiscal Year Ended  Audit Fees  Audit-Related Fees  Tax Fees  All Other Fees 

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  $— 

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 29, 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.

G-5 

 



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; and Putnam Short-Term Municipal Income Fund (each audited by KPMG LLP).

Audit Fees represent fees billed for a fund’s last two fiscal years relating to the audit and review of the financial statements included in annual reports and registration statements, and other services that are normally provided in connection with statutory and regulatory filings or engagements. Audit-Related Fees represent fees billed in a fund’s last two fiscal years for services traditionally performed by the fund’s auditor, including accounting consultation for proposed transactions or concerning financial accounting and reporting standards and other audit or attest services not required by statute or regulation.

Tax Fees represent fees billed in a fund’s last two fiscal years for tax compliance, tax planning and tax advice services. Tax planning and tax advice services include assistance with tax audits, employee benefit plans and requests for rulings or technical advice from taxing authorities.

All Other Fees represent 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, 2012: $255,895  Oct. 31, 2011: $187,539 

Putnam Absolute Return 700 Fund  Oct. 31, 2012: $255,626  Oct. 31, 2011: $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 30, 2012: $123,453 

Putnam Capital Spectrum Fund  April 30, 2013: $157,049  April 30, 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  July 31, 2013: $163,159  July 31, 2012: $180,115 
George Putnam Balanced Fund)     

Putnam Global Health Care Fund  Aug. 31, 2013: $157,566  Aug. 31, 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. 31, 2013: $160,949  Aug. 31, 2012: $175,482 

Putnam High Income Securities Fund  Aug. 31, 2013: $163,669  Aug. 31, 2012: $178,460 

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  May 31, 2013: $159,021  May 31, 2012: $104,610 

Putnam Michigan Tax Exempt Income Fund  May 31, 2013: $159,021  May 31, 2012: $104,098 

Putnam Minnesota Tax Exempt Income Fund  May 31, 2013: $159,021  May 31, 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 Income Fund  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 

 

G-6 

 



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. 29, 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 

 

(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 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 (1)  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 30, 2012: $3,350 

Putnam Floating Rate Income Fund  Feb. 28, 2013: $6,900  Feb. 29, 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 

 

G-7 

 



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 (2)  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 (3)  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 (2)  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 

 

(1) The amounts for the fund represent fees for the period September 19, 2011 (commencement of operations) to the fiscal period ended May 31, 2012.

(2) The amounts for the fund represent fees for the period March 18, 2013 (commencement of operations) to the fiscal period ended July 31, 2013.

(3) The amounts for the fund represent fees for the period October 17, 2011 (commencement of operations) to the fiscal period ended July 31, 2012.

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 services by 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):

G-8 

 



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 30, 2012: $97,505 

Putnam Capital Spectrum Fund  April 30, 2013: $147,500  April 30, 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 Income Fund  May 31, 2013: $147,500  May 31, 2012: $76,005 

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. 29, 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 

 

G-9 

 



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 

 

(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 

 



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 Money Market Liquidity Fund, Putnam RetirementReady 2055 Fund, Putnam RetirementReady 2045 Fund, Putnam RetirementReady 2035 Fund, or Putnam Short Term Investment 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) 

 

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 Putnam Fund for Growth and Income  The George Putnam Fund of Boston     
      (d/b/a George Putnam Balanced Fund)  Putnam Global Consumer Fund 

Liaquat Ahamed  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000 

Ravi Akhoury  Over $100,000  7,243.008  $1-$10,000  108.848  $1-$10,000  123.616 

Barbara M. Baumann  $10,001-$50,000  1,790.177  $1-$10,000  104.772  $1-$10,000  119.409 

Jameson A. Baxter  Over $100,000  15,159.070  Over $100,000  15,569.572  $10,001-$50,000  651.294 

Charles B. Curtis  $1-$10,000  286.941  $1-$10,000  389.724  $1-$10,000  123.616 

Robert J. Darretta  $1-$10,000  234.871  $1-$10,000  131.391  $1-$10,000  123.616 

Katinka Domotorffy  $1-$10,000  100.993  $1-$10,000  101.244  $1-$10,000  100.000 

John A. Hill  Over $100,000  61,769.013  Over $100,000  24,273.749  $1-$10,000  100.000 

Paul L. Joskow  Over $100,000  9,351.476  $10,001-$50,000  2,505.334  $1-$10,000  180.547 

Kenneth R. Leibler  $1-$10,000  253.445  $1-$10,000  145.756  $1-$10,000  123.616 

Robert E. Patterson  $10,001-$50,000  1,453.591  $10,001-$50,000  1,546.096  $10,001-$50,000  966.899 

George Putnam, III  Over $100,000  14,861.585  Over $100,000  88,710.764  $10,001-$50,000  1,392.068 

*Robert L. Reynolds  Over $100,000  56,077.644  $1-$10,000  110.529  $1-$10,000  123.616 

W. Thomas Stephens  $1-$10,000  387.739  $1-$10,000  386.516  $1-$10,000  123.616 

Trustees and Officers  Over $100,000  187,750.104  Over $100,000  142,891.035  $50,001-$100,000  4,351.913 
as a group  (Class Y shares)  (Class Y shares)    (Class Y shares)  (Class Y shares)  (Class Y shares) 
    (7.80%)    (2.00%)    (2.35%) 

 

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 Dividend Fund  Putnam Global Energy Fund  Putnam Global Equity Fund 

Liaquat Ahamed  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000 

Ravi Akhoury  $1-$10,000  100.736  $1-$10,000  112.684  Over $100,000  31,993.300 

Barbara M. Baumann  $10,001-$50,000  1,037.433  $1-$10,000  109.797  $10,001-$50,000  1,818.281 

Jameson A. Baxter  $50,001-$100,000  4,787.845  $1-$10,000  543.313  Over $100,000  11,740.043 

Charles B. Curtis  $1-$10,000  100.736  $1-$10,000  112.684  $1-$10,000  471.303 

Robert J. Darretta  $1-$10,000  100.736  $1-$10,000  112.684  $1-$10,000  107.371 

Katinka Domotorffy  $1-$10,000  100.736  $1-$10,000  100.000  $1-$10,000  100.000 

John A. Hill  $1-$10,000  100.736  $1-$10,000  100.000  Over $100,000  40,281.555 

Paul L. Joskow  $1-$10,000  150.953  $1-$10,000  155.926  $1-$10,000  680.497 

Kenneth R. Leibler  $1-$10,000  172.087  $1-$10,000  112.684  $1-$10,000  109.075 

Robert E. Patterson  $1-$10,000  499.684  $10,001-$50,000  961.207  $50,001-$100,000  5,502.941 

George Putnam, III  $10,001-$50,000  1,208.835  $10,001-$50,000  1,252.032  Over $100,000  131,724.514 

*Robert L. Reynolds  $0  0.000  $1-$10,000  112.684  Over $100,000  84,469.387 

W. Thomas Stephens  $1-$10,000  100.736  $1-$10,000  112.684  $1-$10,000  664.537 

Trustees and Officers  $50,001-$100,000  8,561.253  $50,001-$100,000  3,998.379  Over $100,000  349,947.858 
as a group  (Class Y shares)  (Class Y shares)  (Class Y shares)  (Class Y shares)  (Class Y shares)  (Class Y shares) 
    (25.30%)    (4.01%)    (15.76%) 

  Putnam Global Financials Fund  Putnam Global Health Care Fund  Putnam Global Income Trust 

Liaquat Ahamed  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000 

Ravi Akhoury  $1-$10,000  118.048  $1-$10,000  100.000  $1-$10,000  135.892 

Barbara M. Baumann  $1-$10,000  112.336  $1-$10,000  124.348  $1-$10,000  114.699 

Jameson A. Baxter  $1-$10,000  677.665  $10,001-$50,000  284.691  $10,001-$50,000  1,407.542 

Charles B. Curtis  $1-$10,000  118.048  $10,001-$50,000  202.365  $1-$10,000  203.128 

Robert J. Darretta  $1-$10,000  118.048  $1-$10,000  159.427  $1-$10,000  148.369 

Katinka Domotorffy  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  102.495 

John A. Hill  $1-$10,000  100.000  Over $100,000  5,814.358  $10,001-$50,000  828.491 

Paul L. Joskow  $1-$10,000  170.922  $10,001-$50,000  658.879  $1-$10,000  279.523 

Kenneth R. Leibler  $1-$10,000  118.048  $10,001-$50,000  176.238  $1-$10,000  152.733 

Robert E. Patterson  $10,001-$50,000  952.640  $10,001-$50,000  451.269  $10,001-$50,000  1,225.932 

George Putnam, III  $10,001-$50,000  1,648.729  Over $100,000  5,550.336  $50,001-$100,000  5,855.879 

*Robert L. Reynolds  $1-$10,000  118.048  $1-$10,000  124.758  Over $100,000  53,972.042 

W. Thomas Stephens  $1-$10,000  118.048  $10,001-$50,000  270.003  $1-$10,000  254.854 

Trustees and Officers  $50,001-$100,000  4,570.580  Over $100,000  14,116.672  Over $100,000  64,781.579 
as a group  (Class Y shares)  (Class Y shares)  (Class Y shares)  (Class Y shares)  (Class Y shares)  (Class Y shares) 
    (1.32%)    (2.67%)    (1.93%) 

  Putnam Global Industrials Fund  Putnam Global Natural Resources Fund  Putnam Global Sector Fund 

Liaquat Ahamed  $1-$10,000  100.000  $1-$10,000  100.000  $0  0.000 

Ravi Akhoury  Over $100,000  6,123.831  $1-$10,000  100.000  $1-$10,000  115.385 

Barbara M. Baumann  $1-$10,000  116.690  $1-$10,000  105.303  $1-$10,000  115.385 

Jameson A. Baxter  $10,001-$50,000  632.441  $10,001-$50,000  1,531.423  $10,001-$50,000  1,210.751 

Charles B. Curtis  $1-$10,000  121.430  $1-$10,000  243.405  $1-$10,000  115.385 

Robert J. Darretta  $1-$10,000  121.430  $1-$10,000  151.832  $1-$10,000  115.385 

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  13,314.092  $1-$10,000  100.000 

Paul L. Joskow  $1-$10,000  171.026  $1-$10,000  265.023  $1-$10,000  174.119 

Kenneth R. Leibler  $1-$10,000  121.430  $1-$10,000  170.275  $1-$10,000  115.385 

Robert E. Patterson  $10,001-$50,000  954.932  $10,001-$50,000  552.319  $10,001-$50,000  3,373.430 

George Putnam, III  $10,001-$50,000  1,499.116  Over $100,000  7,087.907  $10,001-$50,000  2,319.288 

*Robert L. Reynolds  $1-$10,000  121.430  $1-$10,000  106.420  Over $100,000  35,210.585 

W. Thomas Stephens  $1-$10,000  121.430  $1-$10,000  308.912  $1-$10,000  115.385 

Trustees and Officers  Over $100,000  10,405.186  Over $100,000  24,136.911  Over $100,000  43,614.711 
as a group  (Class Y shares)  (Class Y shares)  (Class Y shares)  (Class Y shares)  (Class Y shares)  (Class Y shares) 
    (9.48%)    (1.04%)    (16.21%) 

 

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 Technology Fund  Putnam Global Telecommunications Fund  Putnam Global Utilities Fund 

Liaquat Ahamed  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  100.000 

Ravi Akhoury  Over $100,000  6,442.709  $1-$10,000  118.604  $1-$10,000  115.940 

Barbara M. Baumann  $1-$10,000  107.004  $1-$10,000  114.516  $1-$10,000  110.207 

Jameson A. Baxter  $1-$10,000  543.000  $10,001-$50,000  630.868  $1-$10,000  784.327 

Charles B. Curtis  $1-$10,000  113.595  $1-$10,000  118.604  $1-$10,000  142.713 

Robert J. Darretta  $1-$10,000  113.595  $1-$10,000  118.604  $1-$10,000  119.959 

Katinka Domotorffy  $1-$10,000  100.000  $1-$10,000  100.000  $1-$10,000  102.009 

John A. Hill  $1-$10,000  100.000  $1-$10,000  100.000  $10,001-$50,000  4,082.111 

Paul L. Joskow  $1-$10,000  160.747  $1-$10,000  175.448  $10,001-$50,000  1,196.697 

Kenneth R. Leibler  $1-$10,000  113.595  $1-$10,000  118.604  $1-$10,000  121.175 

Robert E. Patterson  $10,001-$50,000  807.525  $10,001-$50,000  1,155.893  $1-$10,000  868.137 

George Putnam, III  $10,001-$50,000  1,232.058  $10,001-$50,000  1,392.059  $10,001-$50,000  2,631.185 

*Robert L. Reynolds  $1-$10,000  113.595  $1-$10,000  118.604  $1-$10,000  115.940 

W. Thomas Stephens  $1-$10,000  113.595  $1-$10,000  118.604  $1-$10,000  197.897 

Trustees and Officers  Over $100,000  10,161.018  $50,001-$100,000  4,480.408  Over $100,000  10,688.297 
as a group  (Class Y shares)  (Class Y shares)  (Class Y shares)  (Class Y shares)  (Class Y shares)  (Class Y shares) 
    (9.42%)    (1.97%)    (3.36%) 

  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 funds and Putnam Management. Mr. Reynolds is deemed an “interested person” by virtue of his positions as an officer of the funds 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. 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.

  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 

 

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)  2,905  N/A  2,107  N/A 

Ravi Akhoury/2009  2,984  N/A  2,171  N/A 

Barbara M. Baumann/2010(4)  2,984  N/A  2,171  N/A 

Jameson A. Baxter/1994(4)(6)  4,179  1,443  2,935  1,010 

Charles B. Curtis/2001  2,984  890  2,171  624 

Robert J. Darretta/2007(4)  2,984  N/A  2,171  N/A 

Katinka Domotorffy/2012(3)(4)  3,089  N/A  2,241  N/A 

John A. Hill/1985(4)  2,984  2,503  2,171  1,752 

Paul L. Joskow/1997(4)  3,028  1,002  2,204  701 

Elizabeth T. Kennan/1992(5)  2,555  1,618  1,847  1,137 

Kenneth R. Leibler/2006  3,236  N/A  2,353  N/A 

Robert E. Patterson/1984  3,236  1,508  2,353  1,054 

George Putnam, III/1984  2,984  1,574  2,171  1,097 

W. Thomas Stephens/1997(7)  2,984  1,011  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  289  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)  7,139  N/A  1,147  N/A 

Ravi Akhoury/2009  7,347  N/A  1,589  N/A 

Barbara M. Baumann/2010(4)  7,347  N/A  1,558  N/A 

Jameson A. Baxter/1994(4)(6)  10,284  3,471  2,308  709 

Charles B. Curtis/2001  7,347  2,139  1,589  441 

Robert J. Darretta/2007(4)  7,347  N/A  1,589  N/A 

Katinka Domotorffy/2012(3)(4)  7,592  N/A  1,209  N/A 

John A. Hill/1985(4)  7,347  6,021  1,558  1,229 

Paul L. Joskow/1997(4)  7,460  2,412  1,589  491 

Elizabeth T. Kennan/1992(5)  6,245  3,887  1,589  806 

Kenneth R. Leibler/2006  7,965  N/A  1,720  N/A 

Robert E. Patterson/1984  7,965  3,627  1,720  737 

George Putnam, III/1984  7,347  3,789  1,589  762 

W. Thomas Stephens/1997(7)  7,347  2,430  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)  14,648  N/A  5,587  N/A 

Ravi Akhoury/2009  15,087  N/A  5,748  N/A 

Barbara M. Baumann/2010(4)  15,087  N/A  5,748  N/A 

Jameson A. Baxter/1994(4)(6)  21,216  6,997  8,070  2,706 

Charles B. Curtis/2001  15,087  4,308  5,748  1,667 

Robert J. Darretta/2007(4)  15,087  N/A  5,748  N/A 

Katinka Domotorffy/2012(3)(4)  15,562  N/A  5,935  N/A 

John A. Hill/1985(4)  15,087  12,140  5,748  4,695 

Paul L. Joskow/1997(4)  15,355  4,864  5,843  1,881 

Elizabeth T. Kennan/1992(5)  12,477  7,825  4,815  3,029 

Kenneth R. Leibler/2006  16,356  N/A  6,232  N/A 

Robert E. Patterson/1984  16,356  7,318  6,232  2,830 

George Putnam, III/1984  15,087  7,651  5,748  2,957 

W. Thomas Stephens/1997(7)  15,087  4,897  5,748  1,894 

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)  2,410  N/A  70  N/A 

Ravi Akhoury/2009  2,483  N/A  96  N/A 

Barbara M. Baumann/2010(4)  2,483  N/A  95  N/A 

Jameson A. Baxter/1994(4)(6)  3,483  1,159  140  44 

Charles B. Curtis/2001  2,483  714  96  27 

Robert J. Darretta/2007(4)  2,483  N/A  96  N/A 

Katinka Domotorffy/2012(3)(4)  2,562  N/A  74  N/A 

John A. Hill/1985(4)  2,483  2,010  95  76 

Paul L. Joskow/1997(4)  2,524  805  96  31 

Elizabeth T. Kennan/1992(5)  2,084  1,296  96  50 

Kenneth R. Leibler/2006  2,692  N/A  104  N/A 

Robert E. Patterson/1984  2,692  1,212  104  46 

George Putnam, III/1984  2,483  1,266  96  48 

W. Thomas Stephens/1997(7)  2,483  811  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)  6,799  N/A  629  N/A 

Ravi Akhoury/2009  6,995  N/A  812  N/A 

Barbara M. Baumann/2010(4)  6,995  N/A  800  N/A 

Jameson A. Baxter/1994(4)(6)  9,821  3,287  1,158  338 

Charles B. Curtis/2001  6,995  2,024  812  209 

Robert J. Darretta/2007(4)  6,995  N/A  812  N/A 

Katinka Domotorffy/2012(3)(4)  7,221  N/A  663  N/A 

John A. Hill/1985(4)  6,995  5,702  800  586 

Paul L. Joskow/1997(4)  7,112  2,284  812  234 

Elizabeth T. Kennan/1992(5)  5,853  3,677  812  381 

Kenneth R. Leibler/2006  7,584  N/A  879  N/A 

Robert E. Patterson/1984  7,584  3,436  879  352 

George Putnam, III/1984  6,995  3,591  812  366 

W. Thomas Stephens/1997(7)  6,995  2,300  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  2,442  N/A 

Ravi Akhoury/2009  16,551  N/A  3,143  N/A 

Barbara M. Baumann/2010(4)  16,220  N/A  3,095  N/A 

Jameson A. Baxter/1994(4)(6)  23,934  6,476  4,475  1,283 

Charles B. Curtis/2001  16,241  4,111  3,143  796 

Robert J. Darretta/2007(4)  16,551  N/A  3,143  N/A 

Katinka Domotorffy/2012(3)(4)  3,992  N/A  2,566  N/A 

John A. Hill/1985(4)  16,220  11,209  3,095  2,225 

Paul L. Joskow/1997(4)  16,241  4,444  3,143  889 

Elizabeth T. Kennan/1992(5)  14,691  7,674  3,143  1,454 

Kenneth R. Leibler/2006  17,921  N/A  3,403  N/A 

Robert E. Patterson/1984  17,921  6,648  3,403  1,335 

George Putnam, III/1984  16,551  6,724  3,143  1,383 

W. Thomas Stephens/1997(7)  16,551  4,603  3,143  902 

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  5,145  N/A 

Ravi Akhoury/2009  20,576  N/A  5,292  N/A 

Barbara M. Baumann/2010(4)  20,176  N/A  5,292  N/A 

Jameson A. Baxter/1994(4)(6)  30,148  6,790  7,158  2,477 

Charles B. Curtis/2001  20,169  4,341  5,292  1,532 

Robert J. Darretta/2007(4)  20,576  N/A  5,292  N/A 

Katinka Domotorffy/2012(3)(4)  4,709  N/A  5,466  N/A 

John A. Hill/1985(4)  20,176  11,747  5,292  4,296 

Paul L. Joskow/1997(4)  20,169  4,645  5,380  1,719 

Elizabeth T. Kennan/1992(5)  18,137  8,172  4,439  2,790 

Kenneth R. Leibler/2006  22,274  N/A  5,738  N/A 

Robert E. Patterson/1984  22,274  6,942  5,738  2,583 

George Putnam, III/1984  20,576  6,971  5,292  2,687 

W. Thomas Stephens/1997(7)  20,576  4,843  5,292  1,737 

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  0  N/A 

Barbara M. Baumann/2010(4)  1,318  N/A  0  N/A 

Jameson A. Baxter/1994(4)(6)  1,847  648  0  0 

Charles B. Curtis/2001  1,318  400  0  0 

Robert J. Darretta/2007(4)  1,318  N/A  0  N/A 

Katinka Domotorffy/2012(3)(4)  1,365  N/A  N/A  N/A 

John A. Hill/1985(4)  1,318  1,123  0  0 

Paul L. Joskow/1997(4)  1,338  450  0  0 

Elizabeth T. Kennan/1992(5)  1,129  728  0  0 

Kenneth R. Leibler/2006  1,430  N/A  0  N/A 

Robert E. Patterson/1984  1,430  676  0  0 

George Putnam, III/1984  1,318  704  0  0 

W. Thomas Stephens/1997(7)  1,318  454  0  0 

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  1,513  N/A 

Ravi Akhoury/2009  910  N/A  1,557  N/A 

Barbara M. Baumann/2010(4)  910  N/A  1,557  N/A 

Jameson A. Baxter/1994(4)(6)  1,277  433  2,103  719 

Charles B. Curtis/2001  910  267  1,557  444 

Robert J. Darretta/2007(4)  910  N/A  1,557  N/A 

Katinka Domotorffy/2012(3)(4)  940  N/A  1,607  N/A 

John A. Hill/1985(4)  910  751  1,557  1,246 

Paul L. Joskow/1997(4)  925  301  1,584  499 

Elizabeth T. Kennan/1992(5)  764  487  1,299  809 

Kenneth R. Leibler/2006  987  N/A  1,689  N/A 

Robert E. Patterson/1984  987  452  1,689  749 

George Putnam, III/1984  910  471  1,557  780 

W. Thomas Stephens/1997(7)  910  304  1,557  504 

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  6,180  N/A 

Ravi Akhoury/2009  4,151  N/A  6,356  N/A 

Barbara M. Baumann/2010(4)  4,067  N/A  6,356  N/A 

Jameson A. Baxter/1994(4)(6)  6,034  1,664  8,887  3,022 

Charles B. Curtis/2001  4,072  1,057  6,356  1,865 

Robert J. Darretta/2007(4)  4,151  N/A  6,356  N/A 

Katinka Domotorffy/2012(3)(4)  1,022  N/A  6,570  N/A 

John A. Hill/1985(4)  4,067  2,880  6,356  5,241 

Paul L. Joskow/1997(4)  4,072  1,141  6,450  2,098 

Elizabeth T. Kennan/1992(5)  3,679  1,976  5,441  3,394 

Kenneth R. Leibler/2006  4,494  N/A  6,892  N/A 

Robert E. Patterson/1984  4,494  1,707  6,892  3,154 

George Putnam, III/1984  4,151  1,725  6,356  3,288 

W. Thomas Stephens/1997(7)  4,151  1,183  6,356  2,117 

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)  3,600  N/A  3,117  N/A 

Ravi Akhoury/2009  3,699  N/A  4,389  N/A 

Barbara M. Baumann/2010(4)  3,699  N/A  4,302  N/A 

Jameson A. Baxter/1994(4)(6)  5,188  1,765  5,907  1,992 

Charles B. Curtis/2001  3,699  1,089  4,389  1,234 

Robert J. Darretta/2007(4)  3,699  N/A  4,389  N/A 

Katinka Domotorffy/2012(3)(4)  3,824  N/A  3,294  N/A 

John A. Hill/1985(4)  3,699  3,061  4,302  3,454 

Paul L. Joskow/1997(4)  3,758  1,225  4,389  1,381 

Elizabeth T. Kennan/1992(5)  3,130  1,982  4,389  2,251 

Kenneth R. Leibler/2006  4,011  N/A  4,751  N/A 

Robert E. Patterson/1984  4,011  1,842  4,751  2,075 

George Putnam, III/1984  3,699  1,921  4,389  2,154 

W. Thomas Stephens/1997(7)  3,699  1,237  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)  1,395  N/A  645  N/A 

Ravi Akhoury/2009  1,436  N/A  905  N/A 

Barbara M. Baumann/2010(4)  1,436  N/A  887  N/A 

Jameson A. Baxter/1994(4)(6)  2,014  674  1,218  410 

Charles B. Curtis/2001  1,436  415  905  254 

Robert J. Darretta/2007(4)  1,436  N/A  905  N/A 

Katinka Domotorffy/2012(3)(4)  1,482  N/A  681  N/A 

John A. Hill/1985(4)  1,436  1,169  887  711 

Paul L. Joskow/1997(4)  1,459  468  905  284 

Elizabeth T. Kennan/1992(5)  1,207  754  905  464 

Kenneth R. Leibler/2006  1,557  N/A  980  N/A 

Robert E. Patterson/1984  1,557  705  980  427 

George Putnam, III/1984  1,436  737  905  444 

W. Thomas Stephens/1997(7)  1,436  472  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)  5,963  N/A  453  N/A 

Ravi Akhoury/2009  6,135  N/A  453  N/A 

Barbara M. Baumann/2010(4)  6,135  N/A  453  N/A 

Jameson A. Baxter/1994(4)(6)  8,287  2,845  625  20 

Charles B. Curtis/2001  6,135  1,759  453  12 

Robert J. Darretta/2007(4)  6,135  N/A  453  N/A 

Katinka Domotorffy/2012(3)(4)  6,333  N/A  453  N/A 

John A. Hill/1985(4)  6,135  4,934  453  35 

Paul L. Joskow/1997(4)  6,239  1,974  453  14 

Elizabeth T. Kennan/1992(5)  5,120  3,205  453  22 

Kenneth R. Leibler/2006  6,651  N/A  493  N/A 

Robert E. Patterson/1984  6,651  2,967  493  21 

George Putnam, III/1984  6,135  3,088  453  23 

W. Thomas Stephens/1997(7)  6,135  1,996  453  14 

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  6,292  N/A 

Ravi Akhoury/2009  537  N/A  6,474  N/A 

Barbara M. Baumann/2010(4)  527  N/A  6,474  N/A 

Jameson A. Baxter/1994(4)(6)  781  240  9,099  3,082 

Charles B. Curtis/2001  537  149  6,474  1,899 

Robert J. Darretta/2007(4)  537  N/A  6,474  N/A 

Katinka Domotorffy/2012(3)(4)  409  N/A  6,690  N/A 

John A. Hill/1985(4)  527  415  6,474  5,347 

Paul L. Joskow/1997(4)  537  166  6,580  2,142 

Elizabeth T. Kennan/1992(5)  537  271  5,438  3,451 

Kenneth R. Leibler/2006  581  N/A  7,019  N/A 

Robert E. Patterson/1984  581  249  7,019  3,222 

George Putnam, III/1984  537  258  6,474  3,366 

W. Thomas Stephens/1997(7)  537  168  6,474  2,158 

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)  12,783  N/A  34  N/A 

Ravi Akhoury/2009  13,022  N/A  46  N/A 

Barbara M. Baumann/2010(4)  13,021  N/A  45  N/A 

Jameson A. Baxter/1994(4)(6)  18,319  7,472  66  19 

Charles B. Curtis/2001  13,022  4,629  46  12 

Robert J. Darretta/2007(4)  13,022  N/A  46  N/A 

Katinka Domotorffy/2012(3)(4)  13,683  N/A  36  N/A 

John A. Hill/1985(4)  13,022  12,956  45  34 

Paul L. Joskow/1997(4)  13,139  5,180  46  13 

Elizabeth T. Kennan/1992(5)  11,875  8,443  46  22 

Kenneth R. Leibler/2006  14,134  N/A  50  N/A 

Robert E. Patterson/1984  14,134  7,783  50  20 

George Putnam, III/1984  13,022  8,081  46  21 

W. Thomas Stephens/1997(7)  13,022  5,246  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  733  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)  936  N/A  N/A  N/A 

Ravi Akhoury/2009  963  N/A  0  N/A 

Barbara M. Baumann/2010(4)  963  N/A  0  N/A 

Jameson A. Baxter/1994(4)(6)  1,301  446  0  0 

Charles B. Curtis/2001  963  276  0  0 

Robert J. Darretta/2007(4)  963  N/A  0  N/A 

Katinka Domotorffy/2012(3)(4)  994  N/A  N/A  N/A 

John A. Hill/1985(4)  963  774  0  0 

Paul L. Joskow/1997(4)  979  310  0  0 

Elizabeth T. Kennan/1992(5)  804  503  0  0 

Kenneth R. Leibler/2006  1,044  N/A  0  N/A 

Robert E. Patterson/1984  1,044  466  0  0 

George Putnam, III/1984  963  485  0  0 

W. Thomas Stephens/1997(7)  963  313  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  28  N/A 

Ravi Akhoury/2009  0  N/A  29  N/A 

Barbara M. Baumann/2010(4)  0  N/A  29  N/A 

Jameson A. Baxter/1994(4)(6)  0  0  41  13 

Charles B. Curtis/2001  0  0  29  8 

Robert J. Darretta/2007(4)  0  N/A  29  N/A 

Katinka Domotorffy/2012(3)(4)  N/A  N/A  30  N/A 

John A. Hill/1985(4)  0  0  29  23 

Paul L. Joskow/1997(4)  0  0  29  9 

Elizabeth T. Kennan/1992(5)  0  0  24  15 

Kenneth R. Leibler/2006  0  N/A  31  N/A 

Robert E. Patterson/1984  0  0  31  14 

George Putnam, III/1984  0  0  29  14 

W. Thomas Stephens/1997(7)  0  0  29  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  5,136  N/A 

Ravi Akhoury/2009  453  N/A  5,286  N/A 

Barbara M. Baumann/2010(4)  453  N/A  5,286  N/A 

Jameson A. Baxter/1994(4)(6)  625  4  7,400  2,507 

Charles B. Curtis/2001  453  3  5,286  1,545 

Robert J. Darretta/2007(4)  453  N/A  5,286  N/A 

Katinka Domotorffy/2012(3)(4)  453  N/A  5,463  N/A 

John A. Hill/1985(4)  453  8  5,286  4,349 

Paul L. Joskow/1997(4)  453  3  5,366  1,742 

Elizabeth T. Kennan/1992(5)  453  5  4,503  2,808 

Kenneth R. Leibler/2006  493  N/A  5,731  N/A 

Robert E. Patterson/1984  493  5  5,731  2,620 

George Putnam, III/1984  453  5  5,286  2,737 

W. Thomas Stephens/1997(7)  453  3  5,286  1,755 

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)  184  N/A  4,944  N/A 

Ravi Akhoury/2009  189  N/A  5,086  N/A 

Barbara M. Baumann/2010(4)  189  N/A  5,086  N/A 

Jameson A. Baxter/1994(4)(6)  266  92  6,896  2,427 

Charles B. Curtis/2001  189  57  5,086  1,502 

Robert J. Darretta/2007(4)  189  N/A  5,086  N/A 

Katinka Domotorffy/2012(3)(4)  196  N/A  5,259  N/A 

John A. Hill/1985(4)  189  160  5,086  4,209 

Paul L. Joskow/1997(4)  192  64  5,161  1,684 

Elizabeth T. Kennan/1992(5)  161  103  4,358  2,736 

Kenneth R. Leibler/2006  205  N/A  5,515  N/A 

Robert E. Patterson/1984  205  96  5,515  2,530 

George Putnam, III/1984  189  100  5,086  2,631 

W. Thomas Stephens/1997(7)  189  64  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)  6,333  N/A  14,985  N/A 

Ravi Akhoury/2009  6,501  N/A  15,394  N/A 

Barbara M. Baumann/2010(4)  6,501  N/A  15,394  N/A 

Jameson A. Baxter/1994(4)(6)  9,100  3,164  20,875  7,361 

Charles B. Curtis/2001  6,501  1,951  15,394  4,554 

Robert J. Darretta/2007(4)  6,501  N/A  15,394  N/A 

Katinka Domotorffy/2012(3)(4)  6,732  N/A  15,914  N/A 

John A. Hill/1985(4)  6,501  5,489  15,394  12,766 

Paul L. Joskow/1997(4)  6,594  2,198  15,645  5,107 

Elizabeth T. Kennan/1992(5)  5,587  3,548  12,945  8.298 

Kenneth R. Leibler/2006  7,050  N/A  16,693  N/A 

Robert E. Patterson/1984  7,050  3,306  16,693  7,675 

George Putnam, III/1984  6,501  3,450  15,394  7,982 

W. Thomas Stephens/1997(7)  6,501  2,216  15,394  5,164 

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  1,279  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.

(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):

I-19 

 



    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  3,529 

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  3,593  4,877  21,692  10,184  619  57,727  16,808 

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  6,205  8,422  37,462  17,587  1,069  99,694  29,027 

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  14,055  4,040 

Putnam Convertible Securities Fund  690  2,653  15,575  5,673  0  44,514  12,403 

Putnam Diversified Income Trust  10,622  14,417  64,129  30,107  1,829  170,661  49,690 

Putnam Dynamic Asset Allocation Balanced Fund  4,341  5,893  26,210  12,305  748  69,752  20,309 

Putnam Dynamic Asset Allocation Conservative Fund  1,867  2,534  11,270  5,291  321  29,991  8,732 

Putnam Dynamic Asset Allocation Equity Fund  20  33  159  70  3  437  126 

Putnam Dynamic Asset Allocation Growth Fund  4,354  5,910  26,289  12,342  750  69,962  20,370 

Putnam Dynamic Risk Allocation Fund  54  88  416  184  7  1,142  328 

Putnam Emerging Markets Equity Fund  52  70  311  146  9  826  241 

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  8,863  12,044  53,131  25,152  1,528  142,032  41,399 
(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  18  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  3,465  4,709  20,772  9,833  597  55,530  16,185 

Putnam High Yield Advantage Fund  948  3,647  21,416  7,797  0  61,257  17,056 

Putnam High Yield Trust  7,524  10,226  45,435  21,354  1,297  120,756  35,166 

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  2,590  3,520  15,641  7,351  447  41,570  12,106 

Putnam International Equity Fund  6,939  11,328  53,937  23,765  969  148,220  42,563 

Putnam International Growth Fund  3,730  5,062  22,517  10,571  642  59,923  17,447 

 

I-20 

 



    Ms.      Ms.     
Fund  Mr. Ahamed  Baumann  Ms. Baxter  Mr. Darretta  Domotorffy  Mr. Hill  Dr. Joskow 

Putnam International Value Fund  1,356  2,214  10,540  4,644  189  28,965  8,317 

Putnam Investors Fund  12,382  16,828  74,230  35,140  2,135  198,435  57,839 

Putnam Low Volatility Equity Fund  3  4  19  9  1  50  15 

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  6,541  8,878  39,488  18,538  1,126  105,085  30,597 

Putnam Money Market Liquidity Fund  3,712  5,039  22,412  10,522  639  59,644  17,366 

Putnam Multi-Cap Core Fund  5  8  40  18  1  109  31 

Putnam Multi-Cap Growth Fund  27,997  45,705  217,623  95,888  3,908  598,038  171,731 

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  1,629  2,215  9,769  4,624  281  26,114  7,612 

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  5  7  30  14  1  80  23 

Putnam Retirement Income Fund Lifestyle 3  158  348  1,790  734  13  5,036  1,429 

Putnam Short Duration Income Fund  294  400  1,765  836  51  4,718  1,375 

Putnam Short Term Investment Fund  550  748  3,298  1,561  95  8,817  2,570 

Putnam Short-Term Municipal Income Fund  0  0  0  0  0  0  0 

Putnam Small Cap Growth Fund  517  843  4,015  1,769  72  11,034  3,168 

Putnam Small Cap Value Fund  590  1,304  6,707  2,749  50  18,886  5,353 

Putnam Strategic Volatility Equity Fund  1  1  5  2  0  13  4 

Putnam Tax Exempt Income Fund  5,419  7,355  32,716  15,359  933  87,063  25,350 

Putnam Tax Exempt Money Market Fund  614  834  3,709  1,741  106  9,869  2,874 

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  7,106  9,646  42,904  20,142  1,224  114,175  33,244 

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 

 

I-21 

 



    Ms.      Ms.     
Fund  Mr. Ahamed  Baumann  Ms. Baxter  Mr. Darretta  Domotorffy  Mr. Hill  Dr. Joskow 

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 

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.

I-22 

 



Appendix J — 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 

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 (2)       

Putnam International Capital Opportunities Fund  2,317,412  2,507,276  August 31, 2013 

 

J-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 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 (3)  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 (4)  112,958  Not Applicable  July 31, 2013 

Putnam Short-Term Municipal Income Fund (2)  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 (3)  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 

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 

 

J-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 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) The 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) The 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) The fund has not completed a full fiscal year of operations. Amounts represent fees for the period March 18, 2013 (commencement of operations) to the fiscal period ended July 31, 2013.

(4) The fund has not completed a full fiscal year of operations. Amounts represent fees for the period February 19, 2013 (commencement of operations) to the fiscal period ended July 31, 2013.

Appendix K — 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 K.

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% 

 

Class  Shareholder Name and Address  Holdings  Percentage Owned 

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% 

 

J/K-1 

 



Class  Shareholder Name and Address  Holdings  Percentage Owned 

Putnam Absolute Return 100 Fund (cont.)   
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% 

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% 

 

Class  Shareholder Name and Address  Holdings  Percentage Owned 

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% 

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% 

 

K-2 

 



Class  Shareholder Name and Address  Holdings  Percentage Owned 

Putnam Absolute Return 300 Fund (cont.)   
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% 

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% 

 

Class  Shareholder Name and Address  Holdings  Percentage Owned 

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% 

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     
  700 17th St., Ste. 300     
  Denver, CO 80202-3531  14,899  7.90% 

R  MG Trust Company     
  Watten Discoe Bassett & McMains     
  700 17th 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 80202-3531  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% 

 

K-3 

 



Class  Shareholder Name and Address  Holdings  Percentage Owned 

Putnam Absolute Return 500 Fund (cont.)   
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% 

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% 

 

Class  Shareholder Name and Address  Holdings  Percentage Owned 

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% 

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% 

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% 

 

K-4 

 



Class  Shareholder Name and Address  Holdings  Percentage Owned 

Putnam American Government Income Fund (cont.)   
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% 

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% 

 

Class  Shareholder Name and Address  Holdings  Percentage Owned 

Y*  IBEW Local Union 126     
  Retirement Plan  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% 

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% 

 

K-5 

 



Class  Shareholder Name and Address  Holdings  Percentage Owned 

Putnam AMT-Free Municipal Fund (cont.)     
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% 

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% 

 

Class  Shareholder Name and Address  Holdings  Percentage Owned 

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% 

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% 

 

K-6 

 



Class  Shareholder Name and Address  Holdings  Percentage Owned 

Putnam Arizona Tax Exempt Income Fund (cont.)   
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% 

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% 

 

Class  Shareholder Name and Address  Holdings  Percentage Owned 

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% 

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  Charles Schwab & Co., Inc.     
  101 Montgomery St.     
  San Francisco, CA 94104-4151  9,267,049  5.41% 

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  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% 

 

K-7 

 



Class  Shareholder Name and Address  Holdings  Percentage Owned 

Putnam California Tax Exempt Income Fund (cont.)   
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% 

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% 

 

Class  Shareholder Name and Address  Holdings  Percentage Owned 

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% 

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% 

 

K-8 

 



Class  Shareholder Name and Address  Holdings  Percentage Owned 

Putnam Capital Spectrum Fund (cont.)     
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% 

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% 

 

Class  Shareholder Name and Address  Holdings  Percentage Owned 

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     
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  1,843,508  7.74% 

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  Pershing LLC     
  P.O. Box 2052     
  Jersey City, NJ 07303-2052  34,564  6.67% 

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  Pershing LLC     
  P.O. Box 2052     
  Jersey City, NJ 07303-2052  244,744  11.56% 

C  Morgan Stanley Smith Barney     
  Harborside Financial Center     
  Plaza 2, 3rd Floor     
  Jersey City, NJ 07311  239,887  11.33% 

 

K-9 

 



Class  Shareholder Name and Address  Holdings  Percentage Owned 

Putnam Convertible Securities Fund (cont.)   
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  Pershing LLC     
  P.O. Box 2052     
  Jersey City, NJ 07303-2052  19,362  11.67% 

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% 

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% 

 

Class  Shareholder Name and Address  Holdings  Percentage Owned 

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% 

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  27,962,078  91.30% 

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% 

 

K-10 

 



Class  Shareholder Name and Address  Holdings  Percentage Owned 

Putnam Diversified Income Trust (cont.)   
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% 

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% 

 

Class  Shareholder Name and Address  Holdings  Percentage Owned 

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% 

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% 

 

K-11 

 



Class  Shareholder Name and Address  Holdings  Percentage Owned 

Putnam Dynamic Asset Allocation Conservative Fund (cont.) 
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% 

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% 

 

Class  Shareholder Name and Address  Holdings  Percentage Owned 

A  Ravi Akhoury     
  6 Pine Valley Way     
  Florham Park, NJ 07932-2700  179  6.47% 

Y***  Putnam Retirement Ready 2050     
  Fund — A shares  456,701  20.67% 

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% 

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% 

 

K-12 

 



Class  Shareholder Name and Address  Holdings  Percentage Owned 

Putnam Dynamic Asset Allocation Growth Fund (cont.) 
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% 

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% 

 

Class  Shareholder Name and Address  Holdings  Percentage Owned 

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% 

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% 

 

K-13 

 



Class  Shareholder Name and Address  Holdings  Percentage Owned 

Putnam Emerging Markets Equity Fund (cont.)   
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% 

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% 

 

Class  Shareholder Name and Address  Holdings  Percentage Owned 

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% 

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% 

 

K-14 

 



Class  Shareholder Name and Address  Holdings  Percentage Owned 

Putnam Equity Income Fund (cont.)     
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% 

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% 

 

Class  Shareholder Name and Address  Holdings  Percentage Owned 

Putnam Equity Spectrum Fund     
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% 

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  UBS WM USA     
  1000 Harbor Blvd     
  Weehawken, NJ 07086-6761  524,161  9.31% 

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% 

 

K-15 

 



Class  Shareholder Name and Address  Holdings  Percentage Owned 

Putnam Equity Spectrum Fund (cont.)     
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% 

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 Admin. & 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% 

 

Class  Shareholder Name and Address  Holdings  Percentage Owned 

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% 

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% 

 

K-16 

 



Class  Shareholder Name and Address  Holdings  Percentage Owned 

Putnam Floating Rate Income Fund (cont.)   
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% 

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% 

 

Class  Shareholder Name and Address  Holdings  Percentage Owned 

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% 

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% 

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% 

 

K-17 

 



Class  Shareholder Name and Address  Holdings  Percentage Owned 

The Putnam Fund for Growth and Income (cont.)   
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% 

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% 

 

Class  Shareholder Name and Address  Holdings  Percentage Owned 

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 80111-5002  3,806,091  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% 

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% 

 

K-18 

 



Class  Shareholder Name and Address  Holdings  Percentage Owned 

Putnam Global Consumer Fund (cont.)     
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% 

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% 

 

Class  Shareholder Name and Address  Holdings  Percentage Owned 

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% 

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% 

 

K-19 

 



Class  Shareholder Name and Address  Holdings  Percentage Owned 

Putnam Global Energy Fund (cont.)     
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% 

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% 

 

Class  Shareholder Name and Address  Holdings  Percentage Owned 

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% 

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% 

 

K-20 

 



Class  Shareholder Name and Address  Holdings  Percentage Owned 

Putnam Global Financials Fund (cont.)     
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% 

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% 

 

Class  Shareholder Name and Address  Holdings  Percentage Owned 

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% 

M  Edward D. Jones & Co.     
  201 Progress Pkwy     
  Maryland Heights, MO 63043-3009  11,726  5.24% 

M  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% 

 

K-21 

 



Class  Shareholder Name and Address  Holdings  Percentage Owned 

Putnam Global Income Trust (cont.)     
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% 

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% 

 

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  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% 

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% 

 

K-22 

 



Class  Shareholder Name and Address  Holdings  Percentage Owned 

Putnam Global Industrials Fund (cont.)     
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% 

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% 

 

Class  Shareholder Name and Address  Holdings  Percentage Owned 

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% 

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% 

 

K-23 

 



Class  Shareholder Name and Address  Holdings  Percentage Owned 

Putnam Global Sector Fund (cont.)     
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% 

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% 

 

Class  Shareholder Name and Address  Holdings  Percentage Owned 

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% 

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% 

 

K-24 

 



Class  Shareholder Name and Address  Holdings  Percentage Owned 

Putnam Global Telecommunications Fund (cont.)   
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% 

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% 

 

Class  Shareholder Name and Address  Holdings  Percentage Owned 

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% 

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% 

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% 

 

K-25 

 



Class  Shareholder Name and Address  Holdings  Percentage Owned 

Putnam Growth Opportunities Fund (cont.)   
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% 

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% 

 

Class  Shareholder Name and Address  Holdings  Percentage Owned 

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% 

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% 

 

K-26 

 



Class  Shareholder Name and Address  Holdings  Percentage Owned 

Putnam High Yield Trust     
A  Edward D. Jones & Co.     
  12555 Manchester Rd.     
  St. Louis, MO 63131-3729  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% 

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% 

 

Class  Shareholder Name and Address  Holdings  Percentage Owned 

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  9,455,375  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% 

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% 

 

K-27 

 



Class  Shareholder Name and Address  Holdings  Percentage Owned 

Putnam Income Fund (cont.)     
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% 

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   
  7C 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% 

 

Class  Shareholder Name and Address  Holdings  Percentage Owned 

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% 

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% 

 

K-28 

 



Class  Shareholder Name and Address  Holdings  Percentage Owned 

Putnam International Capital Opportunities Fund (cont.) 
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% 

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% 

 

Class  Shareholder Name and Address  Holdings  Percentage Owned 

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% 

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% 

 

K-29 

 



Class  Shareholder Name and Address  Holdings  Percentage Owned 

Putnam International Growth Fund (cont.)   
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% 

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% 

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  Edward D. Jones & Co.     
  Attn: Mutual Fund Shareholder     
  Accounting     
  201 Progress Pkwy     
  Maryland Hts., MO 63043-3009  74,879  10.42% 

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% 

 

Class  Shareholder Name and Address  Holdings  Percentage Owned 

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  Edward D. Jones & Co.     
  Attn: Mutual Fund Shareholder     
  Accounting     
  201 Progress Pkwy     
  Maryland Hts., MO 63043-3009  37,983  11.99% 

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% 

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% 

 

K-30 

 



Class  Shareholder Name and Address  Holdings  Percentage Owned 

Putnam Investors Fund (cont.)     
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% 

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% 

 

Class  Shareholder Name and Address  Holdings  Percentage Owned 

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% 

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% 

 

K-31 

 



Class  Shareholder Name and Address  Holdings  Percentage Owned 

Putnam Massachusetts Tax Exempt Income Fund (cont.) 
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% 

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% 

 

Class  Shareholder Name and Address  Holdings  Percentage Owned 

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% 

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% 

 

K-32 

 



Class  Shareholder Name and Address  Holdings  Percentage Owned 

Putnam Michigan Tax Exempt Income Fund (cont.)   
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% 

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% 

 

Class  Shareholder Name and Address  Holdings  Percentage Owned 

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% 

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  433,549,144.000  19.57% 

P  Putnam Dynamic Asset     
  Allocation Growth Fund  192,561,737.000  8.69% 

P  Putnam Absolute     
  Return Fund  188,743,108.080  8.52% 

P  Putnam Stable Value     
  Intermediate Domestic     
  Investment Grade Trust  181,072,521.000  8.17% 

P  Putnam Capital     
  Spectrum Fund  170,616,842.000  7.70% 

P  Putnam Diversified     
  Income Trust  166,284,163.000  7.50% 

P  Putnam Total Return Trust  163,094,334.000  7.36% 

 

K-33 

 



Class  Shareholder Name and Address  Holdings  Percentage Owned 

Putnam Money Market Liquidity Fund (cont.)   
P  Putnam Dynamic Asset     
  Allocation Balanced Fund  143,757,002.000  6.49% 

P  Putnam U.S. Government     
  Income Trust  140,001,624.000  6.32% 

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% 

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% 

 

Class  Shareholder Name and Address  Holdings  Percentage Owned 

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% 

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% 

 

K-34 

 



Class  Shareholder Name and Address  Holdings  Percentage Owned 

Putnam Multi-Cap Growth Fund (cont.)   
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% 

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% 

 

Class  Shareholder Name and Address  Holdings  Percentage Owned 

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  Pershing LLC     
  1 Pershing Plaza     
  Jersey City, NJ 07399-0001  76,263,195  12.32% 

B  MLPF&S for the Sole Benefit of     
  its Customers     
  4800 Deer Lake Dr. E FL 3     
  Jacksonville, FL 32246-6484  55,271.649  8.93% 

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  45,152.198  7.30% 

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% 

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% 

 

K-35 

 



Class  Shareholder Name and Address  Holdings  Percentage Owned 

Putnam New Jersey Tax Exempt Income Fund (cont.) 
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% 

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% 

 

Class  Shareholder Name and Address  Holdings  Percentage Owned 

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% 

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% 

 

K-36 

 



Class  Shareholder Name and Address  Holdings  Percentage Owned 

Putnam Ohio Tax Exempt Income Fund (cont.)   
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% 

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% 

 

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  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% 

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% 

 

K-37 

 



Class  Shareholder Name and Address  Holdings  Percentage Owned 

Putnam Pennsylvania Tax Exempt Income Fund (cont.) 
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% 

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% 

 

Class  Shareholder Name and Address  Holdings  Percentage Owned 

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% 

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% 

 

K-38 

 



Class  Shareholder Name and Address  Holdings  Percentage Owned 

Putnam RetirementReady 2055 Fund (cont.)   
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% 

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% 

 

Class  Shareholder Name and Address  Holdings  Percentage Owned 

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% 

C  Kidspeak Speech & Language Services   
  A/C Rachel Crowley     
  6807 Old Forge Drive     
  Charlotte, NC 28226  1,871.850  11.36% 

 

K-39 

 



Class  Shareholder Name and Address  Holdings  Percentage Owned 

Putnam RetirementReady 2045 Fund (cont.)   
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% 

C  Joshua Parkhurst     
  1586 Steam Mill Hollow Rd     
  Laceyville, PA 18623  1,412.998  6.85% 

 

Class  Shareholder Name and Address  Holdings  Percentage Owned 

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% 

 

K-40 

 



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  113,233.490  22.16% 

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  88,918.483  14.92% 

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% 

 

K-41 

 



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  3,757.891  31.15% 

M  National Financial Services, LLC     
  FBO its customers     
  499 Washington Blvd.     
  Jersey City, NJ 07310  2,477.148  20.53% 

M  Betsy McCarthy     
  112 Roth St     
  Houston, PA 15842  1,130.566  9.37% 

M  Betsy McCarthy     
  Benefit of Zigmund Roskowski     
  112 Roth St     
  Houston, PA 15842  1,067.452  8.85% 

M  Herman Zeller     
  1941 Pamela Street     
  Oxnard, PA 93036  689.377  5.71% 

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 80202-3304  19,537.174  7.25% 

Y**  Great-West Trust Company, LLC —   
  The Putnam Retirement Plan  389,080.271  61.10% 

Y*  UGL Services     
  UNICCO Operations  184,829.240  29.02% 

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% 

 

Class  Shareholder Name and Address  Holdings  Percentage Owned 

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  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  1,494.628  17.96% 

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% 

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% 

 

K-42 

 



Class  Shareholder Name and Address  Holdings  Percentage Owned 

Putnam RetirementReady 2015 Fund (cont.)   
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  7,440.268  16.47% 

B  Wells Fargo Advisors     
  FBO Customer Accounts     
  2801 Market St.     
  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% 

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% 

 

Class  Shareholder Name and Address  Holdings  Percentage Owned 

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  132,119.440  53.99% 

Y**  Great-West Trust Company, LLC —   
  The Putnam Retirement Plan  84,586.100  34.56% 

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     
  1 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     
  1 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% 

M  Gene Friel     
  3094 Ridge Rd.     
  South Park, PA 15129-9334  12,995.860  68.36% 

M  Pershing LLC     
  1 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% 

 

K-43 

 



Class  Shareholder Name and Address  Holdings  Percentage Owned 

Putnam Retirement Income Fund Lifestyle 1 (cont.)   
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  370,238.770  85.73% 

Y**  Great-West Trust Company, LLC —   
  The Putnam Retirement Plan  52,966.562  12.21% 

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% 

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% 

 

Class  Shareholder Name and Address  Holdings  Percentage Owned 

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% 

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% 

 

K-44 

 



Class  Shareholder Name and Address  Holdings  Percentage Owned 

Putnam Retirement Income Fund Lifestyle 3 (cont.)   
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% 

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% 

 

Class  Shareholder Name and Address  Holdings  Percentage Owned 

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  194,542,261.000  9.26% 

P  Putnam Dynamic Asset     
  Allocation Balanced Fund  155,981,585.000  7.42% 

P  Putnam Equity Income Fund  153,820,761.000  7.32% 

P  The Putnam Fund for     
  Growth and Income  149,478,409.000  7.11% 

P  Putnam Capital     
  Spectrum Fund  124,952,457.000  5.95% 

P  The George Putnam of Boston     
  (d/b/a George Putnam     
  Balanced Fund)  118,844,257.000  5.66% 

P  Putnam Equity     
  Spectrum Fund  112,189,643.000  5.34% 

 

K-45 

 



Class  Shareholder Name and Address  Holdings  Percentage Owned 

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% 

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% 

 

Class  Shareholder Name and Address  Holdings  Percentage Owned 

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  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  288,569.822  66.50% 

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  124,303.048  12.73% 

C  Wells Fargo Advisors     
  Special Custody Acct for the     
  Exclusive Benefit of Customer     
  2801 Market St.     
  Saint Louis, MO 63103-2523  96,168.979  9.85% 

C  Pershing, LLC     
  1 Pershing Plaza     
  Jersey City, NJ 07399  92,089.267  9.43% 

C  MLPF&S for the Sole Benefit of its Customers   
  4800 Deer Lake Dr. E FL 3     
  Jacksonville, FL 32246-6484  82,021.671  8.40% 

M  Mark Torbeck     
  IRA Rollover Plan     
  5765 Birchmont Place Dr     
  Saint Louis, MO 63129-2987  5,915.237  5.66% 

R  MG Trust Company Cust     
  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% 

 

K-46 

 



Class  Shareholder Name and Address  Holdings  Percentage Owned 

Putnam Small Cap Value Fund (cont.)   
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 Rd.     
  Brookline MA 02446  5,354.589  5.98% 

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% 

 

Class  Shareholder Name and Address  Holdings  Percentage Owned 

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% 

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% 

 

K-47 

 



Class  Shareholder Name and Address  Holdings  Percentage Owned 

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% 

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% 

 

Class  Shareholder Name and Address  Holdings  Percentage Owned 

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, FL 32246-6484  5,010,652.704  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% 

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% 

 

K-48 

 



Class  Shareholder Name and Address  Holdings  Percentage Owned 

Putnam U.S. Government Income Trust (cont.)   
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% 

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% 

 

Class  Shareholder Name and Address  Holdings  Percentage Owned 

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) +  2,363,475.952  68.44% 

IB  Hartford Life & Annuity (7)  520,693.896  15.08% 

IB  Hartford Life (8)  227,941.058  6.60% 

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% 

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% 

 

K-49 

 



Class  Shareholder Name and Address  Holdings  Percentage Owned 

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) +  6,844,491.527  51.02% 

IA  Hartford Life (8) +  5,827,992.036  43.45% 

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% 

IB  Allstate Life     
  Insurance Company (1) +  911,633.574  78.05% 

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% 

 

Class  Shareholder Name and Address  Holdings  Percentage Owned 

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) +  12,555,176.623  30.72% 

IA  Hartford Life (8)  9,300,268.117  22.76% 

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)  2,689,129.723  18.20% 

IB  Riversource Life     
  Insurance Company (17)  1,353,734.683  9.16% 

IB  Security Benefit Life (18)  1,097,287.994  7.43% 

Putnam VT Income Fund     
IA  Hartford Life (8) +  8,328,784.414  47.45% 

IA  Hartford Life & Annuity (7) +  7,620,425.868  43.42% 

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)  1,878,412.015  17.17% 

IB  Hartford Life (8)  638,007.709  5.83% 

Putnam VT International Equity Fund   
IA  Hartford Life & Annuity (7) +  5,556,753.736  56.56% 

IA  Hartford Life (8) +  2,874,501.696  29.26% 

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% 

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% 

 

K-50 

 



Class  Shareholder Name and Address  Holdings  Percentage Owned 

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) +  3,279,499.501  42.28% 

IB  Hartford Life (8)  1,633,186.909  21.06% 

IB  Allstate Life     
  Insurance Company (1)  1,584,926.560  20.43% 

IB  Northbrook Life     
  Insurance Company (14)  836,000.352  10.78% 

Putnam VT Voyager Fund     
IA  Hartford Life (8) +  6,696,376.538  46.76% 

IA  Hartford Life & Annuity (7) +  6,715,517.616  46.90% 

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 Park SC3241, 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 and, where applicable, preferred shares of certain Putnam closed-end funds.

Fund  Shareholder Name and Address  Holdings  Percentage Owned 

Putnam High Income Securities Fund     
  CEDE & Company*     
  20 Bowling Green     
  New York, NY 10004-1408  15,707,322  95.12% 

  First Trust Portfolios L.P.**     
  First Trust Advisors L.P.     
  The Charger Corporation     
  120 East Liberty Drive, Suite 400     
  Wheaton, IL 60187  1,684,710  10.20% 

  Guggenheim Capital, LLC***     
  Guggenheim Partners, LLC     
  GP Holdco, LLC     
  GPFT Holdco, LLC     
  227 West Monroe Street     
  Chicago, IL 60606     
 
  Guggenheim Funds Services Holdings, LLC   
  Guggenheim Funds Services, LLC     
  Guggenheim Funds Distributors, LLC   
  2455 Corporate West Dr.     
  Lisle, IL 60532  1,303,669  7.89% 

 

K-51 

 



Class  Shareholder Name and Address  Holdings  Percentage Owned 

Putnam Managed Municipal Income Trust   
CEDE & Company*     
20 Bowling Green  53,885,264   
New York, NY 10004-1408  common shares  93.71% 

First Trust Portfolios L.P.****     
First Trust Advisors L.P.     
The Charger Corporation     
120 East Liberty Drive, Suite 400 10,795,436   
Wheaton, IL 60187  common shares  18.77% 

Bank of America Corporation #     
Bank of America, NA     
Bank of America Corporate Center   
100 South Tryon Street     
Charlotte, NC 28255     
 
Blue Ridge Investments, L.L.C. #     
214 South Tryon Street  1,607   
Charlotte, NC 28255  preferred shares  72.22% 

Putnam Master Intermediate Income Trust   
CEDE & Company*     
20 Bowling Green     
New York, NY 10004-1408  59,917,399  95.29% 

First Trust Portfolios L.P. ##     
First Trust Advisors L.P.     
The Charger Corporation     
120 East Liberty Drive, Suite 400 14,698,285   
Wheaton, IL 60187  common shares  23.37% 

Putnam Municipal Opportunities Trust   
CEDE & Company*     
20 Bowling Green     
New York, NY 10004-1408  40,550,875  96.52% 

First Trust Portfolios L.P. ###     
First Trust Advisors L.P.     
The Charger Corporation     
120 East Liberty Drive, Suite 400 9,422,608   
Wheaton, IL 60187  common shares  22.43% 

Bank of America Corporation ####   
Bank of America, NA     
Bank of America Corporate Center   
100 South Tryon Street  661   
Charlotte, NC 29255  preferred shares  9.24% 

Blue Ridge Investments, L.L.C. ####   
214 North Tryon Street  4,557   
Charlotte, NC 28255  preferred shares  63.70% 

Putnam Premier Income Trust     
CEDE & Company*     
20 Bowling Green     
New York, NY 10004-1408  127,598,742  94.02% 

First Trust Portfolios L.P. #####     
First Trust Advisors L.P.     
The Charger Corporation     
120 East Liberty Drive, Suite 400   
Wheaton, IL 60187  32,227,528  23.75% 

 

* Believed to hold shares only as nominee.

** First Trust Portfolios, L.P., First Trust Advisors L.P., and The Charger Corporation reported shared beneficial share ownership as of December 31, 2012 in a January 25, 2013 filing with the SEC on Schedule 13G. Some or all of this 10.20% position may already be reflected in Cede & Company’s position in the fund.

*** Guggenheim Capital, LLC, Guggenheim Partners, LLC, GP Holdco, LLC, GPFT Holdco, LLC, Guggenheim Funds Services Holdings, LLC, Guggenheim Funds Services, LLC, and Guggenheim Funds Distributors, LLC reported shared beneficial ownership as of December 31, 2012 in a February 14, 2013 filing with the SEC on Schedule 13G. Some or all of this 7.89% position may already be reflected in Cede & Company’s position in the fund.

**** First Trust Portfolios L.P., First Trust Advisors L.P., and The Charger Corporation reported shared beneficial share ownership as of December 31, 2012 in a January 9, 2013 filing with the SEC on Schedule 13G. Some or all of this 18.77% may already be reflected in Cede & Company’s position in the fund.

# Bank of America Corporation and Blue Ridge Investments, L.L.C. reported shared beneficial ownership as of January 1, 2011 in a January 11, 2011 filing with the SEC on Schedule 13D.

## First Trust Portfolios, L.P., First Trust Advisors L.P., and The Charger Corporation reported shared beneficial share ownership as of December 31, 2012 in a January 14, 2013 filing with the SEC on Schedule 13G. Some or all of this 23.37% position may already be reflected in Cede & Company’s position in the fund.

### First Trust Portfolios, L.P., First Trust Advisors L.P., and The Charger Corporation reported shared beneficial share ownership as of December 31, 2012 in a January 10, 2013 filing with the SEC on Schedule 13G. Some or all of this 22.43% position may already be reflected in Cede & Company’s position in the fund.

#### Bank of America Corporation and Blue Ridge Investments, L.L.C. reported shared beneficial ownership as of January 1, 2011 in a January 11, 2011 filing with the SEC on Schedule 13D.

##### First Trust Portfolios, L.P., First Trust Advisors L.P., and The Charger Corporation reported shared beneficial share ownership as of December 31, 2012 in a January 9, 2013 filing with the SEC on Schedule 13G. Some or all of this 23.75% position may already be reflected in Cede & Company’s position in the fund.

K-52 

 



Appendix L — 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.

ARTICLE I
Name and Definitions 

 

Name

Section 1. 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

Section 2. Whenever used herein, unless otherwise required by the context or specifically provided:

(a) The “Trust” refers to the Massachusetts business trust established by this Agreement and Declaration of Trust, as amended from time to time;

(b) “Trustees” refers to the Trustees of the Trust elected in accordance with Article IV;

(c) “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;

(d)“Shareholder” means a record owner of Shares;

(e) The “1940 Act” refers to the Investment Company Act of 1940 and the Rules and Regulations thereunder, all as amended from time to time;

(f) 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);

(g) “Declaration of Trust” shall mean this Agreement and Declaration of Trust as amended or restated from time to time;

(h) “Bylaws” shall mean the Bylaws of the Trust as amended or restated from time to time;

(i) 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

(j) 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.

ARTICLE II
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.

 

ARTICLE III 
Shares

 

Division of Beneficial Interest

Section 1. 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 unless otherwise determined by the Trustees, 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

L-1 

 



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.

Ownership of Shares

Section 2. 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

Section 3. 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

Section 4. 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

Section 5. 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.

ARTICLE IV 
The Trustees 

 

Election

Section 1. 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.

L-2 

 



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 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:

(a) To invest and reinvest cash, and to hold cash uninvested;

(b) To sell, exchange, lend, pledge, mortgage, hypothecate, write options on and lease any or all of the assets of the Trust;

(c) 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;

(d) To exercise powers and rights of subscription or otherwise which in any manner arise out of ownership of securities;

(e) 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;

(f) 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;

(g) 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 such corporation or issuer, and to pay calls or subscriptions with respect to any security held in the Trust;

(h) 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;

(i) 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;

(j) To enter into joint ventures, general or limited partnerships and any other combinations or associations;

(k) To borrow funds;

(l) 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;

(m) 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

(n) To pay pensions for faithful service, as deemed appropriate by the Trustees, and to adopt, establish and carry out pension,

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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 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 5. 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 6. 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 7. Subject to a favorable Majority Shareholder Vote to the extent required by applicable law, 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:

(i) 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 agent of 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

(ii) 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.

ARTICLE V
Shareholders’ Voting Powers and Meetings 

 

Voting Powers

Section 1. 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

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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 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, in the case of a challenge by any person other than the Trust, 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

Section 2. 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

Section 3. 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

Section 4. 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

Section 5. The Bylaws may include further provisions, not inconsistent with this Declaration of Trust, regarding Shareholders’ voting powers, the conduct of meetings and related matters.

ARTICLE VI
Distributions, Redemptions and Repurchases 

 

Distributions

Section 1. 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

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paid in Shares will be paid at the net asset value thereof as determined in accordance with the Bylaws.

Redemptions and Repurchases

Section 2. 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 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, except to the extent prohibited by the laws of any jurisdiction in which Shares are registered for sale, 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

Section 3. 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.

ARTICLE VII
Compensation and Limitation of Liability of Trustees 

 

Compensation

Section 1. 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

Section 2. 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.

ARTICLE VIII 
Indemnification 

 

Trustees, Officers, etc.

Section 1. The Trust shall indemnify each of its Trustees and officers (including persons who serve at the Trust’s request as

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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 threatened, pending, or contemplated action, suit, or proceeding, whether civil, criminal, administrative, arbitrative, or investigative and whether formal or informal before any court or administrative or legislative or other 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 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

Section 2. 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 action, suit, or 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

Section 3. 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

Section 4. 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.

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ARTICLE IX 
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 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 lesser 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 the preferences 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

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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, 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.

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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  284998 11/13 

 




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 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 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.


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Putnam Dynamic Asset Allocation Equity Fund  Putnam Dynamic Asset Allocation Growth Fund  Putnam Dynamic Risk Allocation Fund 
Putnam Emerging Markets Equity Fund  Putnam Emerging Markets Income Fund  Putnam Equity Income Fund 
Putnam Equity Spectrum Fund  Putnam Europe Equity Fund  Putnam Floating Rate Income Fund 

 



THE TRUSTEES RECOMMEND A VOTE FOR ALL PROPOSALS AS DESCRIBED IN THE PROXY STATEMENT.

Please vote by filling in the appropriate box below in blue or black ink as in this example: ■

1. Approving a new management contract for your fund.         
FOR AGAINST ABSTAIN   FOR  AGAINST  ABSTAIN 
01 Putnam Absolute Return 100 Fund  02 Putnam Absolute Return 300 Fund 
03 Putnam Absolute Return 500 Fund  04 Putnam Absolute Return 700 Fund 
05 Putnam American Government Income Fund  06 Putnam AMT-Free Municipal Fund 
07 Putnam Arizona Tax Exempt Income Fund  08 Putnam Asia Pacific Equity Fund 
09 Putnam California Tax Exempt Income Fund  10 Putnam Capital Opportunities Fund 
11 Putnam Capital Spectrum Fund  12 Putnam Convertible Securities Fund 
13 Putnam Diversified Income Trust  14 Putnam Dynamic Asset Allocation Balanced Fund 
15 Putnam Dynamic Asset Allocation Conservative Fund  16 Putnam Dynamic Asset Allocation Equity Fund 
17 Putnam Dynamic Asset Allocation Growth Fund  18 Putnam Dynamic Risk Allocation Fund 
19 Putnam Emerging Markets Equity Fund  20 Putnam Emerging Markets Income Fund 
21 Putnam Equity Income Fund  22 Putnam Equity Spectrum Fund 
23 Putnam Europe Equity Fund  24 Putnam Floating Rate Income Fund 

 

2. Electing Trustees.             
To withhold authority to vote for any individual nominee(s), but to vote for all other nominees, mark the “FOR ALL EXCEPT” box and 
write the nominee number(s) on the line provided.         
01.  Liaquat Ahamed  05.  Charles B. Curtis  09.  Paul L. Joskow  13.  Robert L. Reynolds 
02.  Ravi Akhoury  06.  Robert J. Darretta  10.  Kenneth R. Leibler  14.  W. Thomas Stephens 
03.  Barbara M. Baumann  07.  Katinka Domotorffy  11.  Robert E. Patterson     
04.  Jameson A. Baxter  08.  John A. Hill  12.  George Putnam, III     

 

FOR WITHHOLD FOR ALL FOR WITHHOLD FOR ALL
ALL ALL EXCEPT   ALL ALL EXCEPT
01 Putnam Absolute Return 100 Fund    02 Putnam Absolute Return 300 Fund   
03 Putnam Absolute Return 500 Fund    04 Putnam Absolute Return 700 Fund   
05 Putnam American Government Income Fund    06 Putnam AMT-Free Municipal Fund   
07 Putnam Arizona Tax Exempt Income Fund    08 Putnam Asia Pacific Equity Fund   
09 Putnam California Tax Exempt Income Fund    10 Putnam Capital Opportunities Fund   
11 Putnam Capital Spectrum Fund    12 Putnam Convertible Securities Fund   
13 Putnam Diversified Income Trust    14 Putnam Dynamic Asset Allocation Balanced Fund   
15 Putnam Dynamic Asset Allocation Conservative Fund    16 Putnam Dynamic Asset Allocation Equity Fund   
17 Putnam Dynamic Asset Allocation Growth Fund    18 Putnam Dynamic Risk Allocation Fund   
19 Putnam Emerging Markets Equity Fund    20 Putnam Emerging Markets Income Fund   
21 Putnam Equity Income Fund    22 Putnam Equity Spectrum Fund   
23 Putnam Europe Equity Fund    24 Putnam Floating Rate Income Fund   
 
3. Approving an Amended and Restated Declaration of Trust for your fund.   
FOR AGAINST ABSTAIN FOR AGAINST ABSTAIN  
01 Putnam Absolute Return 100 Fund    02 Putnam Absolute Return 300 Fund   
03 Putnam Absolute Return 500 Fund    04 Putnam Absolute Return 700 Fund   
05 Putnam American Government Income Fund    06 Putnam AMT-Free Municipal Fund   
07 Putnam Arizona Tax Exempt Income Fund    08 Putnam Asia Pacific Equity Fund   
09 Putnam California Tax Exempt Income Fund    10 Putnam Capital Opportunities Fund   
11 Putnam Capital Spectrum Fund    12 Putnam Convertible Securities Fund   
13 Putnam Diversified Income Trust    14 Putnam Dynamic Asset Allocation Balanced Fund   
15 Putnam Dynamic Asset Allocation Conservative Fund    16 Putnam Dynamic Asset Allocation Equity Fund   
17 Putnam Dynamic Asset Allocation Growth Fund    18 Putnam Dynamic Risk Allocation Fund   
19 Putnam Emerging Markets Equity Fund    20 Putnam Emerging Markets Income Fund   
21 Putnam Equity Income Fund    22 Putnam Equity Spectrum Fund   
23 Putnam Europe Equity Fund    24 Putnam Floating Rate Income Fund   
 
4. Approving an amendment to a fundamental investment restriction with respect to investments in commodities.   
FOR AGAINST ABSTAIN
Putnam Dynamic Asset Allocation Conservative Fund         

5. Approving an amendment to a fundamental investment policy regarding diversification of investments.

Not Applicable

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 www.proxy-direct.com/put-25215 

 

 


PUT25215_121013



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 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 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.


Funds  Funds  Funds 
The Putnam Fund for Growth and Income  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 

 



THE TRUSTEES RECOMMEND A VOTE FOR ALL PROPOSALS AS DESCRIBED IN THE PROXY STATEMENT.

Please vote by filling in the appropriate box below in blue or black ink as in this example: ■

1. Approving a new management contract for your fund.
FOR AGAINST ABSTAIN   FOR AGAINST ABSTAIN
01 The Putnam Fund for Growth and Income  02 George Putnam Balanced Fund 
03 Putnam Global Consumer Fund  04 Putnam Global Dividend Fund 
05 Putnam Global Energy Fund  06 Putnam Global Equity Fund 
07 Putnam Global Financials Fund  08 Putnam Global Health Care Fund 
09 Putnam Global Income Trust  10 Putnam Global Industrials Fund 
11 Putnam Global Natural Resources Fund  12 Putnam Global Sector Fund 
13 Putnam Global Technology Fund  14 Putnam Global Telecommunications Fund 
15 Putnam Global Utilities Fund  16 Putnam Growth Opportunities Fund 
17 Putnam High Income Securities Fund  18 Putnam High Yield Advantage Fund 
19 Putnam High Yield Trust  20 Putnam Income Fund 
21 Putnam Intermediate-Term Municipal Income Fund  22 Putnam International Capital Opportunities Fund 
23 Putnam International Equity Fund  24 Putnam International Growth Fund 

 

2. Electing Trustees.             
To withhold authority to vote for any individual nominee(s), but to vote for all other nominees, mark the “FOR ALL EXCEPT” box and 
write the nominee number(s) on the line provided.         
01.  Liaquat Ahamed  05.  Charles B. Curtis  09.  Paul L. Joskow  13.  Robert L. Reynolds 
02.  Ravi Akhoury  06.  Robert J. Darretta  10.  Kenneth R. Leibler  14.  W. Thomas Stephens 
03.  Barbara M. Baumann  07.  Katinka Domotorffy  11.  Robert E. Patterson     
04.  Jameson A. Baxter  08.  John A. Hill  12.  George Putnam, III     

 

FOR WITHHOLD FOR ALL FOR WITHHOLD FOR ALL
ALL ALL EXCEPT ALL ALL EXCEPT
01 The Putnam Fund for Growth and Income    02 George Putnam Balanced Fund   
03 Putnam Global Consumer Fund    04 Putnam Global Dividend Fund   
05 Putnam Global Energy Fund    06 Putnam Global Equity Fund   
07 Putnam Global Financials Fund    08 Putnam Global Health Care Fund   
09 Putnam Global Income Trust    10 Putnam Global Industrials Fund   
11 Putnam Global Natural Resources Fund    12 Putnam Global Sector Fund   
13 Putnam Global Technology Fund    14 Putnam Global Telecommunications Fund   
15 Putnam Global Utilities Fund    16 Putnam Growth Opportunities Fund   
17 Putnam High Yield Advantage Fund    18 Putnam High Yield Trust   
19 Putnam Income Fund    20 Putnam Intermediate-Term Municipal Income Fund   
21 Putnam International Capital Opportunities Fund    22 Putnam International Equity Fund   
23 Putnam International Growth Fund     
 
3. Approving an Amended and Restated Declaration of Trust for your fund.     
FOR AGAINST ABSTAIN   FOR   AGAINST   ABSTAIN  
01 The Putnam Fund for Growth and Income    02 George Putnam Balanced Fund   
03 Putnam Global Consumer Fund    04 Putnam Global Dividend Fund   
05 Putnam Global Energy Fund    06 Putnam Global Equity Fund   
07 Putnam Global Financials Fund    08 Putnam Global Health Care Fund   
09 Putnam Global Income Trust    10 Putnam Global Industrials Fund   
11 Putnam Global Natural Resources Fund    12 Putnam Global Sector Fund   
13 Putnam Global Technology Fund    14 Putnam Global Telecommunications Fund   
15 Putnam Global Utilities Fund    16 Putnam Growth Opportunities Fund   
17 Putnam High Yield Advantage Fund    18 Putnam High Yield Trust   
19 Putnam Income Fund    20 Putnam Intermediate-Term Municipal Income Fund   
21 Putnam International Capital Opportunities Fund    22 Putnam International Equity Fund   
23 Putnam International Growth Fund       
 
4. Approving an amendment to a fundamental investment restriction with respect to investments in commodities.   
 
Not Applicable  
 
5. Approving an amendment to a fundamental investment policy regarding diversification of investments.     
  FOR   AGAINST   ABSTAIN   FOR   AGAINST   ABSTAIN    
01 Putnam Global Consumer Fund    02 Putnam Global Financials Fund   

 

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 www.proxy-direct.com/put-25215 

 

PUT25215_121013 

 




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 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 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.


Funds  Funds  Funds 
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 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 

 



THE TRUSTEES RECOMMEND A VOTE FOR ALL PROPOSALS AS DESCRIBED IN THE PROXY STATEMENT.

Please vote by filling in the appropriate box below in blue or black ink as in this example: ■

1. Approving a new management contract for your fund.
FOR AGAINST ABSTAIN   FOR AGAINST ABSTAIN
01 Putnam International Value Fund    02 Putnam Investors Fund 
03 Putnam Low Volatility Equity Fund    04 Putnam Managed Municipal Income Trust 
05 Putnam Massachusetts Tax Exempt Income Fund    06 Putnam Master Intermediate Income Trust 
07 Putnam Michigan Tax Exempt Income Fund    08 Putnam Minnesota Tax Exempt Income Fund 
09 Putnam Money Market Fund    10 Putnam Money Market Liquidity Fund 
11 Putnam Multi-Cap Core Fund    12 Putnam Multi-Cap Growth Fund 
13 Putnam Multi-Cap Value Fund    14 Putnam Municipal Opportunities Trust 
15 Putnam New Jersey Tax Exempt Income Fund    16 Putnam New York Tax Exempt Income Fund 
17 Putnam Ohio Tax Exempt Income Fund    18 Putnam Pennsylvania Tax Exempt Income Fund 
19 Putnam Premier Income Trust    20 Putnam Research Fund 
21 Putnam RetirementReady 2055 Fund    22 Putnam RetirementReady 2050 Fund 
23 Putnam RetirementReady 2045 Fund    24 Putnam RetirementReady 2040 Fund 

 

2. Electing Trustees.             
To withhold authority to vote for any individual nominee(s), but to vote for all other nominees, mark the “FOR ALL EXCEPT” box and 
write the nominee number(s) on the line provided.         
01.  Liaquat Ahamed  05.  Charles B. Curtis  09.  Paul L. Joskow  13.  Robert L. Reynolds 
02.  Ravi Akhoury  06.  Robert J. Darretta  10.  Kenneth R. Leibler  14.  W. Thomas Stephens 
03.  Barbara M. Baumann  07.  Katinka Domotorffy  11.  Robert E. Patterson     
04.  Jameson A. Baxter  08.  John A. Hill  12.  George Putnam, III     

 

FOR  WITHHOLD FOR ALL    FOR WITHHOLD FOR ALL  
ALL  ALL EXCEPT    ALL ALL EXCEPT
01 Putnam International Value Fund    02 Putnam Investors Fund   
03 Putnam Low Volatility Equity Fund    04 Putnam Massachusetts Tax Exempt Income Fund   
05 Putnam Michigan Tax Exempt Income Fund    06 Putnam Minnesota Tax Exempt Income Fund   
07 Putnam Money Market Fund    08 Putnam Money Market Liquidity Fund   
09 Putnam Multi-Cap Core Fund    10 Putnam Multi-Cap Growth Fund   
11 Putnam Multi-Cap Value Fund    12 Putnam New Jersey Tax Exempt Income Fund   
13 Putnam New York Tax Exempt Income Fund    14 Putnam Ohio Tax Exempt Income Fund   
15 Putnam Pennsylvania Tax Exempt Income Fund    16 Putnam Research Fund   
17 Putnam RetirementReady 2055 Fund    18 Putnam RetirementReady 2050 Fund   
19 Putnam RetirementReady 2045 Fund    20 Putnam RetirementReady 2040 Fund   
 
 
 
3. Approving an Amended and Restated Declaration of Trust for your fund.     
FOR AGAINST ABSTAIN   FOR AGAINST ABSTAIN
01 Putnam International Value Fund    02 Putnam Investors Fund   
03 Putnam Low Volatility Equity Fund    04 Putnam Massachusetts Tax Exempt Income Fund   
05 Putnam Michigan Tax Exempt Income Fund    06 Putnam Minnesota Tax Exempt Income Fund   
07 Putnam Money Market Fund    08 Putnam Money Market Liquidity Fund   
09 Putnam Multi-Cap Core Fund    10 Putnam Multi-Cap Growth Fund   
11 Putnam Multi-Cap Value Fund    12 Putnam New Jersey Tax Exempt Income Fund   
13 Putnam New York Tax Exempt Income Fund    14 Putnam Ohio Tax Exempt Income Fund   
15 Putnam Pennsylvania Tax Exempt Income Fund    16 Putnam Research Fund   
17 Putnam RetirementReady 2055 Fund    18 Putnam RetirementReady 2050 Fund   
19 Putnam RetirementReady 2045 Fund    20 Putnam RetirementReady 2040 Fund   

 

4. Approving an amendment to a fundamental investment restriction with respect to investments in commodities.

Not Applicable

5. Approving an amendment to a fundamental investment policy regarding diversification of investments.

Not Applicable

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 www.proxy-direct.com/put-25215 

 


PUT25215_121013 

 




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 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 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.


Funds  Funds  Funds 
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 

 



THE TRUSTEES RECOMMEND A VOTE FOR ALL PROPOSALS AS DESCRIBED IN THE PROXY STATEMENT.

Please vote by filling in the appropriate box below in blue or black ink as in this example: ■

1. Approving a new management contract for your fund.
FOR AGAINST ABSTAIN   FOR AGAINST ABSTAIN
01 Putnam RetirementReady 2035 Fund    02 Putnam RetirementReady 2030 Fund 
03 Putnam RetirementReady 2025 Fund    04 Putnam RetirementReady 2020 Fund 
05 Putnam RetirementReady 2015 Fund    06 Putnam Retirement Income Fund Lifestyle 1 
07 Putnam Retirement Income Fund Lifestyle 2    08 Putnam Retirement Income Fund Lifestyle 3 
09 Putnam Short Duration Income Fund    10 Putnam Short Term Investment Fund 
11 Putnam Short-Term Municipal Income Fund    12 Putnam Small Cap Growth Fund 
13 Putnam Small Cap Value Fund    14 Putnam Strategic Volatility Equity Fund 
15 Putnam Tax Exempt Income Fund    16 Putnam Tax Exempt Money Market Fund 
17 Putnam Tax-Free High Yield Fund    18 Putnam U.S. Government Income Trust 
19 Putnam Voyager Fund    20 Putnam VT Absolute Return 500 Fund 
21 Putnam VT American Government Income Fund    22 Putnam VT Capital Opportunities Fund 
23 Putnam VT Diversified Income Fund    24 Putnam VT Equity Income Fund 

 

2. Electing Trustees.             
To withhold authority to vote for any individual nominee(s), but to vote for all other nominees, mark the “FOR ALL EXCEPT” box and 
write the nominee number(s) on the line provided.         
01.  Liaquat Ahamed  05.  Charles B. Curtis  09.  Paul L. Joskow  13.  Robert L. Reynolds 
02.  Ravi Akhoury  06.  Robert J. Darretta  10.  Kenneth R. Leibler  14.  W. Thomas Stephens 
03.  Barbara M. Baumann  07.  Katinka Domotorffy  11.  Robert E. Patterson     
04.  Jameson A. Baxter  08.  John A. Hill  12.  George Putnam, III     

 

FOR WITHHOLD FOR ALL   FOR WITHHOLD FOR ALL  
ALL ALL EXCEPT   ALL ALL EXCEPT
01 Putnam RetirementReady 2035 Fund    02 Putnam RetirementReady 2030 Fund   
03 Putnam RetirementReady 2025 Fund    04 Putnam RetirementReady 2020 Fund   
05 Putnam RetirementReady 2015 Fund    06 Putnam Retirement Income Fund Lifestyle 1   
07 Putnam Retirement Income Fund Lifestyle 2    08 Putnam Retirement Income Fund Lifestyle 3   
09 Putnam Short Duration Income Fund    10 Putnam Short Term Investment Fund   
11 Putnam Short-Term Municipal Income Fund    12 Putnam Small Cap Growth Fund   
13 Putnam Small Cap Value Fund    14 Putnam Strategic Volatility Equity Fund   
15 Putnam Tax Exempt Income Fund    16 Putnam Tax Exempt Money Market Fund   
17 Putnam Tax-Free High Yield Fund    18 Putnam U.S. Government Income Trust   
19 Putnam Voyager Fund    20 Putnam VT Absolute Return 500 Fund   
21 Putnam VT American Government Income Fund    22 Putnam VT Capital Opportunities Fund   
23 Putnam VT Diversified Income Fund    24 Putnam VT Equity Income Fund   
 
3. Approving an Amended and Restated Declaration of Trust for your fund.  
FOR AGAINST ABSTAIN   FOR AGAINST ABSTAIN
01 Putnam RetirementReady 2035 Fund    02 Putnam RetirementReady 2030 Fund   
03 Putnam RetirementReady 2025 Fund    04 Putnam RetirementReady 2020 Fund   
05 Putnam RetirementReady 2015 Fund    06 Putnam Retirement Income Fund Lifestyle 1   
07 Putnam Retirement Income Fund Lifestyle 2    08 Putnam Retirement Income Fund Lifestyle 3   
09 Putnam Short Duration Income Fund    10 Putnam Short Term Investment Fund   
11 Putnam Short-Term Municipal Income Fund    12 Putnam Small Cap Growth Fund   
13 Putnam Small Cap Value Fund    14 Putnam Strategic Volatility Equity Fund   
15 Putnam Tax Exempt Income Fund    16 Putnam Tax Exempt Money Market Fund   
17 Putnam Tax-Free High Yield Fund    18 Putnam U.S. Government Income Trust   
19 Putnam Voyager Fund    20 Putnam VT Absolute Return 500 Fund   
21 Putnam VT American Government Income Fund    22 Putnam VT Capital Opportunities Fund   
23 Putnam VT Diversified Income Fund    24 Putnam VT Equity Income Fund   

4. Approving an amendment to a fundamental investment restriction with respect to investments in commodities.

Not Applicable

5. Approving an amendment to a fundamental investment policy regarding diversification of investments.

Not Applicable

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 www.proxy-direct.com/put-25215 

 

PUT25215_121013 

 




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 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 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.


Funds  Funds  Funds 
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     

 



THE TRUSTEES RECOMMEND A VOTE FOR ALL PROPOSALS AS DESCRIBED IN THE PROXY STATEMENT.

Please vote by filling in the appropriate box below in blue or black ink as in this example: ■

1. Approving a new management contract for your fund.
FOR AGAINST ABSTAIN   FOR AGAINST ABSTAIN
01 Putnam VT George Putnam Balanced Fund  02. Putnam VT Global Asset Allocation Fund 
03 Putnam VT Global Equity Fund  04. Putnam VT Global Health Care Fund 
05 Putnam VT Global Utilities Fund  06. Putnam VT Growth and Income Fund 
07 Putnam VT Growth Opportunities Fund  08. Putnam VT High Yield Fund 
09 Putnam VT Income Fund  10. Putnam VT International Equity Fund 
11 Putnam VT International Growth Fund  12. Putnam VT International Value Fund 
13 Putnam VT Investors Fund  14. Putnam VT Money Market Fund 
15 Putnam VT Multi-Cap Growth Fund  16. Putnam VT Multi-Cap Value Fund 
17 Putnam VT Research Fund  18. Putnam VT Small Cap Value Fund 
19 Putnam VT Voyager Fund   

 

2. Electing Trustees.             
To withhold authority to vote for any individual nominee(s), but to vote for all other nominees, mark the “FOR ALL EXCEPT” box and 
write the nominee number(s) on the line provided.         
01.  Liaquat Ahamed  05.  Charles B. Curtis  09.  Paul L. Joskow  13.  Robert L. Reynolds 
02.  Ravi Akhoury  06.  Robert J. Darretta  10.  Kenneth R. Leibler  14.  W. Thomas Stephens 
03.  Barbara M. Baumann  07.  Katinka Domotorffy  11.  Robert E. Patterson     
04.  Jameson A. Baxter  08.  John A. Hill  12.  George Putnam, III     

 

FOR WITHHOLD FOR ALL   FOR WITHHOLD  FOR ALL  
ALL ALL EXCEPT   ALL  ALL EXCEPT
01 Putnam VT George Putnam Balanced Fund    02. Putnam VT Global Asset Allocation Fund   
03 Putnam VT Global Equity Fund    04. Putnam VT Global Health Care Fund   
05 Putnam VT Global Utilities Fund    06. Putnam VT Growth and Income Fund   
07 Putnam VT Growth Opportunities Fund    08. Putnam VT High Yield Fund   
09 Putnam VT Income Fund    10. Putnam VT International Equity Fund   
11 Putnam VT International Growth Fund    12. Putnam VT International Value Fund   
13 Putnam VT Investors Fund    14. Putnam VT Money Market Fund   
15 Putnam VT Multi-Cap Growth Fund    16. Putnam VT Multi-Cap Value Fund   
17 Putnam VT Research Fund    18. Putnam VT Small Cap Value Fund   
19 Putnam VT Voyager Fund       
 
 
 
3. Approving an Amended and Restated Declaration of Trust for your fund.       
FOR AGAINST ABSTAIN   FOR AGAINST ABSTAIN
01 Putnam VT George Putnam Balanced Fund    02. Putnam VT Global Asset Allocation Fund   
03 Putnam VT Global Equity Fund    04. Putnam VT Global Health Care Fund   
05 Putnam VT Global Utilities Fund    06. Putnam VT Growth and Income Fund   
07 Putnam VT Growth Opportunities Fund    08. Putnam VT High Yield Fund   
09 Putnam VT Income Fund    10. Putnam VT International Equity Fund   
11 Putnam VT International Growth Fund    12. Putnam VT International Value Fund   
13 Putnam VT Investors Fund    14. Putnam VT Money Market Fund   
15 Putnam VT Multi-Cap Growth Fund    16. Putnam VT Multi-Cap Value Fund   
17 Putnam VT Research Fund    18. Putnam VT Small Cap Value Fund   
19 Putnam VT Voyager Fund     

4. Approving an amendment to a fundamental investment restriction with respect to investments in commodities.

Not Applicable

5. Approving an amendment to a fundamental investment policy regarding diversification of investments.

Not Applicable

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 www.proxy-direct.com/put-25215 

 

PUT25215_121013