0000869392-16-000271.txt : 20160728
0000869392-16-000271.hdr.sgml : 20160728
20160728120130
ACCESSION NUMBER: 0000869392-16-000271
CONFORMED SUBMISSION TYPE: NSAR-B
PUBLIC DOCUMENT COUNT: 5
CONFORMED PERIOD OF REPORT: 20160531
FILED AS OF DATE: 20160728
DATE AS OF CHANGE: 20160728
EFFECTIVENESS DATE: 20160728
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: PUTNAM ARIZONA TAX EXEMPT INCOME FUND
CENTRAL INDEX KEY: 0000869392
IRS NUMBER: 046665534
STATE OF INCORPORATION: MA
FISCAL YEAR END: 0531
FILING VALUES:
FORM TYPE: NSAR-B
SEC ACT: 1940 Act
SEC FILE NUMBER: 811-06258
FILM NUMBER: 161789068
BUSINESS ADDRESS:
STREET 1: PUTNAM INVESTMENTS INC
STREET 2: ONE POST OFFICE SQUARE MAIL STOP A 14
CITY: BOSTON
STATE: MA
ZIP: 02109
BUSINESS PHONE: 8002251585
MAIL ADDRESS:
STREET 1: 2 LIBERTY SQUARE
STREET 2: MAIL STOP L6
CITY: BOSTON
STATE: MA
ZIP: 02109
0000869392
S000005506
PUTNAM ARIZONA TAX EXEMPT INCOME FUND
C000014989
Class M Shares
C000014990
Class A Shares
PTAZX
C000014991
Class B Shares
PAZBX
C000039832
Class C Shares
C000060572
CLASS Y
NSAR-B
1
answer.fil
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PAGE 2
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PAGE 3
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022 A000003 BANC OF AMERICA SECURITIES, LLC
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PAGE 6
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PAGE 7
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PAGE 9
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SIGNATURE JANET C. SMITH
TITLE PRINC. ACCT. OFFICER
EX-99
2
auditltr855.txt
Report of Independent Registered Public Accounting Firm
The Board of Trustees and Shareholders
Putnam Arizona Tax Exempt Income Fund:
In planning and performing our audit of the financial
statements of Putnam Arizona Tax Exempt Income Fund (the
Fund), as of and for the year ended May 31, 2016, in
accordance with the standards of the Public Company
Accounting Oversight Board (United States), we considered
the Funds internal control over financial reporting,
including controls over safeguarding securities, as a basis
for designing our auditing procedures for the purpose of
expressing our opinion on the financial statements and to
comply with the requirements of Form N-SAR, but not for the
purpose of expressing an opinion on the effectiveness of
the Funds internal control over financial reporting.
Accordingly, we express no such opinion.
Management of the Fund is responsible for establishing and
maintaining effective internal control over financial
reporting. In fulfilling this responsibility, estimates
and judgments by management are required to assess the
expected benefits and related costs of controls. A
companys internal control over financial reporting is a
process designed to provide reasonable assurance regarding
the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance
with generally accepted accounting principles (GAAP). A
companys internal control over financial reporting includes
those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and
dispositions of the assets of the company; (2) provide
reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements in
accordance with GAAP, and that receipts and expenditures of
the company are being made only in accordance with
authorizations of management and trustees of the company;
and (3) provide reasonable assurance regarding prevention
or timely detection of unauthorized acquisition, use or
disposition of the companys assets that could have a
material effect on the financial statements.
Because of its inherent limitations, internal control over
financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk
that controls may become inadequate because of changes in
conditions, or that the degree of compliance with the
policies or procedures may deteriorate.
A deficiency in internal control over financial reporting
exists when the design or operation of a control does not
allow management or employees, in the normal course of
performing their assigned functions, to prevent or detect
misstatements on a timely basis. A material weakness is a
deficiency, or a combination of deficiencies, in internal
control over financial reporting, such that there is a
reasonable possibility that a material misstatement of a
funds annual or interim financial statements will not be
prevented or detected on a timely basis.
Our consideration of the Funds internal control over
financial reporting was for the limited purpose described
in the first paragraph and would not necessarily disclose
all deficiencies in internal control that might be material
weaknesses under standards established by the Public
Company Accounting Oversight Board (United States).
However, we noted no deficiencies in the Funds internal
control over financial reporting and its operation,
including controls over safeguarding securities, that we
consider to be a material weakness as defined above as of
May 31, 2016.
This report is intended solely for the information and use
of management and the Board of Trustees of Putnam Arizona
Tax Exempt Income Fund and the Securities and Exchange
Commission and is not intended to be and should not be used
by anyone other than these specified parties.
/s/ KPMG LLP
Boston, Massachusetts
July 14, 2016
EX-99
3
perclass855.txt
Putnam Arizona Tax Exempt Income Fund, May 31, 2016, annual
report
Because the electronic format for filing Form N-SAR does not
provide adequate space for responding to certain items
correctly, the correct answers are as follows:
72DD1
Class A 1,290
Class B 18
Class C 51
Class M 26
72DD2
Class Y 73
73A1
Class A 0.274433
Class B 0.215889
Class C 0.201784
Class M 0.248148
73A2
Class Y 0.294647
74U1
Class A 4,666
Class B 75
Class C 267
Class M 103
74U2
Class Y 258
74V1
Class A 9.32
Class B 9.31
Class C 9.33
Class M 9.34
74V2
Class Y 9.34
60A and 60B
The fund is currently operating as a diversified fund. In
the future, the fund may operate as a nondiversified fund
to the extent permitted by applicable law. Under current
law, shareholder approval would be required before the fund
could operate as a nondiversified fund.
61
Additional Information About Minimum Required Investment
Shareholders can open a fund account with as little as $500 and
make subsequent investments in any amount. The minimum
investment is waived if you make regular investments weekly,
semi-monthly, or monthly through automatic deductions through
your bank checking or savings account. Currently, Putnam is
waiving the minimum, but reserves the right to reject initial
investments under the minimum.
85B
Additional Information About Errors and Omissions Policy
While no claims with respect to the Registrant/Series were filed
under such policy during the period, requests under such policy
for reimbursement of legal expenses and costs arising out of
claims of market timing activity in the Putnam Funds have been
submitted by the investment manager of the Registrant/Series.
EX-99
4
pilcntrt855.txt
PUTNAM FUNDS
SUB-MANAGEMENT CONTRACT
This Sub-Management Contract is dated as of February 27, 2014
between PUTNAM INVESTMENT MANAGEMENT, LLC, a Delaware limited
liability company (the Manager) and PUTNAM INVESTMENTS LIMITED, a
company organized under the laws of England and Wales (the 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
Funds 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 Funds
best interests at all times, shall consider all factors it deems
relevant, including by way of illustration, price, the size of the
transaction, the nature of the market for the security, the amount
of the commission, the timing of the transaction taking into
account market prices and trends, the reputation, experience and
financial stability of the broker or dealer involved and the
quality of service rendered by the broker or dealer in other
transactions. Subject to such policies as the Trustees of the Funds
may determine, the 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 Funds stated
investment objectives, policies and restrictions, and will use its
best efforts to safeguard and promote the welfare of such Fund and
to comply with other policies which the Manager or the Trustees may
from time to time determine and shall exercise the same care and
diligence expected of the Manager.
2. OTHER AGREEMENTS, ETC.
It is understood that any of the shareholders, Trustees,
officers and employees of a Fund may be a shareholder, director,
officer or employee of, or be otherwise interested in, the 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-Managers 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 Government Money Market 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-Managers services rendered, a fee, computed and paid
quarterly at the annual rate of 0.40% of Average Weekly Assets in
Allocated Sleeves. Average Weekly Assets means the average of the
weekly determinations of the difference between the total assets of
the Fund (including any assets attributable to leverage for
investment purposes) attributable to an Allocated Sleeve and the
total liabilities of the Fund (excluding liabilities incurred in
connection with leverage for investment purposes) attributable to
such Allocated Sleeve, determined at the close of the last business
day of each week, for each week which ends during the quarter. Such
fee shall be payable for each quarter within 30 days after the
close of such quarter. As used in this Section 3, leverage for
investment purposes means any incurrence of indebtedness the
proceeds of which are to be invested in accordance with the Funds
investment objective. For purposes of calculating Average Weekly
Assets, liabilities associated with any instruments or transactions
used to leverage the Funds portfolio for investment purposes
(whether or not such instruments or transactions are covered within
the meaning of the Investment Company Act of 1940 and the rules and
regulations thereunder, giving effect to any interpretations of the
Securities and Exchange Commission and its staff) are not
considered liabilities. For purposes of calculating Average Weekly
Assets, the total assets of the Fund will be deemed to include (a)
any proceeds from the sale or transfer of an asset (the Underlying
Asset) of the Fund to a counterparty in a reverse repurchase or
dollar roll transaction and (b) the value of such Underlying Asset
as of the relevant measuring date.
In the event that the Managers management fee from any of
Putnam High Income Securities Fund, Putnam Master Intermediate
Income Trust or Putnam Premier Income Trust is reduced pursuant to
the investment management contract between such Fund and the
Manager because during any Measurement Period (as defined below)
the amount of interest payments and fees with respect to
indebtedness or other obligation of the Fund incurred for
investment leverage purposes, plus additional expenses attributable
to any such leverage for investment purposes, exceeds the portion
of the Funds net income and net 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.
5. EFFECTIVE PERIOD AND TERMINATION OF THIS CONTRACT.
This Contract shall become effective upon its execution, and
shall remain in full force and effect continuously thereafter
(unless terminated automatically as set forth in Section 4) until
terminated as follows:
(a) Either party hereto or, with respect to any Allocated
Sleeve, the related Fund may at any time terminate this Contract by
not more than sixty days nor less than thirty days written notice
delivered or mailed by registered mail, postage prepaid, to the
other party, or
(b) With respect to any Allocated Sleeve, if (i) the Trustees
of the related Fund or the shareholders by the affirmative vote of
a majority of the outstanding shares of such Fund, and (ii) a
majority of the Trustees of such Fund who are not interested
persons of such Fund or of the Manager, by vote cast in person at a
meeting called for the purpose of voting on such approval, do not
specifically approve at least annually the continuance of this
Contract, then this Contract shall automatically terminate at the
close of business on the anniversary of its execution, or upon the
expiration of one year from the effective date of the last such
continuance, whichever is later, or
(c) With respect to any Allocated Sleeve, automatically upon
termination of the Managers investment management contract with the
related Fund.
Action by a Fund under (a) above may be taken either (i) by
vote of a majority of its Trustees, or (ii) by the affirmative vote
of a majority of the outstanding shares of such Fund.
Termination of this Contract pursuant to this Section 5 will
be without the payment of any penalty.
6. CERTAIN DEFINITIONS.
For the purposes of this Contract, the affirmative vote of a
majority of the outstanding shares of a Fund means the affirmative
vote, at a duly called and held meeting of shareholders of such
Fund, (a) of the holders of 67% or more of the shares of such Fund
present (in person or by proxy) and entitled to vote at such
meeting, if the holders of more than 50% of the outstanding shares
of such Fund entitled to vote at such meeting are present in person
or by proxy, or (b) of the holders of more than 50% of the
outstanding shares of such Fund entitled to vote at such meeting,
whichever is less.
For the purposes of this Contract, the terms affiliated
person, control, interested person and assignment shall have their
respective meanings defined in the United States Investment Company
Act of 1940 and the Rules and Regulations thereunder (the 1940
Act), subject, however, to such exemptions as may be granted by the
Securities and Exchange Commission under said Act; the term
specifically approve at least annually shall be construed in a
manner consistent with the 1940 Act, and the Rules and Regulations
thereunder; and the term brokerage and research services shall have
the meaning given in the United States Securities Exchange Act of
1934 and the Rules and Regulations thereunder.
7. 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-Managers inability
to meet its liabilities.
(b) The Manager represents that it and each Fund are
Professional Customers in the meaning of the FCAs rules.
(c) Although each Fund is not a party hereto and shall have
no responsibility for the Managers or the Sub-Managers obligations
hereunder, each Fund is named as explicit third party beneficiary
of the parties agreements hereunder.
IN WITNESS WHEREOF, PUTNAM INVESTMENTS LIMITED and PUTNAM
INVESTMENT MANAGEMENT, LLC have each caused this instrument to be
signed in duplicate on its behalf by an officer duly authorized,
all as of the day and year first above written.
PUTNAM INVESTMENTS LIMITED
By:
/s/ Simon Davis
Simon Davis
PUTNAM INVESTMENT MANAGEMENT, LLC
By:
/s/ James P. Pappas
James P. Pappas
Director of Trustee Relations and
Authorized Person
Schedule A
Effective as of March 24, 2016 unless otherwise noted
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
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 Government Money Market Fund (effective October 16, 2015)
The Putnam Fund for Growth and Income
Putnam Growth Opportunities Fund
Putnam High Income Securities Fund
Putnam High Yield Advantage Fund
Putnam High Yield Trust
Putnam Income Fund
Putnam Intermediate-Term Municipal Income Fund
Putnam International Capital Opportunities Fund
Putnam International Equity Fund
Putnam International Value Fund
Putnam International Growth Fund
Putnam Investors Fund
Putnam Low Volatility Equity Fund
Putnam Managed Municipal Income Trust
Putnam Massachusetts Tax Exempt Income Fund
Putnam Master Intermediate Income Trust
Putnam Michigan Tax Exempt Income Fund
Putnam Minnesota Tax Exempt Income Fund
Putnam Money Market Fund
Putnam Money Market Liquidity Fund
Putnam Mortgage Opportunities Fund
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 Retirement Income Fund Lifestyle 1
Putnam Retirement Income Fund Lifestyle 2
Putnam Retirement Income Fund Lifestyle 3
Putnam RetirementReady 2060 Fund
Putnam RetirementReady 2055 Fund
Putnam RetirementReady 2050 Fund
Putnam RetirementReady 2045 Fund
Putnam RetirementReady 2040 Fund
Putnam RetirementReady 2035 Fund
Putnam RetirementReady 2030 Fund
Putnam RetirementReady 2025 Fund
Putnam RetirementReady 2020 Fund
Putnam Short Term Investment Fund
Putnam Short-Term Municipal Income Fund
Putnam Small Cap Growth Fund
Putnam Small Cap Value Fund
Putnam Strategic Volatility Equity Fund
Putnam Tax Exempt Income Fund
Putnam Tax Exempt Money Market Fund
Putnam Tax-Free High Yield Fund
Putnam U.S. Government Income Trust
Putnam Voyager Fund
Putnam VT Absolute Return 500 Fund
Putnam VT American Government Income Fund
Putnam VT Capital Opportunities Fund
Putnam VT Diversified Income Fund
Putnam VT Equity Income Fund
Putnam VT George Putnam Balanced Fund
Putnam VT Global Asset Allocation Fund
Putnam VT Global Equity Fund
Putnam VT Global Health Care Fund
Putnam VT Global Utilities Fund
Putnam VT Growth and Income Fund
Putnam VT Growth Opportunities Fund
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/ Simon Davis
Simon Davis
PUTNAM INVESTMENT MANAGEMENT, LLC
By: /s/ James P. Pappas
James P. Pappas
Director of Trustee Relations and Authorized Person
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Schedule A
(continued)
A-3
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EX-99
5
bylaws855.txt
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,
GEORGE PUTNAM BALANCED FUND,
PUTNAM GLOBAL EQUITY FUND,
PUTNAM GLOBAL HEALTH CARE FUND,
PUTNAM GLOBAL INCOME TRUST,
PUTNAM GLOBAL NATURAL RESOURCES FUND,
PUTNAM GLOBAL UTILITIES FUND,
PUTNAM HIGH YIELD ADVANTAGE FUND,
PUTNAM HIGH YIELD TRUST,
PUTNAM INCOME FUND,
PUTNAM INTERNATIONAL EQUITY FUND,
PUTNAM INVESTMENT FUNDS,
PUTNAM INVESTORS FUND,
PUTNAM MASSACHUSETTS TAX EXEMPT INCOME FUND,
PUTNAM MICHIGAN TAX EXEMPT INCOME FUND,
PUTNAM MINNESOTA TAX EXEMPT INCOME FUND,
PUTNAM MONEY MARKET FUND,
PUTNAM MULTI-CAP GROWTH FUND,
PUTNAM NEW JERSEY TAX EXEMPT INCOME FUND,
PUTNAM NEW YORK TAX EXEMPT INCOME FUND,
PUTNAM OHIO TAX EXEMPT INCOME FUND,
PUTNAM PENNSYLVANIA TAX EXEMPT INCOME FUND,
PUTNAM RETIREMENTREADY FUNDS,
PUTNAM TAX EXEMPT INCOME FUND,
PUTNAM TAX EXEMPT MONEY MARKET FUND,
PUTNAM TAX-FREE INCOME TRUST,
PUTNAM U.S. GOVERNMENT INCOME TRUST,
PUTNAM VARIABLE TRUST, AND
PUTNAM VOYAGER FUND
(each a Trust and together, the Trusts)
Amendment to Amended and Restated Bylaws
WHEREAS, ARTICLE 13, Section 13.1 of the Amended and Restated
Bylaws (the Bylaws) of the Trusts permits the Board of Trustees
of the Trusts (the Trustees) to amend or repeal, in whole or in
part, the Bylaws;
WHEREAS, the Trustees desire to amend the Bylaws to add Article
14, Section 14.1, entitled Claims, which clarifies and defines
the distinction between direct shareholder claims and derivative
claims brought by or on behalf of the Trusts;
NOW, THEREFORE, the Bylaws are hereby amended as follows:
1. The following shall be added as ARTICLE 14, Section
14.1:
14.1 Claims. As used herein, a direct Shareholder claim shall
refer to (i) a claim based upon alleged violations of a
Shareholders individual rights independent of any harm to the
Trust, including a Shareholders voting rights under Article 10,
rights to receive a dividend payment as may be declared from
time to time, rights to inspect books and records, or other
similar rights personal to the Shareholder and independent of
any harm to the Trust; and (ii) a claim for which a direct
shareholder action is expressly provided under the U.S. federal
securities laws. Any claim asserted by a Shareholder that is not
a direct Shareholder claim, including without limitation any
claims purporting to be brought on behalf of the Trust or
involving any alleged harm to the Trust, shall be considered a
derivative claim as used herein.
This Amendment is effective as of April 22, 2016.
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