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Putnam Arizona Tax Exempt Income Fund seeks as high a level of current income exempt from federal income tax and Arizona personal income tax as we believe is consistent with preservation of capital.

The following table describes the fees and expenses you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in class A shares or $50,000 in class M shares of Putnam funds. More information about these and other discounts is available from your financial advisor and in How do I buy fund shares? beginning on page 38 of the fund’s prospectus and in How to buy shares beginning on page II-1 of the fund’s statement of additional information (SAI).

Annual fund operating expenses
(expenses you pay each year as a percentage of the value of your investment)

* Applies only to certain redemptions of shares bought with no initial sales charge.

# Reflects Putnam Investment Management, LLC’s contractual obligation to limit certain fund expenses through September 30, 2016. This obligation may be modified or discontinued only with approval of the Board of Trustees.

The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund’s operating expenses remain the same. Only the first year of each period in the example takes into account the expense reimbursement described above. Your actual costs may be higher or lower.

The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund’s turnover rate in the most recent fiscal year was 23%.

We invest mainly in bonds that pay interest that is exempt from federal income tax and Arizona personal income tax (but that may be subject to federal alternative minimum tax (AMT)), are investment-grade in quality, and have intermediate- to long-term maturities (three years or longer). Under normal circumstances, we invest at least 80% of the fund’s net assets in tax-exempt investments. This investment policy cannot be changed without

the approval of the fund’s shareholders. We may consider, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell investments.

The value of bonds in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general financial market conditions, changing market perceptions of the risk of default, changes in government intervention in the financial markets, and factors related to a specific issuer. Bond markets may, in response to government intervention, economic or market developments, or other factors, experience periods of high volatility and reduced liquidity.

The risks associated with bond investments include interest rate risk, which means the value of the fund’s investments is likely to fall if interest rates rise. Bond investments also are subject to credit risk, which is the risk that the issuers of the fund’s investments may default on payment of interest or principal. Since the fund invests in tax-exempt bonds, which, to be treated as tax-exempt under the Internal Revenue Code, may be issued only by limited types of issuers for limited types of projects, the fund’s investments may be focused in certain market segments. Consequently, the fund may be more vulnerable to fluctuations in the values of the securities it holds than a fund that invests more broadly. Interest rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds. Investments in a single state carry risks of vulnerability to common economic forces and other factors affecting the state’s tax-exempt investments, which may result in greater losses and volatility. Interest the fund receives might be taxable.

The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund’s performance year to year and over time. The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. Please remember that past performance is not necessarily an indication of future results. Monthly performance figures for the fund are available at putnam.com.

Average annual total returns after sales charges
(for periods ending 12/31/14)

After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement.

Class B share performance reflects conversion to class A shares after eight years.

For important information about the purchase and sale of fund shares, tax information, and financial intermediary compensation, please turn to Important additional information about all funds beginning on page 30.

Putnam Massachusetts Tax Exempt Income Fund seeks as high a level of current income exempt from federal income tax and Massachusetts personal income tax as we believe is consistent with preservation of capital.

Annual fund operating expenses
(expenses you pay each year as a percentage of the value of your investment)

* Applies only to certain redemptions of shares bought with no initial sales charge.

We invest mainly in bonds that pay interest that is exempt from federal income tax and Massachusetts personal income tax (but that may be subject to federal alternative minimum tax (AMT)), are investment-grade in quality, and have intermediate- to long-term maturities (three years or longer). Under normal circumstances, we invest at least 80% of the fund’s net assets in tax-exempt investments. This investment policy cannot be changed without the approval of the fund’s shareholders. We may consider, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell investments.

Average annual total returns after sales charges
(for periods ending 12/31/14)

Class B share performance reflects conversion to class A shares after eight years.

Putnam Michigan Tax Exempt Income Fund seeks as high a level of current income exempt from federal income tax and Michigan personal income tax as we believe is consistent with preservation of capital.

Annual fund operating expenses
(expenses you pay each year as a percentage of the value of your investment)

* Applies only to certain redemptions of shares bought with no initial sales charge.

We invest mainly in bonds that pay interest that is exempt from federal income tax and Michigan personal income tax (but that may be subject to federal alternative minimum tax (AMT)), are investment-grade in quality, and have intermediate- to long-term maturities (three years or longer). Under normal circumstances, we invest at least 80% of the fund’s net assets in tax-exempt investments. This investment policy cannot be changed without the approval of the fund’s shareholders. We may consider, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell investments.

Average annual total returns after sales charges
(for periods ending 12/31/14)

Class B share performance reflects conversion to class A shares after eight years.

Putnam Minnesota Tax Exempt Income Fund seeks as high a level of current income exempt from federal income tax and Minnesota personal income tax as we believe is consistent with preservation of capital.

Annual fund operating expenses
(expenses you pay each year as a percentage of the value of your investment)

* Applies only to certain redemptions of shares bought with no initial sales charge.

We invest mainly in bonds that pay interest that is exempt from federal income tax and Minnesota personal income tax (but that may be subject to federal alternative minimum tax (AMT)), are investment-grade in quality, and have intermediate- to long-term maturities (three years or longer). Under normal circumstances, we invest at least 80% of the fund’s net assets in tax-exempt investments. This investment policy cannot be changed without the approval of the fund’s shareholders. We may consider, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell investments.

Average annual total returns after sales charges
(for periods ending 12/31/14)

Class B share performance reflects conversion to class A shares after eight years.

Putnam New Jersey Tax Exempt Income Fund seeks as high a level of current income exempt from federal income tax and New Jersey personal income tax as we believe is consistent with preservation of capital.

Annual fund operating expenses
(expenses you pay each year as a percentage of the value of your investment)

* Applies only to certain redemptions of shares bought with no initial sales charge.

We invest mainly in bonds that pay interest that is exempt from federal income tax and New Jersey personal income tax (but that may be subject to federal alternative minimum tax (AMT)), are investment-grade in quality, and have intermediate- to long-term maturities (three years or longer). Under normal circumstances, we invest at least 80% of the fund’s net assets in tax-exempt investments. This investment policy cannot be changed without the approval of the fund’s shareholders. We may consider, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell investments.

Average annual total returns after sales charges
(for periods ending 12/31/14)

Class B share performance reflects conversion to class A shares after eight years.

Putnam Ohio Tax Exempt Income Fund seeks as high a level of current income exempt from federal income tax and Ohio personal income tax as we believe is consistent with preservation of capital.

Annual fund operating expenses
(expenses you pay each year as a percentage of the value of your investment)

* Applies only to certain redemptions of shares bought with no initial sales charge.

We invest mainly in bonds that pay interest that is exempt from federal income tax and Ohio personal income tax (but that may be subject to federal alternative minimum tax (AMT)), are investment-grade in quality, and have intermediate- to long-term maturities (three years or longer). Under normal circumstances, we invest at least 80% of the fund’s net assets in tax-exempt investments. This investment policy cannot be changed without the approval of the fund’s shareholders. We may consider, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell investments.

Average annual total returns after sales charges
(for periods ending 12/31/14)

Class B share performance reflects conversion to class A shares after eight years.

Putnam Pennsylvania Tax Exempt Income Fund seeks as high a level of current income exempt from federal income tax and Pennsylvania personal income tax as we believe is consistent with preservation of capital.

Annual fund operating expenses
(expenses you pay each year as a percentage of the value of your investment)

* Applies only to certain redemptions of shares bought with no initial sales charge.

We invest mainly in bonds that pay interest that is exempt from federal income tax and Pennsylvania personal income tax (but that may be subject to federal alternative minimum tax (AMT)), are investment-grade in quality, and have intermediate- to long-term maturities (three years or longer). Under normal circumstances, we invest at least 80% of the fund’s net assets in tax-exempt investments. This investment policy cannot be changed without the approval of the fund’s shareholders. We may consider, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell investments.

Average annual total returns after sales charges
(for periods ending 12/31/14)

Class B share performance reflects conversion to class A shares after eight years.

You can open an account, purchase and/or sell fund shares, or exchange them for shares of another Putnam fund by contacting your financial advisor or by calling Putnam Investor Services at 1-800-225-1581.

When opening an account, you must complete and mail a Putnam account application, along with a check made payable to the fund, to: Putnam Investor Services, P.O. Box 8383, Boston, MA 02266-8383. The minimum initial investment of $500 is currently waived, although Putnam reserves the right to reject initial investments under $500 at its discretion. There is no minimum for subsequent investments.

You can sell your shares back to the fund or exchange them for shares of another Putnam fund any day the New York Stock Exchange (NYSE) is open. Shares may be sold or exchanged by mail, by phone, or online at putnam.com. Some restrictions may apply.

The fund intends to distribute income that is exempt from federal income tax and personal income tax of the state identified in the fund’s name, but distributions will be subject to federal income tax to the extent attributable to other income, including income earned by the fund on investments in taxable securities or capital gains realized on the disposition of its investments.

If you purchase the fund through a broker/dealer or other financial intermediary (such as a bank or financial advisor), the fund and its related companies may pay that intermediary for the sale of fund shares and related services. Please bear in mind that these payments may create a conflict of interest by influencing the broker/dealer or other intermediary to recommend the fund over another investment. Ask your advisor or visit your advisor’s website for more information.

This section contains greater detail on each fund’s main investment strategies and the related risks you would face as a fund shareholder. It is important to keep in mind that risk and reward generally go hand in hand; the higher the potential reward, the greater the risk. As mentioned in the fund summaries, we pursue each fund’s goal by investing mainly in tax-exempt investments that are investment-grade in quality. Under normal circumstances, we invest

at least 80% of a fund’s net assets in tax-exempt investments. This investment policy cannot be changed without the approval of a fund’s shareholders. Certain states may impose additional requirements on the composition of a fund’s portfolio in order for distributions from that fund to be exempt from state taxes.

Interest income from private activity bonds may be subject to federal AMT for individuals. As a policy that cannot be changed without the approval of fund shareholders, we cannot include these investments for the purpose of complying with the 80% investment policies described above. Corporate shareholders will be required to include all exempt interest dividends in determining their federal AMT. For more information, including possible state, local and other taxes, contact your tax advisor.

credit risk than general obligations because of the relatively limited source of revenue.

Some investments give the issuer the option to call or redeem an investment before its maturity date. If an issuer calls or redeems an investment during a time of declining interest rates, we might have to reinvest the proceeds in an investment offering a lower yield, and therefore, a fund might not benefit from any increase in value as a result of declining interest rates.

We invest mostly in investment-grade debt investments. These are rated at least BBB or its equivalent at the time of purchase by a nationally recognized securities rating agency, or are unrated investments that we believe are of comparable quality. We may invest up to 25% of a fund’s total assets in non-investment-grade investments. However, we will not invest in investments that are rated lower than BB or its equivalent by each agency rating the investment, or are unrated securities that we believe are of comparable quality. We will not necessarily sell an investment if its rating is reduced after we buy it.

Investments rated below BBB or its equivalent are below-investment-grade (sometimes referred to as “junk bonds”). This rating reflects a greater possibility that the issuers may be unable to make timely payments of interest and principal and thus default. If default occurs, or is perceived as likely to occur, the values of those investments will usually be more volatile and are likely to fall. A default or expected default could also make it difficult for us to sell the investments at prices approximating the values we had previously placed on them. Tax-exempt debt, particularly lower-rated tax-exempt debt, usually has a more limited market than taxable debt, which may at times make it difficult for us to buy or sell certain debt instruments or to establish their fair value. Credit risk is generally greater for investments that are issued at less than their face value and that are required to make interest payments only at maturity rather than at intervals during the life of the investment.

We may buy investments that are insured as to the payment of principal and interest in the event the issuer defaults. Any reduction in the insurer’s ability to pay claims may adversely affect the value of insured investments and, consequently, the value of a fund’s shares.

Investing mostly in tax-exempt investments of a single state makes a fund more vulnerable to that state’s economy and to factors affecting tax-exempt issuers in that state than would be true for a more geographically diversified fund. These risks include:

In addition, because of the relatively small number of issuers of tax-exempt securities, we are more likely to invest a higher percentage of assets in a single issuer. We may, therefore, be more exposed to the risk of loss due to investing in relatively fewer issuers than a fund that invests more broadly.

At times, the funds and other accounts that Putnam Management and its affiliates manage may own all or most of the debt of a particular issuer. This concentration of ownership may make it more difficult to sell, or to determine the fair value of, these investments.

underlying investment, pool of investments, or index. We may use derivatives both for hedging and non-hedging purposes, such as to modify the behavior of an investment so that it responds differently than it would otherwise respond to changes in a particular interest rate. For example, derivatives may increase or decrease an investment’s exposure to long- or short-term interest rates or cause the value of an investment to move in the opposite direction from prevailing short-term or long-term interest rates. We may also use derivatives as a substitute for a direct investment in the securities of one or more issuers. However, we may also choose not to use derivatives, based on our evaluation of market conditions or the availability of suitable derivatives. Investments in derivatives may be applied toward meeting a requirement to invest in a particular kind of investment if the derivatives have economic characteristics similar to that investment.

Derivatives involve special risks and may result in losses. The successful use of derivatives depends on our ability to manage these sophisticated instruments. Some derivatives are “leveraged,” which means they provide a fund with investment exposure greater than the value of a fund’s investment in the derivatives. As a result, these derivatives may magnify or otherwise increase investment losses to a fund. The risk of loss from certain short derivatives positions is theoretically unlimited. The value of derivatives may move in unexpected ways due to the use of leverage or other factors, especially in unusual market conditions, and may result in increased volatility.

Other risks arise from the potential inability to terminate or sell derivatives positions. A liquid secondary market may not always exist for the fund’s derivatives positions. In fact, many over-the-counter instruments (investments not traded on an exchange) will not be liquid. Over-the-counter instruments also involve the risk that the other party to the derivatives transaction will not meet its obligations. For further information about the risks of derivatives, see Miscellaneous Investments, Investment Practices and Risks in the SAI.

As a shareholder of a mutual fund, you have certain rights and protections, including representation by a Board of Trustees. The Putnam Funds’ Board of Trustees oversees the general conduct of the funds’ business and represents the interests of the Putnam fund shareholders. At least 75% of the members of the Putnam Funds’ Board of Trustees are independent, which means they are not officers of the funds or affiliated with Putnam Investment Management, LLC (Putnam Management).

The Trustees periodically review each fund’s investment performance and the quality of other services such as administration, custody, and investor services. At least annually, the Trustees review the fees paid to Putnam Management and its affiliates for providing or overseeing these services, as well as the overall level of each fund’s operating expenses. In carrying out their responsibilities, the Trustees are assisted by an administrative staff, auditors and legal counsel that are selected by the Trustees and are independent of Putnam Management and its affiliates.

Contacting the funds’ Trustees
Address correspondence to:
The Putnam Funds Trustees
One Post Office Square
Boston, MA 02109

The Trustees have retained Putnam Management, which has managed mutual funds since 1937, to be each fund’s investment manager, responsible for making investment decisions for each fund and managing each fund’s other affairs and business.

The basis for the Trustees’ approval of each fund’s management contract and the sub-management contract described below is discussed in each fund’s semiannual report to shareholders dated November 30, 2014.

Each fund pays a monthly management fee to Putnam Management. The fee is calculated by applying a rate to each fund’s average net assets for the month. The rate is based on the monthly 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), and generally declines as the aggregate net assets increase.

The funds paid Putnam Management a management fee (after any applicable waivers) for each fund’s last fiscal year at the following rates (reflected as a percentage of average net assets for each fund’s last fiscal year).

Putnam Management has retained its affiliate Putnam Investments Limited (PIL) to make investment decisions for such fund assets as may be designated from time to time for its management by Putnam Management. Putnam Management (and not the funds) will pay a quarterly sub-management fee to PIL for its services at the annual rate of 0.40% of the average net asset value (NAV) of any fund assets managed by PIL. PIL, which provides a full range of international investment advisory services to institutional clients, is located at Cassini House, 57–59 St James’s Street, London, England, SW1A 1LD.

Pursuant to this arrangement, Putnam investment professionals who are based in foreign jurisdictions may serve as portfolio managers of the funds or provide other investment services, consistent with local regulations.

The SAI provides information about these individuals’ compensation, other accounts managed by these individuals and these individuals’ ownership of securities in each fund.

The price of a fund’s shares is based on its NAV. The NAV per share of each class equals the total value of its assets, less its liabilities, divided by the number of its outstanding shares. Shares are only valued as of the close of regular trading on the NYSE each day the exchange is open.

Each fund values its investments for which market quotations are readily available at market value. It values short-term investments that will mature within 60 days at amortized cost, which approximates market value. It values all other investments and assets at their fair value, which may differ from recent market prices.

Each fund’s tax-exempt investments are generally valued at fair value on the basis of valuations provided by an independent pricing service approved by the fund’s Trustees. Such services determine valuations for normal institutional-size trading units of such securities using information with respect to transactions in the bond being valued, quotations from bond dealers, market transactions in comparable securities, and various relationships, generally recognized by institutional traders, between securities. To the extent a pricing service is unable to value a security or provides a valuation that Putnam Management does not believe accurately reflects the security’s fair value, the security will be valued at fair value by Putnam Management.

Each fund’s most recent NAV is available on Putnam Investments’ website at putnam.com/individual or by contacting Putnam Investor Services at 1-800-225-1581.

You can open a fund account and purchase class A, B, C, and M shares by contacting your financial representative or Putnam Investor Services at 1-800-225-1581 and obtaining a Putnam account application. The completed application, along with a check made payable to the fund, must then be returned to Putnam Investor Services at the following address:

You can open a fund account with as little as $500. The minimum investment is waived if you make regular investments weekly, semi-monthly or monthly through automatic deductions from your bank checking or savings account. Although Putnam is currently waiving the minimum, it reserves the right to reject initial investments under the minimum at its discretion.

Each fund sells its shares at the offering price, which is the NAV plus any applicable sales charge (class A and class M shares only). Your financial representative or Putnam Investor Services generally must receive your completed buy order before the close of regular trading on the NYSE for your shares to be bought at that day’s offering price.

Mutual funds must obtain and verify information that identifies investors opening new accounts. If a fund is unable to collect the required information, Putnam Investor Services may not be able to open your account. Investors must provide their full name, residential or business address, Social Security or tax identification number, and date of birth. Entities, such as trusts, estates, corporations and partnerships, must also provide other identifying information. Putnam Investor Services may share identifying information with third parties for the purpose of verification. If Putnam Investor Services cannot verify identifying information after opening your account, the fund reserves the right to close your account.

Also, each fund may periodically close to new purchases of shares or refuse any order to buy shares if the fund determines that doing so would be in the best interests of the fund and its shareholders.

Once you have an existing account, you can make additional investments at any time in any amount in the following ways:

This prospectus offers you four classes of fund shares: A, B, C and M. Certain investors described below may also choose class Y shares. Each share class represents investments in the same portfolio of securities, but each class has its own sales charge and expense structure, as illustrated in the Fund summaries — Fees and expenses section, allowing you and your financial representative to choose the class that best suits your investment needs. When you purchase shares of a fund, you must choose a share class. Deciding which share class best suits your situation depends on a number of factors that you should discuss with your financial representative, including:

Great-West Life & Annuity Insurance Company and by the Board of Trustees in its discretion for Trustees.

Trust companies or bank trust departments that purchased class Y shares for trust accounts may transfer them to the beneficiaries of the trust accounts, who may continue to hold them or exchange them for class Y shares of other Putnam funds.

* Because of rounding in the calculation of offering price and the number of shares purchased, actual sales charges you pay may be more or less than these percentages.

*** The funds will not accept purchase orders for class M shares (other than by employer-sponsored retirement plans) where the total of the current purchase, plus existing account balances that are eligible to be linked under a right of accumulation (as described below) is $500,000 or more.

Each fund offers two principal ways for you to qualify for discounts on initial sales charges on class A and class M shares, often referred to as “breakpoint discounts”:

money market fund shares acquired by exchange from other Putnam funds, are not included for purposes of the right of accumulation.

To calculate the total value of your existing accounts and any linked accounts, a fund will use the higher of (a) the current maximum public offering price of those shares or (b) if you purchased the shares after December 31, 2007, the initial value of the total purchases, or, if you held the shares on December 31, 2007, the market value at maximum public offering price on that date, in either case, less the market value on the applicable redemption date of any of those shares that you have redeemed.

Account types that may be linked with each other to obtain breakpoint discounts using the methods described above include:

In order to obtain a breakpoint discount, you should inform your financial representative at the time you purchase shares of the existence of other accounts or purchases that are eligible to be linked for the purpose of calculating the initial sales charge. A fund or your financial representative may ask you for records or other information about other shares held in your accounts and linked accounts, including accounts opened with a different financial representative. Restrictions may apply to certain accounts and transactions. Further details about breakpoint discounts can be found on Putnam Investments’ website at putnam.com/individual by selecting Mutual

Funds, then Pricing and performance, and then About fund costs, and in the SAI.

You can sell your shares back to the appropriate fund or exchange them for shares of another Putnam fund any day the NYSE is open, either through your financial representative or directly to the fund.

If you redeem your shares shortly after purchasing them, your redemption payment for the shares may be delayed until the fund collects the purchase price of the shares, which may be up to 10 calendar days after the purchase date.

Regarding exchanges, not all Putnam funds offer all classes of shares or may be open to new investors. If you exchange shares otherwise subject to a deferred sales charge, the transaction will not be subject to the deferred sales charge. When you redeem the shares acquired through the exchange, however, the redemption may be subject to the deferred sales charge, depending upon when and from which fund you originally purchased the shares. The deferred sales charge will be computed using the schedule of any fund into or from which you have exchanged your shares that would result in your paying the highest deferred sales charge applicable to your class of shares. For purposes of computing the deferred sales charge, the length of time you have owned your shares will be measured from the date of original purchase, unless you originally purchased the shares from another Putnam fund that does not directly charge a deferred sales charge, in which case the length of time you have owned your shares will be measured from the date you exchange those shares for shares of another Putnam fund that does charge a deferred sales charge, and will not be affected by any subsequent exchanges among funds.

applicable deferred sales charge. Your representative will be responsible for furnishing all necessary documents to Putnam Investor Services on a timely basis and may charge you for his or her services.

Each fund also reserves the right to revise or terminate the exchange privilege, limit the amount or number of exchanges or reject any exchange. The fund into which you would like to exchange may also reject your exchange. These actions may apply to all shareholders or only to those shareholders whose exchanges Putnam Management determines are likely to have a negative effect on the fund or other Putnam funds. Consult Putnam Investor Services before requesting an exchange. Ask your financial representative or Putnam Investor Services for prospectuses of other Putnam funds. Some Putnam funds are not available in all states.

If you sell (redeem) class B shares within six years of purchase, you will generally pay a deferred sales charge according to the following schedule:

A deferred sales charge of 1.00% will apply to class C shares if redeemed within one year of purchase. Class A shares that are part of a purchase of $500,000 or more (other than by an employer-sponsored retirement plan) will be subject to a 1.00% deferred sales charge if redeemed within nine months of purchase.

Deferred sales charges will be based on the lower of the shares’ cost and current NAV. Shares not subject to any charge will be redeemed first, followed by shares held longest. You may sell shares acquired by reinvestment of distributions without a charge at any time.

Because each fund invests in securities that may trade infrequently or may be more difficult to value, such as lower-rated bonds, it may be susceptible to trading by short-term traders who seek to exploit perceived price inefficiencies in a fund’s investments. In addition, the market for lower-rated bonds may at times show “market momentum,” in which positive or negative performance may continue from one day to the next for reasons unrelated to the fundamentals of the issuer. Short-term traders may seek to capture this momentum by trading frequently in a fund’s shares, which will reduce a fund’s performance and may dilute the interests of other shareholders. Because lower-rated debt may be less liquid than higher-rated debt, a fund may also be unable to buy or sell these securities at desirable prices when the need arises (for example, in response to volatile cash flows caused by short-term trading). Similar risks may apply if a fund holds other types of less liquid securities.

In particular, many purchase, redemption and exchange orders are received from financial intermediaries that hold omnibus accounts with a fund. Omnibus accounts, in which shares are held in the name of an intermediary on behalf of multiple beneficial owners, are a common form of holding shares among retirement plans and financial intermediaries such as brokers, advisers and third-party administrators. The funds are generally not able to identify trading by a particular beneficial owner within an omnibus account, which makes it difficult or impossible to determine if a particular shareholder is engaging in excessive short-term trading. Putnam Management monitors aggregate cash flows in omnibus accounts on an ongoing basis. If high cash flows or other information indicate that excessive short-term trading may be taking place, Putnam Management will contact the financial intermediary, plan sponsor or recordkeeper that maintains accounts for the beneficial owner and attempt to identify and remedy any excessive trading. However, a fund’s ability to monitor and deter excessive short-term traders in omnibus

accounts ultimately depends on the capabilities and cooperation of these third-party financial firms. A financial intermediary or plan sponsor may impose different or additional limits on short-term trading.

Putnam funds are distributed primarily through dealers (including any broker, dealer, bank, bank trust department, registered investment advisor, financial planner, retirement plan administrator, and any other institution having a selling, services, or any similar agreement with Putnam Retail Management or one of its affiliates). In order to pay for the marketing of fund shares and services provided to shareholders, each fund has adopted distribution and service (12b-1) plans, which increase the annual operating expenses you pay each year in certain share classes, as shown in the tables of annual fund operating expenses in the section Fund summaries — Fees and expenses. Putnam Retail Management and its affiliates also make additional payments to dealers that do not increase your fund expenses, as described below.

Putnam Retail Management and its affiliates also pay additional compensation to selected dealers in recognition of their marketing support and/or program servicing (each of which is described in more detail below). These payments may create an incentive for a dealer firm or its representatives to recommend or offer shares of the funds or other Putnam funds to its customers. These additional payments are made by Putnam Retail Management and its affiliates and do not increase the amount paid by you or a fund as shown under Fund summaries — Fees and expenses.

The additional payments to dealers by Putnam Retail Management and its affiliates are generally based on one or more of the following factors: average net assets of a fund attributable to that dealer, sales or net sales of a fund attributable to that dealer, or reimbursement of ticket charges (fees that a dealer firm charges its representatives for effecting transactions in fund shares), or on the basis of a negotiated lump sum payment for services provided.

Marketing support payments are generally available to most dealers engaging in significant sales of Putnam fund shares. These payments are individually negotiated with each dealer firm, taking into account the marketing support services provided by the dealer, including business planning assistance, educating dealer personnel about the Putnam funds and shareholder financial planning needs, placement on the dealer’s preferred or recommended fund company list, and access to sales meetings, sales representatives and management representatives of the dealer, as well as the size of the dealer’s relationship with Putnam Retail Management. Although the total amount of marketing support payments made to dealers in any year may vary, on average, the aggregate payments are not expected, on an annual basis, to exceed 0.085% of the average net assets of Putnam’s retail mutual funds attributable to the dealers.

Program servicing payments, which are paid in some instances to dealers in connection with investments in a fund through retirement plans, dealer platforms, and other investment programs, are not expected, with certain limited exceptions, to exceed 0.20% of the total assets in the program on an annual basis. These payments are made for program services provided by the dealer, including participant or shareholder recordkeeping, reporting, or transaction processing, as well as services rendered in connection with dealer platform development and maintenance and services rendered in connection with retirement plans, such as fund/investment selection and monitoring, employee enrollment and education, plan balance rollover or separation, or other similar services.

You can find a list of all dealers to which Putnam made marketing support and/or program servicing payments in 2014 in the SAI, which is on file with the SEC and is also available on Putnam’s website at putnam.com. You can also find other details in the SAI about the payments made by Putnam Retail Management and its affiliates and the services provided by your dealer. Your dealer may charge you fees or commissions in addition to those disclosed in this prospectus. You can also ask your dealer about any payments it receives from Putnam Retail Management and its affiliates and any services your dealer provides, as well as about fees and/or commissions it charges.

Each fund declares a distribution daily of all its net income. Each fund normally distributes any net investment income monthly and any net realized capital gains annually. You may choose to reinvest distributions from net investment income, capital gains or both in additional shares of your fund or other Putnam funds, or you may receive them in cash in the form of a check or an electronic deposit to your bank account. If you do not select an option when you open your account, all distributions will be reinvested. If you choose to receive distributions in cash, but correspondence from a fund or Putnam Investor Services is returned as “undeliverable,” the distribution option on your account may be converted to reinvest future distributions in the fund. You will not receive interest on uncashed distribution checks.

Fund distributions that a fund properly reports to you as “exempt-interest dividends” are generally not subject to federal income taxation. Other fund distributions will generally be taxable to you as ordinary income or treated as long-term capital gain included in your net capital gain and taxable to individuals at reduced rates. In addition, distributions that a fund properly reports to you as “exempt-interest dividends” derived from interest on (i) qualifying state and local obligations that are tax-exempt pursuant to the law of the relevant state and (ii) qualifying obligations of the United States and certain of its possessions will generally be exempt from the personal income

tax (if any) of that state. Distributions are so treated whether paid in cash or reinvested in additional shares.

If you receive social security or railroad retirement benefits, you should consult your tax advisor to determine what effect, if any, an investment in a fund may have on the federal taxation of your benefits. In addition, an investment in a fund may result in liability for federal AMT, both for individual and corporate shareholders.

In order for any portion of a fund’s distributions to be exempt from the personal income tax of the relevant state, the fund and its investments must meet certain requirements that vary according to the relevant state. A fund or its investments may fail to meet the relevant state’s requirements for a variety of reasons, which may increase the amount of taxes payable by shareholders. In addition, a fund’s distributions may be subject to other state or local taxes, such as a state’s AMT. Please refer to the SAI for further information concerning the taxation of fund distributions by the relevant state.

Each fund may at times buy tax-exempt investments at a discount from the price at which they were originally issued, especially during periods of rising interest rates. For federal income tax purposes, some or all of this market discount will be included in the fund’s ordinary income and will be taxable to you as such when it is distributed.

For federal income tax purposes, distributions of net investment income other than “exempt-interest dividends” are generally taxable to you as ordinary income. Generally, gains realized by a fund on the sale or exchange of investments are taxable to you, even though the income from such investments generally is tax-exempt. Taxes on distributions of capital gains are determined by how long a fund owned (or is deemed to have owned) the investments that generated them, rather than by how long you have owned (or are deemed to have owned) your shares. Distributions that a fund properly reports to you as gains from investments that the fund owned for more than one year are generally taxable to you as long-term capital gains includible in net capital gain and taxed to individuals at reduced rates. Distributions of gains from investments that a fund owned for one year or less and gains on the sale of or payment on bonds characterized as market discount are generally taxable to you as ordinary income. Distributions are taxable in the manner described in this paragraph whether you receive them in cash or reinvest them in additional shares of the relevant fund or other Putnam funds.

You should consider avoiding a purchase of fund shares shortly before a fund makes a distribution because doing so may cost you money in taxes. Distributions other than exempt-interest dividends are taxable to you even if

they are paid from income or gains earned by a fund before your investment (and thus were included in the price you paid). Contact your financial representative or Putnam to find out the distribution schedule for your fund.

A fund’s investments in discount and certain other debt obligations may cause the fund to recognize taxable income in excess of the cash generated by such obligations. Thus, a fund could be required at times to liquidate other investments, including when it is not advantageous to do so, in order to satisfy its distribution requirements.

A fund’s use of derivatives, if any, may affect the amount, timing and character of distributions to shareholders and, therefore, may increase the amount of taxes payable by shareholders.

Any gain resulting from the sale or exchange of your shares generally also will be subject to tax.

The above is a general summary of the tax implications of investing in a fund. Please refer to the SAI for further details. You should consult your tax advisor for more information on your own tax situation, including possible foreign, state and local taxes.

The financial highlights tables are intended to help you understand each fund’s recent financial performance. Certain information reflects financial results for a single fund share. The total returns represent the rate that an investor would have earned or lost on an investment in the fund, assuming reinvestment of all dividends and distributions. This information has been derived from each fund’s financial statements, which for the Massachusetts, Michigan, Minnesota, New Jersey, Ohio and Pennsylvania funds have been audited by PricewaterhouseCoopers LLP, and which for the Arizona fund have been audited by KPMG LLP. Their reports and each fund’s financial statements are included in each fund’s annual report to shareholders, which is available upon request.

^a Total return assumes dividend reinvestment and does not reflect the effect of sales charges.

^b Includes amounts paid through expense offset and/or brokerage/service arrangements, if any. Also excludes acquired fund fees and expenses, if any.

^d Reflects an involuntary contractual expense limitation in effect during the period. As a result of such limitation, the expenses of each class reflect a reduction of the following amounts:

^a Total return assumes dividend reinvestment and does not reflect the effect of sales charges.

^b Includes amounts paid through expense offset and/or brokerage service arrangements, if any. Also excludes acquired fund fees and expenses, if any.

^d Reflects a non-recurring reimbursement related to restitution amounts in connection with a distribution plan approved by the Securities and Exchange Commission (SEC), which amounted to less than $0.01 per share outstanding on July 21, 2011.

^e Reflects a non-recurring reimbursement related to short-term trading related lawsuits, which amounted to less than $0.01 per share outstanding on May 18, 2011.

^a Total return assumes dividend reinvestment and does not reflect the effect of sales charges.

^b Includes amounts paid through expense offset and/or brokerage service arrangements, if any. Also excludes acquired fund fees and expenses, if any.

^d Reflects a non-recurring reimbursement related to short-term trading related lawsuits, which amounted to less than $0.01 per share outstanding on May 18, 2011.

^e Reflects a non-recurring reimbursement related to restitution amounts in connection with a distribution plan approved by the Securities and Exchange Commission (SEC) which amounted to less than $0.01 per share outstanding on July 21, 2011.

^a Total return assumes dividend reinvestment and does not reflect the effect of sales charges.

^b Includes amounts paid through expense offset and/or brokerage/service arrangements, if any. Also excludes acquired fund fees and expenses, if any.

^d Reflects a non-recurring reimbursement related to restitution amounts in connection with a distribution plan approved by the Securities and Exchange Commission (the SEC), which amounted to less than $0.01 per share outstanding on July 21, 2011.

^e Reflects a non-recurring reimbursement related to short-term trading related lawsuits, which amounted to less than $0.01 per share outstanding on May 11, 2011.

^a Total return assumes dividend reinvestment and does not reflect the effect of sales charges.

^b Includes amounts paid through expense offset and/or brokerage service arrangements, if any. Also excludes acquired fund fees and expenses, if any.

^d Reflects a non-recurring reimbursement related to short-term trading related lawsuits, which amounted to less than $0.01 per share outstanding on May 18, 2011.

^a Total return assumes dividend reinvestment and does not reflect the effect of sales charges.

^b Includes amounts paid through expense offset arrangements, if any. Also excludes acquired fund fees and expenses, if any.

^d Reflects a non-recurring reimbursement related to restitution amounts in connection with a distribution plan approved by the Securities and Exchange Commission (the SEC) which amounted to less than $0.01 per share outstanding on July 21, 2011.

^e Reflects a non-recurring reimbursement related to short-term trading related lawsuits, which amounted to less than $0.01 per share outstanding on May 11, 2011.

^a Total return assumes dividend reinvestment and does not reflect the effect of sales charges.

^b Includes amounts paid through expense offset arrangements, if any. Also excludes acquired fund fees and expenses, if any.

^e Reflects a non-recurring reimbursement related to short-term trading related lawsuits, which amounted to less than $0.01 per share outstanding on May 11, 2011.

As a Putnam mutual fund shareholder, you have access to a number of services that can help you build a more effective and flexible financial program. Here are some of the ways you can use these privileges to make the most of your Putnam mutual fund investment.

Invest as much as you wish. The amount you choose will be automatically transferred weekly, semi-monthly or monthly from your checking or savings account.

Make regular withdrawals monthly, quarterly, semiannually, or annually from your Putnam mutual fund account.

Transfer assets automatically from one Putnam account to another on a regular, prearranged basis.

Exchange money between Putnam funds. The exchange privilege allows you to adjust your investments as your objectives change. A signature guarantee is required for exchanges of more than $500,000 and shares of all Putnam funds may not be available to all investors.

Investors may not maintain, within the same fund, simultaneous plans for systematic investment or exchange (into the fund) and systematic withdrawal or exchange (out of the fund). These privileges are subject to change or termination.

Diversify your portfolio by investing dividends and other distributions from one Putnam fund automatically into another at net asset value.

You may reduce a front-end sales charge by agreeing to invest a minimum dollar amount over 13 months. Depending on your fund, the minimum is $50,000 or $100,000. Whenever you make an investment under this arrangement, you or your financial representative should notify Putnam Investor Services that a Statement of Intention is in effect.

For more information about any of these services and privileges, call your financial representative or a Putnam customer service representative toll free at 1-800-225-1581.

For more information about
Putnam Arizona Tax Exempt Income Fund,
Putnam Massachusetts Tax Exempt Income Fund,
Putnam Michigan Tax Exempt Income Fund,
Putnam Minnesota Tax Exempt Income Fund,
Putnam New Jersey Tax Exempt Income Fund,
Putnam Ohio Tax Exempt Income Fund and
Putnam Pennsylvania Tax Exempt Income Fund

The funds’ SAI and annual and semiannual reports to shareholders include additional information about the funds. The SAI is incorporated by reference into this prospectus, which means it is part of this prospectus for legal purposes. Each fund’s annual report discusses the market conditions and investment strategies that significantly affected each fund’s performance during its last fiscal year. You may get free copies of these materials, request other information about any Putnam fund, or make shareholder inquiries, by contacting your financial representative, by visiting Putnam’s website at putnam.com/individual, or by calling Putnam toll-free at 1-800-225-1581.

You may review and copy information about a fund, including its SAI, at the Securities and Exchange Commission’s Public Reference Room in Washington, D.C. You may call the Commission at 1-202-551-8090 for information about the operation of the Public Reference Room. You may also access reports and other information about each fund on the EDGAR Database on the Commission’s website at http://www.sec.gov. You may get copies of this information, with payment of a duplication fee, by electronic request at the following E-mail address: publicinfo@sec.gov, or by writing the Commission’s Public Reference Section, Washington, D.C. 20549-1520. You may need to refer to the fund’s file number.

Address correspondence to:
Putnam Investor Services
P.O. Box 8383
Boston, MA 02266-8383

VRDN Variable Rate Demand Notes, which are floating-rate securities with long-term maturities that carry coupons that reset and are payable upon demand either daily, weekly or monthly. The rate shown is the current interest rate at the close of the reporting period.

The fund’s portfolio 5/31/15

Key to holding’s abbreviations

AGM Assured Guaranty Municipal Corporation

AGO Assured Guaranty, Ltd.

AMBAC AMBAC Indemnity Corporation

COP Certificates of Participation

FNMA Coll. Federal National Mortgage Association Collateralized

FRB Floating Rate Bonds: the rate shown is the current interest rate at the close of the reporting period

G.O. Bonds General Obligation Bonds

GNMA Coll. Government National Mortgage Association Collateralized

NATL National Public Finance Guarantee Corp.

SGI Syncora Guarantee, Inc.

U.S. Govt. Coll. U.S. Government Collateralized

MUNICIPAL BONDS AND NOTES (97.8%)*	Rating**	Principal amount	Value
Guam (0.9%)
Territory of GU, Govt. Ltd. Oblig. Rev. Bonds (Section 30), Ser. A, 5 3/4s, 12/1/34	BBB+	$500,000	$563,685
Territory of GU, Govt. Wtr. Wks. Auth. Wtr. & Waste Wtr. Syst. Rev. Bonds, 5 5/8s, 7/1/40	A–	350,000	388,007
Territory of GU, Pwr. Auth. Rev. Bonds, Ser. A, 5 1/2s, 10/1/40	BBB	250,000	276,953
			1,228,645
Ohio (95.2%)
Akron, G.O. Bonds, AGM, 5s, 12/1/25 (Prerefunded 12/1/17)	AA	1,005,000	1,105,621
Allen Cnty., Hosp. Fac. Rev. Bonds (Catholic Hlth. Care), Ser. A, 5 1/4s, 6/1/38	AA–	1,000,000	1,119,390
American Muni. Pwr., Inc. Rev. Bonds
(Prairie State Energy Campus), Ser. A, AGO, U.S. Govt. Coll., 5 3/4s, 2/15/39 (Prerefunded 2/15/19)	AA	1,500,000	1,740,330
Ser. A, 5 1/4s, 2/15/33	A1	250,000	280,835
5s, 2/15/39	A1	1,000,000	1,110,830
(Prairie State Energy Campus), 5s, 2/15/38	A1	90,000	96,080
(Prairie State Energy Campus), U.S. Govt. Coll., 5s, 2/15/38 (Prerefunded 2/15/18)	AAA/P	1,410,000	1,557,458
Barberton, City School Dist. G.O. Bonds (School Impt.), U.S. Govt. Coll., 5 1/4s, 12/1/28 (Prerefunded 6/1/18)	AA	1,390,000	1,558,593
Brookfield, Local School Dist. G.O. Bonds (School Fac. Impt.), AGM, 5s, 1/15/26	Aa2	1,000,000	1,091,620
Buckeye, Tobacco Settlement Fin. Auth. Rev. Bonds, Ser. A-2
5 3/4s, 6/1/34	B3	2,000,000	1,595,560
5 3/8s, 6/1/24	B3	690,000	588,853
Cincinnati, G.O. Bonds, Ser. D, 4s, 12/1/32	Aa2	500,000	522,055
Cincinnati, City School Dist. COP, AGM
5s, 12/15/28 (Prerefunded 12/15/16)	AA	1,840,000	1,965,433
5s, 12/15/28 (Prerefunded 12/15/16)	AA	660,000	704,992
Cleveland, G.O. Bonds, Ser. A, AGO, 5s, 12/1/29	AA	2,000,000	2,135,820

Ohio Tax Exempt Income Fund 21

MUNICIPAL BONDS AND NOTES (97.8%)* cont.	Rating**	Principal amount	Value
Ohio cont.
Cleveland, Arpt. Syst. Rev. Bonds, Ser. C, AGM, 5s, 1/1/23	AA	$1,500,000	$1,589,295
Cleveland, Income Tax Rev. Bonds (Bridges & Roadways), Ser. B, AGO, 5s, 10/1/29	AA	1,000,000	1,085,510
Cleveland, Pkg. Fac. Rev. Bonds, AGM
5 1/4s, 9/15/22	AA	1,630,000	1,884,427
5 1/4s, 9/15/22 (Escrowed to maturity)	AA	770,000	940,555
Cleveland, Pub. Pwr. Syst. Rev. Bonds, Ser. B-1, NATL, zero %, 11/15/25	AA–	3,000,000	2,053,620
Cleveland, State U. Rev. Bonds, 5s, 6/1/37	A1	1,500,000	1,652,580
Cleveland, Urban Renewal Increment Rev. Bonds (Rock & Roll Hall of Fame), 6 3/4s, 3/15/18	B/P	555,000	557,337
Cleveland, Wtr. Rev. Bonds (2nd Lien)
Ser. X, 5s, 1/1/42	Aa1	1,000,000	1,109,110
Ser. A, 5s, 1/1/26	Aa2	500,000	578,330
Cleveland-Cuyahoga Cnty., Rev. Bonds (Euclid Ave. Dev., Corp.), 5s, 8/1/39	A2	1,000,000	1,083,200
Columbus, G.O. Bonds, Ser. A
5s, 2/15/25	Aaa	1,500,000	1,787,010
5s, 8/15/24	Aaa	1,000,000	1,217,380
Columbus, Swr. VRDN, Ser. B, 0.07s, 6/1/32	VMIG1	1,430,000	1,430,000
Cuyahoga Cmnty., College Dist. Rev. Bonds
Ser. C, 5 1/4s, 2/1/29	Aa2	995,000	1,138,678
Ser. D, 5s, 8/1/32	Aa2	750,000	841,875
Ser. C, 5s, 8/1/25	Aa2	1,500,000	1,713,645
Cuyahoga Cnty., COP (Convention Hotel), 5s, 12/1/27	Aa3	1,250,000	1,430,950
Dayton, City School Dist. G.O. Bonds, 5s, 11/1/23	Aa2	750,000	890,798
Elyria, OH City School Dist. G.O. Bonds (Classroom Fac. & School Impt.)
SGI, 5s, 12/1/35 (Prerefunded 6/1/17)	A1	110,000	119,260
U.S. Govt. Coll., SGI, 5s, 12/1/35 (Prerefunded 6/1/17)	A1	390,000	422,830
Erie Cnty., OH Hosp. Fac. Rev. Bonds (Firelands Regl. Med. Ctr.), Ser. A, 5 1/4s, 8/15/46	A3	590,000	595,829
Franklin Cnty., Hlth. Care Fac. Rev. Bonds
(Presbyterian Svcs.), Ser. A, 5 5/8s, 7/1/26	BBB–	1,100,000	1,206,238
5s, 11/15/44	A–/F	1,000,000	1,073,960
Gallia Cnty., Local School Impt. Dist. G.O. Bonds, 5s, 11/1/27	Aa2	815,000	960,200
Greene Cnty., Hosp. Facs. Rev. Bonds (Kettering Hlth. Network), 5 1/2s, 4/1/39	A	1,000,000	1,108,440
Hamilton Cnty., Econ. Dev. Rev. Bonds (King Highland Cmnty. Urban), Ser. A, NATL, U.S. Govt. Coll., 5s, 6/1/22	AA–	1,745,000	1,814,783
Hamilton Cnty., Hlth. Care Rev. Bonds (Life Enriching Cmntys.), 6 5/8s, 1/1/46	BBB	590,000	674,960

22 Ohio Tax Exempt Income Fund

MUNICIPAL BONDS AND NOTES (97.8%)* cont.	Rating**	Principal amount	Value
Ohio cont.
Hamilton Cnty., Sales Tax Rev. Bonds, Ser. B, AMBAC
zero %, 12/1/24	A2	$3,000,000	$2,200,710
zero %, 12/1/22	A2	500,000	401,470
Hamilton Cnty., Swr. Syst. Rev. Rev. Bonds
(Metro. Swr. Dist.), Ser. A, NATL, U.S. Govt. Coll., 5s, 12/1/28 (Prerefunded 12/1/16)	AA+	1,500,000	1,599,675
Ser. A, 5s, 12/1/22	AA+	750,000	898,950
Hamilton, City School Dist. G.O. Bonds (School Impt.), AGM, U.S. Govt. Coll., 5s, 12/1/26 (Prerefunded 6/1/17)	AA	1,000,000	1,084,180
Huran Cnty., Human Svcs. G.O. Bonds, NATL, 6.55s, 12/1/20	Aa3	1,540,000	1,751,042
JobsOhio Beverage Syst. Rev. Bonds (Statewide Sr. Lien Liquor Profits), Ser. A, 5s, 1/1/38	AA	700,000	771,302
Lake Cnty., Hosp. Fac. Rev. Bonds (Lake Hosp. Syst.), Ser. C, 6s, 8/15/43	A3	1,115,000	1,245,187
Lakewood, City School Dist. G.O. Bonds
NATL, zero %, 12/1/17	Aa2	1,190,000	1,148,445
AGM, zero %, 12/1/16	Aa2	1,250,000	1,230,400
Lancaster, City Fac. Construction & Impt. School Dist. G.O. Bonds, 5s, 10/1/37	AA	1,000,000	1,099,560
Lorain Cnty., Hosp. Rev. Bonds (Catholic), Ser. H, AGO, 5s, 2/1/29	AA	2,000,000	2,170,720
Lorain Cnty., Port Auth. Econ. Dev. Facs. Rev. Bonds (Kendal at Oberlin), 5s, 11/15/30	A–	750,000	811,133
Lorain Cnty., Port Auth. Recovery Zone Fac. Rev. Bonds (U.S. Steel Corp.), 6 3/4s, 12/1/40	BB–	500,000	557,310
Lucas Cnty., Hlth. Care Fac. Rev. Bonds
(Lutheran Homes), Ser. A, 7s, 11/1/45	BB+	700,000	768,397
(Sunset Retirement Cmntys.), 5 1/2s, 8/15/30	A–/F	650,000	719,947
Miami Cnty., Hosp. Fac. Rev. Bonds (Upper Valley Med. Ctr.), 5 1/4s, 5/15/17	A2	1,250,000	1,302,650
Milford, Exempt Village School Dist. G.O. Bonds, 5s, 12/1/19	Aa2	200,000	229,002
Montgomery Cnty., Rev. Bonds (Catholic Hlth. Initiatives), Ser. D, 6 1/4s, 10/1/33	A2	1,000,000	1,138,910
Montgomery Cnty., VRDN (Miami Valley Hosp.), Ser. C, 0.07s, 11/15/39	VMIG1	1,100,000	1,100,000
Mount Healthy, City School Dist. G.O. Bonds (School Impt.), AGM, 5 1/4s, 12/1/22 (Prerefunded 6/1/18)	A1	1,105,000	1,239,025
Mount Healthy, City School Dist. G.O. Bonds, 5s, 12/1/21	Aa2	500,000	584,955
Napoleon, City Fac. Construction & Impt. School Dist. G.O. Bonds, 5s, 12/1/36	Aa3	500,000	541,015
New Albany, Plain Local School Dist. G.O. Bonds (School Impt.), 4s, 12/1/29	Aa1	1,410,000	1,486,563

Ohio Tax Exempt Income Fund 23

MUNICIPAL BONDS AND NOTES (97.8%)* cont.	Rating**	Principal amount	Value
Ohio cont.
OH Hsg. Fin. Agcy. Rev. Bonds (Single Fam. Mtge.), Ser. 1, GNMA Coll., FNMA Coll., 5s, 11/1/28	Aaa	$580,000	$613,744
OH State G.O. Bonds
(Hwy. Cap. Impts.), Ser. Q, 5s, 5/1/27	AAA	1,500,000	1,740,750
Ser. R, 5s, 5/1/24	AAA	1,000,000	1,218,210
(Infrastructure Impt.), Ser. B, 5s, 8/1/23	Aa1	1,250,000	1,516,363
OH State Rev. Bonds
(Regl. Swr. Dist.), 5s, 11/15/49	Aa1	1,250,000	1,396,538
(Northeast OH Regl. Swr. Dist.), 5s, 11/15/44	Aa1	250,000	281,448
Ser. A, U.S. Govt. Coll., 5s, 10/1/22 (Prerefunded 4/1/18)	AA–	3,090,000	3,432,805
(Revitalization), Ser. A, AMBAC, U.S. Govt. Coll., 5s, 4/1/19 (Prerefunded 4/1/16)	AA–	1,750,000	1,818,390
OH State Air Quality Dev. Auth. FRB (Columbus Southern Pwr. Co.), Ser. B, 5.8s, 12/1/38	Baa1	1,000,000	1,114,680
OH State Air Quality Dev. Auth. Rev. Bonds (Buckeye Pwr. Recvy. Zone Fac.), 6s, 12/1/40	A2	1,000,000	1,157,500
OH State Air Quality Dev. Auth., Poll. Control Mandatory Put Bonds (5/1/20) (FirstEnergy Nuclear), Ser. C, 3.95s, 11/1/32	Baa3	300,000	311,943
OH State Higher Edl. Fac. Rev. Bonds
(Case Western Reserve U.), 6 1/4s, 10/1/18	AA–	1,000,000	1,158,900
(U. of Dayton), Ser. A, 5 5/8s, 12/1/41	A2	1,200,000	1,364,976
(U. of Dayton), 5 1/2s, 12/1/36	A2	1,000,000	1,118,280
OH State Higher Edl. Fac. Comm. Rev. Bonds
(Summa Hlth. Syst. — 2010), 5 3/4s, 11/15/40	Baa1	1,000,000	1,101,430
(Kenyon College), 5s, 7/1/44	A1	2,000,000	2,148,040
(Xavier U.), 5s, 5/1/40	A3	750,000	811,590
(Oberlin Coll.), 5s, 10/1/31	Aa2	650,000	738,472
(Cleveland Clinic Hlth.), 5s, 1/1/31	Aa2	1,500,000	1,682,595
(Cleveland Clinic Hlth.), 5s, 1/1/25	Aa2	1,145,000	1,328,154
(U. of Dayton), Ser. A, 5s, 12/1/24	A2	285,000	340,102
OH State Higher Edl. Fac. Comm. VRDN (Cleveland Clinic Foundation), Ser. B-4, 0.08s, 1/1/43	VMIG1	1,400,000	1,400,000
OH State Poll. Control Rev. Bonds (Standard Oil Co.), 6 3/4s, 12/1/15	A2	1,700,000	1,730,634
OH State Private Activity Rev. Bonds (Portsmouth Bypass Gateway Group, LLC), AGM, 5s, 12/31/39	AA	750,000	807,795
OH State Tpk. Comm. Rev. Bonds
(Infrastructure), Ser. A-1, 5 1/4s, 2/15/32	A1	350,000	399,889
5s, 2/15/48	A1	1,250,000	1,372,888
OH State U. Rev. Bonds
Ser. A, 5s, 12/1/39	Aa1	1,000,000	1,135,850
(Gen. Receipts Special Purpose), Ser. A, 5s, 6/1/38	Aa2	1,000,000	1,114,140

24 Ohio Tax Exempt Income Fund

MUNICIPAL BONDS AND NOTES (97.8%)* cont.	Rating**	Principal amount	Value
Ohio cont.
OH State Wtr. Dev. Auth. Poll. Control Mandatory Put Bonds (6/3/19) (FirstEnergy Nuclear Generation, LLC), 4s, 12/1/33	Baa3	$750,000	$791,985
OH U. Gen. Recipients Athens Rev. Bonds
5s, 12/1/43	Aa3	1,035,000	1,137,993
5s, 12/1/42	Aa3	500,000	547,150
Penta Career Ctr. COP, 5s, 4/1/20	Aa3	1,500,000	1,695,000
Princeton, City School Dist. G.O. Bonds, 5s, 12/1/36	AA	500,000	564,885
Rickenbacker, Port Auth. Rev. Bonds (OASBO Expanded Asset Pooled), Ser. A, 5 3/8s, 1/1/32	A2	1,830,000	1,865,209
River Valley, Local School Dist. G.O. Bonds (School Fac. Construction & Impt.), AGM, 5 1/4s, 11/1/23	Aa2	300,000	361,974
Scioto Cnty., Hosp. Rev. Bonds (Southern Med. Ctr.), 5 1/2s, 2/15/28	A2	1,250,000	1,371,663
South Western City, School Dist. G.O. Bonds (Franklin & Pickway Cnty.), AGM, 4 3/4s, 12/1/23	Aa2	2,000,000	2,123,920
Steubenville Hosp. Rev. Bonds (Trinity Hlth. Syst.), 5s, 10/1/30	A3	500,000	544,085
Sylvania, City School Dist. G.O. Bonds (School Impt.), AGO, U.S. Govt. Coll., 5s, 12/1/27 (Prerefunded 6/1/17)	AA	1,500,000	1,627,845
Toledo, City School Facs Impt. Dist. G.O. Bonds, 5s, 12/1/26	Aa2	1,000,000	1,162,830
Toledo-Lucas Cnty., Port Auth. Rev. Bonds (CSX Transn, Inc.), 6.45s, 12/15/21	Baa1	1,900,000	2,355,753
U. of Akron Rev. Bonds, Ser. A
5s, 1/1/31	A1	500,000	563,610
5s, 1/1/28	A1	1,000,000	1,137,280
U. of Cincinnati Rev. Bonds
Ser. F, 5s, 6/1/34	Aa3	1,500,000	1,668,585
Ser. A, 5s, 6/1/31	Aa3	500,000	563,005
Ser. A, 5s, 6/1/30	Aa3	1,000,000	1,130,050
Warren Cnty., Hlth. Care Fac. Rev. Bonds (Otterbein Homes Oblig. Group)
Ser. A, 5 3/4s, 7/1/33	A	500,000	572,870
5s, 7/1/39	A	1,000,000	1,081,000
Westerville, G.O. Bonds
AMBAC, 5s, 12/1/26	Aaa	105,000	115,076
AMBAC, U.S. Govt Coll., 5s, 12/1/26 (Prerefunded 12/1/17)	Aaa	1,215,000	1,338,237
Westlake, Rev. Bonds (American Greetings-Crocker Park Pub. Impt.), 5s, 12/1/33	Aa1	1,000,000	1,131,500
Youngstown State U. Rev. Bonds
AGO, 5 1/4s, 12/15/29	AA	500,000	562,870
5s, 12/15/25	A+	500,000	563,925

Ohio Tax Exempt Income Fund 25

MUNICIPAL BONDS AND NOTES (97.8%)* cont.	Rating**	Principal amount	Value
Ohio cont.
Zanesville, Hsg. Dev. Corp. Mtge. Rev. Bonds, U.S. Govt. Coll.
7 3/8s, 10/1/21 (Escrowed to maturity)	AAA/P	$220,000	$232,819
7 3/8s, 10/1/20 (Escrowed to maturity)	AAA/P	205,000	216,945
7 3/8s, 10/1/19 (Escrowed to maturity)	AAA/P	185,000	195,780
7 3/8s, 10/1/18 (Escrowed to maturity)	AAA/P	180,000	190,489
7 3/8s, 10/1/17 (Escrowed to maturity)	AAA/P	160,000	169,323
7 3/8s, 10/1/16 (Escrowed to maturity)	AAA/P	155,000	164,032
			136,318,612
Puerto Rico (0.9%)
Children’s Trust Fund Tobacco Settlement (The) Rev. Bonds, 5 3/8s, 5/15/33	BBB	360,000	363,298
Cmnwlth. of PR, Sales Tax Fin. Corp. Rev. Bonds
Ser. A, 5 3/8s, 8/1/39	CCC+	435,000	268,626
Ser. C, 5 1/4s, 8/1/41	CCC+	370,000	225,707
Ser. A, NATL, zero %, 8/1/43	AA–	3,000,000	483,210
			1,340,841
Virgin Islands (0.8%)
VI Pub. Fin. Auth. Rev. Bonds
Ser. A, 6s, 10/1/39	Baa3	300,000	334,508
Ser. A-1, 5s, 10/1/39	Baa2	375,000	397,005
Ser. A, 5s, 10/1/25	Baa2	350,000	389,134
			1,120,647

	TOTAL INVESTMENTS
	Total investments (cost $132,065,710)	$140,008,745

	Notes to the fund’s portfolio
	Unless noted otherwise, the notes to the fund’s portfolio are for the close of the fund’s reporting period, which ran from June 1, 2014 through May 31, 2015 (the reporting period). Within the following notes to the portfolio, references to “ASC 820” represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures and references to “OTC”, if any, represent over-the-counter.
*	Percentages indicated are based on net assets of $143,101,808.
**	The Moody’s, Standard & Poor’s or Fitch ratings indicated are believed to be the most recent ratings available at the close of the reporting period for the securities listed. Ratings are generally ascribed to securities at the time of issuance. While the agencies may from time to time revise such ratings, they undertake no obligation to do so, and the ratings do not necessarily represent what the agencies would ascribe to these securities at the close of the reporting period. Securities rated by Putnam are indicated by “/P.” Securities rated by Fitch are indicated by “/F.” If a security is insured, it will usually be rated by the ratings organizations based on the financial strength of the insurer. Ratings are not covered by the Report of Independent Registered Public Accounting Firm. For further details regarding security ratings, please see the Statement of Additional Information.
	On Mandatory Put Bonds, the rates shown are the current interest rates at the close of the reporting period and the dates shown represent the next mandatory put dates.
	The dates shown parenthetically on prerefunded bonds represent the next prerefunding dates.
	The dates shown on debt obligations are the original maturity dates.

26 Ohio Tax Exempt Income Fund

	The fund had the following sector concentrations greater than 10% at the close of the reporting period (as a percentage of net assets):
	Local debt	17.7%
	Education	17.4
	Health care	16.9
	Prerefunded	16.4
	The fund had the following insurance concentration greater than 10% at the close of the reporting period (as a percentage of net assets):
	AGM	11.3%

	ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund’s investments. The three levels are defined as follows:
	Level 1: Valuations based on quoted prices for identical securities in active markets.
	Level 2: Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
	Level 3: Valuations based on inputs that are unobservable and significant to the fair value measurement.
	The following is a summary of the inputs used to value the fund’s net assets as of the close of the reporting period:

	Valuation inputs
Investments in securities:	Level 1	Level 2	Level 3
Municipal bonds and notes	$—	$140,008,745	$—
Totals by level	$—	$140,008,745	$—
During the reporting period, transfers within the fair value hierarchy, if any, did not represent, in the aggregate, more than 1% of the fund’s net assets measured as of the end of the period.

The accompanying notes are an integral part of these financial statements.

Ohio Tax Exempt Income Fund 27

	Statement of assets and liabilities 5/31/15
	ASSETS
	Investment in securities, at value (Note 1):
	Unaffiliated issuers (identified cost $132,065,710)	$140,008,745
	Cash	1,420,012
	Interest and other receivables	2,185,789
	Receivable for shares of the fund sold	9,219
	Receivable for investments sold	35,157
	Prepaid assets	1,813
	Total assets	143,660,735
	LIABILITIES
	Payable for shares of the fund repurchased	215,684
	Payable for compensation of Manager (Note 2)	51,819
	Payable for custodian fees (Note 2)	2,628
	Payable for investor servicing fees (Note 2)	16,454
	Payable for Trustee compensation and expenses (Note 2)	72,685
	Payable for administrative services (Note 2)	535
	Payable for distribution fees (Note 2)	55,474
	Payable for auditing and tax fees	55,630
	Distributions payable to shareholders	70,420
	Other accrued expenses	17,598
	Total liabilities	558,927
	Net assets	$143,101,808

	REPRESENTED BY
	Paid-in capital (Unlimited shares authorized) (Notes 1 and 4)	$138,279,773
	Distributions in excess of net investment income (Note 1)	(42,256)
	Accumulated net realized loss on investments (Note 1)	(3,078,744)
	Net unrealized appreciation of investments	7,943,035
	Total — Representing net assets applicable to capital shares outstanding	$143,101,808
	COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE
	Net asset value and redemption price per class A share ($117,935,270 divided by 12,998,995 shares)	$9.07
	Offering price per class A share (100/96.00 of $9.07)*	$9.45
	Net asset value and offering price per class B share ($1,791,247 divided by 197,673 shares)**	$9.06
	Net asset value and offering price per class C share ($10,797,701 divided by 1,190,080 shares)**	$9.07
	Net asset value and redemption price per class M share ($546,281 divided by 60,194 shares)	$9.08
	Offering price per class M share (100/96.75 of $9.08)†	$9.39
	Net asset value, offering price and redemption price per class Y share ($12,031,309 divided by 1,324,908 shares)	$9.08
*	On single retail sales of less than $100,000. On sales of $100,000 or more the offering price is reduced.
**	Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
†	On single retail sales of less than $50,000. On sales of $50,000 or more the offering price is reduced.

The accompanying notes are an integral part of these financial statements.

28 Ohio Tax Exempt Income Fund

	Statement of operations Year ended 5/31/15
	INTEREST INCOME	$5,874,599

	EXPENSES
	Compensation of Manager (Note 2)	616,707
	Investor servicing fees (Note 2)	81,272
	Custodian fees (Note 2)	7,735
	Trustee compensation and expenses (Note 2)	5,263
	Distribution fees (Note 2)	399,106
	Administrative services (Note 2)	3,747
	Other	104,340
	Total expenses	1,218,170
	Expense reduction (Note 2)	(238)
	Net expenses	1,217,932
	Net investment income	4,656,667

	Net realized loss on investments (Notes 1 and 3)	(600,664)
	Net unrealized depreciation of investments during the year	(128,114)
	Net loss on investments	(728,778)
	Net increase in net assets resulting from operations	$3,927,889

The accompanying notes are an integral part of these financial statements.

Ohio Tax Exempt Income Fund 29

Statement of changes in net assets
INCREASE (DECREASE) IN NET ASSETS	Year ended 5/31/15	Year ended 5/31/14
Operations:
Net investment income	$4,656,667	$4,845,555
Net realized loss on investments	(600,664)	(1,322,088)
Net unrealized depreciation of investments	(128,114)	(2,595,467)
Net increase in net assets resulting from operations	3,927,889	928,000
Distributions to shareholders (Note 1):
From ordinary income
Taxable net investment income
Class A	(285)	(15,896)
Class B	(4)	(251)
Class C	(25)	(1,673)
Class M	(1)	(69)
Class Y	(13)	(914)
From tax-exempt net investment income
Class A	(3,946,316)	(4,190,412)
Class B	(47,332)	(53,591)
Class C	(270,839)	(313,308)
Class M	(15,339)	(15,670)
Class Y	(344,848)	(220,092)
Increase (decrease) from capital share transactions (Note 4)	1,958,749	(17,249,047)
Total increase (decrease) in net assets	1,261,636	(21,132,923)
NET ASSETS
Beginning of year	141,840,172	162,973,095
End of year (including distributions in excess of net investment income of $42,256 and $42,272, respectively)	$143,101,808	$141,840,172

The accompanying notes are an integral part of these financial statements.

30 Ohio Tax Exempt Income Fund

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Ohio Tax Exempt Income Fund 31

Financial highlights (For a common share outstanding throughout the period)

INVESTMENT OPERATIONS:					LESS DISTRIBUTIONS:						RATIOS AND SUPPLEMENTAL DATA:
Period ended	Net asset value, beginning of period	Net investment income (loss)	Net realized and unrealized gain (loss) on investments	Total from investment operations	From net investment income	Total distributions	Redemption fees	Non-recurring reimbursements	Net asset value, end of period	Total return at net asset value (%)^a	Net assets, end of period (in thousands)	Ratio of expenses to average net assets (%)^b	Ratio of net investment income (loss) to average net assets (%)	Portfolio turnover (%)
Class A
May 31, 2015	$9.12	.30	(.05)	.25	(.30)	(.30)	—	—	$9.07	2.74	$117,935	.80	3.28	16
May 31, 2014	9.31	.31	(.19)	.12	(.31)	(.31)	—	—	9.12	1.40	123,335	.81	3.48	9
May 31, 2013	9.35	.32	(.05)	.27	(.31)	(.31)	—	—	9.31	2.96	138,049	.80	3.36	10
May 31, 2012	8.84	.34	.51	.85	(.34)	(.34)	—^c	—^c,d	9.35	9.81	135,448	.80	3.79	12
May 31, 2011	9.05	.36	(.21)	.15	(.36)	(.36)	—	—^c,e	8.84	1.74	132,617	.79	4.14	11
Class B
May 31, 2015	$9.11	.24	(.05)	.19	(.24)	(.24)	—	—	$9.06	2.11	$1,791	1.42	2.66	16
May 31, 2014	9.30	.25	(.19)	.06	(.25)	(.25)	—	—	9.11	.78	1,807	1.43	2.86	9
May 31, 2013	9.33	.26	(.03)	.23	(.26)	(.26)	—	—	9.30	2.43	2,179	1.42	2.73	10
May 31, 2012	8.83	.29	.50	.79	(.29)	(.29)	—^c	—^c,d	9.33	9.01	1,676	1.43	3.16	12
May 31, 2011	9.04	.31	(.21)	.10	(.31)	(.31)	—	—^c,e	8.83	1.10	1,852	1.42	3.49	11
Class C
May 31, 2015	$9.12	.23	(.05)	.18	(.23)	(.23)	—	—	$9.07	1.95	$10,798	1.57	2.51	16
May 31, 2014	9.31	.24	(.19)	.05	(.24)	(.24)	—	—	9.12	.62	10,681	1.58	2.71	9
May 31, 2013	9.35	.24	(.04)	.20	(.24)	(.24)	—	—	9.31	2.17	14,421	1.57	2.59	10
May 31, 2012	8.84	.27	.51	.78	(.27)	(.27)	—^c	—^c,d	9.35	9.00	11,574	1.58	3.00	12
May 31, 2011	9.05	.30	(.22)	.08	(.29)	(.29)	—	—^c,e	8.84	.97	8,487	1.57	3.36	11
Class M
May 31, 2015	$9.12	.27	(.04)	.23	(.27)	(.27)	—	—	$9.08	2.57	$546	1.07	3.01	16
May 31, 2014	9.31	.29	(.20)	.09	(.28)	(.28)	—	—	9.12	1.13	498	1.08	3.21	9
May 31, 2013	9.35	.29	(.04)	.25	(.29)	(.29)	—	—	9.31	2.68	586	1.07	3.08	10
May 31, 2012	8.84	.32	.51	.83	(.32)	(.32)	—^c	—^c,d	9.35	9.50	490	1.08	3.47	12
May 31, 2011	9.06	.34	(.22)	.12	(.34)	(.34)	—	—^c,e	8.84	1.35	852	1.07	3.85	11
Class Y
May 31, 2015	$9.12	.32	(.04)	.28	(.32)	(.32)	—	—	$9.08	3.08	$12,031	.57	3.52	16
May 31, 2014	9.32	.33	(.20)	.13	(.33)	(.33)	—	—	9.12	1.52	5,519	.58	3.71	9
May 31, 2013	9.35	.34	(.03)	.31	(.34)	(.34)	—	—	9.32	3.30	7,738	.57	3.59	10
May 31, 2012	8.84	.36	.51	.87	(.36)	(.36)	—^c	—^c,d	9.35	10.07	6,650	.58	3.98	12
May 31, 2011	9.06	.38	(.22)	.16	(.38)	(.38)	—	—^c,e	8.84	1.87	3,650	.57	4.38	11

^a Total return assumes dividend reinvestment and does not reflect the effect of sales charges.

^b Includes amounts paid through expense offset arrangements, if any (Note 2). Also excludes acquired fund fees and expenses, if any.

^c Amount represents less than $0.01 per share.

^e Reflects a non-recurring reimbursement related to short-term trading related lawsuits, which amounted to less than $0.01 per share outstanding on May 11, 2011.

The accompanying notes are an integral part of these financial statements.

Ohio Tax Exempt Income Fund

Notes to financial statements 5/31/15

Within the following Notes to financial statements, references to “State Street” represent State Street Bank and Trust Company, references to “the SEC” represent the Securities and Exchange Commission, references to “Putnam Management” represent Putnam Investment Management, LLC, the fund’s manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC and references to “OTC”, if any, represent over-the-counter. Unless otherwise noted, the “reporting period” represents the period from June 1, 2014 through May 31, 2015.

Putnam Ohio Tax Exempt Income Fund (the fund) is a Massachusetts business trust, which is registered under the Investment Company Act of 1940, as amended, as a diversified open-end management investment company. The goal of the fund is to seek as high a level of current income exempt from federal income tax and Ohio personal income tax as Putnam Management believes is consistent with preservation of capital. The fund invests mainly in bonds that pay interest that is exempt from federal income tax and Ohio personal income tax (but that may be subject to federal alternative minimum tax (AMT)), are investment-grade in quality, and have intermediate- to long-term maturities (three years or longer). Putnam Management may consider, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell investments.

The fund offers class A, class B, class C, class M and class Y shares. Class A and class M shares are sold with a maximum front-end sales charge of 4.00% and 3.25%, respectively, and generally do not pay a contingent deferred sales charge. Class B shares, which convert to class A shares after approximately eight years, do not pay a front-end sales charge and are subject to a contingent deferred sales charge if those shares are redeemed within six years of purchase. Class C shares have a one-year 1.00% contingent deferred sales charge and do not convert to class A shares. The expenses for class A, class B, class C, and class M shares may differ based on the distribution fee of each class, which is identified in Note 2. Class Y shares, which are sold at net asset value, are generally subject to the same expenses as class A, class B, class C, and class M shares, but do not bear a distribution fee. Class Y shares are not available to all investors.

In the normal course of business, the fund enters into contracts that may include agreements to indemnify another party under given circumstances. The fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be, but have not yet been, made against the fund. However, the fund’s management team expects the risk of material loss to be remote.

Note 1: Significant accounting policies

The following is a summary of significant accounting policies consistently followed by the fund in the preparation of its financial statements. The preparation of financial statements is in conformity with accounting principles generally accepted in the United States of America and requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and the reported amounts of increases and decreases in net assets from operations. Actual results could differ from those estimates. Subsequent events after the Statement of assets and liabilities date through the date that the financial statements were issued have been evaluated in the preparation of the financial statements.

Investment income, realized and unrealized gains and losses and expenses of the fund are borne pro-rata based on the relative net assets of each class to the total net assets of the fund, except that each class bears expenses unique to that class (including the distribution fees applicable to such classes). Each class votes as a class only with respect to its own distribution plan or other matters on which a class vote is required by law or determined by the Trustees. If the fund were liquidated, shares of each class would receive their pro-rata share of the net assets of the fund. In addition, the Trustees declare separate dividends on each class of shares.

Security valuation Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for valuing the fund’s assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee.

Tax-exempt bonds and notes are generally valued on the basis of valuations provided by an independent pricing service approved by the Trustees. Such services use information with respect to transactions in bonds, quotations from bond dealers, market transactions in comparable securities and various relationships between securities in determining value. These securities will generally be categorized as Level 2.

34 Ohio Tax Exempt Income Fund

Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount.

Security transactions and related investment income Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Gains or losses on securities sold are determined on the identified cost basis.

Interest income is recorded on the accrual basis. All premiums/discounts are amortized/accreted on a yield-to-maturity basis. The premium in excess of the call price, if any, is amortized to the call date; thereafter, any remaining premium is amortized to maturity.

Interfund lending The fund, along with other Putnam funds, may participate in an interfund lending program pursuant to an exemptive order issued by the SEC. This program allows the fund to borrow from other Putnam funds that permit such transactions. Interfund lending transactions are subject to each fund’s investment policies and borrowing and lending limits. Interest earned or paid on the interfund lending transaction will be based on the average of certain current market rates. During the reporting period, the fund did not utilize the program.

Lines of credit The fund participates, along with other Putnam funds, in a $392.5 million unsecured committed line of credit and a $235.5 million unsecured uncommitted line of credit, both provided by State Street. Borrowings may be made for temporary or emergency purposes, including the funding of shareholder redemption requests and trade settlements. Interest is charged to the fund based on the fund’s borrowing at a rate equal to the Federal Funds rate plus 1.25% for the committed line of credit and the Federal Funds rate plus 1.30% for the uncommitted line of credit. A closing fee equal to 0.04% of the committed line of credit and 0.04% of the uncommitted line of credit has been paid by the participating funds. In addition, a commitment fee of 0.11% per annum on any unutilized portion of the committed line of credit is allocated to the participating funds based on their relative net assets and paid quarterly. During the reporting period, the fund had no borrowings against these arrangements.

Federal taxes It is the policy of the fund to distribute all of its income within the prescribed time period and otherwise comply with the provisions of the Internal Revenue Code of 1986, as amended (the Code), applicable to regulated investment companies. It is also the intention of the fund to distribute an amount sufficient to avoid imposition of any excise tax under Section 4982 of the Code.

The fund is subject to the provisions of Accounting Standards Codification 740 Income Taxes (ASC 740). ASC 740 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The fund did not have a liability to record for any unrecognized tax benefits in the accompanying financial statements. No provision has been made for federal taxes on income, capital gains or unrealized appreciation on securities held nor for excise tax on income and capital gains. Each of the fund’s federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

At May 31, 2015, the fund had a capital loss carryover of $2,957,608 available to the extent allowed by the Code to offset future net capital gain, if any. The amounts of the carryovers and the expiration dates are:

Loss carryover
Short-term	Long-term	Total	Expiration
$609,393	$1,623,623	$2,233,016	*
413,222	N/A	413,222	May 31, 2017
97,718	N/A	97,718	May 31, 2018
213,652	N/A	213,652	May 31, 2019

Ohio Tax Exempt Income Fund 35

losses incurred will be required to be utilized prior to the losses incurred in pre-enactment tax years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

Pursuant to federal income tax regulations applicable to regulated investment companies, the fund has elected to defer $55,393 of certain losses recognized during the period between November 1, 2014 and May 31, 2015 to its fiscal year ending May 31, 2016.

Distributions to shareholders Income dividends are recorded daily by the fund and are paid monthly. Distributions from capital gains, if any, are recorded on the ex-dividend date and paid at least annually. The amount and character of income and gains to be distributed are determined in accordance with income tax regulations which may differ from generally accepted accounting principles. These differences include temporary and/or permanent differences from straddle loss deferrals. Reclassifications are made to the fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryovers) under income tax regulations. At the close of the reporting period, the fund reclassified $31,649 to increase distributions in excess of net investment income and $31,649 to decrease accumulated net realized loss.

The tax basis components of distributable earnings and the federal tax cost as of the close of the reporting period were as follows:

Unrealized appreciation	$8,755,572
Unrealized depreciation	(780,888)
Net unrealized appreciation	7,974,684
Undistributed ordinary income	172
Undistributed tax-exempt income	27,992
Capital loss carryforward	(2,957,608)
Post-October capital loss deferral	(55,393)
Cost for federal income tax purposes	$132,034,061

Note 2: Management fee, administrative services and other transactions

The fund pays Putnam Management a management fee (based on the fund’s average net assets and computed and paid monthly) at annual rates that may vary based on the average of the aggregate net assets of most open-end funds, as defined in the fund’s management contract, sponsored by Putnam Management. Such annual rates may vary as follows:

0.590%	of the first $5 billion,
0.540%	of the next $5 billion,
0.490%	of the next $10 billion,
0.440%	of the next $10 billion,
0.390%	of the next $50 billion,
0.370%	of the next $50 billion,
0.360%	of the next $100 billion and
0.355%	of any excess thereafter.

Putnam Management has contractually agreed, through September 30, 2016, to waive fees or reimburse the fund’s expenses to the extent necessary to limit the cumulative expenses of the fund, exclusive of brokerage, interest, taxes, investment-related expenses, extraordinary expenses, acquired fund fees and expenses and payments under the fund’s investor servicing contract, investment management contract and distribution plans, on a fiscal year-to-date basis to an annual rate of 0.20% of the fund’s average net assets over such fiscal year-to-date period. During the reporting period, the fund’s expenses were not reduced as a result of this limit.

Putnam Investments Limited (PIL), an affiliate of Putnam Management, is authorized by the Trustees to manage a separate portion of the assets of the fund as determined by Putnam Management from time to time. Putnam Management pays a quarterly sub-management fee to PIL for its services at an annual rate of 0.40% of the average net assets of the portion of the fund managed by PIL.

The fund reimburses Putnam Management an allocated amount for the compensation and related expenses of certain officers of the fund and their staff who provide administrative services to the fund. The aggregate amount of all such reimbursements is determined annually by the Trustees.

Custodial functions for the fund’s assets are provided by State Street. Custody fees are based on the fund’s asset level, the number of its security holdings and transaction volumes.

36 Ohio Tax Exempt Income Fund

Putnam Investor Services, Inc., an affiliate of Putnam Management, provides investor servicing agent functions to the fund. Putnam Investor Services, Inc. received fees for investor servicing that included (1) a per account fee for each direct and underlying non-defined contribution account (“retail account”) of the fund and each of the other funds in its specified category, which was totaled and then allocated to each fund in the category based on its average daily net assets; (2) a specified rate of the fund’s assets attributable to defined contribution plan accounts; and (3) for the portion of the fund’s fiscal year beginning after January 1, 2015, a specified rate based on the average net assets in retail accounts. Putnam Investor Services has agreed that the aggregate investor servicing fees for each fund’s retail and defined contribution accounts will not exceed an annual rate of 0.320% of the fund’s average assets attributable to such accounts. During the reporting period, the expenses for each class of shares related to investor servicing fees were as follows:

Class A	$68,060
Class B	1,009
Class C	6,149
Class M	293
Class Y	5,761
Total	$81,272

The fund has entered into expense offset arrangements with Putnam Investor Services, Inc. and State Street whereby Putnam Investor Services, Inc.’s and State Street’s fees are reduced by credits allowed on cash balances. For the reporting period, the fund’s expenses were reduced by $238 under the expense offset arrangements.

Each Independent Trustee of the fund receives an annual Trustee fee, of which $85, as a quarterly retainer, has been allocated to the fund, and an additional fee for each Trustees meeting attended. Trustees also are reimbursed for expenses they incur relating to their services as Trustees.

The fund has adopted a Trustee Fee Deferral Plan (the Deferral Plan) which allows the Trustees to defer the receipt of all or a portion of Trustees fees payable on or after July 1, 1995. The deferred fees remain invested in certain Putnam funds until distribution in accordance with the Deferral Plan.

The fund has adopted an unfunded noncontributory defined benefit pension plan (the Pension Plan) covering all Trustees of the fund who have served as a Trustee for at least five years and were first elected prior to 2004. Benefits under the Pension Plan are equal to 50% of the Trustee’s average annual attendance and retainer fees for the three years ended December 31, 2005. The 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. Pension expense for the fund is included in Trustee compensation and expenses in the Statement of operations. Accrued pension liability is included in Payable for Trustee compensation and expenses in the Statement of assets and liabilities. The Trustees have terminated the Pension Plan with respect to any Trustee first elected after 2003.

The fund has adopted distribution plans (the Plans) with respect to its class A, class B, class C and class M shares pursuant to Rule 12b–1 under the Investment Company Act of 1940. The purpose of the Plans is to compensate Putnam Retail Management Limited Partnership, an indirect wholly-owned subsidiary of Putnam Investments, LLC, for services provided and expenses incurred in distributing shares of the fund. The Plans provide for payments by the fund to Putnam Retail Management Limited Partnership at an annual rate of up to 0.35%, 1.00%, 1.00% and 1.00% of the average net assets attributable to class A, class B, class C and class M shares, respectively. The Trustees have approved payment by the fund at the annual rate of 0.85%, 1.00% and 0.50% of the average net assets for class B, class C and class M shares, respectively. For class A shares, the annual payment rate will equal the weighted average of (i) 0.20% on the net assets of the fund attributable to class A shares purchased and paid for prior to April 1, 2005 and (ii) 0.25% on all other net assets of the fund attributable to class A shares. During the reporting period, the class specific expenses related to distribution fees were as follows:

Class A	$272,386
Class B	15,226
Class C	108,923
Class M	2,571
Total	$399,106

For the reporting period, Putnam Retail Management Limited Partnership, acting as underwriter, received net commissions of $11,135 and $117 from the sale of class A and class M shares, respectively, and received $1,130 and $20 in contingent deferred sales charges from redemptions of class B and class C shares, respectively.

A deferred sales charge of up to 1.00% is assessed on certain redemptions of class A shares. For the reporting period, Putnam Retail Management Limited Partnership, acting as underwriter, received $14,120 on class A redemptions.

Ohio Tax Exempt Income Fund 37

Note 3: Purchases and sales of securities

During the reporting period, the cost of purchases and proceeds from sales, excluding short-term investments, were as follows:

	Cost of purchases	Proceeds from sales
Investments in securities (Long-term)	$21,795,363	$21,936,496
U.S. government securities (Long-term)	—	—
Total	$21,795,363	$21,936,496

Note 4: Capital shares

At the close of the reporting period, there were an unlimited number of shares of beneficial interest authorized. Transactions in capital shares were as follows:

	Year ended 5/31/15		Year ended 5/31/14
Class A	Shares	Amount	Shares	Amount
Shares sold	1,101,449	$10,053,272	1,210,131	$10,873,443
Shares issued in connection with reinvestment of distributions	381,818	3,491,038	408,162	3,634,573
	1,483,267	13,544,310	1,618,293	14,508,016
Shares repurchased	(2,012,144)	(18,367,642)	(2,919,999)	(26,011,380)
Net decrease	(528,877)	$(4,823,332)	(1,301,706)	$(11,503,364)

	Year ended 5/31/15		Year ended 5/31/14
Class B	Shares	Amount	Shares	Amount
Shares sold	19,141	$174,468	16,479	$146,972
Shares issued in connection with reinvestment of distributions	4,864	44,424	5,461	48,579
	24,005	218,892	21,940	195,551
Shares repurchased	(24,812)	(225,636)	(57,842)	(516,508)
Net decrease	(807)	$(6,744)	(35,902)	$(320,957)

	Year ended 5/31/15		Year ended 5/31/14
Class C	Shares	Amount	Shares	Amount
Shares sold	231,536	$2,111,596	158,472	$1,419,638
Shares issued in connection with reinvestment of distributions	26,880	245,793	31,592	281,250
	258,416	2,357,389	190,064	1,700,888
Shares repurchased	(239,783)	(2,188,333)	(567,735)	(5,057,108)
Net increase (decrease)	18,633	$169,056	(377,671)	$(3,356,220)

	Year ended 5/31/15		Year ended 5/31/14
Class M	Shares	Amount	Shares	Amount
Shares sold	4,289	$39,171	3,378	$30,209
Shares issued in connection with reinvestment of distributions	1,344	12,290	1,407	12,539
	5,633	51,461	4,785	42,748
Shares repurchased	(33)	(300)	(13,138)	(116,047)
Net increase (decrease)	5,600	$51,161	(8,353)	$(73,299)

38 Ohio Tax Exempt Income Fund

	Year ended 5/31/15		Year ended 5/31/14
Class Y	Shares	Amount	Shares	Amount
Shares sold	836,244	$7,634,241	163,092	$1,451,503
Shares issued in connection with reinvestment of distributions	24,133	221,081	10,969	97,742
	860,377	7,855,322	174,061	1,549,245
Shares repurchased	(140,347)	(1,286,714)	(399,765)	(3,544,452)
Net increase (decrease)	720,030	$6,568,608	(225,704)	$(1,995,207)

Note 5: Market, credit and other risks

In the normal course of business, the fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the contracting party to the transaction to perform (credit risk). The fund may be exposed to additional credit risk that an institution or other entity with which the fund has unsettled or open transactions will default. The fund concentrates a majority of its investments in the state of Ohio and may be affected by economic and political developments in that state.

Ohio Tax Exempt Income Fund 39

Report of Independent Registered Public Accounting Firm

To the Trustees and Shareholders of
Putnam Pennsylvania Tax Exempt Income Fund:

In our opinion, the accompanying statement of assets and liabilities, including the portfolio, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Putnam Pennsylvania Tax Exempt Income Fund (the “fund”) at May 31, 2015, and the results of its operations, the changes in its net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of investments owned at May 31, 2015 by correspondence with the custodian, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Boston, Massachusetts
July 15, 2015

20 Pennsylvania Tax Exempt Income Fund

The fund’s portfolio 5/31/15

Key to holding’s abbreviations

AGM Assured Guaranty Municipal Corporation

AGO Assured Guaranty, Ltd.

AMBAC AMBAC Indemnity Corporation

BAM Build America Mutual

CIFG CIFG Assurance North America, Inc.

FGIC Financial Guaranty Insurance Company

G.O. Bonds General Obligation Bonds

NATL National Public Finance Guarantee Corp.

Radian Insd. Radian Group Insured

U.S. Govt. Coll. U.S. Government Collateralized

MUNICIPAL BONDS AND NOTES (99.5%)*	Rating**	Principal amount	Value
Arizona (0.2%)
Navajo Cnty., Poll. Control Corp. Mandatory Put Bonds (11/17/15) (AZ Pub. Svsc. Co. Cholla Pwr. Plant), Ser. A, 0.45s, 6/1/34	A3	$500,000	$499,750
			499,750
Georgia (0.5%)
Atlanta, Wtr. & Waste Wtr. Rev. Bonds, 5s, 11/1/43	Aa3	1,000,000	1,119,340
			1,119,340
Guam (1.4%)
Territory of GU, Bus. Privilege Tax Rev. Bonds, Ser. B-1, 5s, 1/1/37	A	750,000	817,643
Territory of GU, Govt. Ltd. Oblig. Rev. Bonds (Section 30), Ser. A, 5 3/4s, 12/1/34	BBB+	1,000,000	1,127,370
Territory of GU, Govt. Wtr. Wks. Auth. Wtr. & Waste Wtr. Syst. Rev. Bonds, 5 5/8s, 7/1/40	A–	450,000	498,866
Territory of GU, Pwr. Auth. Rev. Bonds, Ser. A, 5 1/2s, 10/1/40	BBB	350,000	387,734
			2,831,613
Oklahoma (0.8%)
OK State Tpk. Auth. VRDN, Ser. F, 0.09s, 1/1/28	VMIG1	1,700,000	1,700,000
			1,700,000
Pennsylvania (91.2%)
Allegheny Cnty., G.O. Bonds, Ser. C-72, 5 1/4s, 12/1/33	AA–	2,230,000	2,533,927
Allegheny Cnty., Arpt. Auth. Rev. Bonds (Pittsburgh Intl. Arpt.), Ser. A-1, 5s, 1/1/28	A3	1,000,000	1,080,110
Allegheny Cnty., Higher Ed. Bldg. Auth. Rev. Bonds
(Robert Morris U.), Ser. A, 6s, 10/15/38	Baa3	945,000	1,034,151
(Robert Morris U.), Ser. A, 5 3/4s, 10/15/40	Baa3	500,000	548,945
(Duquesne U.), Ser. A, 5 1/2s, 3/1/31	A2	1,000,000	1,136,620
(Duquesne U.), 5s, 3/1/33	A2	1,000,000	1,074,140
(Carnegie Mellon U.), Ser. A, 5s, 3/1/24	AA–	500,000	587,975
(Chatham U.), Ser. A, 5s, 9/1/20	BBB	1,180,000	1,337,141
(Duquesne U. of the Holy Spirit), Ser. A, 5s, 3/1/19	A2	300,000	335,529

Pennsylvania Tax Exempt Income Fund 21

MUNICIPAL BONDS AND NOTES (99.5%)* cont.	Rating**	Principal amount	Value
Pennsylvania cont.
Allegheny Cnty., Hosp. Dev. Auth. Rev. Bonds
(U. of Pittsburgh Med.), 5 5/8s, 8/15/39	Aa3	$2,000,000	$2,269,860
(Children’s Hosp.), NATL, 5 3/8s, 7/1/17 (Escrowed to maturity)	AA–	1,545,000	1,619,145
Ser. A, 5s, 10/15/31	Aa3	1,000,000	1,114,480
Allegheny Cnty., Indl. Dev. Auth. Rev. Bonds (Env. Impt. — USX Corp.), 6 7/8s, 5/1/30	BB–	600,000	679,722
Allegheny Cnty., Sanitation Auth. Swr. Rev. Bonds, FGIC, NATL, 5s, 12/1/37	AA–	1,000,000	1,057,160
Allentown, Neighborhood Impt. Zone Dev. Auth. Rev. Bonds, Ser. A, 5s, 5/1/42	Baa2	750,000	779,708
Beaver Cnty., Hosp. Auth. Rev. Bonds (Heritage Valley Hlth. Syst., Inc.), 5s, 5/15/26	A+	1,000,000	1,134,450
Beaver Cnty., Indl. Dev. Auth. Mandatory Put Bonds (6/1/20)
(FirstEnergy Generation, LLC), Ser. A, 3 1/2s, 4/1/41	Baa3	1,000,000	1,033,830
(FirstEnergy Nuclear Generation, LLC), Ser. B, 3 1/2s, 12/1/35	Baa3	1,400,000	1,447,362
Berks Cnty., Muni. Auth. Rev. Bonds (Reading Hosp. & Med. Ctr.), Ser. A-3, 5 1/2s, 11/1/31	AA–	2,000,000	2,291,380
Bethel Park, School Dist. G.O. Bonds, 5.1s, 8/1/33	Aa2	1,000,000	1,125,290
Bucks Cnty., Indl. Dev. Auth. Rev. Bonds (US Steel Corp.), 6 3/4s, 6/1/26	BB–	250,000	290,688
Burrell, School Dist. G.O. Bonds, Ser. A, AGM
5s, 7/15/25 (Prerefunded 1/15/16)	A2	770,000	792,422
5s, 7/15/25	A2	230,000	235,943
Butler, Area School Dist. G.O. Bonds, 5 1/4s, 10/1/26	A+	1,500,000	1,677,225
Catasauqua, Area School Dist. G.O. Bonds, AGM, 5s, 2/15/26	AA	1,000,000	1,028,100
Centennial, School Dist., Bucks Cnty., G.O. Bonds, Ser. A, 5s, 12/15/37	Aa2	2,000,000	2,237,120
Chester Cnty., G.O. Bonds
5s, 7/15/23	Aaa	1,105,000	1,346,652
5s, 7/15/20	Aaa	285,000	333,487
4s, 7/15/19	Aaa	470,000	519,905
Chester Cnty., Indl. Dev. Auth. Rev. Bonds (Renaissance Academy Charter School), 5s, 10/1/34	BBB–	150,000	160,970
Chester Cnty., Indl. Dev. Auth. Student Hsg. Rev. Bonds (West Chester U. Student Hsg., LLC), Ser. A, 5s, 8/1/45	Baa3	1,000,000	1,050,510
Crawford Cnty., Indl. Dev. Auth. Rev. Bonds (Allegheny College), Ser. A, 6s, 11/1/31	A3	1,000,000	1,147,300
Cumberland Cnty., Muni. Auth. Rev. Bonds
(Presbyterian Homes Oblig.), Ser. A, 5.15s, 1/1/18	BBB+/F	730,000	773,107
(Diakon Lutheran Social Ministries), 5s, 1/1/38 ##	BBB+/F	1,350,000	1,421,321

22 Pennsylvania Tax Exempt Income Fund

MUNICIPAL BONDS AND NOTES (99.5%)* cont.	Rating**	Principal amount	Value
Pennsylvania cont.
Cumberland Cnty., Muni. Auth. Rev. Bonds
(Diakon Lutheran Ministries), 5s, 1/1/36 (Prerefunded 1/1/17)	BBB+/F	$1,860,000	$1,976,771
(Dickinson College), 5s, 11/1/32	A+	1,000,000	1,107,460
(Diakon Lutheran Ministries), 5s, 1/1/27 (Prerefunded 1/1/17)	BBB+/F	750,000	797,085
Cumberland Valley, School Dist. G.O. Bonds, 5s, 11/15/26	AA–	1,100,000	1,278,266
Dallas, Area Muni. Auth. U. Rev. Bonds (Misericordia U.), 5s, 5/1/29	Baa3	1,500,000	1,643,250
Dauphin Cnty., Gen. Auth. Hlth. Syst. Rev. Bonds (Pinnacle Hlth. Syst.), Ser. A, 6s, 6/1/29	A	1,500,000	1,732,365
Dauphin Cnty., Indl. Dev. Auth. Wtr. Rev. Bonds (Dauphin Cons. Wtr. Supply), Ser. A, 6.9s, 6/1/24	A–	1,000,000	1,271,940
Delaware River Joint Toll Bridge Comm. Rev. Bonds, Ser. A
NATL, 5s, 7/1/27 (Prerefunded 7/1/17)	AA–	1,000,000	1,087,670
5s, 7/1/22	A1	200,000	236,514
Delaware River Port Auth. PA & NJ Rev. Bonds
Ser. D, 5s, 1/1/40	A	800,000	870,440
5s, 1/1/30	A	1,000,000	1,134,870
Downingtown, Area School Dist. G.O. Bonds, Ser. AA, 5s, 11/1/28	Aaa	1,875,000	2,102,850
Doylestown, Hosp. Auth. Rev. Bonds (Doylestown Hosp.), Ser. A, 5s, 7/1/25	Baa2	500,000	546,475
East Hempfield Twp., Indl. Dev. Auth. Rev. Bonds (Student Svcs., Inc. Student Hsg. at Millersville U. of PA)
5s, 7/1/34	Baa3	200,000	214,464
5s, 7/1/30	Baa3	410,000	444,231
East Stroudsburg, Area School Dist. G.O. Bonds, AGM, 5s, 9/1/27	A2	1,500,000	1,639,755
Erie, Higher Ed. Bldg. Auth. Rev. Bonds
(Gannon U.), Ser. A, 5 3/8s, 5/1/30	Baa2	1,000,000	1,084,370
(Mercyhurst College), 5.35s, 3/15/28	BBB	1,000,000	1,079,420
Franklin Cnty., Indl. Dev. Auth. Rev. Bonds (Chambersburg Hosp.), 5 3/8s, 7/1/42	A2	2,000,000	2,175,920
Gen. Auth. of South Central Rev. Bonds (York College of PA), 5 1/2s, 11/1/31	A	750,000	850,853
Harrisburg, Wtr. Auth. Rev. Bonds, 5 1/8s, 7/15/28	BB–/P	1,000,000	1,028,770
Indiana Cnty., Indl. Dev. Auth. Rev. Bonds (Student Co-op Assn., Inc.), 5s, 5/1/33	A–	1,000,000	1,076,080
Lancaster Cnty., Hosp. Auth. Rev. Bonds
(Masonic Villages of the Grand Lodge of PA), 5s, 11/1/35	A	1,000,000	1,111,400
(Lancaster Gen. Hosp.), Ser. A, 5s, 3/15/26	Aa3	1,000,000	1,065,360
Lancaster Cnty., Hosp. Auth. VRDN (Masonic Homes), Ser. D, 0.08s, 7/1/34	A-1	1,745,000	1,745,000

Pennsylvania Tax Exempt Income Fund 23

MUNICIPAL BONDS AND NOTES (99.5%)* cont.	Rating**	Principal amount	Value
Pennsylvania cont.
Lancaster Cnty., Hosp. Auth. Hlth. Facs. Rev. Bonds (Saint Anne’s Retirement Cmnty., Inc.), 5s, 4/1/27	BB+/F	$1,000,000	$1,027,280
Lancaster, Higher Ed. Auth. College Rev. Bonds (Franklin & Marshall College), 5s, 4/15/29	AA–	1,000,000	1,087,240
Lancaster, Indl. Dev. Auth. Rev. Bonds (Garden Spot Village Obligated Group), 5 3/8s, 5/1/28	BBB	500,000	545,505
Langhorne Manor Boro., Higher Edl. & Hlth. Auth. Rev. Bonds (Woods Svcs.), 5s, 11/15/22	A–	1,015,000	1,151,781
Lehigh Cnty., Gen. Purpose Hosp. Rev. Bonds (Lehigh Valley Hlth. Network), Ser. A, AGM, 5s, 7/1/25	AA	1,360,000	1,497,455
Luzerne Cnty., Indl. Dev. Auth. Wtr. Fac. Rev. Bonds (American Wtr. Co.), 5 1/2s, 12/1/39	A1	1,250,000	1,402,825
Lycoming Cnty., Auth. Rev. Bonds, 5s, 5/1/26	A	1,000,000	1,128,630
Lycoming Cnty., Auth. Hlth. Syst. Rev. Bonds (Susquehanna Hlth. Syst.), Ser. A, 5 3/4s, 7/1/39	BBB+	2,000,000	2,146,760
McKeesport, Muni. Auth. Swr. Rev. Bonds, 5 3/4s, 12/15/39	A–	1,750,000	1,955,695
Monroe Cnty., Hosp. Auth. Rev. Bonds (Pocono Med. Ctr.)
5 1/8s, 1/1/37	A–	2,000,000	2,087,660
Ser. A, 5s, 1/1/32	A–	500,000	541,270
Montgomery Cnty., Higher Ed. & Hlth. Auth. Rev. Bonds (Arcadia U.)
5 5/8s, 4/1/40	BBB	1,000,000	1,080,210
5 1/4s, 4/1/30	BBB	1,060,000	1,141,684
Montgomery Cnty., Indl. Auth. Resource Recvy. Rev. Bonds (Germantown Academy), 4s, 10/1/22	BBB+	965,000	1,030,649
Montgomery Cnty., Indl. Dev. Auth. Rev. Bonds (Acts Retirement-Life Cmnty.), 5s, 11/15/28	BBB+	1,250,000	1,353,538
Montgomery Cnty., Indl. Dev. Auth. Retirement Cmnty. Rev. Bonds (Acts Retirement-Life Cmnty.), Ser. A-1, 6 1/4s, 11/15/29	BBB+	1,125,000	1,277,730
Montgomery Cnty., Indl. Dev. Auth. Wtr. Fac. Rev. Bonds (Aqua PA, Inc.), Ser. A, 5 1/4s, 7/1/42	AA–	2,250,000	2,406,623
New Wilmington, Muni. Auth. Rev. Bonds (Westminster College), Ser. GG4, Radian Insd., 5 1/8s, 5/1/33	AA	1,000,000	1,034,630
Northampton Cnty., Gen Purpose Hosp. Auth. Rev. Bonds (St. Luke’s Hosp. — Bethlehem), Ser. A, 5 1/2s, 8/15/35	A3	2,000,000	2,206,700
Northampton Cnty., Gen. Purpose Auth. Rev. Bonds
(Lehigh U.), 5 1/2s, 11/15/33	Aa2	1,500,000	1,711,305
(Moravian College), 5s, 7/1/31	A–	500,000	543,380
PA Rev. Bonds (Philadelphia Biosolids Fac.), 6 1/4s, 1/1/32	Baa3	250,000	278,840
PA Cmnwlth. Fin. Auth. Rev. Bonds, Ser. B, AGO, 5s, 6/1/31	AA	1,500,000	1,651,305

24 Pennsylvania Tax Exempt Income Fund

MUNICIPAL BONDS AND NOTES (99.5%)* cont.	Rating**	Principal amount	Value
Pennsylvania cont.
PA Econ. Dev. Fin. Auth. Wtr. Fac. Rev. Bonds (American Wtr. Co.), 6.2s, 4/1/39	A1	$1,100,000	$1,256,288
PA Hsg. Fin. Agcy. Rev. Bonds, Ser. A, 3.95s, 10/1/33	AA+	1,000,000	992,220
PA State G.O. Bonds, Ser. 1
5s, 11/15/30	Aa3	1,500,000	1,696,320
5s, 11/15/19	Aa3	1,500,000	1,711,965
PA State Econ. Dev. Fin. Auth. Rev. Bonds
5s, 12/31/38	BBB	1,000,000	1,072,070
(Forum PL), 5s, 3/1/34	A+	2,000,000	2,162,500
(UPMC Oblig. Group), Ser. A, 5s, 2/1/34	Aa3	1,000,000	1,116,650
(Unemployment Compensation), Ser. B, 5s, 7/1/21	Aaa	1,000,000	1,096,700
PA State Econ. Dev. Fin. Auth. Exempt Fac. Rev. Bonds (Amtrak), Ser. A, 5s, 11/1/32	A1	500,000	538,420
PA State Econ. Dev. Fin. Auth. Poll. Control Rev. Bonds (PPL Elec. Util. Corp..), 4s, 10/1/23	A2	1,000,000	1,085,280
PA State Econ. Dev. Fin. Auth. Resource Recvy. Rev. Bonds (Colver), Ser. F, AMBAC, 5s, 12/1/15	BBB–	850,000	867,153
PA State Econ. Dev. Fin. Auth. Solid Waste Disp. Mandatory Put Bonds (7/1/19) (Waste Mgt., Inc.), 2 1/4s, 7/1/41	A–	750,000	750,510
PA State Econ. Dev. Fin. Auth. Solid Waste Disp. Rev. Bonds
(Procter & Gamble Paper), 5 3/8s, 3/1/31	AA–	1,155,000	1,391,937
(Waste Mgmt., Inc.), Ser. A, 2 5/8s, 11/1/21	A–	750,000	749,993
PA State Fin., Auth. Rev. Bonds (Penn Hills), Ser. B, AMBAC, zero %, 12/1/27	AA–/P	1,000,000	596,380
PA State Higher Edl. Fac. Auth. Rev. Bonds
(Drexel U.), Ser. A, 5 1/8s, 5/1/36	A	1,000,000	1,082,730
(Assn. Indpt. Colleges & U. — Gwynedd-Mercy), Ser. GG5, Radian Insd., 5 1/8s, 5/1/32	AA	1,020,000	1,069,052
(Delaware Valley College of Science & Agriculture), Ser. LL1, 5s, 11/1/42	Baa3	500,000	514,635
(East Stroudsburg U.), 5s, 7/1/42	Baa3	700,000	734,153
(St. Joseph’s U.), Ser. A, 5s, 11/1/40	A–	1,000,000	1,082,040
(Thomas Jefferson U.), 5s, 3/1/40	A1	1,000,000	1,079,520
(La Salle U.), 5s, 5/1/37	BBB	500,000	526,860
(Shippensburg U. Student Svcs.), 5s, 10/1/35	Baa3	250,000	260,885
(Indiana U.), Ser. A, 5s, 7/1/32	BBB+	500,000	537,880
(Temple U.), Ser. 1, 5s, 4/1/32	Aa3	500,000	558,360
(Thomas Jefferson U.), 5s, 3/1/32	A1	500,000	552,650
(Temple U.), Ser. 1, 5s, 4/1/31	Aa3	1,000,000	1,119,990
(Philadelphia U.), 5s, 6/1/30	Baa2	200,000	213,254
(U. of PA), Ser. B, U.S. Govt. Coll., 5s, 9/1/25 (Prerefunded 9/1/19)	AA+	1,150,000	1,323,593
(Philadelphia U.), 5s, 6/1/22	Baa2	330,000	353,219

Pennsylvania Tax Exempt Income Fund 25

MUNICIPAL BONDS AND NOTES (99.5%)* cont.	Rating**	Principal amount	Value
Pennsylvania cont.
PA State Indl. Dev. Auth. Rev. Bonds
5 1/2s, 7/1/23 (Prerefunded 7/1/18)	A1	$1,755,000	$1,986,906
U.S. Govt. Coll., 5 1/2s, 7/1/23 (Prerefunded 7/1/18)	AAA/P	245,000	277,374
PA State Pub. School Bldg. Auth. Rev. Bonds
(Northampton Cnty. Area Cmnty. College), Ser. A, BAM, 5s, 6/15/34	AA	1,220,000	1,330,825
(Delaware Cnty. Cmnty. College), AGM, 5s, 10/1/27 (Prerefunded 4/1/18)	A1	1,250,000	1,388,675
(School Dist. Philadelphia), Ser. B, AGM, 4 3/4s, 6/1/30	AA	2,000,000	2,094,800
PA State Tpk. Comm. Rev. Bonds
Ser. C, 5s, 12/1/44	A1	500,000	545,780
(Motor License Fund), 5s, 12/1/42	A2	1,000,000	1,076,230
Ser. A, 5s, 12/1/38	A1	600,000	660,456
(Motor License Fund), Ser. A1, 5s, 12/1/38	A2	2,000,000	2,164,380
Ser. B, 5s, 12/1/22	A1	2,075,000	2,365,251
zero %, 12/1/37	A2	1,000,000	782,180
zero %, 12/1/34	A2	2,250,000	1,763,460
PA State Tpk. Comm. Oil Franchise Tax Rev. Bonds
(2003 PA Tpk.), Ser. C, NATL, 5s, 12/1/28	AA	1,290,000	1,438,479
Ser. C, zero %, 12/1/38	AA	3,000,000	1,174,920
PA State U. Rev. Bonds
5s, 3/1/35	Aa2	1,000,000	1,119,230
5s, 9/1/29	Aa2	1,400,000	1,416,730
Philadelphia, G.O. Bonds
Ser. B, AGO, U.S. Govt. Coll., 7 1/8s, 7/15/38 (Prerefunded 7/15/16)	AA	500,000	537,895
Ser. A, 5 1/4s, 7/15/27	A+	1,000,000	1,173,840
CIFG, 5s, 8/1/23	A+	1,980,000	2,072,585
Philadelphia, Arpt. Rev. Bonds, Ser. D, 5 1/4s, 6/15/25	A+	1,500,000	1,688,655
Philadelphia, Auth. for Indl. Dev. Rev. Bonds
(Global Leadership Academy), 6 3/8s, 11/15/40	BBB–	945,000	997,967
(Master Charter School), 6s, 8/1/35	BBB+	1,000,000	1,082,680
Philadelphia, Gas Wks. Rev. Bonds
Ser. 9, 5 1/4s, 8/1/40	A–	1,250,000	1,382,875
Ser. A-1, AGM, 5s, 9/1/26	AA	2,000,000	2,005,180
Philadelphia, Hosp. & Higher Ed. Fac. Auth. Rev. Bonds (Graduate Hlth. Syst. Oblig. Group)
7 1/4s, 7/1/18 (In default) †	D/P	2,299,601	2,875
6 5/8s, 7/1/21 (In default) †	D/P	679,545	849
Philadelphia, Hosp. & Higher Edl. Fac. Auth. VRDN (Children’s Hosp. of Philadelphia), Ser. B, 0.1s, 7/1/25	VMIG1	2,060,000	2,060,000
Philadelphia, Redev. Auth. Rev. Bonds (Transformation Initiative), 5s, 4/15/26	A+	1,000,000	1,124,560

26 Pennsylvania Tax Exempt Income Fund

MUNICIPAL BONDS AND NOTES (99.5%)* cont.	Rating**	Principal amount	Value
Pennsylvania cont.
Philadelphia, School Dist. G.O. Bonds
Ser. A, 5s, 9/1/34	A1	$1,000,000	$1,083,320
Ser. A, AMBAC, 5s, 8/1/22 (Prerefunded 8/1/15)	A1	45,000	45,354
Ser. A-15, AMBAC, 5s, 8/1/22	A1	950,000	957,477
Ser. A-15, AMBAC, 5s, 8/1/22 (Prerefunded 8/1/15)	A1	5,000	5,039
Philadelphia, Wtr. & Waste Wtr. Rev. Bonds, Ser. A, 5s, 7/1/40	A1	1,500,000	1,651,590
Pittsburgh, G.O. Bonds
BAM, 5s, 9/1/25	AA	1,000,000	1,187,910
Ser. B, 5s, 9/1/25	A1	1,250,000	1,445,988
Reading, G.O. Bonds, AGM, 5s, 11/1/29	Baa1	2,000,000	2,208,440
Snyder Cnty., Higher Ed. Auth. Rev. Bonds (Susquehanna U.), 5s, 1/1/38	A2	1,000,000	1,076,980
South Central, Gen. Auth. Rev. Bonds (Wellspan Hlth. Oblig. Group), 5s, 6/1/24	Aa3	310,000	370,425
Spring Grove, Area School Dist. G.O. Bonds, Ser. A, 5s, 10/1/23	AA–	500,000	590,690
State College, Area School Dist. G.O. Bonds, 5s, 3/15/40	AA	750,000	845,130
Susquehanna, Area Regl. Arpt. Syst. Auth. Rev. Bonds, Ser. A
6 1/2s, 1/1/38	Baa3	575,000	615,095
5s, 1/1/27	Baa3	350,000	384,181
U. of Pittsburgh of the Cmnwlth. Sys. of Higher Ed. Rev. Bonds, Ser. B, 5s, 9/15/28	Aa1	1,600,000	1,795,760
Upper Moreland Twp., School Dist. G.O. Bonds, AGO, 5s, 9/1/28	Aa2	1,635,000	1,772,912
Washington Cnty., Hosp. Auth. Rev. Bonds (WA Hosp.), AMBAC, U.S. Govt. Coll., 5 1/2s, 7/1/17 (Escrowed to maturity)	Baa2	1,200,000	1,289,628
Washington Cnty., Indl. Dev. Auth. Hlth. Care Fac. Rev. Bonds (First Mtge. AHF/Central), 8 1/2s, 1/1/29	B/P	218,000	218,865
West Mifflin, Area School Dist. G.O. Bonds, AGM, 5 1/8s, 4/1/31	AA	1,500,000	1,653,195
West Shore Area Auth. Rev. Bonds (Lifeways at Messiah Village), Ser. A, 5s, 7/1/35	BBB–/F	500,000	525,855
West York, School Dist. G.O. Bonds, 5s, 4/1/22	AA–	1,215,000	1,425,341
Wilkes-Barre, Fin. Auth. Rev. Bonds
(U. of Scranton), 5s, 11/1/40	A	1,000,000	1,082,040
(U. of Scranton), 5s, 11/1/35	A	1,000,000	1,095,520
(Wilkes U.), 5s, 3/1/22	BBB	625,000	653,660
			184,615,188

Pennsylvania Tax Exempt Income Fund 27

MUNICIPAL BONDS AND NOTES (99.5%)* cont.	Rating**	Principal amount	Value
Puerto Rico (2.8%)
Children’s Trust Fund Tobacco Settlement (The) Rev. Bonds
5 1/2s, 5/15/39	BBB–	$1,760,000	$1,774,714
5 3/8s, 5/15/33	BBB	630,000	635,771
Cmnwlth. of PR, Hwy. & Trans. Auth. Rev. Bonds
Ser. AA, NATL, 5 1/2s, 7/1/18	AA–	65,000	67,452
Ser. AA, NATL, U.S. Govt. Coll., 5 1/2s, 7/1/18 (Escrowed to maturity)	Ca	1,435,000	1,623,688
Ser. AA-2, 5.3s, 7/1/35	CCC+	125,000	91,335
Cmnwlth. of PR, Sales Tax Fin. Corp. Rev. Bonds
Ser. A, 5 3/8s, 8/1/39	CCC+	750,000	463,148
Ser. C, 5 1/4s, 8/1/41	CCC+	715,000	436,164
Ser. C, 5 1/4s, 8/1/40	CCC+	500,000	355,005
Ser. A, NATL, zero %, 8/1/43	AA–	1,000,000	161,070
			5,608,347
South Carolina (0.8%)
SC State Pub. Svc. Auth. Rev. Bonds, Ser. A, 5s, 12/1/50	AA–	1,500,000	1,625,145
			1,625,145
Utah (1.0%)
Murray City, Hosp. VRDN (IHC Hlth. Svcs., Inc.), Ser. A, 0.1s, 5/15/37	VMIG1	1,940,000	1,940,000
			1,940,000
Virgin Islands (0.8%)
VI Pub. Fin. Auth. Rev. Bonds
Ser. A, 6s, 10/1/39	Baa3	400,000	446,020
Ser. A-1, 5s, 10/1/39	Baa2	600,000	635,208
Ser. A, 5s, 10/1/25	Baa2	450,000	500,315
			1,581,543

	TOTAL INVESTMENTS
	Total investments (cost $191,540,516)	$201,520,926

	Notes to the fund’s portfolio
	Unless noted otherwise, the notes to the fund’s portfolio are for the close of the fund’s reporting period, which ran from June 1, 2014 through May 31, 2015 (the reporting period). Within the following notes to the portfolio, references to “ASC 820” represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures and references to “OTC”, if any, represent over-the-counter.
*	Percentages indicated are based on net assets of $202,487,185.
^**	The Moody’s, Standard & Poor’s or Fitch ratings indicated are believed to be the most recent ratings available at the close of the reporting period for the securities listed. Ratings are generally ascribed to securities at the time of issuance. While the agencies may from time to time revise such ratings, they undertake no obligation to do so, and the ratings do not necessarily represent what the agencies would ascribe to these securities at the close of the reporting period. Securities rated by Putnam are indicated by “/P.” Securities rated by Fitch are indicated by “/F.” If a security is insured, it will usually be rated by the ratings organizations based on the financial strength of the insurer. Ratings are not covered by the Report of Independent Registered Public Accounting Firm. For further details regarding security ratings, please see the Statement of Additional Information.
†	This security is non-income-producing.
##	Forward commitment, in part or in entirety (Note 1).

28 Pennsylvania Tax Exempt Income Fund

	On Mandatory Put Bonds, the rates shown are the current interest rates at the close of the reporting period and the dates shown represent the next mandatory put dates.
	The dates shown parenthetically on prerefunded bonds represent the next prerefunding dates.
	The dates shown on debt obligations are the original maturity dates.
	The fund had the following sector concentrations greater than 10% at the close of the reporting period (as a percentage of net assets):
	Education	20.3%
	Health care	18.7
	Local debt	17.9
	Utilities	11.8

	ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund’s investments. The three levels are defined as follows:
	Level 1: Valuations based on quoted prices for identical securities in active markets.
	Level 2: Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
	Level 3: Valuations based on inputs that are unobservable and significant to the fair value measurement.
	The following is a summary of the inputs used to value the fund’s net assets as of the close of the reporting period:

	Valuation inputs
Investments in securities:	Level 1	Level 2	Level 3
Municipal bonds and notes	$—	$201,517,202	$3,724
Totals by level	$—	$201,517,202	$3,724
During the reporting period, transfers within the fair value hierarchy, if any, did not represent, in the aggregate, more than 1% of the fund’s net assets measured as of the end of the period.
At the start and close of the reporting period, Level 3 investments in securities represented less than 1% of the fund’s net assets and were not considered a significant portion of the fund’s portfolio.

The accompanying notes are an integral part of these financial statements.

Pennsylvania Tax Exempt Income Fund 29

	Statement of assets and liabilities 5/31/15
	ASSETS
	Investment in securities, at value (Note 1):
	Unaffiliated issuers (identified cost $191,540,516)	$201,520,926
	Cash	2,027,492
	Interest and other receivables	2,501,581
	Receivable for shares of the fund sold	68,972
	Receivable for investments sold	55,246
	Prepaid assets	1,917
	Total assets	206,176,134
	LIABILITIES
	Payable for investments purchased	1,127,821
	Payable for purchases of delayed delivery securities (Note 1)	1,419,147
	Payable for shares of the fund repurchased	705,729
	Payable for compensation of Manager (Note 2)	73,270
	Payable for custodian fees (Note 2)	2,896
	Payable for investor servicing fees (Note 2)	23,274
	Payable for Trustee compensation and expenses (Note 2)	81,672
	Payable for administrative services (Note 2)	763
	Payable for distribution fees (Note 2)	88,838
	Distributions payable to shareholders	87,564
	Other accrued expenses	77,975
	Total liabilities	3,688,949
	Net assets	$202,487,185

	REPRESENTED BY
	Paid-in capital (Unlimited shares authorized) (Notes 1 and 4)	$198,116,911
	Distributions in excess of net investment income (Note 1)	(200,609)
	Accumulated net realized loss on investments (Note 1)	(5,409,527)
	Net unrealized appreciation of investments	9,980,410
	Total — Representing net assets applicable to capital shares outstanding	$202,487,185
	(Continued on next page)

The accompanying notes are an integral part of these financial statements.

30 Pennsylvania Tax Exempt Income Fund

	Statement of assets and liabilities (Continued)
	COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE
	Net asset value and redemption price per class A share ($161,367,455 divided by 17,535,284 shares)	$9.20
	Offering price per class A share (100/96.00 of $9.20)*	$9.58
	Net asset value and offering price per class B share ($4,769,194 divided by 519,096 shares)**	$9.19
	Net asset value and offering price per class C share ($24,675,845 divided by 2,680,403 shares)**	$9.21
	Net asset value and redemption price per class M share ($3,816,003 divided by 414,324 shares)	$9.21
	Offering price per class M share (100/96.75 of $9.21)†	$9.52
	Net asset value, offering price and redemption price per class Y share ($7,858,688 divided by 853,000 shares)	$9.21
*	On single retail sales of less than $100,000. On sales of $100,000 or more the offering price is reduced.
**	Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
†	On single retail sales of less than $50,000. On sales of $50,000 or more the offering price is reduced.

The accompanying notes are an integral part of these financial statements.

Pennsylvania Tax Exempt Income Fund 31

	Statement of operations Year ended 5/31/15
	INTEREST INCOME	$8,423,814

	EXPENSES
	Compensation of Manager (Note 2)	879,427
	Investor servicing fees (Note 2)	115,874
	Custodian fees (Note 2)	8,446
	Trustee compensation and expenses (Note 2)	7,500
	Distribution fees (Note 2)	687,983
	Administrative services (Note 2)	5,356
	Other	121,341
	Total expenses	1,825,927
	Expense reduction (Note 2)	(246)
	Net expenses	1,825,681
	Net investment income	6,598,133

	Net realized loss on investments (Notes 1 and 3)	(924,227)
	Net unrealized appreciation of investments during the year	1,583,654
	Net gain on investments	659,427
	Net increase in net assets resulting from operations	$7,257,560

The accompanying notes are an integral part of these financial statements.

32 Pennsylvania Tax Exempt Income Fund

Statement of changes in net assets
DECREASE IN NET ASSETS	Year ended 5/31/15	Year ended 5/31/14
Operations:
Net investment income	$6,598,133	$7,492,080
Net realized loss on investments	(924,227)	(3,074,164)
Net unrealized appreciation (depreciation) of investments	1,583,654	(4,885,050)
Net increase (decrease) in net assets resulting from operations	7,257,560	(467,134)
Distributions to shareholders (Note 1):
From ordinary income
Taxable net investment income
Class A	(7,910)	(1,821)
Class B	(235)	(60)
Class C	(1,165)	(293)
Class M	(184)	(43)
Class Y	(376)	(78)
From tax-exempt net investment income
Class A	(5,391,834)	(6,069,553)
Class B	(131,201)	(172,830)
Class C	(618,134)	(776,967)
Class M	(118,503)	(135,193)
Class Y	(267,602)	(289,368)
Decrease from capital share transactions (Note 4)	(3,885,933)	(31,962,740)
Total decrease in net assets	(3,165,517)	(39,876,080)
NET ASSETS
Beginning of year	205,652,702	245,528,782
End of year (including distributions in excess of net investment income of $200,609 and $190,645, respectively)	$202,487,185	$205,652,702

The accompanying notes are an integral part of these financial statements.

Pennsylvania Tax Exempt Income Fund 33

Financial highlights (For a common share outstanding throughout the period)

INVESTMENT OPERATIONS:					LESS DISTRIBUTIONS:					RATIOS AND SUPPLEMENTAL DATA:
Period ended	Net asset value, beginning of period	Net investment income	Net realized and unrealized gain (loss) on investments	Total from investment operations	From net investment income	Total distributions	Non-recurring reimbursements	Net asset value, end of period	Total return at net asset value (%)^a	Net assets, end of period (in thousands)	Ratio of expenses to average net assets (%)^b	Ratio of net investment income to average net assets (%)	Portfolio turnover (%)
Class A
May 31, 2015	$9.17	.31	.02	.33	(.30)	(.30)	—	$9.20	3.67	$161,367	.78	3.32	22
May 31, 2014	9.44	.33	(.27)	.06	(.33)	(.33)	—	9.17	.74	164,823	.79	3.67	7
May 31, 2013	9.48	.34	(.04)	.30	(.34)	(.34)	—	9.44	3.14	191,752	.78	3.52	6
May 31, 2012	8.88	.36	.60	.96	(.36)	(.36)	—^c,d	9.48	10.99	196,747	.79	3.87	5
May 31, 2011	9.10	.37	(.22)	.15	(.37)	(.37)	—^c,e	8.88	1.67	171,516	.79	4.11	13
Class B
May 31, 2015	$9.16	.25	.03	.28	(.25)	(.25)	—	$9.19	3.04	$4,769	1.40	2.70	22
May 31, 2014	9.42	.27	(.26)	.01	(.27)	(.27)	—	9.16	.23	5,148	1.41	3.05	7
May 31, 2013	9.47	.28	(.05)	.23	(.28)	(.28)	—	9.42	2.40	7,041	1.40	2.90	6
May 31, 2012	8.87	.30	.60	.90	(.30)	(.30)	—^c,d	9.47	10.32	7,174	1.41	3.26	5
May 31, 2011	9.09	.31	(.22)	.09	(.31)	(.31)	—^c,e	8.87	1.02	7,827	1.41	3.47	13
Class C
May 31, 2015	$9.17	.23	.04	.27	(.23)	(.23)	—	$9.21	2.99	$24,676	1.55	2.55	22
May 31, 2014	9.44	.26	(.27)	(.01)	(.26)	(.26)	—	9.17	(.03)	24,972	1.56	2.90	7
May 31, 2013	9.48	.26	(.04)	.22	(.26)	(.26)	—	9.44	2.35	32,807	1.55	2.75	6
May 31, 2012	8.88	.29	.60	.89	(.29)	(.29)	—^c,d	9.48	10.14	29,487	1.56	3.10	5
May 31, 2011	9.10	.30	(.22)	.08	(.30)	(.30)	—^c,e	8.88	.88	22,934	1.56	3.34	13
Class M
May 31, 2015	$9.18	.28	.03	.31	(.28)	(.28)	—	$9.21	3.39	$3,816	1.05	3.05	22
May 31, 2014	9.44	.30	(.26)	.04	(.30)	(.30)	—	9.18	.57	3,965	1.06	3.40	7
May 31, 2013	9.48	.31	(.04)	.27	(.31)	(.31)	—	9.44	2.86	4,453	1.05	3.25	6
May 31, 2012	8.89	.33	.59	.92	(.33)	(.33)	—^c,d	9.48	10.56	4,000	1.06	3.61	5
May 31, 2011	9.11	.35	(.23)	.12	(.34)	(.34)	—^c,e	8.89	1.38	3,641	1.06	3.82	13
Class Y
May 31, 2015	$9.18	.33	.02	.35	(.32)	(.32)	—	$9.21	3.90	$7,859	.55	3.54	22
May 31, 2014	9.45	.35	(.27)	.08	(.35)	(.35)	—	9.18	.97	6,744	.56	3.90	7
May 31, 2013	9.48	.36	(.03)	.33	(.36)	(.36)	—	9.45	3.48	9,476	.55	3.76	6
May 31, 2012	8.89	.38	.59	.97	(.38)	(.38)	—^c,d	9.48	11.13	4,784	.56	4.07	5
May 31, 2011	9.11	.39	(.22)	.17	(.39)	(.39)	—^c,e	8.89	1.90	1,550	.56	4.31	13

^a Total return assumes dividend reinvestment and does not reflect the effect of sales charges.

^b Includes amounts paid through expense offset arrangements, if any (Note 2). Also excludes acquired fund fees and expenses, if any.

^c Amount represents less than $0.01 per share.

^e Reflects a non-recurring reimbursement related to short-term trading related lawsuits, which amounted to less than $0.01 per share outstanding on May 11, 2011.

The accompanying notes are an integral part of these financial statements.

Pennsylvania Tax Exempt Income Fund

Notes to financial statements 5/31/15

Putnam Pennsylvania Tax Exempt Income Fund (the fund) is a Massachusetts business trust, which is registered under the Investment Company Act of 1940, as amended, as a diversified open-end management investment company. The goal of the fund is to seek as high a level of current income exempt from federal income tax and Pennsylvania personal income tax as Putnam Management believes is consistent with preservation of capital. The fund invests mainly in bonds that pay interest that is exempt from federal income tax and Pennsylvania personal income tax (but that may be subject to federal alternative minimum tax (AMT)), are investment-grade in quality, and have intermediate-to long-term maturities (three years or longer). Putnam Management may consider, among other factors, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell investments.

Note 1: Significant accounting policies

36 Pennsylvania Tax Exempt Income Fund

Securities purchased or sold on a forward commitment or delayed delivery basis may be settled at a future date beyond customary settlement time; interest income is accrued based on the terms of the securities. Losses may arise due to changes in the fair value of the underlying securities or if the counterparty does not perform under the contract.

Pennsylvania Tax Exempt Income Fund 37

At May 31, 2015, the fund had a capital loss carryover of $5,174,307 available to the extent allowed by the Code to offset future net capital gain, if any. The amounts of the carryovers and the expiration dates are:

Loss carryover
Short-term	Long-term	Total	Expiration
$710,770	3,087,136	3,797,906	*
761,850	N/A	761,850	May 31, 2017
410,182	N/A	410,182	May 31, 2018
204,369	N/A	204,369	May 31, 2019

*Under the Regulated Investment Company Modernization Act of 2010, the fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred will be required to be utilized prior to the losses incurred in pre-enactment tax years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

Pursuant to federal income tax regulations applicable to regulated investment companies, the fund has elected to defer certain capital losses of $248,162 recognized during the period between November 1, 2014 and May 31, 2015 to its fiscal year ending May 31, 2016.

Distributions to shareholders Income dividends are recorded daily by the fund and are paid monthly. Distributions from capital gains, if any, are recorded on the ex-dividend date and paid at least annually. The amount and character of income and gains to be distributed are determined in accordance with income tax regulations which may differ from generally accepted accounting principles. These differences include temporary and/or permanent differences from late year loss deferrals and from defaulted bond interest. Reclassifications are made to the fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryovers) under income tax regulations. At the close of the reporting period, the fund reclassified $70,953 to increase distributions in excess of net investment income and $70,953 to decrease accumulated net realized loss.

The tax basis components of distributable earnings and the federal tax cost as of the close of the reporting period were as follows:

Unrealized appreciation	$13,885,231
Unrealized depreciation	(3,786,366)
Net unrealized appreciation	10,098,865
Undistributed tax-exempt income	435,382
Capital loss carryforward	(5,174,307)
Post-October capital loss deferral	(248,162)
Cost for Federal income tax purposes	$191,422,061

Note 2: Management fee, administrative services and other transactions

0.590%	of the first $5 billion,
0.540%	of the next $5 billion,
0.490%	of the next $10 billion,
0.440%	of the next $10 billion,
0.390%	of the next $50 billion,
0.370%	of the next $50 billion,
0.360%	of the next $100 billion and
0.355%	of any excess thereafter.

38 Pennsylvania Tax Exempt Income Fund

year-to-date basis to an annual rate of 0.20% of the fund’s average net assets over such fiscal year-to-date period. During the reporting period, the fund’s expenses were not reduced as a result of this limit.

Custodial functions for the fund’s assets are provided by State Street. Custody fees are based on the fund’s asset level, the number of its security holdings and transaction volumes.

Class A	$92,666
Class B	2,757
Class C	13,903
Class M	2,208
Class Y	4,340
Total	$115,874

Each Independent Trustee of the fund receives an annual Trustee fee, of which $120, as a quarterly retainer, has been allocated to the fund, and an additional fee for each Trustees meeting attended. Trustees also are reimbursed for expenses they incur relating to their services as Trustees.

Pennsylvania Tax Exempt Income Fund 39

April 1, 2005 and (ii) 0.25% on all other net assets of the fund attributable to class A shares. During the reporting period, the class specific expenses related to distribution fees were as follows:

Class A	$380,393
Class B	41,760
Class C	246,162
Class M	19,668
Total	$687,983

For the reporting period, Putnam Retail Management Limited Partnership, acting as underwriter, received net commissions of $25,848 and $377 from the sale of class A and class M shares, respectively, and received $1,624 and $719 in contingent deferred sales charges from redemptions of class B and class C shares, respectively.

Note 3: Purchases and sales of securities

During the reporting period, the cost of purchases and the proceeds from sales, excluding short-term investments, were as follows:

	Cost of purchases	Proceeds from sales
Investments in securities, including (Long-term)	$42,310,921	$42,621,156
U.S. government securities (Long-term)	—	—
Total	$42,310,921	$42,621,156

Note 4: Capital shares

At the close of the reporting period, there were an unlimited number of shares of beneficial interest authorized. Transactions in capital shares were as follows:

	Year ended 5/31/15		Year ended 5/31/14
Class A	Shares	Amount	Shares	Amount
Shares sold	1,662,031	$15,358,661	1,679,039	$15,150,358
Shares issued in connection with reinvestment of distributions	513,082	4,740,449	589,558	5,270,590
	2,175,113	20,099,110	2,268,597	20,420,948
Shares repurchased	(2,612,840)	(24,136,283)	(4,616,774)	(41,308,153)
Net decrease	(437,727)	$(4,037,173)	(2,348,177)	$(20,887,205)

	Year ended 5/31/15		Year ended 5/31/14
Class B	Shares	Amount	Shares	Amount
Shares sold	45,553	$420,898	17,207	$154,940
Shares issued in connection with reinvestment of distributions	13,321	122,872	17,565	156,796
	58,874	543,770	34,772	311,736
Shares repurchased	(102,004)	(941,292)	(219,597)	(1,961,102)
Net decrease	(43,130)	$(397,522)	(184,825)	$(1,649,366)

40 Pennsylvania Tax Exempt Income Fund

	Year ended 5/31/15		Year ended 5/31/14
Class C	Shares	Amount	Shares	Amount
Shares sold	301,922	$2,794,714	222,797	$2,000,244
Shares issued in connection with reinvestment of distributions	61,425	567,662	80,457	719,397
	363,347	3,362,376	303,254	2,719,641
Shares repurchased	(405,025)	(3,738,023)	(1,056,701)	(9,419,805)
Net decrease	(41,678)	$(375,647)	(753,447)	$(6,700,164)

	Year ended 5/31/15		Year ended 5/31/14
Class M	Shares	Amount	Shares	Amount
Shares sold	20,893	$192,125	15,613	$139,448
Shares issued in connection with reinvestment of distributions	11,928	110,296	13,817	123,624
	32,821	302,421	29,430	263,072
Shares repurchased	(50,453)	(466,598)	(69,011)	(610,561)
Net decrease	(17,632)	$(164,177)	(39,581)	$(347,489)

	Year ended 5/31/15		Year ended 5/31/14
Class Y	Shares	Amount	Shares	Amount
Shares sold	296,746	$2,737,492	249,416	$2,228,254
Shares issued in connection with reinvestment of distributions	25,936	239,943	30,848	275,929
	322,682	2,977,435	280,264	2,504,183
Shares repurchased	(204,279)	(1,888,849)	(548,839)	(4,882,699)
Net increase (decrease)	118,403	$1,088,586	(268,575)	$(2,378,516)

Note 5: Market, credit and other risks

In the normal course of business, the fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the contracting party to the transaction to perform (credit risk). The fund may be exposed to additional credit risk that an institution or other entity with which the fund has unsettled or open transactions will default. The fund focuses a majority of its investments in the state of Pennsylvania and may be affected by economic and political developments in that state.

Federal tax information (Unaudited)

The fund has designated 99.85% of dividends paid from net investment income during the reporting period as tax exempt for Federal income tax purposes.

The Form 1099 that will be mailed to you in January 2016 will show the tax status of all distributions paid to your account in calendar 2015.

Pennsylvania Tax Exempt Income Fund 41

PUTNAM ARIZONA TAX EXEMPT INCOME FUND

PUTNAM MASSACHUSETTS TAX EXEMPT INCOME FUND

PUTNAM MICHIGAN TAX EXEMPT INCOME FUND

PUTNAM MINNESOTA TAX EXEMPT INCOME FUND

PUTNAM NEW JERSEY TAX EXEMPT INCOME FUND

PUTNAM OHIO TAX EXEMPT INCOME FUND

PUTNAM PENNSYLVANIA TAX EXEMPT INCOME FUND

(collectively the "Funds")

FORM N-1A

PART C

OTHER INFORMATION

Item 28. Exhibits

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(a) Amended and Restated Agreement and Declarations of Trust dated March 21, 2014 for the Arizona and New Jersey funds – Incorporated by reference to Post-Effective Amendment No. 29 to the respective fund's Registration Statement filed on September 26, 2014.

Amended and Restated Agreement and Declarations of Trust dated March 21, 2014 for the Massachusetts, Michigan, Minnesota and Ohio funds – Incorporated by reference to Post-Effective Amendment No. 38 to the respective fund’s Registration Statement filed on September 26, 2014.

Amended and Restated Agreement and Declaration of Trust dated March 21, 2014 for the Pennsylvania fund – Incorporated by reference to Post-Effective Amendment No. 31 to the fund's Registration Statement filed on September 26, 2014.

(b) Amended and Restated Bylaws dated as of October 17, 2014 for the Funds.

(c)(1) Portions of Agreement and Declarations of Trust relating to Shareholders’ Rights for the Arizona and New Jersey funds – Incorporated by reference to Post-Effective Amendment No. 29 to the respective fund's Registration Statement filed on September 26, 2014.

Portions of Agreement and Declarations of Trust relating to Shareholders’ Rights for the Massachusetts, Michigan, Minnesota and Ohio funds – Incorporated by reference to Post-Effective Amendment No. 38 to the respective fund’s Registration Statement filed on September 26, 2014.

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Portions of Agreement and Declaration of Trust relating to Shareholders’ Rights for the Pennsylvania fund – Incorporated by reference to Post-Effective Amendment No. 31 to the fund's Registration Statement filed on September 26, 2014.

(c)(2) Portions of Bylaws relating to Shareholders’ Rights for the Funds.

(d)(1) Management Contracts with Putnam Investment Management, LLC dated February 27, 2014 for the Arizona and New Jersey funds – Incorporated by reference to Post-Effective Amendment No. 29 to the respective fund's Registration Statement filed on September 26, 2014.

Management Contracts with Putnam Investment Management, LLC dated February 27, 2014 for the Massachusetts, Michigan, Minnesota and Ohio funds – Incorporated by reference to Post-Effective Amendment No. 38 to the respective fund’s Registration Statement filed on September 26, 2014.

Management Contract with Putnam Investment Management, LLC dated February 27, 2014 for the Pennsylvania fund – Incorporated by reference to Post-Effective Amendment No. 31 to the fund's Registration Statement filed on September 26, 2014.

(d)(2) Sub-Management Contract between Putnam Investment Management, LLC and Putnam Investments Limited dated February 27, 2014 for the Funds; schedule A amended as of November 20, 2014.

(e)(1) Amended and Restated Distributor's Contracts with Putnam Retail Management Limited Partnership dated July 1, 2013 for the Arizona and New Jersey funds – Incorporated by reference to Post-Effective Amendment No. 29 to the respective fund's Registration Statement filed on September 26, 2014.

Amended and Restated Distributor's Contracts with Putnam Retail Management Limited Partnership dated July 1, 2013 for the Massachusetts, Michigan, Minnesota and Ohio funds – Incorporated by reference to Post-Effective Amendment No. 38 to the respective fund’s Registration Statement filed on September 26, 2014.

Amended and Restated Distributor's Contract with Putnam Retail Management Limited Partnership dated July 1, 2013 for the Pennsylvania fund – Incorporated by reference to Post-Effective Amendment No. 31 to the fund's Registration Statement filed on September 26, 2014.

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(e)(2) (i)Form of Dealer Sales Contract dated March 27, 2012 for the Arizona and New Jersey funds – Incorporated by reference to Post-Effective Amendment No. 25 to the respective fund's Registration Statement filed on September 28, 2012.

Form of Dealer Sales Contract dated March 27, 2012 for the Massachusetts, Michigan, Minnesota and Ohio funds – Incorporated by reference to Post-Effective Amendment No. 34 to the respective fund's Registration Statement filed on September 28, 2012.

Form of Dealer Sales Contract dated March 27, 2012 for the Pennsylvania fund – Incorporated by reference to Post-Effective Amendment No. 27 to the fund's Registration Statement filed on September 28, 2012.

(e)(2)(ii) Schedule of Dealer Sales Contracts conforming in all material respects to the Form of Dealer Sales Contract filed as Exhibit (e)(2)(i) but which have not been filed as exhibits to the Registrants’ respective Registration Statements in reliance on Rule 483(d)(2) under the Securities Act of 1933, as amended, for the Funds.

(e)(3) (i)Form of Financial Institution Sales Contract dated March 27, 2012 for the Arizona and New Jersey funds – Incorporated by reference to Post-Effective Amendment No. 25 to the respective fund's Registration Statement filed on September 28, 2012.

Form of Financial Institution Sales Contract dated March 27, 2012 for the Massachusetts, Michigan, Minnesota and Ohio funds – Incorporated by reference to Post-Effective Amendment No. 34 to the respective fund's Registration Statement filed on September 28, 2012.

Form of Financial Institution Sales Contract dated March 27, 2012 for the Pennsylvania fund – Incorporated by reference to Post-Effective Amendment No. 27 to the fund's Registration Statement filed on September 28, 2012.

(e)(3)(ii)Schedule of Financial Institution Sales Contracts conforming in all material respects to the Form of Financial Institution Sales Contract filed as Exhibit (e)(3)(i) but which have not been filed as exhibits to the Registrants’ respective Registration Statements in reliance on Rule 483(d)(2) under the Securities Act of 1933, as amended, for the Funds.

(f) Trustee Retirement Plan dated October 4, 1996, as amended July 21, 2000 for the Arizona and New Jersey funds – Incorporated by reference to Post-Effective Amendment No. 17 to the respective fund's Registration Statement filed on September 28, 2005.

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Trustee Retirement Plan dated October 4, 1996, as amended July 21, 2000 for the Massachusetts, Michigan, Minnesota and Ohio funds – Incorporated by reference to Post-Effective Amendment No. 26 to the respective fund's Registration Statement filed on September 28, 2005.

Trustee Retirement Plan dated October 4, 1996, as amended July 21, 2000 for the Pennsylvania fund – Incorporated by reference to Post-Effective Amendment No. 19 to the fund's Registration Statement filed on September 28, 2005.

(g)(1) Master Custodian Agreement with State Street Bank and Trust Company dated January 1, 2007 for the Funds; Appendix A amended as of March 23, 2015.

(g)(2) Amendment to Master Custodian Agreement with State Street Bank and Trust Company dated August 1, 2013 for the Arizona and New Jersey funds – Incorporated by reference to Post-Effective Amendment No. 29 to the respective fund's Registration Statement filed on September 26, 2014.

Amendment to Master Custodian Agreement with State Street Bank and Trust Company dated August 1, 2013 for the Massachusetts, Michigan, Minnesota and Ohio funds – Incorporated by reference to Post-Effective Amendment No. 38 to the respective fund’s Registration Statement filed on September 26, 2014.

Amendment to Master Custodian Agreement with State Street Bank and Trust Company dated August 1, 2013 for the Pennsylvania fund – Incorporated by reference to Post-Effective Amendment No. 31 to the fund's Registration Statement filed on September 26, 2014.

(h)(1) Amended & Restated Investor Servicing Agreement – Open-End Funds with Putnam Investment Management, LLC and Putnam Investor Services, Inc. dated July 1, 2013 for the Funds; Appendix A amended as of November 20, 2014.

(h)(2) Letter of Indemnity with Putnam Investment Management, LLC dated December 18, 2003 for the Arizona and New Jersey funds – Incorporated by reference to Post-Effective Amendment No. 16 to the respective fund's Registration Statement filed on September 28, 2004.

Letter of Indemnity with Putnam Investment Management, LLC dated December 18, 2003 for the Massachusetts, Michigan, Minnesota and Ohio funds – Incorporated by reference to Post-Effective Amendment No. 25 to the respective fund’s Registration Statement filed on September 28, 2004.

Letter of Indemnity with Putnam Investment Management, LLC dated December 18, 2003 for the Pennsylvania fund – Incorporated by reference to Post-Effective

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Amendment No. 18 to the fund's Registration Statement filed on September 28, 2004.

(h)(3) Liability Insurance Allocation Agreement dated December 18, 2003 for the Arizona and New Jersey funds – Incorporated by reference to Post-Effective Amendment No. 16 to the respective fund's Registration Statement filed on September 28, 2004.

Liability Insurance Allocation Agreement dated December 18, 2003 for the Massachusetts, Michigan, Minnesota and Ohio funds – Incorporated by reference to Post-Effective Amendment No. 25 to the respective fund’s Registration Statement filed on September 28, 2004.

Liability Insurance Allocation Agreement dated December 18, 2003 for the Pennsylvania fund – Incorporated by reference to Post-Effective Amendment No. 18 to the fund's Registration Statement filed on September 28, 2004.

(h)(4) Master Sub-Accounting Services Agreement between Putnam Investment Management, LLC and State Street Bank and Trust Company dated January 1, 2007 for the Funds; Appendix A amended as of March 23, 2015.

(h)(5) Amendment to Master Sub-Accounting Services Agreement between Putnam Investment Management, LLC and State Street Bank and Trust Company dated August 1, 2013 for the Arizona and New Jersey funds – Incorporated by reference to Post-Effective Amendment No. 29 to the respective fund's Registration Statement filed on September 26, 2014.

Amendment to Master Sub-Accounting Services Agreement between Putnam Investment Management, LLC and State Street Bank and Trust Company dated August 1, 2013 for the Massachusetts, Michigan, Minnesota and Ohio funds – Incorporated by reference to Post-Effective Amendment No. 38 to the respective fund’s Registration Statement filed on September 26, 2014.

Amendment to Master Sub-Accounting Services Agreement between Putnam Investment Management, LLC and State Street Bank and Trust Company dated August 1, 2013 for the Pennsylvania fund – Incorporated by reference to Post-Effective Amendment No. 31 to the fund's Registration Statement filed on September 26, 2014.

(h)(6) Master Interfund Lending Agreement with the Trusts party thereto and Putnam Investment Management, LLC dated July 16, 2010 for the Funds; schedule A dated June 8, 2015; schedule B dated June 8, 2015.

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(h)(7) Credit Agreement with State Street Bank and Trust Company and certain other lenders dated as of September 24, 2015 for the Funds.

(h)(8) Amended and Restated Uncommitted Line of Credit Agreement with State Street Bank and Trust Company dated as of September 24, 2015 for the Funds.

(i) Opinion of Ropes & Gray LLP, including consent for the Arizona fund – Incorporated by reference to Post -Effective Amendment No. 7 to the fund's Registration Statement filed on September 26, 1996.

Opinion of Ropes & Gray LLP, including consent for the New Jersey fund – Incorporated by reference to Post-Effective Amendment No. 6 to the fund's Registration Statement filed on September 29, 1995.

Opinion of Ropes & Gray LLP, including consent for the Pennsylvania fund – Incorporated by reference to Pre-Effective Amendment No. 1 to the fund's Registration Statement filed on July 1, 1989.

Opinions of Ropes & Gray LLP, including consents for the Massachusetts and Ohio funds – Incorporated by reference to Post-Effective Amendment No. 10 to the respective fund's Registration Statement filed on August 2, 1991.

Opinions of Ropes & Gray LLP, including consents for the Michigan and Minnesota funds – Incorporated by reference to the respective fund's Initial Registration Statement filed on September 24, 1986 and September 23, 1986, respectively.

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(j)(1) Consent of Independent Registered Public Accounting Firm for the Massachusetts, Michigan, Minnesota, New Jersey, Ohio and Pennsylvania funds – PricewaterhouseCoopers LLP.

(j)(2) Consent of Independent Registered Public Accounting Firm for the Arizona fund – KPMG LLP.

(k) Not applicable.

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(l) Investment Letters from Putnam Investments, LLC to the Massachusetts, Michigan, Minnesota and Ohio funds for Class M shares – Incorporated by reference to Post-Effective Amendment No. 15 to the respective fund's Registration Statement filed on September 15, 1995.

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Investment Letters from Putnam Investments, LLC to the New Jersey fund for Class M shares – Incorporated by reference to Post-Effective Amendment No. 6 to the fund's Registration Statement filed on September 29, 1995.

Investment Letter from Putnam Investments, LLC to the Arizona fund for Class B shares – Incorporated by reference to Post-Effective Amendment No. 4 to the fund's Registration Statement filed on October 29, 1993.

Investment Letter from Putnam Investments, LLC to the Pennsylvania fund for Class A shares – Incorporated by reference to Pre-Effective Amendment No. 1 to the fund's Registration Statement filed on July 1, 1989.

(m)(1) Class A Distribution Plan and Agreement dated March 5, 1992, as amended July 15, 1993 for the Arizona fund – Incorporated by reference to Post-Effective Amendment No. 4 to the fund's Registration Statement filed on October 29, 1993.

Class A Distribution Plan and Agreement dated July 9, 1992, as amended July 15, 1993 for the Massachusetts fund – Incorporated by reference to Post-Effective Amendment No. 13 to the fund's Registration Statement filed on August 2, 1993.

Class A Distribution Plans and Agreements dated May 7, 1992, as amended July 15, 1993 for the Michigan, Minnesota and Ohio funds – Incorporated by reference to Post-Effective Amendment No. 13 to the respective fund's Registration Statement filed on August 2, 1993.

Class A Distribution Plan and Agreement dated September 10, 1992, as amended January 1, 1993 for the New Jersey fund – Incorporated by reference to Post-Effective Amendment No. 4 to the fund's Registration Statement filed on October 29, 1993.

Class A Distribution Plan and Agreement dated July 8, 1993 for the Pennsylvania fund – Incorporated by reference to Post-Effective Amendment No. 6 to the fund's Registration Statement filed on July 1, 1994.

(m)(2) Class B Distribution Plan and Agreement dated July 15, 1993 for the Arizona fund – Incorporated by reference to Post-Effective Amendment No. 4 to the fund's Registration Statement filed on October 29, 1993.

Class B Distribution Plan and Agreement dated January 1, 1993 for the New Jersey fund – Incorporated by reference to Post-Effective Amendment No. 4 to the fund's Registration Statement filed on October 29, 1993.

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Class B Distribution Plan and Agreement dated July 15, 1993 for the Pennsylvania fund – Incorporated by reference to Post-Effective Amendment No. 6 to the fund's Registration Statement filed on July 1, 1994.

Class B Distribution Plans and Agreements dated July 14, 1993 for the Massachusetts, Michigan, Minnesota and Ohio funds – Incorporated by reference to Post-Effective Amendment No. 13 to the respective fund's Registration Statement filed on August 2, 1993.

(m)(3) Class C Distribution Plan and Agreement dated July 16, 1999 for the Massachusetts fund – Incorporated by reference to Post-Effective Amendment No. 24 to the fund's Registration Statement filed on September 30, 2003.

Class C Distribution Plans and Agreements dated September 2006 for the Arizona and New Jersey funds – Incorporated by reference to Post-Effective Amendment No. 18 to the respective fund's Registration Statement filed on September 28, 2006.

Class C Distribution Plans and Agreements dated September 2006 for the Michigan, Minnesota and Ohio funds – Incorporated by reference to Post-Effective Amendment No. 27 to the respective fund's Registration Statement filed on December 28, 2006.

Class C Distribution Plan and Agreement dated September 2006 for the Pennsylvania fund – Incorporated by reference to Post-Effective Amendment No. 20 to the fund's Registration Statement filed on September 28, 2006.

(m)(4) Class M Distribution Plan and Agreement dated June 30, 1995 for the Arizona fund – Incorporated by reference to Post-Effective Amendment No. 6 to the fund's Registration Statement filed on September 26, 1996.

Class M Distribution Plan and Agreement dated April 28, 1995 for the New Jersey fund – Incorporated by reference to Post-Effective Amendment No. 6 to the fund's Registration Statement filed on September 29, 1995.

Class M Distribution Plans and Agreements dated March 31, 1995 for the Massachusetts, Michigan, Minnesota and Ohio funds – Incorporated by reference to Post-Effective Amendment No. 15 to the respective fund’s Registration Statement filed on September 29, 1995.

Class M Distribution Plan and Agreement dated June 30, 1995 for the Pennsylvania fund – Incorporated by reference to Post-Effective Amendment No. 9 to the fund’s Registration Statement filed on September 26, 1996.

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(m)(5) (i)Form of Dealer Service Agreement for the Arizona fund – Incorporated by reference to Post-Effective Amendment No. 5 to the fund's Registration Statement filed on December 27, 1994.

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Form of Dealer Service Agreement for the New Jersey fund – Incorporated by reference to Post-Effective Amendment No. 3 to the fund's Registration Statement.

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Form of Dealer Service Agreement for the Pennsylvania fund – Incorporated by reference to Post-Effective Amendment No. 7 to the fund's Registration Statement filed on July 20, 1995.

Form of Dealer Service Agreement for the Massachusetts, Michigan, Minnesota and Ohio funds – Incorporated by reference to Post-Effective Amendment No. 13 to the respective fund's Registration Statement filed on August 2, 1993.

(m)(5)(ii)Schedule of Dealer Service Agreements conforming in all material respects to the Forms of Dealer Service Agreements filed as Exhibit (m)(5)(i) but which have not been filed as exhibits to the Registrants’ respective Registration Statements in reliance on Rule 483(d)(2) under the Securities Act of 1933, as amended, for the Funds.

(m)(6) (i)Form of Financial Institution Service Agreement for the Arizona fund – Incorporated by reference to Post-Effective Amendment No. 5 to the fund's Registration Statement filed on December 27, 1994.

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Form of Financial Institution Service Agreement for the New Jersey fund – Incorporated by reference to Post-Effective Amendment No. 3 to the fund's Registration Statement.

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Form of Financial Institution Service Agreement for the Pennsylvania fund – Incorporated by reference to Post-Effective Amendment No. 7 to the fund’s Registration Statement filed on June 20, 1995.

Form of Financial Institution Service Agreement for the Massachusetts, Michigan, Minnesota and Ohio funds -- Incorporated by reference to Post-Effective Amendment No. 13 to the respective fund's Registration Statement filed on August 2, 1993.

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(m)(6)(ii) Schedule of Financial Institution Service Agreements conforming in all material respects to the Forms of Financial Institution Service Agreements filed as Exhibit (m)(6)(i) but which have not been filed as exhibits to the Registrants’ respective Registration Statements in reliance on Rule 483(d)(2) under the Securities Act of 1933, as amended, for the Funds.

(n) Rule 18f-3 Plan dated November 1, 1999, as most recently amended September 18, 2015 for the Funds.

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(p)(1) The Putnam Funds Code of Ethics dated June 17, 2011 for the Arizona and New Jersey funds – Incorporated by reference to Post-Effective Amendment No. 23 to the respective fund's Registration Statement filed on September 28, 2011.

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The Putnam Funds Code of Ethics dated June 17, 2011 for the Massachusetts, Michigan, Minnesota and Ohio funds – Incorporated by reference to Post-Effective Amendment No. 32 to the respective fund's Registration Statement filed on September 28, 2011.

The Putnam Funds Code of Ethics dated June 17, 2011 for the Pennsylvania fund – Incorporated by reference to Post-Effective Amendment No. 25 to the fund's Registration Statement filed on September 28, 2011.

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(p)(2) Putnam Investments Code of Ethics dated July 2013 for the Arizona and New Jersey funds – Incorporated by reference to Post-Effective Amendment No. 27 to the respective fund's Registration Statement filed on September 27, 2013.

Putnam Investments Code of Ethics dated July 2013 for the Massachusetts, Michigan, Minnesota and Ohio funds – Incorporated by reference to Post-Effective Amendment No. 36 to the respective fund's Registration Statement filed on September 27, 2013.

Putnam Investments Code of Ethics dated July 2013 for the Pennsylvania fund – Incorporated by reference to Post-Effective Amendment No. 29 to the fund's Registration Statement filed on September 27, 2013.

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Item 29. Persons Controlled by or under Common Control with Registrants

None.

Item 30. Indemnification

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Reference is made to Article VIII, sections 1 through 3, of each Registrant’s Amended and Restated Declaration of Trust, which is incorporated by reference to Post-Effective Amendment No. 29 for the Arizona and New Jersey funds, Post-Effective Amendment No. 38 for the Massachusetts, Michigan, Minnesota and Ohio funds and Post-Effective Amendment No. 31 for the Pennsylvania fund to the Registrants’ Registration Statements on Form N-1A under the Investment Company Act of 1940, as amended, (File Nos. 811-06258, 811-04518, 811-04529, 811-04527, 811-05977, 811-04528 and 811-05802 for the Arizona, Massachusetts, Michigan, Minnesota, New Jersey, Ohio and Pennsylvania funds, respectively). In addition, the Registrants maintain a trustees and officers liability insurance policy under which the Registrants and their trustees and officers are named insureds. Certain service providers to the

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Registrants also have contractually agreed to indemnify and hold harmless the trustees against liability arising in connection with the service provider’s performance of services under the relevant agreement.

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Item 31. Business and Other Connections of the Investment Adviser

Except as set forth below, the directors and officers of each of Putnam Investment Management, LLC, the Registrant’s investment adviser (the “Investment Adviser”), Putnam Investments Limited, investment sub-manager to certain Putnam funds (the “Sub-Manager”), and The Putnam Advisory Company, LLC, investment sub-adviser to certain Putnam funds, have been engaged during the past two fiscal years in no business, profession, vocation or employment of a substantial nature other than as directors or officers of the Investment Adviser, Sub-Manager, or certain of the Investment Adviser’s corporate affiliates. Certain officers of the Investment Adviser serve as officers of some or all of the Putnam funds. The address of the Investment Adviser, its corporate affiliates other than the Sub-Manager, and the Putnam funds is One Post Office Square, Boston, Massachusetts 02109. The address of the Sub-Manager is Cassini House, 57-59 St James’s Street, London, England, SW1A 1LD.


Name and Title	Non-Putnam business, profession, vocation or
	employment
N/A

Item 32. Principal Underwriter

(a) Putnam Retail Management Limited Partnership is the principal underwriter for each of the following investment companies, including the Registrant:

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George Putnam Balanced Fund, 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, 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 Mortgage Recovery 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.

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Government Income Trust, Putnam Variable Trust, and Putnam Voyager Fund.

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(b) The directors and officers of the Registrant's principal underwriter are listed below. Except as noted below, no officer of the Registrant’s principal underwriter is an officer of the Registrant.

The principal business address of each person listed below is One Post Office Square, Boston, MA 02109.


Name	Position and Office with the
	Underwriter

Connolly, William T.	President

Richer, Clare	Treasurer

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Maher, Stephen B.	Assistant Treasurer

Burns, Robert T.*	Secretary

Clark, James F.	Assistant Secretary

Ritter, Jesse D.	Assistant Secretary

Ettinger, Robert D.	Vice President

Leveille, Robert R.**	Vice President

Trenchard, Mark C.***	Vice President

*Mr. Burns is Vice President and Chief Legal Officer of the Registrant.

** Mr. Leveille is Vice President and Chief Compliance Officer of the Registrant.

***Mr. Trenchard is Vice President and BSA Compliance Officer of the Registrant.

Item 33. Location of Accounts and Records

<R>

Persons maintaining physical possession of accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the Rules promulgated thereunder are the Registrants' Clerk, Michael J. Higgins; the Registrants' investment adviser, Putnam Investment Management, LLC (PIM); the Registrants’ principal underwriter, Putnam Retail Management Limited Partnership (PRM); the Registrants' custodian, State Street Bank and Trust Company (which, in addition to its duties as custodian, also provides certain administrative, pricing and bookkeeping services); and the Registrants’ transfer and dividend disbursing agent, Putnam Investor Services, Inc. The address of the Clerk, PIM, PRM and Putnam Investor Services, Inc. is One Post Office Square, Boston, Massachusetts 02109. State Street Bank and Trust Company is located at 225 Franklin Street, Boston, Massachusetts 02110 and 2 Avenue de Lafayette, Boston, Massachusetts 02111.

</R>

C-14

Item 34. Management Services

None.

Item 35. Undertakings

None.

NOTICE

<R>

A copy of the Agreement and Declaration of Trust of each of Putnam Arizona Tax Exempt Income Fund, Putnam Massachusetts Tax Exempt Income Fund, Putnam Michigan Tax Exempt Income Fund, Putnam Minnesota Tax Exempt Income Fund, Putnam New Jersey Tax Exempt Income Fund, Putnam Ohio Tax Exempt Income Fund and Putnam Pennsylvania Tax Exempt Income Fund are on file with the Secretary of The Commonwealth of Massachusetts and notice is hereby given that this instrument is executed on behalf of each Registrant by an officer of such Registrant as an officer and not individually and 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 Registrant.

</R>

C-15

SIGNATURES

<R>

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, each of the Registrants certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act of 1933, as amended, and has duly caused this Amendment to its Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Boston, and The Commonwealth of Massachusetts, on the 28th day of September, 2015.

</R>


	PUTNAM ARIZONA TAX EXEMPT INCOME FUND
	PUTNAM MASSACHUSETTS TAX EXEMPT INCOME FUND
	PUTNAM MICHIGAN TAX EXEMPT INCOME FUND
	PUTNAM MINNESOTA TAX EXEMPT INCOME FUND
	PUTNAM NEW JERSEY TAX EXEMPT INCOME FUND
	PUTNAM OHIO TAX EXEMPT INCOME FUND
	PUTNAM PENNSYLVANIA TAX EXEMPT INCOME FUND


	By:/s/ Jonathan S. Horwitz, Executive Vice President, Principal
	Executive Officer and Compliance Liaison

<R>

Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment to the Registration Statements of Putnam Arizona Tax Exempt Income Fund, Putnam Massachusetts Tax Exempt Income Fund, Putnam Michigan Tax Exempt Income Fund, Putnam Minnesota Tax Exempt Income Fund, Putnam New Jersey Tax Exempt Income Fund, Putnam Ohio Tax Exempt Income Fund and Putnam Pennsylvania Tax Exempt Income Fund has been signed below by the following persons in the capacities and on the date indicated:

</R>


Signature	Title

Jameson A. Baxter**	Chair, Board of Trustees

Robert L. Reynolds**	President and Trustee

Jonathan S. Horwitz**	Executive Vice President, Principal Executive Officer and
	Compliance Liaison

Steven D. Krichmar**	Vice President and Principal Financial Officer

C-16


Janet C. Smith**	Vice President, Principal Accounting Officer and Assistant
	Treasurer

Liaquat Ahamed **	Trustee

Ravi Akhoury**	Trustee

Barbara M. Baumann**	Trustee
<R>
</R>
Robert J. Darretta**	Trustee

Katinka Domotorffy**	Trustee

John A. Hill**	Trustee

Paul L. Joskow**	Trustee

Kenneth R. Leibler**	Trustee

Robert E. Patterson**	Trustee

George Putnam, III**	Trustee

W. Thomas Stephens**	Trustee


	By: /s/ Jonathan S. Horwitz, as Attorney-in-Fact
<R>
	September 28, 2015
</R>
	** Signed pursuant to power of attorney filed in Post-
	Effective Amendment No. 25 to the Arizona and
	New Jersey funds’ Registration Statement on September
	28, 2012.
	** Signed pursuant to power of attorney filed in Post-
	Effective Amendment No. 34 to the Massachusetts,
	Michigan, Minnesota and Ohio funds’ Registration
	Statement on September 28, 2012.
	** Signed pursuant to power of attorney filed in Post-
	Effective Amendment No. 27 to the Pennsylvania
	fund’s Registration Statement on September 28, 2012.

C-17

Exhibit Index

Item 28 Exhibit

<R>

(b) Amended and Restated Bylaws dated as of October 17, 2014 for the Funds.

(c)(2) Portions of Bylaws Relating to Shareholders' Rights for the Funds.

(d)(2) Sub-Management Contract between Putnam Investment Management, LLC and Putnam Investments Limited dated February 27, 2014; schedule A amended as of November 20, 2014.

(e)(3)(ii) Schedule of Financial Institution Sales Contracts conforming in all material respects to the Form of Financial Institution Sales Contract filed as Exhibit (e)(3)(i) but which have not been filed as exhibits to the Registrants’ respective Registration Statements in reliance on Rule 483(d)(2) under the Securities Act of 1933, as amended, for the Funds.

(g)(1) Master Custodian Agreement with State Street Bank and Trust Company dated January 1, 2007 for the Funds; Appendix A amended as of March 23, 2015.

(h)(7) Credit Agreement with State Street Bank and Trust Company and certain other lenders dated as of September 24, 2015 for the Funds.

(h)(8) Amended and Restated Uncommitted Line of Credit Agreement with State Street Bank and Trust Company dated as of September 24, 2015 for the Funds.

</R>

(j)(1) Consent of Independent Registered Public Accounting Firm for the Massachusetts, Michigan, Minnesota, New Jersey, Ohio and Pennsylvania funds – PricewaterhouseCoopers LLP.

C-18

(j)(2) Consent of Independent Registered Public Accounting Firm for the Arizona fund – KPMG LLP.

<R>

(m)(5)(ii) Schedule of Dealer Service Agreements conforming in all material respects to the Form of Dealer Service Agreement filed as Exhibit (m)(5)(i) but which have not been filed as exhibits to the Registrants’ respective Registration Statements in reliance on Rule 483(d)(2) under the Securities Act of 1933, as amended, for the Funds.

(m)(6)(ii) Schedule of Financial Institution Service Agreements conforming in all material respects to the Form of Financial Institution Service Agreement filed as Exhibit (m)(6)(i) but which have not been filed as exhibits to the Registrants’ respective Registration Statements in reliance on Rule 483(d)(2) under the Securities Act of 1933, as amended, for the Funds.

(n) Rule 18f-3 Plan dated November 1, 1999, as most recently amended September 18, 2015 for the Funds.

</R>

C-19

EX-99.H OTH MAT CONT 2 b_teifex99h7.htm EX-99.H OTH MAT CONT b_teifex99h7.htm

EXECUTION COPY

CREDIT AGREEMENT

dated as of September 24, 2015,

among

EACH TRUST

LISTED ON SCHEDULE 2 HERETO,

STATE STREET BANK AND TRUST COMPANY,

and the other lending institutions party hereto,

and

STATE STREET BANK AND TRUST COMPANY,

in its capacity as Agent

Putnam Investments Family of Funds

Bryan Cave LLP

1290 Avenue of the Americas

New York, New York 10104-3300


TABLE OF CONTENTS
		Page

ARTICLE I. DEFINITIONS		1
SECTION 1.01.	Definitions	1
SECTION 1.02.	Accounting Terms and Determination	14
SECTION 1.03.	[Reserved]	15
SECTION 1.04.	[Reserved]	15
SECTION 1.05.	Affected Banks and Affected Borrowers	15
ARTICLE II. THE CREDIT		15
SECTION 2.01.	Commitments to Lend	15
SECTION 2.02.	Notice of Borrowings	15
SECTION 2.03.	Notice to Banks; Funding of Loans	16
SECTION 2.04.	Loan Accounts; Notes; Records	16
SECTION 2.05.	Mandatory Payments; Optional Prepayments	17
SECTION 2.06.	Interest Rates	18
SECTION 2.07.	Fees	19
SECTION 2.08.	Termination and Reduction of Commitments	19
SECTION 2.09.	General Provisions as to Payments	20
SECTION 2.10.	Computation of Interest and Fees	22
SECTION 2.11.	Withholding Tax Exemption	22
SECTION 2.12.	Addition and Removal of Borrowers	24
ARTICLE III. CONDITIONS		25
SECTION 3.01.	Effectiveness	25
SECTION 3.02.	All Borrowings	27
ARTICLE IV. REPRESENTATIONS AND WARRANTIES		28
SECTION 4.01.	Existence and Power; Investment Company	28
SECTION 4.02.	Authorization; Execution and Delivery, Etc	28
SECTION 4.03.	Noncontravention	28
SECTION 4.04.	Governmental Authorizations; Private Authorization	29
SECTION 4.05.	Regulations T, U and X	29
SECTION 4.06.	Non-Affiliation with Banks	29
SECTION 4.07.	Subsidiaries	29

- ii -


TABLE OF CONTENTS
(continued)
		Page

SECTION 4.08.	Financial Information	29
SECTION 4.09.	Material Litigation	30
SECTION 4.10.	ERISA	30
SECTION 4.11.	Taxes	30
SECTION 4.12.	Compliance	30
SECTION 4.13.	Fiscal Year	31
SECTION 4.14.	Full Disclosure	31
SECTION 4.15.	Offering Document	31
SECTION 4.16.	OFAC, Anti-Corruption and Other Regulations	31
SECTION 4.17.	Title to Assets	32
ARTICLE V. COVENANTS		32
SECTION 5.01.	Information	32
SECTION 5.02.	Payment of Obligations	33
SECTION 5.03.	Maintenance of Insurance	33
SECTION 5.04.	Conduct of Business and Maintenance of Existence	33
SECTION 5.05.	Compliance with Laws	34
SECTION 5.06.	Inspection of Property, Books and Records	34
SECTION 5.07.	Indebtedness	34
SECTION 5.08.	Liens	35
SECTION 5.09.	Consolidations, Mergers and Sales of Assets	35
SECTION 5.10.	Use of Proceeds	36
SECTION 5.11.	Compliance with Investment Policies and Restrictions	36
SECTION 5.12.	Non-Affiliation with Banks	36
SECTION 5.13.	Regulated Investment Company	36
SECTION 5.14.	No Subsidiary	36
SECTION 5.15.	ERISA	36
SECTION 5.16.	Fiscal Year	36
SECTION 5.17.	Margin Regulations	36
SECTION 5.18.	Custodian; Administrator; Auditor	36
SECTION 5.19.	Asset Coverage	36

- iii -


TABLE OF CONTENTS
(continued)
		Page

SECTION 5.20.	Maximum Amount	36
SECTION 5.21.	Restricted Payments	36
SECTION 5.22.	OFAC, Anti-Corruption and Other Regulations	37
SECTION 5.23.	Interfund Lending	37
SECTION 5.24.	Further Assurances	38
ARTICLE VI. DEFAULTS		38
SECTION 6.01.	Events of Default	38
SECTION 6.02.	Remedies	40
ARTICLE VII. THE AGENT		40
SECTION 7.01.	Appointment and Authorization	40
SECTION 7.02.	Action by Agent	40
SECTION 7.03.	Consultation with Experts	41
SECTION 7.04.	Liability of Agent	41
SECTION 7.05.	Indemnification	41
SECTION 7.06.	Credit Decision	42
SECTION 7.07.	Successor Agent	42
SECTION 7.08.	Agent as Bank	42
SECTION 7.09.	Distribution by Agent	42
SECTION 7.10.	Withholding Tax	43
ARTICLE VIII. CHANGE IN CIRCUMSTANCES		43
SECTION 8.01.	Additional Costs; Capital Adequacy	43
SECTION 8.02.	Replacement Banks	44
SECTION 8.03.	Change of Law	45
SECTION 8.04.	Delinquent Banks	45
ARTICLE IX. MISCELLANEOUS		46
SECTION 9.01.	Notices	46
SECTION 9.02.	No Waivers	47
SECTION 9.03.	Expenses; Documentary Taxes; Indemnification	47
SECTION 9.04.	Set Off	48
SECTION 9.05.	Amendments and Waivers	49

- iv -

TABLE OF CONTENTS

(continued)


		Page

SECTION 9.06.	Successors and Assigns	49
SECTION 9.07.	Governing Law; Submission to Jurisdiction	52
SECTION 9.08.	WAIVER OF JURY TRIAL	52
SECTION 9.09.	Confidential Material	52
SECTION 9.10.	USA Patriot Act	53
SECTION 9.11.	Interest Rate Limitation	53
SECTION 9.12.	Survival	53
SECTION 9.13.	Limitation on Liability	53
SECTION 9.14.	No Fiduciary Duty	54
SECTION 9.15.	Miscellaneous	54

Exhibits:


Exhibit A -	Form of Note
Exhibit B -	Form of Notice of Borrowing/Repayment/Rollover Certificate
Exhibit C -	Form of Compliance Certificate
Exhibit D -	Form of Assignment and Acceptance
Exhibit E -	Form of Joinder Agreement
Exhibit F -	Form of Removal Notice

Schedules:


Schedule 1 -	Addresses for Notices, Applicable Lending Offices, Commitment Amounts and
	Commitment Percentages
Schedule 2 -	List of Companies, Funds and Fiscal Year End Dates
Schedule 3 -	Affected Banks and Affected Borrowers

- v -

CREDIT AGREEMENT

CREDIT AGREEMENT, dated as of September [24], 2015, among each trust listed on Schedule 2 hereto, the Banks (as hereinafter defined) party hereto from time to time, and STATE STREET BANK AND TRUST COMPANY, as agent for the Banks (in such capacity, the “Agent”).

The parties hereto hereby agree as follows:

ARTICLE I.

DEFINITIONS

SECTION 1.01. Definitions. The following terms, as used herein, have the following meanings:

“Adjusted Net Assets” means with respect to each Borrower as at any date of determination and subject to Section 1.04 hereof, an amount equal to (a) the Asset Value of the Total Assets of such Borrower minus (b) the Total Liabilities of such Borrower that are not Senior Securities Representing Indebtedness. For purposes of calculating Adjusted Net Assets, the amount of any liability included in Total Liabilities shall be equal to the greater of (i) the outstanding amount of such liability and (ii) the fair market value of all assets pledged or otherwise segregated to secure such liability.

“Advance” means (a) a loan or advance under the Bilateral Agreement, or (b) a Loan.

“Advance Limit” means $200,000,000.

“Adverse Claim” means any Lien or other right, claim, encumbrance or any other type of preferential arrangement in, of or on any Person’s assets or properties (including the segregation thereof or the deposit thereof to satisfy margin or other requirements) in favor of any other Person other than, in the case of a Borrower, Liens on the assets of such Borrower permitted under Section 5.08(a), (b) or (c).

“Affected Bank” means any Bank with respect to which either such Bank or any of its Affiliates acts as an investment adviser or investment subadviser to one or more Borrowers.

“Affected Borrower” means any Borrower for which a Bank or any of its Affiliates acts as an investment adviser or investment subadviser.

“Affiliate” means, with respect to any Person (the “First Person”) any other Person that (a) is an “Affiliated Person” (within the meaning of the Investment Company Act) of such First Person, (b) is an “affiliate” (within the meaning of Section 23A of the Federal Reserve Act, as amended) of such First Person, or (c) is a Control Affiliate of such First Person.

“Aggregate Commitment Amount” means, as of any date, the aggregate of all Commitment Amounts as of such date. On the Effective Date, the Aggregate Commitment Amount is $392,500,000.

“Agent” has the meaning set forth in the preamble to this Agreement.

“Agreement” means this Credit Agreement, as amended, supplemented or otherwise modified.

“Anti-Corruption Laws” means, with respect to any Person, all laws, rules, and regulations of any jurisdiction applicable to such Person from time to time concerning or relating to bribery or corruption.

“Applicable Percentage” means (a) with respect to each Restricted Borrower, 25%, and (b) with respect to each other Borrower 33 1/3%.

“Applicable Law” means, with respect to any Person, any Law of any Authority, including, without limitation, all Federal and state banking or securities laws, to which such Person is subject or by which it or any of its property is bound.

“Applicable Lending Office” means, initially, the office of each Bank designated as such on Schedule 1 attached hereto; thereafter such other office of such Bank, if any, located in the United States.

“Applicable Rate” means, as of any day, 1.25% plus the higher of (a) the Federal Funds Rate as in effect on that day, and (b) the Overnight LIBOR Rate as in effect on that day.

“Approved Borrowing Amount” means (a) $250,000 or an integral multiple of $50,000 in excess thereof, or (b) such lesser amount as shall be equal to the excess of the Aggregate Commitment Amount over the aggregate outstanding principal balance of all Loans.

“Asset Value” means, as of any day of determination in respect of any asset of any Borrower, the Value of such asset computed by such Borrower in good faith in the manner such Value is required to be computed in accordance with the Pricing Procedures and Applicable Law, including, without limitation, the Investment Company Act; provided that (a) the Asset Value of any asset shall be net of such Borrower’s liabilities (other than any liability included in Total Liabilities) relating thereto, including without limitation all of such Borrower’s obligations to pay any unpaid portion of the purchase price thereof, and (b) with respect to any asset that is not valued on each Domestic Business Day, the Asset Value of such asset shall be deemed zero for purposes of this definition.

“Assignee” has the meaning set forth in Section 9.06(c) hereof.

“Assignment and Acceptance” has the meaning set forth in Section 9.06(c) hereof.

“Authority” means any governmental or quasi-governmental authority (including the Financial Industry Regulatory Authority, stock exchanges, the SEC and any accounting board or authority (whether or not a part of government) which is responsible for the establishment or interpretation of national or international accounting principles, in each case whether foreign or domestic), whether executive, legislative, judicial, administrative or any combination thereof, including, without limitation, any Federal, state, territorial, county, municipal or other government or governmental or quasi-governmental agency, arbitrator, board, body, branch,

- 2 -

bureau, commission, corporation, court, department, instrumentality, master, mediator, panel, referee, system or other political unit or subdivision or other entity of any of the foregoing, whether domestic or foreign.

“Authorized Signatory” means, with respect to each Borrower, any duly authorized officer or other authorized Person of such Borrower, provided that the Agent shall have received a manually signed certificate of an officer of such Borrower bearing a manual specimen signature of such officer or other Person and such officer or other Person shall be reasonably satisfactory to the Agent.

“Bank” means each of State Street, each other lender named on the signature pages hereof, each Assignee which becomes a Bank pursuant to Section 9.06(c) hereof, and their respective successors.

“Benefit Arrangement” means at any time an employee benefit plan within the meaning of Section 3(3) of ERISA which is not a Plan or a Multiemployer Plan and which is maintained or otherwise contributed to by any member of the ERISA Group.

“Bilateral Agreement” means the letter agreement, dated July 6, 2010, regarding Putnam Funds Uncommitted Line of Credit, among State Street and the Borrowers, and the Loan Documents (as defined therein), as amended, supplemented or otherwise modified, and as the same may be further amended, restated, supplemented, otherwise modified or refinanced and in effect from time to time.

“Borrower” means a Company Borrower or a Series Borrower.

“Borrowing Date” means a Domestic Business Day on which Loans are advanced hereunder as specified in a Notice of Borrowing delivered pursuant to Section 2.02 hereof.

“Calculation Date” has the meaning set forth in Section 5.01(e) hereof.

“Charter Documents” means, with respect to each Borrower, collectively, the Related Company’s declaration of trust and by-laws, and all other organizational or governing documents of such Borrower, in each case as amended, supplemented or otherwise modified from time to time.

“Commitment” means the agreement of each Bank, subject to the terms and conditions of this Agreement, to make Loans to each Borrower hereunder.

“Commitment Amount” means, with respect to each Bank, the amount set forth opposite the name of such Bank on Schedule 1 attached hereto, as such amount may be changed from time to time pursuant to Sections 2.08 or 9.06(c) hereof.

“Commitment Percentage” means, with respect to each Bank, the percentage set forth opposite the name of such Bank on Schedule 1 attached hereto (as the same may be amended in accordance herewith) as such Bank’s percentage of the Aggregate Commitment Amount of all of the Banks.

- 3 -

“Company” means each trust listed as a “Company” on Schedule 2 hereto.

“Company Borrower” means a Company that has no separate Series.

“Confidential Material” has the meaning set forth in Section 9.09(a) hereof.

“Control Affiliate” of a Person means (a) any other Person directly or indirectly owning, controlling, or holding with power to vote, greater than 50% of the outstanding voting securities of such Person, (b) any other Person greater than 50% of whose outstanding voting securities are directly or indirectly owned, controlled, or held with power to vote, by such Person, or (c) any Person directly or indirectly controlling, controlled by, or under common control with, such other Person. For purposes of this defined term, “control” means the power to exercise a controlling influence over the management or policies of a company, and “controlling” and “controlled” shall have correlative meanings.

“Covered Person” has the meaning set forth in Section 9.03(b) hereof.

“Covered Taxes” means (i) any Taxes imposed on or with respect to any payment made by or on account of any obligation of the Borrower under any Loan Document other than (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, or branch profits Taxes, in each case (1) imposed upon the Agent or any Bank (or its Applicable Lending Office) by the jurisdiction under the laws of which the Agent or such Bank (or its Applicable Lending Office) is organized or in which its principal office is located or through which it holds the Loans (or any political subdivision thereof), or (2) imposed as a result of a present or former connection between the Agent or any Bank (or its Applicable Lending Office) and the jurisdiction imposing such Tax other than a connection arising solely from the Agent or such Bank (or its Applicable Lending Office) having executed, delivered, become a party to, performed its obligations or received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document; (b) with respect to any Bank, U.S. federal withholding Taxes that are imposed on amounts payable to or for the account of such Bank with respect to an applicable interest in a Loan or a Commitment pursuant to a law in effect on the date on which (1) such Bank acquires such interest in the Loans or a Commitment (other than pursuant to an assignment request by any Borrower under Sections 2.09(c) or 8.02) or (2) such Bank changes its lending office, except in each case to the extent that, pursuant to Section 2.09, amounts with respect to such Taxes were payable to such Bank’s assignor immediately before such Bank became a party hereto or changed its lending office; (c) Taxes attributable to the Agent’s or such Bank’s failure to comply with Section 2.11 hereof; and (d) any U.S. federal withholding Taxes imposed under FATCA, (each of the Taxes referred to in clauses (a) through (d), collectively, “Excluded Taxes”), and (ii) to the extent not otherwise described in (i), any Other Taxes.

“Custodian” means State Street Bank and Trust Company.

“Custody Agreement” means, with respect to each Borrower, that certain Master Custodian Agreement, dated as of January 1, 2007, as amended by Amendment to Master Custodian Agreement, dated as of August 1, 2013, and that certain letter agreement, dated March

- 4 -

23, 2015, as the same may be amended, restated, supplemented or otherwise modified from time to time.

“Debt” of any Person means at any date, without duplication, (a) all obligations of such Person for borrowed money or similar extensions of credit (including, without limitation, in connection with any Interfund Loan or other loan or advance under the Bilateral Agreement), (b) all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, (c) all obligations of such Person to pay the deferred purchase price of property or services, except trade accounts payable arising in the ordinary course of business and payable in accordance with customary practices, (d) all obligations of such Person as lessee which are or should be capitalized in accordance with Generally Accepted Accounting Principles, (e) all obligations, of the type referred to in any other clause of this defined term, of others secured by a Lien on any asset of such Person, whether or not any such obligation is assumed or Guaranteed by such Person, (f) all obligations of such Person under Guarantees, (g) all obligations to reimburse the issuer in respect of letters of credit or under performance or surety bonds, and other similar obligations, (h) all obligations of such Person in respect of monetary judgments, (i) all obligations of such Person in respect of banker’s acceptances and under reverse repurchase agreements, (j) all obligations of such Person in respect of Financial Contracts, in each case determined on a mark-to-market basis in accordance with Generally Accepted Accounting Principles, and (k) all obligations that are Senior Securities Representing Indebtedness of such Person.

“Default” means, with respect to each Borrower, any condition or event which constitutes an Event of Default with respect to such Borrower or which with the giving of notice or lapse of time or both would, unless cured or waived, become an Event of Default with respect to such Borrower.

“Delinquent Bank” has the meaning set forth in Section 8.04(a) hereof.

“Dollars” or “$” means dollars in lawful currency of the United States of America.

“Domestic Business Day” means any day (other than a Saturday or Sunday) on which (a) commercial banks are open for the purpose of transacting business in Boston, Massachusetts and New York, New York and (b) the New York Stock Exchange is open.

“Effective Date” means the date this Agreement becomes effective in accordance with Section 3.01 hereof.

“Electronic Platform” means an electronic system for the delivery of information (including, without limitation, documents), such as IntraLinks On-Demand Workspaces™, that may or may not be provided or administered by the Agent or an Affiliate thereof.

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended, or any successor statute.

“ERISA Group” means, with respect to each Borrower, a group of two or more Persons that includes such Borrower and all members of a controlled group of corporations and all trades

- 5 -

or businesses (whether or not incorporated) under common control which, together with such Borrower, are treated as a single employer under Section 414 of the Internal Revenue Code.

“Events of Default”, with respect to any Borrower, has the meaning set forth in Section 6.01 hereof.

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC thereunder, as modified or interpreted by orders of the SEC, or other interpretative releases or letters issued by the SEC or its staff, all as from time to time in effect, or any successor law, rules or regulations, and any reference to any statutory or regulatory provision shall be deemed to be a reference to any successor statutory or regulatory provision.

“Excluded Taxes” has the meaning set forth in the definition of Covered Taxes in this Section 1.01.

“Existing Committed Agreement” means the $392,500,000 committed, unsecured credit facility extended to the Borrowers pursuant to that certain letter agreement, dated July 6, 2010, regarding Putnam Funds Committed Line of Credit, among State Street and the Borrowers, and the Loan Documents (as defined therein), as amended, supplemented or otherwise modified.

“Failure” has the meaning set forth in Section 8.04(b) hereof.

“FATCA” means Sections 1471 through 1474 of the Internal Revenue Code, as of the Effective Date (or any amended or successor version that is substantively comparable and not materially more onerous to comply with) and any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b)(1) of the Internal Revenue Code, and any intergovernmental agreements with respect to the implementation of Sections 1471 through 1474 of the Internal Revenue Code, including any law enacted in any other jurisdiction implementing such an intergovernmental agreement.

“Federal Funds Rate” means, for any day, a rate per annum equal to the higher of (a) 0.0%, and (b) the rate appearing on Bloomberg page BTMM as of 9:30 a.m. (Eastern time) as the “Federal Funds Ask Rate” (or, if such page is unavailable, on any successor or substitute page of such service, or any successor to or substitute for such service, providing rate quotations comparable to those currently provided on such page of such service), as determined by the Agent from time to time for purposes of providing quotations or, if such rate is not so published, an interest rate per annum equal to the quotation received by the Agent at approximately 9:30 a.m. (Eastern time) on such date from a Federal funds broker of recognized standing selected by the Agent in its reasonable discretion on overnight Federal funds transactions.

“Financial Contract Liability” means, at any time, the net amount of the liability, if any, that a Person has under each Financial Contract to which such Person is a party, in each case determined on a mark-to-market basis in accordance with Generally Accepted Accounting Principles.

“Financial Contracts” means option contracts, options on futures contracts, futures contracts, forward contracts, options on foreign currencies, foreign currency contracts, repurchase agreements, reverse repurchase agreements, mortgage rolls, credit-linked notes,

- 6 -

indexed securities, collateralized debt obligations, firm and standby commitment agreements, securities lending agreements, when-issued contracts and securities, swap, swaption, floor, cap, or collar agreements, other similar arrangements and other obligations that would be, but for the segregation of assets thereof, Senior Securities.

“Fiscal Year End Date” means, with respect to each Borrower, the date set forth on Schedule 2 hereto adjacent to the name of the Related Fund with respect to such Borrower.

“Foreign Bank” means (a) if the Borrower is a U.S. Person, a Bank that is not a U.S. Person, and (b) if the Borrower is not a U.S. Person, a Bank that is resident or organized under the laws of a jurisdiction other than that in which such Borrower is resident for tax purposes.

“Fund” means each Series of a Company set forth on Schedule 2 hereto.

“Fund Vehicle” means a mutual fund, closed-end fund or other pooled-investment vehicle, whether or not registered under the Investment Company Act.

“Fundamental Policy” means, with respect to any Borrower, any of such Borrower’s Investment Policies and Restrictions that may not be changed without the approval of the stockholders of such Borrower.

“Generally Accepted Accounting Principles” has the meaning set forth in Section 1.02 hereof.

“Government” means, with respect to any sovereignty, the government or any agency or instrumentality thereof.

“Governmental Authorizations” means all franchises, permits, licenses, approvals, consents and other authorizations of all Authorities.

“Governmental Filings” means all filings, including franchise and similar tax filings, and the payment of all fees, assessments, interests and penalties associated with such filing, with all Authorities.

“Guarantee” by any Person means any obligation, contingent or otherwise, of such Person directly or indirectly guaranteeing any Debt of any other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, of such Person (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Debt (whether arising by virtue of partnership arrangements, by agreement to keep-well, to purchase assets, goods, securities or services, to take-or-pay, or to maintain financial statement conditions or otherwise) or (b) entered into for the purpose of assuring in any other manner the obligee of such Debt of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part), provided that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business. The term “Guarantee” used as a verb has a corresponding meaning.

“Indebtedness” of any Person means at any date, without duplication, (a) all Debt of such Person, and (b) all Senior Securities issued by such Person.

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“Interfund Lending Exemptive Order” means that certain exemptive order issued by the SEC on April 10, 2002 (Investment Company Act Release No. 25519) in the matter of Putnam American Government Income Fund, et al., providing exemptive relief permitting Interfund Loans pursuant to the terms of the application dated March 13, 2002 (Investment Company Act Release Nos. 25461, 812-10806).

“Interfund Loan” means any loan by a Borrower or to a Borrower by a mutual fund, closed-end fund or other pooled-investment vehicle, whether or not registered under the Investment Company Act.

“Internal Revenue Code” means the Internal Revenue Code of 1986, as amended, or any successor statute and the Treasury regulations promulgated thereunder.

“Investment Adviser” means Putnam Investment Management, LLC, a limited liability company organized under the laws of Delaware.

“Investment Company Act” means the Investment Company Act of 1940, as amended, and the rules and regulations of the SEC thereunder, as modified or interpreted by orders of the SEC, or other interpretative releases or letters issued by the SEC or its staff, all as from time to time in effect, or any successor law, rules or regulations, and any reference to any statutory or regulatory provision shall be deemed to include a reference to any successor statutory or regulatory provision.

“Investment Policies and Restrictions” means, with respect to each Borrower, the material provisions of the Offering Document (as delivered to the Agent on the Effective Date), and other documents dealing with such Borrower’s investment objectives, investment policies and strategies, and investment restrictions, as such objectives, policies, strategies and restrictions may be further amended, supplemented or otherwise modified in accordance with Applicable Law, including without limitation, the Securities Act and the Investment Company Act.

“Joinder Agreement” means a joinder agreement in the form of Exhibit E, or in such other form as may be acceptable to the Agent in its sole and absolute discretion.

“Law” means any action, code, consent decree, constitution, decree, directive, enactment, finding, guideline, law, injunction, interpretation, judgment, order, ordinance, policy statement, proclamation, promulgation, regulation, requirement, rule, rule of law, rule of public policy, settlement agreement, statute, or writ, of any Authority, or any particular section, part or provision thereof.

“Liabilities” has the meaning set forth in Section 7.05 hereof.

“Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest (statutory or other) or encumbrance of any kind in respect of such asset, or any preference, priority or other security or preferential arrangement of any kind or nature whatsoever (including, without limitation, any conditional sale or other title retention agreement or any financing lease having substantially the same economic effect as any of the foregoing) with respect to such asset, including any agreement (other than this Agreement) preventing a Person from encumbering such asset.

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“Loan Documents” means, collectively, this Agreement, the Notes, the fee agreement (if any) described in Section 2.07(b) hereof, each Joinder Agreement, if any, each Removal Notice, if any, and any and all other documents and instruments required to be executed and delivered by any Borrower pursuant to this Agreement, in each case as amended, restated, supplemented or otherwise modified from time to time.

“Loans” means loans made or to be made to the Borrowers by the Banks pursuant to Section 2.03 hereof.

“Managing Body” means (a) with respect to each Borrower, the Board of Trustees thereof, and (b) with respect to any other Person, the board of directors or other similar managing body thereof.

“Margin Stock” has the meaning assigned to such term in Regulation U.

“Material Adverse Effect” means, with respect to each Borrower, (a) a material adverse effect on the ability of such Borrower to fully perform its obligations under this Agreement or any of the other Loan Documents, (b) a material adverse effect on the rights and remedies of the Agent and the Banks with respect to such Borrower under this Agreement or under any of the other Loan Documents, (c) a material adverse effect on the validity or enforceability of this Agreement or any of the other Loan Documents with respect to such Borrower, (d) a material adverse effect on the business, financial position, condition, operations, assets or properties of such Borrower, or (e) a Default.

“Material Litigation” means, with respect to any Borrower, any action, suit, proceeding or investigation of any kind pending against, or threatened in writing against, the Related Company with respect to such Borrower, such Borrower or any Subsidiary thereof, or any property of such Related Company, such Borrower or any such Subsidiary, before any court or arbitrator or any other Authority which (a) would reasonably be expected to have a Material Adverse Effect, or (b) calls into question the validity or enforceability of, or otherwise seeks to invalidate, any Loan Document.

“Maturity Date” means, with respect to any Loan, the earliest of (a) the 60^thday following the date of the making of such Loan, (b) the Termination Date, or (c) the date such Loan otherwise becomes due in accordance with the terms hereof.

“Maximum Amount” means, as at any date of determination with respect to any Borrower, an amount equal to the least of:

(a) the maximum amount of Debt that such Borrower would be permitted to incur pursuant to Applicable Law, including the Investment Company Act,

(b) the maximum amount of Debt that such Borrower would be permitted to incur pursuant to the limitations on borrowings in its Offering Document and its Investment Policies and Restrictions,

(c) in the event that such Borrower shall have entered into any agreement(s) with any Authority limiting the amount of Debt that such Borrower may create, incur,

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assume or suffer to exist, the maximum amount of Debt that such Borrower would be permitted to create, incur, assume or suffer to exist pursuant to such agreement(s), and

(d) the maximum amount of Debt that such Borrower would be permitted to incur without violating Section 5.19 hereof;

in each case, as in effect at such date of determination.

“Multiemployer Plan” means at any time an employee pension benefit plan within the meaning of Section 4001(a)(3) of ERISA to which any member of the ERISA Group is then making or accruing an obligation to make contributions or has within the preceding five plan years made contributions, including for these purposes any Person which ceased to be a member of the ERISA Group during such five year period.

“Note(s)” has the meaning set forth in Section 2.04(b) hereof.

“Notice of Borrowing” has the meaning set forth in Section 2.02(a) hereof.

“Notice of Repayment” has the meaning set forth in Section 2.05(f) hereof.

“Obligations” means, with respect to each Borrower, all indebtedness, obligations and liabilities of such Borrower to the Banks and the Agent, existing on the date of this Agreement or arising thereafter, direct or indirect, absolute or contingent, matured or unmatured, liquidated or unliquidated, secured or unsecured, arising or incurred under this Agreement or any of the other Loan Documents or in respect of any of the Loans to such Borrower or any of the Notes made by such Borrower or other instruments at any time evidencing any thereof.

“Offering Document” means, with respect to each Borrower, the prospectus of such Borrower filed with the SEC as part of such Borrower’s registration statement on Form N-1A or N-2, as amended (or any successor SEC form), and shall include, without limitation, the related statement of additional information included in such registration statement, and all amendments, restatements, supplements and other modifications thereto as of the Effective Date and as the same may be further amended, restated, supplemented or otherwise modified in accordance with Applicable Law, including without limitation, the Securities Act and the Investment Company Act and in accordance with the terms of this Agreement.

“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except such Taxes described in subclause (2) of clause (a) of the definition of Excluded Taxes and that are imposed with respect to an assignment or grant of a participation (other than an assignment made pursuant to Sections 2.09(c) or 8.02).

“Overnight LIBOR Rate” means, as of any day, the higher of (a) 0.0%, and (b) the rate appearing on the Reuters “LIBOR01” screen displaying interest rates for Dollar deposits in the London interbank market (or on any successor or substitute page on such screen) at approximately 11:00 a.m., London time, as the rate for Dollar deposits in the London interbank

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market with a maturity of one LIBOR Business Day (as defined below), provided that in the event such rate does not appear on such screen (or on any successor or substitute page on such screen or otherwise on such screen), the “Overnight LIBOR Rate” shall be determined by reference to such other comparable publicly available service for displaying interest rates applicable to Dollar deposits in the London interbank market as may be reasonably selected by the Agent or, in the absence of such availability, by reference to the rate at which Dollar deposits of $1,000,000 in immediately available funds for a term of one LIBOR Business Day are offered by the principal office of the Agent to leading banks in the London interbank market at approximately 11:00 a.m., London time, provided further that in the event such day is not a Domestic Business Day upon which interbank lending in Dollars is conducted in London (a “LIBOR Business Day”, then the Overnight LIBOR Rate shall be such rate as in effect on the immediately preceding LIBOR Business Day.

“Participant” has the meaning set forth in Section 9.06(b) hereof.

“Participant Register” has the meaning set forth in Section 9.06(b) hereof.

“Patriot Act” has the meaning set forth in Section 9.10 hereof.

“Permitted Merger(s)” shall mean (a) the merger or reorganization of one or more Funds with and into any other Fund, or (b) the merger or reorganization of any Series which is not a Fund with and into any Fund so long as such Fund is the survivor of such merger or reorganization; provided that, in the case of any such merger or reorganization pursuant to the foregoing clauses (a) or (b), (i) the relevant Borrower shall have provided written notice in reasonable detail to the Agent of its intention to effect such merger or reorganization, together with a revised Schedule 2 hereto reflecting such merger or reorganization, at least ten (10) Domestic Business Days prior to the effectiveness of such merger or reorganization, and (ii) no Default shall exist or result from such merger or reorganization.

“Person” means an individual, a corporation, a partnership, a limited liability company, an association, a trust or any other entity or organization, including a series or portfolio of any of the foregoing, or a government or political subdivision or an agency or instrumentality thereof.

“Plan” means at any time an employee pension benefit plan (other than a Multiemployer Plan) which is covered by Title IV of ERISA or subject to the minimum funding standards under Section 412 of the Internal Revenue Code and either (a) is maintained, or contributed to, by any member of the ERISA Group for employees of any member of the ERISA Group or (b) has at any time within the preceding five years been maintained, or contributed to, by any Person which was at such time a member of the ERISA Group for employees of any Person which was at such time a member of the ERISA Group.

“Plan Assets” has the meaning set forth in Section 3(42) of ERISA.

“Pricing Procedures” means, with respect to each Borrower, such Borrower’s pricing procedures for its investments, as such pricing procedures may be amended, restated, supplemented or otherwise modified in accordance with Section 5.04(c) hereof.

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“Private Authorizations” means all franchises, permits, licenses, approvals, consents and other authorizations of all Persons (other than any Authority) including, without limitation, those of shareholders and creditors and those with respect to trademarks, service marks, trade names, copyrights, computer software programs, technical and other know-how.

“Pro-rata Share” means, with respect to each Borrower as of any date, the percentage equal to a fraction, the numerator of which is the Published NAV of such Borrower, and the denominator of which is the sum of all Published NAVs of all Borrowers.

“Published NAV” means, with respect to any Borrower as of any date, the aggregate net asset value of such Borrower for the last day of the most recently completed calendar week that has been published by such Borrower.

“Register” has the meaning set forth in Section 9.06(g) hereof.

“Regulation T” means Regulation T of the Board of Governors of the Federal Reserve System, as in effect from time to time, and all official rulings and interpretations thereunder and thereof.

“Regulation U” means Regulation U of the Board of Governors of the Federal Reserve System, as in effect from time to time, and all official rulings and interpretations thereunder and thereof.

“Regulation X” means Regulation X of the Board of Governors of the Federal Reserve System, as in effect from time to time, and all official rulings and interpretations thereunder and thereof.

“Related Company” means (a) with respect to any Fund, the Company in respect of which such Fund is a Series, (b) with respect to any Series Borrower, the Company that is acting on behalf of and for the account of the Related Fund thereof that comprises such Series Borrower, and (c) with respect to any Company Borrower, the Company that comprises such Company Borrower.

“Related Fund” means, with respect to any Company, each Fund that is a Series of such Company and set forth adjacent to the name of such Company on Schedule 2 hereto.

“Removal Notice” means a removal notice in the form of Exhibit G, or in such other form as may be acceptable to the Agent in its sole and absolute discretion.

“Replacement Bank” has the meaning set forth in Section 8.02 hereof.

“Representatives” has the meaning set forth in Section 9.09(a) hereof.

“Required Banks” means, at any time, Banks holding at least a majority of the aggregate unpaid principal amount of the Loans at such time or, if no Loans are then outstanding, having at least a majority of the aggregate Commitment Amounts then in effect; provided that for purposes of determining Required Banks, each Delinquent Bank (including, without limitation, its Commitment Amount and Loans) shall be disregarded for so long as such Bank remains a

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Delinquent Bank (the foregoing, “Majority Banks”), provided further that at any time there is any Bank which, acting alone or together with any one or more Control Affiliates thereof that are also Banks, would otherwise constitute “Required Banks” (collectively, the “Affiliated Bank Group”) but constitute less than all Banks, “Required Banks” shall mean Majority Banks plus, in the event that Majority Banks would not otherwise include at least one Bank that is not a member of the Affiliated Bank Group (a “Non-affiliate Bank”), at least one Non-affiliate Bank.

“Restricted Borrower” means, as of any date, any Borrower that makes or maintains one or more investments in one or more Fund Vehicles (other than “2a-7 funds”) the value of which investments, in the aggregate, exceed 10% of such Borrower’s Total Assets.

“Restricted Payment” means, with respect to any Borrower (a) any dividend or other distribution by such Borrower (whether in cash, securities or other property) with respect to any shares, units or other equity interests issued by such Borrower, and (b) any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, by such Borrower on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such shares, units or other equity interests.

“Revolving Credit Period” means the period from and including the Effective Date to but excluding the Termination Date.

“Sanctions” has the meaning set forth in Section 4.16.

“SEC” means the Securities and Exchange Commission or any other governmental authority of the United States of America at the time administering the Securities Act, the Investment Company Act or the Exchange Act.

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC thereunder, as modified or interpreted by orders of the SEC, or other interpretative releases or letters issued by the SEC or its staff, all as from time to time in effect, or any successor law, rules or regulations, and any reference to any statutory or regulatory provision shall be deemed to be a reference to any successor statutory or regulatory provision.

“Senior Security” has the meaning set forth in the first sentence of Section 18(g) of the Investment Company Act.

“Senior Security Representing Indebtedness” has the meaning set forth in the first sentence of Section 18(g) of the Investment Company Act.

“Series” means a separate series or portfolio of a Company.

“Series Borrower” means a Company, acting on behalf of and for the account of a Related Fund thereof.

“Specified Materials” means, with respect to each Borrower, collectively, all materials or information provided by or on behalf of such Borrower, as well as documents and other written materials relating to such Borrower or any of its Subsidiaries or Affiliates or any other written

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materials or matters relating to the Loan Documents (including, without limitation, any amendment, restatement, supplement or other modification thereto).

“State Street” means State Street Bank and Trust Company.

“Subsidiary” means, with respect to a Person, any corporation or other entity of which securities or other ownership interests having ordinary voting power to elect a majority of the Managing Body thereof are at the time directly or indirectly owned by such Person.

“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Authority, including any interest, additions to tax or penalties applicable thereto.

“Termination Date” means September 22, 2016, or such earlier date on which the Commitments terminate or are terminated pursuant to the terms hereof.

“Threshold Amount” means, with respect to each Borrower as of any date, an amount equal to the lesser of $25,000,000 or 5% of the aggregate net asset value of such Borrower.

“Total Assets” means, with respect to each Borrower at any date, all assets of such Borrower which in accordance with Generally Accepted Accounting Principles would be classified as assets upon a balance sheet of such Borrower prepared as of such date, valued in accordance with the Pricing Procedures, provided, however, that Total Assets shall not include (a) equipment of such Borrower, (b) securities owned by such Borrower which are in default (except to the extent that such Borrower is required or permitted to attribute a value thereto pursuant to the Investment Company Act, the Offering Document and the Investment Policies and Restrictions) or determined to be worthless pursuant to any policy of such Borrower’s Managing Body, and (c) deferred organizational and offering expenses.

“Total Liabilities” means, with respect to each Borrower at any date, the sum of all liabilities of such Borrower which in accordance with Generally Accepted Accounting Principles would be classified as liabilities upon a balance sheet of such Borrower prepared as of such date, plus, without duplication, the aggregate amount of such Borrower’s Debt and Financial Contract Liability, provided, however, that Total Liabilities shall not include any liquidation preference of any preferred security issued by such Borrower.

“U.S. Person” means any Person that is a “United States Person” as defined in Section 7701(a)(30) of the Code.

“Value” has the meaning assigned to such term in Section 2(a)(41) of the Investment Company Act.

SECTION 1.02. Accounting Terms and Determination. Unless otherwise specified herein, all accounting terms used herein shall be interpreted, all accounting determinations hereunder shall be made and all financial statements required to be delivered hereunder shall be prepared in accordance with generally accepted accounting principles as in effect from time to time in the United States of America (“Generally Accepted Accounting Principles”), with respect to each Borrower applied on a basis consistent (except for changes

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concurred in by such Borrower’s independent public accountants) with the most recent audited financial statements of such Borrower delivered to the Banks hereunder.

SECTION 1.03. [Reserved].

SECTION 1.04. [Reserved].

SECTION 1.05. Affected Banks and Affected Borrowers. Notwithstanding any other provision hereof to the contrary, no Bank shall have the obligation to (a) make any Loan to any Borrower which, as of the date of such requested Loan, is an Affected Borrower with respect to such Bank, or (b) participate in, or purchase a participation in, any Loan made to any Borrower which, as of the date of the making of such Loan, was an Affected Borrower with respect to such Bank. Promptly after delivery of any notice by a Borrower, each Bank shall promptly notify the Agent whether or not such Bank has become, or ceased to be, an Affected Bank with respect to such Borrower and, promptly after receipt of such notice, the Agent shall promptly revise Schedule 3 hereto to appropriately reflect such information and circulate a copy thereof to each party hereto.

ARTICLE II.

THE CREDIT

SECTION 2.01. Commitments to Lend. Subject to the terms and conditions set forth in this Agreement, each of the Banks severally agrees to make loans to each Borrower from time to time on any Domestic Business Day during the Revolving Credit Period up to a maximum aggregate principal amount outstanding at any one time to all Borrowers equal to such Bank’s Commitment Amount, provided that (a) the aggregate principal amount of all Loans outstanding to any one Borrower shall not at any time cause such Borrower to have an aggregate amount of Debt outstanding that is in excess of the Maximum Amount, in each case in effect at such time with respect to such Borrower, (b) the aggregate principal amount of all Loans outstanding to all Borrowers shall not at any time exceed the Aggregate Commitment Amount, and (c) the aggregate outstanding principal amount of all Advances to such Borrower shall not exceed the Advance Limit. Each borrowing under this Section shall be in an aggregate principal amount equal to an Approved Borrowing Amount, and shall be made from the several Banks pro rata in accordance with each Bank’s Commitment Percentage. Each Loan shall mature and become due and payable as provided in Section 2.05 hereof.

SECTION 2.02. Notice of Borrowings. Each Borrower shall, with respect to each proposed borrowing hereunder, give the Agent a notice substantially in the form of Exhibit B attached hereto (a “Notice of Borrowing”) not later than 12:00 p.m. (Eastern time) (or telephonic notice not later than 12:00 p.m. (Eastern time) confirmed in writing substantially in the form of Exhibit B attached hereto not later than 1:00 p.m. (Eastern time)), in each case on the Domestic Business Day of such proposed borrowing by such Borrower, in each case specifying (a) whether such Borrower is a Restricted Borrower, (b) the date of such borrowing, which shall be a Domestic Business Day, and (c) the aggregate principal amount of such borrowing. Each Notice of Borrowing delivered by each Borrower shall constitute a representation and warranty by such Borrower that the conditions set forth in Section 3.02(b), (c) and (d) hereof have been satisfied on the date of such notice and will be satisfied on the date of such borrowing.

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SECTION 2.03. Notice to Banks; Funding of Loans. (a) Upon receipt of a Notice of Borrowing or an oral request for a borrowing in accordance with Section 2.02 hereof from any Borrower, the Agent shall promptly notify each Bank of the contents thereof and of such Bank’s ratable share (based on Commitment Percentages) of such borrowing. Such Notice of Borrowing or oral request shall not thereafter be revocable by such Borrower and shall obligate such Borrower to accept the Loans requested by it from the Banks on the date of such borrowing.

(b) Not later than 2:00 p.m. (Eastern time) on the Borrowing Date of each borrowing of Loans by a Borrower, each Bank shall make available its share of such borrowing, in Federal or other funds immediately available in Boston, to the Agent at its address referred to in Section 9.01 hereof. Unless the Agent determines that any applicable condition specified in ARTICLE III hereof has not been satisfied or waived, the Agent will make its share (in its capacity as a Bank) of such borrowing and the funds so received from the other Banks available to such Borrower at the Agent’s aforesaid address, on the date of the borrowing. The failure or refusal of any Bank to make available to the Agent as provided herein its share of any borrowing of Loans shall not relieve any other Bank from its several obligations hereunder.

(c) If any Bank makes a new Loan to a Borrower on a day on which such Borrower is to repay the principal amount of an outstanding Loan to such Bank, the Bank shall apply the proceeds of its new Loan to make such repayment and only an amount equal to the difference (if any) between the amount being borrowed and the amount being repaid shall be made available by the Agent as provided in clause (a) or remitted by such Borrower to the Agent for the account of such Bank as provided in Section 2.09 hereof, as the case may be.

(d) Unless the Agent shall have received notice from a Bank prior to any date of a borrowing that such Bank will not make available to the Agent such Bank’s share of such borrowing of Loans, the Agent may assume that such Bank has made such share available to the Agent on such date in accordance with Section 2.03(b) hereof and the Agent may (but it shall not be required to), in reliance upon such assumption, make available to the Borrower on such date a corresponding amount. If and to the extent that such Bank shall not have so made such share available to the Agent, such Bank and the Borrower severally agree to repay to the Agent, within three days after demand by the Agent, such amount together with interest thereon, for each day from the date such amount is made available to the Borrower until the date such amount is repaid to the Agent, at (i) in the case of the Borrower, a rate per annum equal to the interest rate applicable thereto pursuant to Section 2.06 hereof and (ii) in the case of such Bank, the Federal Funds Rate. If such Bank shall repay to the Agent such amount, such amount so repaid shall constitute such Bank’s Loan included in such borrowing for purposes of this Agreement. The provisions of this Section 2.03(d) hereof shall not relieve any such Bank from any liability to the Borrower.

SECTION 2.04. Loan Accounts; Notes; Records. (a) The Loans made by each Bank to each Borrower shall be evidenced by one or more loan accounts or records maintained by such Bank in the ordinary course of business. Each Borrower irrevocably authorizes each Bank to make or cause to be made, at or about the date of each Loan to such Borrower or at the time of receipt of any payment of principal of each such Loan, an appropriate notation on its loan accounts or records, including computer records, reflecting the making of such Loan or (as the

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case may be) the receipt of such payment. Subject to Section 9.06(g), the outstanding amount of the Loans set forth in any such loan accounts or records, including any computer records, maintained by a Bank with respect to the Loans made by it shall, absent manifest error, be prima facie evidence of the principal amount thereof owing and unpaid to such Bank, but the failure to record, or any error in so recording, any such amount on any such loan account or record shall not limit or otherwise affect the obligation of the Borrowers hereunder or under the other Loan Documents to make payments of principal of and interest on the Loans when due.

(b) Each Borrower hereby agrees that if, in the opinion of any Bank, a promissory note or other evidence of debt is required, appropriate or desirable to reflect or enforce the obligations of the Borrowers resulting from the Loans made, or to be made, by such Bank, then, upon request of such Bank, each Borrower shall promptly execute and deliver to such Bank, a promissory note (each, as amended, supplemented or otherwise modified, a “Note” and, collectively, the “Notes”) substantially in the form of Exhibit A attached hereto, payable to such Bank in an amount equal to such Bank’s Commitment Amount or, if less, the aggregate unpaid principal amount of such Bank’s Loans, plus interest thereon as provided below, provided, that as a condition to issuing any Note in replacement of a previously issued Note that has been lost, the Borrowers may require an indemnity with respect to lost instruments from such Bank, in form and substance reasonably satisfactory to the Borrowers.

(c) Subject to Section 9.06(g), the Agent’s records with respect to the Loans, the interest rates applicable thereto, each payment by each Borrower of principal and interest on the Loans and fees, expenses and any other amounts due and payable in connection with this Agreement and the other Loan Documents shall, absent manifest error, be prima facie evidence of the amount of the Loans and the amount of principal and interest paid by the Borrowers in respect of the Loans and as to the other information relating to the Loans and amounts paid and payable by the Borrowers hereunder and under the other Loan Documents, but the failure to record, or any error in so recording, any such amount on any such loan account or record shall not limit or otherwise affect the obligation of the Borrowers hereunder or under the other Loan Documents to make payments of principal of and interest or other amounts on the Loans when due.

SECTION 2.05. Mandatory Payments; Optional Prepayments. (a) Each Loan shall mature, and the principal amount thereof shall be due and payable, on the Maturity Date therefor. Each Borrower promises to pay on the Termination Date, and there shall become absolutely due and payable on the Termination Date, all of the Loans made to such Borrower outstanding on such date, together with all accrued and unpaid interest thereon and other amounts outstanding hereunder.

(b) If at any time any Borrower shall be in default of its obligations under Sections 5.19, 5.20 or 5.23 hereof, such Borrower shall immediately prepay the principal of one or more of its Loans (together with accrued interest thereon) and/or take such other actions, in each such case to the extent necessary so that immediately after giving effect to such prepayment and such other actions no such default would exist.

(c) If at any time the aggregate principal amount of Loans outstanding exceeds the Aggregate Commitment Amount, each Borrower shall immediately prepay such

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principal amount of one or more of its Loans (together with accrued interest thereon) as may be necessary (after giving effect to such prepayment and all other contemporaneous prepayments by all other Borrowers) to eliminate such excess.

(d) In the event that any Borrower shall have had, or would have, all or any portion of any one or more Loans outstanding during any period of sixty (60) consecutive days, such Borrower shall on such 60th day (or, if such day is not a Domestic Business Day, on the immediately preceding Domestic Business Day), prepay in full the aggregate outstanding principal balance of all Loans to such Borrower.

(e) If at any time the aggregate principal amount of Advances outstanding for any Borrower exceeds the Advance Limit, such Borrower shall immediately prepay such principal amount of one or more of its Loans (together with accrued interest thereon) as may be necessary (after giving effect to such prepayment and all other contemporaneous prepayments by all other Borrowers) to eliminate such excess and/or take such other actions, in each case to the extent necessary so that immediately after giving effect to such prepayment and such other actions, no such excess would exist.

(f) Each Borrower may, with notice to the Agent no later than 12:00 noon (Eastern time) on the Domestic Business Day of such payment (which notice shall not thereafter be revocable by such Borrower), prepay any Loans made to such Borrower in whole at any time, or from time to time in part in an aggregate principal amount not less than $250,000 or in larger integral multiples of $50,000, by paying the principal amount to be prepaid (together with accrued interest thereon to the date of prepayment).

(g) Each Borrower shall, with respect to each proposed repayment hereunder, give the Agent a notice substantially in the form of Exhibit B attached hereto (a “Notice of Repayment”) on the date of, but prior to, each repayment or prepayment by such Borrower of all or any portion of any Loan, in each case specifying (1) the date of such repayment or prepayment, which shall be a Domestic Business Day, (2) the aggregate principal amount of such prepayment, and (3) the other information required by such Exhibit. Upon receipt of each Notice of Repayment, the Agent shall promptly notify each Bank of the contents thereof and of such Bank’s ratable share of such prepayment.

(h) Subject to the satisfaction of the conditions set forth in Section 3.02 hereof, Loans prepaid prior to the Termination Date may be reborrowed prior to the Termination Date.

SECTION 2.06. Interest Rates. (a) Subject to Section 2.06(b) hereof, each Loan shall bear interest on the outstanding principal amount thereof, for the period commencing with the date such Loan is made up to but not including the date such Loan is repaid in full, at a rate per annum equal to the Applicable Rate as in effect from time to time. Accrued and unpaid interest on each Loan shall be payable in arrears on (i) with respect to interest accrued during a calendar month, the fifteenth day of the immediately succeeding calendar month, and (ii) with respect to all accrued and unpaid interest, on the Termination Date.

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(b) All overdue amounts payable under the Loan Documents (including, without limitation, any overdue principal of the Loans (whether at stated maturity, by acceleration or otherwise), any overdue interest on the Loans and any overdue fees) shall bear interest, payable on demand, for each day from and including the date payment thereof was due to but not including the date of actual payment, at a rate per annum equal to the sum of two percent (2%) above the Applicable Rate until such amount shall be paid in full (after as well as before judgment). Notwithstanding anything to the contrary in, but without duplication of anything in, this Section 2.06, with respect to each Borrower (i) upon the occurrence and during the continuance of (x) any Default with respect to such Borrower under Section 5.19 or 5.20 hereof, (y) any failure by such Borrower to pay when due all or any portion of any fee owing by such Borrower or the principal of or interest on any Loan to such Borrower, or (z) any Event of Default with respect to such Borrower under Section 6.01(g) or (h) hereof, the outstanding principal balance of the Loans to such Borrower shall bear interest at a rate per annum equal to two percent (2%) above the Applicable Rate, and (ii) upon the occurrence and during the continuance of any Event of Default (other than as described in clause (i) immediately above) with respect to such Borrower, upon written notice from the Agent or Required Banks, the outstanding principal balance of the Loans to such Borrower shall bear interest at a rate per annum equal to two percent (2%) above the Applicable Rate.

(c) The Agent shall determine the interest rate applicable to the Loans hereunder and its determination thereof shall be conclusive and binding for all purposes in the absence of manifest error.

SECTION 2.07. Fees. (a) During the Revolving Credit Period, each Borrower shall pay to the Agent for the account of each Bank (other than a Delinquent Bank) its Pro-rata Share of a commitment fee at the rate of 0.16% per annum of the daily excess, if any, of such Bank’s Commitment Amount minus the aggregate outstanding principal balance of such Bank’s Loans. Such commitment fee shall accrue from and including the Effective Date to but excluding the Termination Date. Commitment fees accrued through the end of each calendar quarter shall be due and payable on the 15th day of the immediately succeeding calendar month, and all accrued and unpaid commitment fees shall be due and payable on the Termination Date.

(b) On the Effective Date and thereafter from time to time, each Borrower shall pay to the Agent, for its own account, such Borrower’s Pro-rata Share of such fee or fees as may have been agreed upon separately among the Borrowers and the Agent.

(c) On the Effective Date, each Borrower shall pay to the Agent for the account of each Bank such Borrower’s Pro-rata Share of a non-refundable up-front fee equal to 0.04% of such Bank’s Commitment Amount.

SECTION 2.08. Termination and Reduction of Commitments. (a) Each Bank’s Commitment Amount permanently shall reduce to $0 and each Bank’s Commitment shall terminate on the Termination Date.

(b) Subject to Section 2.05(c) hereof, during the Revolving Credit Period, the Borrowers may, upon at least three (3) Domestic Business Days’ prior written notice to the Agent, (i) terminate the Commitments at any time, or (ii) reduce from time to time the Aggregate

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Commitment Amount by an aggregate amount of $10,000,000 or integral multiples of $1,000,000 in excess thereof (provided that immediately after giving effect to any such termination and each such reduction, the aggregate outstanding principal balance of the Loans would not exceed the Aggregate Commitment Amount), whereupon the Commitment Amounts of each of the Banks shall be reduced pro rata in accordance with their Commitment Percentages of the amount specified in such notice or, as the case may be, each Bank’s Commitment shall be terminated. Promptly after receiving any notice of the Borrowers delivered pursuant to this Section, the Agent will notify the Banks of the substance thereof. Upon the effective date of any such reduction or termination, each Borrower shall pay to the Agent for the respective accounts of the Banks such Borrower’s Pro-rata Share of the full amount of the commitment fee then accrued on the amount of the reduction. No reduction in the Commitment Amounts or termination of the Commitments may be reinstated.

SECTION 2.09. General Provisions as to Payments. (a) Each Borrower shall make each payment of principal and interest on its Loans and of fees payable by such Borrower hereunder and all other amounts due from such Borrower hereunder not later than 12:00 Noon (Eastern time), on the date when due, in Dollars and in immediately available funds, to, except as otherwise expressly provided herein, the Agent at its address referred to in Section 9.01 hereof. The Agent shall promptly distribute to each Bank its appropriate share of each such payment received by the Agent for the account of the Banks. Whenever any payment of principal of, or interest on, Loans or of fees shall be due on a day which is not a Domestic Business Day, the date for payment thereof shall be extended to the next succeeding Domestic Business Day and interest shall accrue during such extension. If the date for any payment of principal is extended by operation of law or otherwise, interest thereon shall be payable for such extended time.

(b) Unless the Agent shall have received notice from a Borrower prior to the date on which any payment is due from such Borrower to the Banks hereunder that such Borrower will not make such payment in full, the Agent may assume that such Borrower has made such payment in full to the Agent on such date and the Agent may (but it shall not be required to), in reliance upon such assumption, cause to be distributed to each Bank on such due date an amount equal to the amount then due to such Bank. If and to the extent that such Borrower shall not have so made such payment, each Bank shall repay to the Agent forthwith on demand such amount distributed to such Bank together with interest thereon, for each day from the date such amount is distributed to such Bank until the date such Bank repays such amount to the Agent, at the Federal Funds Rate.

(c) All payments by each Borrower hereunder and under any of the other Loan Documents shall be made in Dollars without setoff or counterclaim and free and clear of and without deduction for any Taxes unless such Borrower is required by law (as reasonably determined in good faith by such Borrower) to make such deduction or withholding. If any Covered Taxes are required to be withheld with respect to any amount payable by any Borrower hereunder or under any of the other Loan Documents, such Borrower will pay to the Agent, for the account of the Banks or the Agent, as the case may be, on the date on which such amount is due and payable hereunder or under such other Loan Document, such additional amount in Dollars as shall be necessary to enable the Banks or the Agent to receive the same net amount which the Banks or the Agent would have received on such due date had no such Covered Taxes been required to be withheld. Each Borrower will deliver promptly to the Agent certificates or

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other valid vouchers for all Taxes deducted from or paid with respect to payments made by such Borrower hereunder or under such other Loan Document. If any Borrower reasonably believes that such Covered Taxes were not correctly or reasonably asserted, the Agent and the Banks, as applicable, will use reasonable efforts to cooperate (at the sole cost and expense of such Borrower) with such Borrower to obtain a refund of such Taxes (which shall be repaid to such Borrower pursuant to the terms of Section 2.09(d), so long as such efforts would not, in the good faith determination of the Agent or any such Bank, result in any material additional costs, expenses or risks or be otherwise disadvantageous to it). Any Person claiming any amounts payable by any Borrower pursuant to this Section 2.09(c) agrees, promptly after written request by any affected Borrower, to use reasonable efforts (consistent with its internal policy of general applicability and legal and regulatory restrictions) to change the jurisdiction of its Applicable Lending Office if the making of such a change would avoid the need for, or reduce the amount of, any such amounts payable by such Borrower that may thereafter accrue and would not, in the reasonable judgment of such Bank, be otherwise disadvantageous to such Person.

(d) If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 2.09 (including by the payment of additional amounts pursuant to this Section 2.09), it shall pay to the indemnifying party an amount equal to such refund, net of all out-of-pocket expenses of such indemnified party and without interest (other than any interest paid by the relevant Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (d) (plus any penalties, interest or other charges imposed by the relevant Authority) in the event that such indemnified party is required to repay such refund to such Authority. Notwithstanding anything to the contrary in this paragraph (d), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (d) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.

(e) Each Borrower shall indemnify the Banks and the Agent, within 10 days after written demand on such Borrower therefor, for the full amount of any Covered Taxes (including Covered Taxes imposed or asserted on or attributable to additional amounts payable under this Section 2.09) payable or paid by such Bank or the Agent with respect to such Borrower or required to be withheld or deducted from a payment by such Borrower to such Bank or the Agent and any reasonable expenses arising therefrom or with respect thereto, whether or not such Covered Taxes were correctly or legally imposed or asserted by the relevant Authority. A certificate as to the amount of such payment or liability, delivered to such Borrower by a Bank or the Agent, shall be conclusive in the absence of manifest error.

(f) Notwithstanding anything to the contrary contained in Section 2.09(c) hereof, no Borrower will be required to make any additional payment to or for the account of any Bank with respect to any Covered Taxes under such Section (i) by reason of a breach by such

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Bank of any certification or representation set forth in any form furnished to such Borrower under Section 2.11 hereof, or (ii) by reason of such Bank’s failure to furnish under Section 2.11 hereof to such Borrower an original or an extension or renewal of any form required under Section 2.11 hereof, unless such Bank is exempt from furnishing such form pursuant to Section 2.11 hereof.

(g) Each Borrower hereby authorizes and irrevocably directs the Agent, at the Agent’s option at any time upon and following the due date for payment by such Borrower of any amounts under the Loan Documents, and without any further notice to or consent of such Borrower, to debit any account(s) of such Borrower with the Agent (in any capacity) and apply amounts so debited toward the payment of any such amounts due and owing under the Loan Documents. Notwithstanding such authorization and direction, such Borrower hereby further acknowledges and agrees that (a) the Agent shall have no obligation to so debit any such account(s) and shall have no liability whatsoever to such Borrower for any failure to do so, and (b) such Borrower shall fully retain the obligation under the Loan Documents to make all payments owing by such Borrower thereunder when due.

(h) Each Bank shall severally indemnify the Agent, within 10 days after demand therefor, for (i) any Covered Taxes attributable to such Bank (but only to the extent that a Borrower has not already indemnified the Agent for such Covered Taxes and without limiting the obligation of any Borrower to do so), (ii) any Taxes attributable to such Bank’s failure to comply with the provisions of Section 9.06 relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Bank, in each case, that are payable or paid by the Agent in connection with any Loan Document, and any out-of-pocket expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Authority. A certificate as to the amount of such payment or liability delivered to any Bank by the Agent shall be conclusive absent manifest error. Each Bank hereby authorizes the Agent to set off and apply any and all amounts at any time owing to such Bank under any Loan Document or otherwise payable by the Agent to the Bank from any other source against any amount due to the Agent under this paragraph (h).

SECTION 2.10. Computation of Interest and Fees. All interest and fees hereunder shall be computed on the basis of a year of 360 days and paid for the actual number of days elapsed.

SECTION 2.11. Withholding Tax Exemption.

(a) In the event that a Borrower is a U.S. Person, each Bank that is not a Foreign Bank shall deliver to such Borrower (with a copy to the Agent) an original signed, properly completed IRS Form W-9 (or any successor form) certifying that such Bank is not subject to U.S. backup withholding tax, on or prior to the date on which such Bank becomes a “Bank” under this Agreement, promptly upon the obsolescence, expiration, or invalidity of any form previously delivered by such Bank, and from time to time thereafter upon the reasonable request of any Borrower or the Agent.

(b) Any Bank that is a Foreign Bank and is entitled to an exemption from or reduction of withholding Tax under the law of the jurisdiction in which a Borrower is resident

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for Tax purposes, or any Tax treaty to which such jurisdiction is a party, with respect to payments hereunder or under any other Loan Document shall deliver to such Borrower (with a copy to the Agent), at the time or times prescribed by Applicable Law or reasonably requested by such Borrower or the Agent, such properly completed and executed documentation prescribed by Applicable Law as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, each Bank, if requested by a Borrower or the Agent, shall deliver such other documentation prescribed by Applicable Law or reasonably requested by such Borrower or the Agent, including without limitation, as will enable such Borrower or the Agent to determine whether or not the Agent or such Bank is subject to backup withholding or information reporting requirements. Without limiting the generality of the foregoing, in the event that a Borrower is a U.S. Person, each Foreign Bank shall deliver to such Borrower and the Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Bank becomes a “Bank” under this Agreement (and promptly upon the obsolescence, expiration or invalidity of any form or certificate previously delivered by such Foreign Bank or from time to time thereafter upon the request of such Borrower or the Agent, but only if such Foreign Bank is legally entitled to do so), whichever of the following is applicable:

(i) duly completed copies of Internal Revenue Service Form W-8BEN or W-8BEN-E, as applicable (or any successor form) claiming eligibility for benefits of an income Tax treaty to which the United States is a party that reduces or eliminates withholding Tax;

(ii) duly completed copies of Internal Revenue Service Form W-8ECI (or any successor form);

(iii) in the case of a Foreign Bank claiming the benefits of the exemption for portfolio interest under section 881(c) of the Internal Revenue Code, (x) a certificate to the effect that such Foreign Bank is not (A) a “bank” within the meaning of section 881(c)(3)(A) of the Internal Revenue Code, (B) a “10 percent shareholder” of such Borrower within the meaning of section 881(c)(3)(B) of the Internal Revenue Code, or (C) a “controlled foreign corporation” receiving interest from a related person within the meaning of section 881(c)(3)(C) of the Internal Revenue Code and (y) duly completed copies of Internal Revenue Service Form W-8BEN or W-8BEN-E, as applicable (or any successor form);

(iv) in the case of a Foreign Bank claiming the benefits of the exemption for portfolio interest under section 881(c) of the Internal Revenue Code, (x) a certificate to the effect that such Foreign Bank is not (A) a “bank” within the meaning of section 881(c)(3)(A) of the Internal Revenue Code, (B) a “10 percent shareholder” of such Borrower within the meaning of section 881(c)(3)(B) of the Internal Revenue Code, or (C) a “controlled foreign corporation” receiving interest from a related person within the meaning of section 881(c)(3)(C) of the Internal Revenue Code and (y) duly completed copies of Internal Revenue Service Form W-8BEN or W-8BEN-E, as applicable (or any successor form); or

(v) any other form prescribed by Applicable Law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax duly completed together

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with such supplementary documentation as may be prescribed by Applicable Law to permit such Borrower and/or the Agent to determine the withholding or deduction required to be made.

(c) If a payment made to a Bank under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Bank were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Internal Revenue Code, as applicable), such Bank shall deliver to the Borrowers and the Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrowers or the Agent such documentation prescribed by Applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Internal Revenue Code) and such additional documentation reasonably requested by any Borrower or the Agent as may be necessary for such Borrower and the Agent to comply with their obligations under FATCA and to determine that such Bank has complied with such Bank’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this Section 2.11(c), “FATCA” shall include any amendments made to FATCA after the Effective Date.

(d) Each Bank agrees that if any form or certification it previously delivered pursuant to this Section 2.11 expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrowers and the Agent in writing of its legal inability to do so.

SECTION 2.12. Addition and Removal of Borrowers. (a) At any time and from time to time (but no more frequently than once per calendar quarter), the Borrowers may, at their sole cost, expense and effort, request that (i) one or more trusts be added as a “Company” for all purposes of the Loan Documents (each a “New Company”), and/or (ii) one or more Series of one or more Companies be added hereto as a “Fund” for all purposes of the Loan Documents (each a “New Fund”), in each case by submitting to the Agent a proposed Joinder Agreement executed by each Borrower and by each New Company or each Related Company of each New Fund on behalf of and for the account of such New Fund and, upon the execution and delivery thereof by each Bank and the Agent, (x) each such New Company shall be deemed to be a “Company” for all purposes under the Loan Documents, (y) each such New Fund shall be deemed to be a “Fund” for all purposes of the Loan Documents, and (z) Schedule 2 hereto shall be automatically amended and restated in the form of Schedule 2 to such Joinder Agreement. Notwithstanding anything to the contrary herein contained, the parties hereto agree that each Bank and the Agent may (in its sole and absolute discretion) condition its execution and delivery of each proposed Joinder Agreement upon (1) such New Company or New Fund, as applicable satisfying its then-effective credit criteria, (2) the completion of its due diligence with respect to each such New Company or New Fund, (3) its receipt of such internal credit approval, acceptable lien search results, certificates, financial statements, opinions of counsel and other documents and information as such Bank or the Agent may require, (4) the payment of any fee charged by, or cost or expense of, the Agent, and (5) such other criteria as such Bank or the Agent may, in its sole and absolute discretion, choose.

(b) At any time and from time to time the Borrowers may elect to remove any Company (each a “Departing Company”) as a “Company” or any Fund (each a “Departing Fund”) as a “Fund”, in each case by submitting a Removal Notice executed by the Borrowers to

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the Agent, provided that such removal shall not be effective (i) until the “Removal Date” specified in such Removal Notice (which shall not be fewer than three (3) Domestic Business Days after the date of receipt of such Removal Notice by the Agent, unless the Agent shall otherwise agree in its sole and absolute discretion), and (ii) unless on or prior to such Removal Date, the Agent shall have received payment of the following through and including such Removal Date: (w) the outstanding principal balance of all Loans made to the Borrower or Borrowers composed of such Company or such Fund, (x) all accrued and unpaid interest thereon, (y) all fees and expenses owing under the Loan Documents by the Borrower or Borrowers composed of such Company or such Fund, and (z) all other monetary obligations owing under the Loan Documents by the Borrower or Borrowers composed of such Company or such Fund. Upon the effectiveness of a Removal Notice as herein provided, (I) each such Departing Company shall cease to be a “Company” for all purposes of the Loan Documents (other than such provisions thereof that by their terms survive the termination or other expiration thereof), each such Departing Fund shall cease to be a “Fund” for all purposes of the Loan Documents (other than such provisions thereof that by their terms survive the termination or other expiration thereof), (II) the Related Company of each Departing Fund, acting on behalf of and for the account of each such Departing Fund, shall cease to be a “Borrower” for all purposes of the Loan Documents (other than such provisions thereof that by their terms survive the termination or other expiration thereof), and (III) Schedule 2 hereto shall be automatically amended and restated in the form of Schedule 2 to such Removal Notice.

ARTICLE III.

CONDITIONS

SECTION 3.01. Effectiveness. This Agreement shall become effective on the date that each of the following conditions shall have been satisfied (or waived in accordance with Section 9.05 hereof):

(a) receipt by the Agent of counterparts hereof signed by each of the parties hereto;

(b) receipt by the Agent for the account of each Bank, if requested by such Bank, of a duly executed Note dated on or before the Effective Date complying with the provisions of Section 2.04 hereof;

(c) receipt by the Agent of copies of the results of current lien searches (or the equivalent in the applicable jurisdictions), such results to be in form and substance reasonably satisfactory to the Agent;

(d) receipt by the Agent and the Banks of the legal opinion of Ropes & Gray LLP, external counsel for the Borrowers, covering such matters relating to the transactions contemplated hereby as the Agent and the Banks may reasonably request;

(e) receipt by the Agent, with respect to each Borrower, of a certificate manually signed by an officer of such Borrower which is reasonably satisfactory to the Agent to the effect set forth in clause (d) of Section 3.02 hereof and, if such Borrower is submitting a Notice of Borrowing on the Effective Date, clauses (b) and (c) of Section 3.02 hereof, in each

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case with respect to such Borrower, such certificate to be dated the Effective Date and to be in form and substance reasonably satisfactory to the Agent;

(f) receipt by the Agent, with respect to each Borrower, of a manually signed certificate from the Clerk, Secretary or Assistant Secretary of such Borrower in form and substance reasonably satisfactory to the Agent and dated the Effective Date as to the incumbency of, and bearing manual specimen signatures of, the Authorized Signatories of such Borrower who are authorized to execute and take actions under the Loan Documents for and on behalf of such Borrower, and (1) certifying and attaching copies (or a website containing, or EDGAR reference to, such copies being certified) of (i) all Charter Documents (other than those delivered pursuant to Section 3.01(h) hereof), with all amendments, restatements, supplements or other modifications thereto, and (ii) the resolutions of such Borrower’s Managing Body authorizing the transactions contemplated hereby, and (2) certifying that the following have been posted to EDGAR with respect to, and under the name of, such Borrower: (i) the Offering Document and such material as accurately and completely sets forth all Investment Policies and Restrictions not reflected in the Offering Document, (ii) the investment management agreement between such Borrower and the Investment Adviser as then in effect, along with any other investment management or submanagement agreements to which such Borrower is a party as then in effect, (iii) the Custody Agreement with respect to such Borrower and (iv) such Borrower’s report(s) to shareholders referred to in Section 4.08(a) hereof;

(g) receipt by the Agent of a legal existence and good standing certificate for each Company from the jurisdiction of its formation, dated as of a recent date;

(h) receipt by the Agent, with respect to each Borrower, of a copy of the trust declaration of the Related Company of such Borrower, with all amendments, restatements, supplements or other modifications thereto, certified by the Secretary of State of the State of its formation;

(i) the Agent shall have completed its due diligence review with respect to each Borrower and the results of any such due diligence review are satisfactory in form and substance to the Agent;

(j) receipt by the Agent of all documents (including, without limitation, duly completed Forms FR U-1), opinions and instruments it may reasonably request prior to the execution of this Agreement relating to compliance with applicable rules and regulations promulgated by the Federal Reserve Board and other governmental and regulatory authorities, the existence of each Borrower, the authority for and the validity and enforceability of this Agreement and the Notes, if any, and any other matters relevant hereto, all in form and substance reasonably satisfactory to the Agent;

(k) receipt by the Agent of a payoff letter and an irrevocable letter of direction in all respects satisfactory to the Agent to the effect that, or other evidence satisfactory to it that, all commitments in favor of each Borrower under, and all of the principal, interest, fees and other sums owing by such Borrower under, and all Liens, if any, securing the obligations of such Borrower in connection with, the Existing Committed Agreement shall have been terminated and satisfied in full, as the case may be; and

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(l) receipt by the Agent of payment of all (i) reasonable out-of-pocket expenses (including reasonable fees and disbursements of special counsel for the Agent) then payable hereunder, and (ii) fees then payable hereunder or under a separate fee letter;

provided that this Agreement shall not become effective or be binding on any party hereto unless all of the foregoing conditions are satisfied not later than the date hereof. The Agent shall promptly notify the Borrowers and the Banks of the Effective Date, and such notice shall be conclusive and binding on all parties hereto.

SECTION 3.02. All Borrowings. The obligation of each Bank to make a Loan to a Borrower on the occasion of any borrowing is subject to the satisfaction of the conditions precedent set forth in Section 3.01 hereof (or such conditions being waived in accordance with Section 9.05 hereof) and the satisfaction of the following conditions:

(a) receipt by the Agent of a Notice of Borrowing from such Borrower as required by Section 2.02 hereof, along with all documents and information it may reasonably request to establish compliance with applicable rules and regulations promulgated by the Federal Reserve Board, and receipt by such Bank of all such documents and instruments from the Agent;

(b) the fact that, immediately after such borrowing, (i) the aggregate amount of such Borrower’s outstanding Debt shall not exceed the Maximum Amount with respect to such Borrower, (ii) the aggregate outstanding principal balance of all Loans would not exceed the Aggregate Commitment Amount as in effect on such date, (iii) such Borrower would not have (or be expected to have) all or any portion of any Loans outstanding for sixty (60) or more consecutive days, and (iv) the aggregate outstanding principal balance of all Advances with respect to such Borrower shall not exceed the Advance Limit;

(c) the fact that, immediately before and after such borrowing, no Default with respect to such Borrower shall have occurred and be continuing;

(d) the fact that the representations and warranties of such Borrower contained in this Agreement and the other Loan Documents shall be true on and as of the date of such borrowing and with the same force and effect as if made on and as of such date (or, if any such representation or warranty is expressly stated to have been made as of a specific date, as of such specific date); and

(e) with respect to that particular Bank only, no change shall have occurred in any law or regulation thereunder or interpretation thereof (other than a Failure) that in the reasonable opinion of such Bank would make it illegal for such Bank to make such Loan.

Each borrowing hereunder by a Borrower shall be deemed to be a representation and warranty by such Borrower on the date of such borrowing as to the facts specified in clauses (b), (c) and (d) of this Section.

ARTICLE IV.

REPRESENTATIONS AND WARRANTIES

Each Borrower represents and warrants that:

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SECTION 4.01. Existence and Power; Investment Company. (a) The Related Company thereof is a trust formed under the laws of the jurisdiction of its formation. The Related Company thereof is duly organized, validly existing and in good standing under the laws of the jurisdiction of its formation and has all trust powers and all authorizations and approvals required to carry on its business as now conducted. The Related Company thereof is duly qualified to do business and is in good standing in each jurisdiction in which the nature of its business, assets, and properties, including without limitation, the performance of such Borrower’s Obligations, requires such qualification, except where the failure to do so is not reasonably likely to result in a Material Adverse Effect with respect to such Borrower.

(b) The Related Company thereof is an open-end (or, in the case of Putnam Mortgage Recovery Fund and any other Company so indicated on Schedule 2, a closed-end) management investment company registered as such under the Investment Company Act, such Borrower is a series thereof, and the outstanding shares of each class of its stock (i) have been validly issued and are fully paid and non-assessable, (ii) have been duly registered under the Securities Act to the extent required, and (iii) have been sold only in states or other jurisdictions in which all filings required to be made under applicable state securities laws have been made, except where failure to make such filings would not have a Material Adverse Effect with respect to such Borrower.

SECTION 4.02. Authorization; Execution and Delivery, Etc. The execution and delivery by such Borrower of this Agreement and each of the other Loan Documents, and the performance by the Borrower of the Obligations, are within its trust powers, as applicable, and have been duly authorized by all requisite action by such Borrower. This Agreement and each of the other Loan Documents, and the other instruments, certificates and agreements contemplated hereby and thereby, have been duly executed and delivered by such Borrower, and constitute the legal, valid and binding obligations of such Borrower enforceable against such Borrower and its assets in accordance with their respective terms, except as enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law).

SECTION 4.03. Noncontravention. Neither the execution and delivery by such Borrower of this Agreement, any other Loan Document, or any instrument, certificate or agreement referred to herein or therein, or contemplated hereby or thereby, nor the consummation of the transactions herein or therein contemplated, nor compliance with the terms, conditions and provisions hereof or thereof by such Borrower (a) conflicts with, or results in a breach or violation of, or constitutes a default under any of the Charter Documents of such Borrower, (b) conflicts with or contravenes (i) any Applicable Law with respect to such Borrower, (ii) any contractual restriction binding on or affecting such Borrower or any of its assets, or (iii) any order, writ, judgment, award, injunction or decree binding on or affecting such Borrower or any of its assets, (c) with or without satisfying any requirement for the giving of notice or the passage of time (or both), would result in a breach or violation of, or constitute a default under, or permit the acceleration of any obligation or liability under, any contractual obligation or any agreement or document to which such Borrower is a party or by which it or any of its properties is bound (or to which any such obligation, agreement or document relates), or (d) result in any Adverse Claim upon any asset of such Borrower.

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SECTION 4.04. Governmental Authorizations; Private Authorization. Such Borrower has obtained all necessary Governmental Authorizations and Private Authorizations, and made all Governmental Filings necessary for the execution and delivery by such Borrower of, and the performance by such Borrower of its obligations under, this Agreement and each of the other Loan Documents and the agreements, certificates and instruments contemplated hereby or thereby, and no Governmental Authorization, Private Authorization or Governmental Filing which has not been obtained or made, is required to be obtained or made by such Borrower in connection with the execution and delivery by such Borrower of, or the performance of its obligations under, this Agreement or any of the other Loan Documents.

SECTION 4.05. Regulations T, U and X. The execution, delivery and performance by such Borrower of this Agreement, the Notes and the other Loan Documents and the transactions contemplated hereunder and thereunder will not (assuming all Federal Reserve Forms referred to in Article III shall have been executed and delivered by such Borrower and the appropriate Bank for retention in the files of such Bank) violate or be inconsistent with any provision of Regulation T, Regulation U or Regulation X.

SECTION 4.06. Non-Affiliation with Banks. Schedule 3 hereto sets forth each Affected Borrower, if any, with respect to each Bank.

SECTION 4.07. Subsidiaries. Such Borrower has no Subsidiaries, except that each Borrower shall be permitted to have one Subsidiary; provided that (i) such Subsidiary shall at all times be wholly-owned by such Borrower, (ii) such Subsidiary shall at no time have any Indebtedness for borrowed money, (iii) such Borrower shall at no time invest more than 25% of its assets in such Subsidiary, and (iv) such Subsidiary shall be managed by the Investment Adviser or a Control Affiliate thereof at all times.

SECTION 4.08. Financial Information. (a) (i) The most recent statement of assets and liabilities of such Borrower as of such Borrower’s Fiscal Year End Date, and the related statements of operations and changes in net assets for the fiscal year ended on such date, reported on by KPMG LLP or PricewaterhouseCoopers LLP, as applicable, and set forth in such Borrower’s annual report for the fiscal year ended on such date, together with the notes and schedules thereto, (ii) as of the Effective Date, the most recent semi-annual statement of assets and liabilities of such Borrower, and the related statements of operations and changes in net assets for the fiscal period ended on such date, and set forth in such Borrower’s semi-annual report for the two fiscal quarters ended on such date, and (iii) each financial statement delivered by such Borrower to the Banks in accordance with Section 5.01 hereof, in each case presents and will present fairly, in all material respects, in conformity with Generally Accepted Accounting Principles (subject, in the case of interim financial statements, to normal year-end adjustments and the absence of footnotes), the financial position of such Borrower as of such date.

(b) Since the date of the semi-annual report with respect to such Borrower referred to in Section 4.08(a)(i) hereof, there has been no event or circumstance that has resulted in a Material Adverse Effect with respect to such Borrower.

(c) Each of the financial statements of such Borrower (whether audited or unaudited) delivered to the Banks under the terms of this Agreement fairly presents all material

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contingent liabilities in accordance with Generally Accepted Accounting Principles, subject, in the case of unaudited financial statements, to the absence of footnotes and year-end adjustments.

SECTION 4.09. Material Litigation. There is no Material Litigation with respect to such Borrower.

SECTION 4.10. ERISA. (a) Such Borrower is not a member of an ERISA Group and has no liability in respect of any Benefit Arrangement, Plan or Multiemployer Plan subject to ERISA.

(b) None of the following (individually or collectively) constitute a “prohibited transaction” within the meaning of Section 406 of ERISA or Section 4975 of the Internal Revenue Code for which an exemption is not effective: (i) the execution and delivery of this Agreement by such Borrower, (ii) the incurrence by such Borrower of any obligation under the Loan Documents, (iii) the making of any Loan, (iv) the payment by such Borrower of any principal, interest, fee or other sum owing under the Loan Documents, or (v) the consummation of any other transaction with respect to such Borrower contemplated by the Loan Documents.

SECTION 4.11. Taxes. Such Borrower has elected to be treated and qualifies as a “regulated investment company” within the meaning of the Internal Revenue Code. Such Borrower has timely filed all U.S. federal income Tax returns and all other material Tax returns which are required to be filed by it, if any, and has paid all Taxes due by such Borrower, except for any Taxes which are being contested in good faith by such Borrower by appropriate proceedings, with respect to which adequate reserves have been established in accordance with Generally Accepted Accounting Principles consistently applied, and the non-payment of which would not reasonably be expected to have a Material Adverse Effect with respect to such Borrower, and the charges, accruals and reserves on the books of such Borrower in respect of Taxes, if any, are, in the reasonable opinion of such Borrower, adequate.

SECTION 4.12. Compliance. (a) The Related Company thereof and each Series thereof is in compliance with the Investment Company Act and the Securities Act except where (i) noncompliance therewith would not reasonably be expected to have a Material Adverse Effect with respect to such Borrower, (ii) the necessity of compliance therewith is being contested in good faith by appropriate proceedings, or (iii) exemptive relief or no-action relief has been obtained therefrom and remains in effect. Such Company and each Series thereof is in compliance with all other Applicable Laws, all applicable ordinances, decrees, requirements, orders and judgments of, and all of the terms of any applicable licenses and permits issued by, any Authority except where the necessity of compliance therewith is being contested in good faith by appropriate proceedings or exemptive relief has been obtained therefrom and remains in effect or where non-compliance therewith would not reasonably be expected to have a Material Adverse Effect with respect to such Borrower. Such Borrower is in compliance with all agreements and instruments to which it is a party or may be subject or to which any of its properties may be bound, in each case where the non-compliance therewith would not reasonably be expected to have a Material Adverse Effect with respect to such Borrower. Such Borrower is in compliance in all material respects with all of its Investment Policies and Restrictions.

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(b) No Default with respect to such Borrower has occurred and is continuing.

(c) Such Borrower is not subject to any Applicable Law (other than the Investment Company Act) which limits (i) its ability to incur Debt, or (ii) the amount of Debt which may be incurred by such Borrower. Such Borrower has not entered into any agreement with any Authority limiting its ability to incur indebtedness.

SECTION 4.13. Fiscal Year. Such Borrower has a fiscal year which is twelve calendar months and, as of the Effective Date, ends on its Fiscal Year End Date of each year.

SECTION 4.14. Full Disclosure. All written information furnished by such Borrower to the Agent and to the Banks for purposes of or in connection with this Agreement or any of the other Loan Documents or any transaction contemplated hereby or thereby was true and accurate in all material respects (taken as a whole) on the date as of which such information (taken as a whole) was stated or certified, and no such information contained any material misrepresentation or any omission to state therein matters necessary to make the statements made therein not misleading in any material respect in light of the circumstances in which such statements were made. Such Borrower has disclosed to the Agent in writing all facts (other than economic conditions, generally, or that are specific to the mutual funds industry) which, to the best of such Borrower’s knowledge after due inquiry (to the extent such Borrower can now reasonably foresee), may give rise to the reasonable possibility of a Material Adverse Effect with respect to such Borrower.

SECTION 4.15. Offering Document. The information set forth in the Offering Document of such Borrower and each report to stockholders of such Borrower, was, on the date thereof, true, accurate and complete in all material respects and does not contain any untrue statement of material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in any material respect.

SECTION 4.16. OFAC, Anti-Corruption and Other Regulations. (a) None of the Related Company thereof, such Borrower, or any Subsidiary thereof, nor any trustee or director, other than an independent trustee or director, (as applicable), or officer of such Related Company, such Borrower or any such Subsidiary, nor, to such Borrower’s knowledge, any independent trustee or independent director, employee, agent or affiliate of such Related Company, such Borrower or any such Subsidiary is a Person that is, or is owned or controlled by Persons that are (i) the subject or target of any sanctions administered or enforced by the U.S. Department of the Treasury's Office of Foreign Assets Control, the U.S. Department of State, the United Nations Security Council, the European Union, Her Majesty's Treasury, or other relevant sanctions authority (collectively, “Sanctions”) or (ii) located, organized or resident of a country, region or territory that is, or whose government is, the subject of Sanctions so as to result in a violation of Sanctions, (b) such Related Company, such Borrower and each Subsidiary thereof has implemented and maintains in effect policies and procedures designed to ensure compliance by such Related Company, such Borrower and such Subsidiary and their respective trustees, directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and (c) such Related Company, such Borrower, each Subsidiary thereof and their respective trustees and directors (other than independent trustees and directors) and officers and, to the knowledge of the Borrower, its independent trustees and independent directors, employees and

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agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects.

SECTION 4.17. Title to Assets. Such Borrower has good and marketable title to all its assets and other property, except where failure to have such title would not reasonably be expected to have a Material Adverse Effect with respect to such Borrower.

ARTICLE V.

COVENANTS

Each Borrower agrees that, so long as any Bank has any Commitment hereunder or any amount payable by such Borrower under the Loan Documents remains unpaid:

SECTION 5.01. Information. Subject to Section 9.01 hereof, such Borrower will deliver to the Agent and each Bank:

(a) as soon as available and in any event within 75 days after the end of each fiscal year of such Borrower, a statement of assets and liabilities of such Borrower, including the portfolio of investments, as of the end of such fiscal year, and the related statements of operations and changes in net assets of such Borrower for such fiscal year, together with an audit report thereon issued by KPMG LLP or PricewaterhouseCoopers LLP, as applicable, or other independent public accountants of nationally recognized standing;

(b) as soon as available and in any event within 60 days after the end of the first semi-annual period of each fiscal year of such Borrower, a statement of assets and liabilities of such Borrower, including the portfolio of investments, as of the end of such period, and the related statements of operations and changes in net assets of such Borrower for such period, all in reasonable detail, prepared in accordance with Generally Accepted Accounting Principles, consistently applied;

(c) simultaneously with the delivery of each set of financial statements referred to in clauses (a) and (b) above, a certificate of an Authorized Signatory of such Borrower in the form of Exhibit C stating whether any Default with respect to such Borrower exists on the date of such certificate and, if any Default then exists, setting forth the details thereof and the action which such Borrower is taking or proposes to take with respect thereto;

(d) promptly and in any event within (i) one (1) Domestic Business Day after any officer of such Borrower obtains knowledge of any Default with respect to such Borrower, if such Default is then continuing, a certificate of an Authorized Signatory of such Borrower setting forth the details thereof, and (ii) three (3) Domestic Business Days after such officer obtains knowledge of such Default, a certificate of an Authorized Signatory of such Borrower either (x) advising that such Default no longer exists, or (y) setting forth the action which such Borrower has taken, is taking or proposes to take with respect thereto;

(e) if, on any Domestic Business Day, (i) a Borrower shall not have delivered to the Agent either a written Borrowing Request or a written Notice of Repayment by 1:00 p.m.(Eastern time) on such Domestic Business Day, and (ii) all or any portion of any Loan to such Borrower shall be outstanding, then by 1:00 p.m. (Eastern time) on such Domestic Business

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Day such Borrower shall deliver or cause to be delivered to the Agent a rollover certificate substantially in the form of Exhibit B attached hereto;

(f) promptly after the filing thereof, copies of all material reports, documents or other material information relating to the financial condition of such Borrower that are filed with the SEC, all proxy materials and copies of any material change to any Prospectus or registration statement;

(g) promptly upon any officer, trustee or director of such Borrower becoming aware of any Material Litigation, notice and a description thereof and copies of any filed complaint relating thereto; and

(h) from time to time such additional information regarding the financial position or business of such Borrower, as the Agent, at the request of any Bank, may reasonably request.

SECTION 5.02. Payment of Obligations. Such Borrower will pay and discharge, at or before maturity, all of such Borrower’s lawful obligations and liabilities that, if unpaid, would reasonably be expected to have a Material Adverse Effect with respect to such Borrower, including, without limitation, Tax liabilities, except where the same may be contested in good faith by appropriate proceedings, and will maintain, in accordance with Generally Accepted Accounting Principles, appropriate reserves for the accrual of any of the same.

SECTION 5.03. Maintenance of Insurance. Such Borrower will maintain with financially sound and reputable insurance companies, policies with respect to its assets and property and business of such Borrower against at least such risks and contingencies (and with no greater risk retentions) and in at least such amounts as are required by the Investment Company Act and, in addition, as are customary in the case of registered open-end (or closed-end, as applicable) investment companies; and will furnish to the Banks, upon request, information presented in reasonable detail as to the insurance so carried.

SECTION 5.04. Conduct of Business and Maintenance of Existence. (a) Such Borrower will continue to engage in business of the same general type as now conducted by it as described in its Offering Document and as provided pursuant to its Investment Policies and Restrictions as in effect on the Effective Date.

(b) Except to the extent permitted by Section 5.09 hereof, the Related Company thereof will preserve, renew and keep in full force and effect its existence as a trust under the laws of its state of organization and its rights, privileges and franchises necessary in the normal conduct of its business. The Related Company thereof will maintain in full force and effect its registration as an open-end (or closed-end, as applicable) management company under the Investment Company Act.

(c) Such Borrower will not amend, restate, supplement or otherwise modify any of its Charter Documents or its Pricing Procedures if such amendment, termination, supplement or modification would reasonably be expected to have a Material Adverse Effect with respect to such Borrower. Such Borrower will provide copies to the Agent of all amendments, restatements, supplements, and other modifications of any of its Charter

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Documents, in each case prior to the effective date of any such amendment, restatement, supplement, or other modification or, if not practicable, as soon as practicable (and in any event within two (2) weeks) thereafter. Such Borrower will comply in all material respects with its Pricing Procedures and its Charter Documents.

(d) Such Borrower will at all times place and maintain its investments in the custody of its Custodian.

SECTION 5.05. Compliance with Laws. The Related Company thereof and each Series thereof will comply in all respects with the Investment Company Act, all other Applicable Laws and the requirements of any Authority with respect thereto except where (i) non-compliance therewith would not reasonably be expected to have a Material Adverse Effect with respect to such Borrower, (ii) the necessity of compliance therewith is contested in good faith by such Borrower by appropriate proceedings, or (iii) exemptive relief or no-action relief has been obtained therefrom and remains in effect. Such Borrower will file all federal and other tax returns, reports and declarations (subject to applicable extensions) required by all relevant jurisdictions on or before the due dates for such returns, reports and declarations and will pay all taxes and other governmental assessments and charges as and when they become due (except those that are being contested in good faith by such Borrower and as to which such Borrower has established appropriate reserves on its books and records).

SECTION 5.06. Inspection of Property, Books and Records. Such Borrower will, or will cause its Custodian (on such Borrower’s behalf) to, keep proper books of account and records in which full, true and correct entries shall be made of all dealings and transactions in relation to its business and activities in accordance with Applicable Law, including the Investment Company Act, and will permit representatives of any Bank, at such Bank’s expense, to visit and inspect any of its offices, to examine and make abstracts from any of its books and records and to discuss its affairs, finances and accounts with its officers, employees and independent public accountants, all at such reasonable times and as often as may reasonably be desired.

SECTION 5.07. Indebtedness. Such Borrower will not create, assume or suffer to exist any Indebtedness other than:

(a) Debt arising under this Agreement, the Notes and the other Loan Documents;

(b) Debt in favor of its Custodian incurred for purposes of clearing and settling purchases and sales of securities or consisting of overnight extensions of credit from its Custodian in the ordinary course of business;

(c) Debt in respect of judgments or awards that have been in force for less than the applicable period for taking an appeal so long as such judgments and awards do not constitute an Event of Default with respect to such Borrower and so long as execution is not levied thereunder and in respect of which such Borrower (i) shall at the time in good faith be prosecuting an appeal or proceedings for review and in respect of which a stay of execution shall

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have been obtained pending such appeal or review or (ii) shall have obtained an unsecured performance bond, and Debt in respect of such unsecured performance bond;

(d) Debt (other than Debt for borrowed money) arising in connection with Financial Contracts, portfolio investments and investment techniques arising in the ordinary course of such Borrower’s business to the extent that such Debt is permissible under the Investment Company Act and other Applicable Law and consistent with such Borrower’s Investment Policies and Restrictions;

(e) prior to the Effective Date, Debt under the Existing Committed Agreement;

(f) Debt under the Bilateral Agreement; and

(g) Debt in respect of Interfund Loans.

SECTION 5.08. Liens. Such Borrower will not create, assume, incur or suffer to exist any Lien on any of its assets (including the income and profits thereof) in each case whether such asset is now owned or hereafter acquired, except (a) Liens of the Agent, on behalf of itself and the Banks, created by or pursuant to any of the Loan Documents, (b) Liens (other than non-possessory Liens which pursuant to Applicable Law are, or may be, entitled to take priority (in whole or in part) over prior, perfected, liens and security interests) for judgments or decrees, taxes, assessments or other governmental charges or levies the payment of which is not at the time required (subject to extensions) or is being contested in good faith, (c) Liens in favor of its Custodian granted pursuant to its Custody Agreement to secure obligations of such Borrower arising thereunder, (d) Liens created in connection with such Borrower’s portfolio investments (including Financial Contracts and reverse repurchase agreements), securities lending and investment techniques (and not for the primary purpose of borrowing money) to the extent permitted by the provisions of the Offering Document and the Investment Policies and Restrictions and (e) Liens securing Interfund Loans as contemplated by Section 5.23(d).

SECTION 5.09. Consolidations, Mergers and Sales of Assets. Neither the Related Company thereof nor such Borrower will consolidate or merge with or into any other Person or reorganize its assets into another entity, nor will such Related Company or such Borrower sell, lease or otherwise transfer, directly or indirectly, all or any substantial part of its assets to any other Person (in each case, whether in one transaction or a series of related transactions), except (a) that each Series of such Company may sell its assets in the ordinary course of business as described in its Offering Document, and (b) Permitted Mergers.

SECTION 5.10. Use of Proceeds. Such Borrower shall use the proceeds of each Loan made to it solely (a) initially, to repay the Debt under the Existing Committed Agreement in full, and (b) thereafter, for temporary or emergency purposes (including, without limitation, the funding of redemptions and trade settlement).

SECTION 5.11. Compliance with Investment Policies and Restrictions. Such Borrower will at all times comply in all material respects with its Investment Policies and Restrictions, and will not make any investment, loan, advance or extension of credit inconsistent in any material respect with its Investment Policies and Restrictions.

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SECTION 5.12. Non-Affiliation with Banks. [Reserved]

SECTION 5.13. Regulated Investment Company. Such Borrower will maintain its status as a “regulated investment company” under the Internal Revenue Code at all times and will make sufficient distributions to qualify to be taxed as a “regulated investment company” pursuant to subchapter M of the Internal Revenue Code.

SECTION 5.14. No Subsidiary. Except as contemplated by Section 4.07 hereof, such Borrower will not have at any time any Subsidiary.

SECTION 5.15. ERISA. Such Borrower will not become a member of any ERISA Group and will not have any liability in respect of any Benefit Arrangement, Plan or Multiemployer Plan subject to ERISA.

SECTION 5.16. Fiscal Year. Such Borrower will not change its fiscal year from that set forth in Section 4.13 hereof without prior written notice to the Agent.

SECTION 5.17. Margin Regulations. Such Borrower will not permit the making of any Loan to such Borrower or the use of the proceeds thereof to violate or be inconsistent with any provision of Regulation T, Regulation U or Regulation X.

SECTION 5.18. Custodian; Administrator; Auditor. Such Borrower will not change its administrator (other than to a control affiliate of Putnam Investment Management, LLC), auditor (other than to another “big four” firm) or Custodian.

SECTION 5.19. Asset Coverage. Such Borrower will not at any time permit the aggregate amount of its Total Liabilities that are Senior Securities Representing Indebtedness to exceed the Applicable Percentage of its Adjusted Net Assets.

SECTION 5.20. Maximum Amount. Such Borrower will not at any time permit the aggregate amount of its outstanding Debt to exceed the Maximum Amount for such Borrower.

SECTION 5.21. Restricted Payments. Such Borrower will not declare or make, or allow to be declared or made, any Restricted Payment, except:

(a) such Borrower may declare or make any Restricted Payment payable solely in shares of the common stock of the Borrower,

(b) such Borrower may declare or make any Restricted Payment if no principal of any Loan to such Borrower shall be outstanding,

(c) such Borrower may declare or make any Restricted Payment if, immediately before and after giving effect thereto, no Event of Default with respect to such Borrower shall exist or would occur,

(d) Restricted Payments to the extent required by Applicable Law, and

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(e) Restricted Payments to the extent required to enable such Borrower to qualify as a “regulated investment company” under Sections 851-855 of the Internal Revenue Code or otherwise minimize or eliminate federal or state income or excise taxes payable by such Borrower.

SECTION 5.22. OFAC, Anti-Corruption and Other Regulations. Until all Obligations have been paid in full and the Commitments have been terminated, such Borrower hereby covenants and agrees as follows (a) to not, directly or, knowingly, indirectly use the proceeds of the Loans, or lend, contribute or otherwise make available such proceeds to any Subsidiary thereof, joint venture partner or other Person, (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (ii) to fund any activities or business of or with any Person, or in any country, region or territory that, at the time of such funding, is, or whose government is, the subject of Sanctions in each case so as to result in a violation of Sanctions, or (iii)in any other manner that would result in a violation of Sanctions by any Person (including any Person participating in the Loans, whether as underwriter, advisor, investor or otherwise); and (b) to maintain in effect and enforce policies and procedures designed to ensure compliance in all material respects by such Borrower, its Funds and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions.

SECTION 5.23. Interfund Lending. Such Borrower will not be or become either an obligor or an obligee in respect of any Interfund Loan at any time, other than in compliance with the following conditions and limitations:

(a) such Interfund Loan (i) is not otherwise prohibited by law, (ii) is conducted on terms and conditions in compliance in all respects with the Interfund Lending Exemptive Order, (iii) has been duly authorized by each party thereto, (iv) is not in contravention of such Borrower’s Offering Document, or any applicable law, rule or regulation, or any agreement to which such Borrower is a party or otherwise bound, including, without limitation, any agreement relating to any Interfund Loan, and (v) if borrowed by such Borrower, is deemed to be Debt of such Borrower for all purposes of this Agreement;

(b) such Borrower may not be a lender of an Interfund Loan at any time during which such Borrower has any Loan outstanding hereunder nor may such Borrower use the proceeds of any Loan to make an Interfund Loan;

(c) upon and during the continuance of any Default with respect to such Borrower, such Borrower will not make or permit any payment or prepayment of any Interfund Loan owing by such Borrower, unless such Borrower concurrently makes a pro rata payment or prepayment of any Loan owing by such Borrower; and

(d) if at any time a Borrower shall secure an Interfund Loan with collateral, such Borrower shall simultaneously therewith (i) in a manner reasonably acceptable to the Agent, equally and ratably secure its outstanding Loans, in the same manner and to the same extent as such Interfund Loan, (ii) to the extent reasonably required by the Agent, cause the lender of such Interfund Loan to enter into an intercreditor agreement with the Agent in form and substance reasonably satisfactory to the Agent, and (iii) execute and deliver, or cause to be

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executed and delivered, such other agreements (including amendments to the Loan Documents), documents, instruments, certificates, Forms FR U-1 and legal opinions as the Agent may reasonably require.

SECTION 5.24. Further Assurances. Such Borrower shall execute and deliver all such documents and instruments, and take all such actions, as the Agent may from time to time reasonably request with respect to the transactions contemplated hereunder or under any of the other Loan Documents.

ARTICLE VI.

DEFAULTS

SECTION 6.01. Events of Default. If one or more of the following events

(“Events of Default”) shall have occurred and be continuing with respect to a Borrower:

(a) such Borrower shall fail to pay when due (whether at maturity or any accelerated date of maturity or any other date fixed for payment or prepayment) (i) any interest on any Loan to such Borrower or any fees or any other amount payable by such Borrower hereunder or under any of the other Loan Documents within three (3) Domestic Business Days of the due date therefor, or (ii) any principal of any Loan to such Borrower; or

(b) such Borrower shall fail to observe or perform any covenant to be observed or performed by such Borrower and contained in Sections 5.01(a), (b), (c), (d) or (e), 5.04(b), 5.05, 5.07, 5.08, 5.09, 5.10, 5.13, 5.14, 5.15, 5.17, 5.18, 5.19, 5.20, 5.21, 5.22 or 5.23 hereof; or

(c) such Borrower shall fail to observe or perform any covenant or agreement to be observed or performed by such Borrower contained in this Agreement or any Loan Document (other than those covered by clauses (a) or (b) of this Section) and such failure shall continue unremedied for a period of thirty (30) days; or

(d) any representation, warranty, certification or statement made (or deemed made) by such Borrower in this Agreement or any other Loan Document or in any certificate, financial statement or other document delivered pursuant to this Agreement or any other Loan Document shall prove to have been incorrect in any material respect when made (or deemed made); or

(e) such Borrower shall fail to make any payment in respect of any Debt of such Borrower in an aggregate principal amount in excess of the Threshold Amount for such Borrower when due (after giving effect to any applicable grace period); or

(f) any default or other similar event shall occur with respect to Debt of such Borrower in excess of the Threshold Amount for such Borrower or Debt of such Borrower under the Bilateral Agreement which (i) results in the acceleration of the maturity of such Debt, (ii) enables the holder of such Debt or any Person acting on such holder’s behalf to accelerate the maturity thereof, or (iii) in the case of Debt arising under a Financial Contract, enables the other party thereto to terminate such Financial Contract; or

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(g) the Related Company thereof or any Series thereof shall seek the appointment of a trustee, receiver, liquidator, custodian or other similar official for it or any substantial part of its property, or shall commence a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to itself or any of its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, or other similar official for it or any substantial part of its property, or shall consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against it, or the Related Company thereof or any Series thereof shall make a general assignment for the benefit of creditors, or shall fail generally (or admit in writing its inability) to pay its debts as they become due, or shall take any action to authorize any of the foregoing; or

(h) an involuntary case or other proceeding shall be commenced against the Related Company thereof or any Series thereof seeking liquidation, reorganization or other relief with respect to it or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of it, and such involuntary case or other proceeding shall remain undismissed and unstayed for a period of sixty (60) days; or an order for relief shall be entered against the Related Company thereof or any Series thereof under the federal bankruptcy laws (or any comparable Applicable Law) as now or hereafter in effect; or

(i) a judgment or order for the payment of money in excess of the Threshold Amount (after giving effect to applicable insurance coverage) for such Borrower shall be rendered against such Borrower and such judgment or order shall continue unsatisfied or unstayed for a period of thirty (30) days; or

(j) the Investment Adviser shall cease to be the investment adviser to such Borrower unless the successor thereto (A) is a Control Affiliate thereof, or (B) is acceptable to the Agent and the Required Banks, each in its or their sole and absolute discretion; or

(k) the investment adviser of such Borrower shall (i) consolidate with or merge into any other Person, unless it is the survivor or such other Person is a Control Affiliate thereof, or (ii) sell or otherwise dispose of all or substantially all of its assets; or

(l) the Investment Adviser shall fail to be a Control Affiliate of Great-West Lifeco Inc., without the consent of the Agent and the Required Banks, each in its or their sole and absolute discretion; or

(m) the suspension of registration of such Borrower’s shares or the commencement of any proceeding for such purpose; or

(n) any Fundamental Policy of such Borrower is changed (other than pursuant to a Permitted Merger of one or more Funds into another Fund, pursuant to which the Fundamental Policies of one of such Funds become the Fundamental Policies of the surviving Fund);

then, and in every such event, the Agent shall (i) if requested by Banks constituting Required Banks by notice to the Borrower terminate the Commitments with respect to such Borrower, and

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they shall thereupon terminate (and such Borrower shall not thereafter have any right to borrow any Loan), and (ii) if requested by Banks constituting Required Banks by notice to such Borrower declare such Borrower’s Loans (together with accrued interest thereon) to be, and such Loans (together with accrued interest thereon and all other sums owing by such Borrower under the Loan Documents) shall thereupon become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrowers; provided that in the case of any of the Events of Default specified in clause (g) or (h) of this Section with respect to such Borrower, automatically without any notice to any Borrower or any other act by the Agent or any Bank, the Commitments with respect to such Borrower shall thereupon terminate (and such Borrower shall not thereafter have any right to borrow any Loan) and such Borrower’s Loans (together with accrued interest thereon and all other sums owing by such Borrower under the Loan Documents) shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby waived by such Borrower.

SECTION 6.02. Remedies. No remedy herein conferred upon the Banks is intended to be exclusive of any other remedy and each and every remedy shall be cumulative and shall be in addition to every other remedy given hereunder or now or hereafter existing at law or in equity or by statute or any other provision of law.

ARTICLE VII.

THE AGENT

SECTION 7.01. Appointment and Authorization. Each Bank irrevocably appoints and authorizes the Agent to take such action as agent on its behalf and to exercise such powers under this Agreement, the Notes and the other Loan Documents as are delegated to the Agent by the terms hereof or thereof, together with all such powers as are reasonably incidental thereto. Any reference to an agent for the Banks in, or in connection with, any Loan Document shall be a reference to the Agent.

SECTION 7.02. Action by Agent. The duties and responsibilities of the Agent hereunder are only those expressly set forth herein. The relationship between the Agent and the Banks is and shall be that of agent and principal only, and nothing contained in this Agreement or any of the other Loan Documents shall be construed to constitute the Agent as a trustee for any Bank. Without limiting the generality of the foregoing, the Agent shall not be required to take any action with respect to any Default except as expressly provided in Article VI. The Agent shall be deemed not to have knowledge of any Default with respect to a Borrower unless and until notice describing such Default is given to the Agent by such Borrower or a Bank.

SECTION 7.03. Consultation with Experts. The Agent may consult with legal counsel, independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken by it in good faith in accordance with the advice of such counsel, accountants or experts. The Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Agent. The Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Covered Persons. The exculpatory provisions of this Article shall apply to any such sub-agent

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and to the Covered Persons of the Agent and any such sub-agent, and shall apply to their respective activities in connection with the credit facilities provided for herein as well as activities as Agent.

SECTION 7.04. Liability of Agent. Neither the Agent nor any of its directors, officers, agents or employees shall be liable to a Bank for any action taken or not taken by it in connection herewith (i) with the consent or at the request of the Required Banks or (ii) except to the extent of its own gross negligence or willful misconduct, as determined by a court of competent jurisdiction in a final nonappealable judgment, in connection therewith. Neither the Agent nor any of its directors, officers, agents or employees shall be responsible for or have any duty to ascertain, inquire into or verify (a) any statement, warranty or representation made in connection with this Agreement or any borrowing hereunder; (b) the performance or observance of any of the covenants or agreements of any Borrower; (c) the satisfaction of any condition specified in Article III, except receipt of items required to be delivered to it; or (d) the validity, enforceability, effectiveness or genuineness of this Agreement, the Notes, the other Loan Documents or any other instrument or writing furnished in connection herewith or therewith. The Agent shall not incur any liability by acting in reliance upon any notice, consent, certificate, statement or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine or to be signed by the proper party or parties. In determining compliance with any condition hereunder to the making of a Loan that by its terms must be fulfilled to the satisfaction of the Banks, the Agent may presume that such condition is satisfactory to the Banks unless the Agent shall have received notice to the contrary from a Bank within a reasonable period of time prior to the making of such Loan.

SECTION 7.05. Indemnification. Each Bank shall, ratably in accordance with its Commitment Percentage (or, if the Commitments shall have expired or terminated, its Commitment Percentage as in effect immediately prior to such expiration or termination), indemnify the Agent and its Affiliates, officers, directors and employees (to the extent not reimbursed by the Borrowers) for all claims, liabilities, losses, damages, costs, penalties, actions, judgments and expenses and disbursements of any kind or nature whatsoever, including, without limitation, the reasonable fees and disbursements of counsel (collectively, the “Liabilities”) that such Person may suffer or incur in connection with this Agreement or any of the other Loan Documents or any action taken or omitted by such Person hereunder or thereunder, provided that no Bank shall have any obligation to indemnify any such Person against any Liabilities that are determined in a final, nonappealable judgment by a court of competent jurisdiction to have resulted from such Person’s gross negligence or willful misconduct, provided, however, that no action taken or not taken in accordance with the directions of the Required Banks shall be deemed to constitute gross negligence or willful misconduct for purposes of this Section.

SECTION 7.06. Credit Decision. Each Bank acknowledges that it has, independently and without reliance upon the Agent or any other Bank, and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Bank also acknowledges that it will, independently and without reliance upon the Agent or any other Bank, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking any action under this Agreement.

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SECTION 7.07. Successor Agent. The Agent may resign at any time by giving at least thirty (30) days’ prior written notice thereof to the Banks and the Borrowers. Upon any resignation of the Agent, the Required Banks shall have the right to appoint a successor Agent with, if no Event of Default has occurred and is continuing, the prior written consent of the Borrowers, which consent shall not be unreasonably withheld, conditioned or delayed. If no successor Agent shall have been so appointed by the Required Banks within 30 days after the retiring Agent gives notice of resignation, then the retiring Agent may, on behalf of the Banks, appoint a successor Agent, which shall be a commercial bank organized or licensed under the laws of the United States of America or of any State thereof and having a combined capital and surplus of at least $50,000,000. Upon the acceptance by an eligible Person of its appointment as successor “Agent” hereunder, such successor Agent shall thereupon succeed to and become vested with all the rights and duties of the retiring Agent, and the retiring Agent shall be discharged from its duties and obligations hereunder. After any retiring Agent’s resignation hereunder as Agent, the provisions of this Article shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Agent.

SECTION 7.08. Agent as Bank. In its individual capacity, State Street and any other Bank that serves as a successor Agent hereunder shall have the same obligations and the same rights, powers and privileges in respect of its Commitment and the Loans made by it as it would have were it not also the Agent.

SECTION 7.09. Distribution by Agent. If in the opinion of the Agent the distribution of any amount received by it in such capacity hereunder, under the Notes or under any of the other Loan Documents might involve it in liability, it may refrain from making such distribution until its right to make such distribution shall have been adjudicated by a court of competent jurisdiction. If a court of competent jurisdiction shall adjudge that any amount received and distributed by the Agent is to be repaid, each Person to whom any such distribution shall have been made shall either repay to the Agent its proportionate share of the amount so adjudged to be repaid or shall pay over the same in such manner and to such Persons as shall be determined by such court.

SECTION 7.10. Withholding Tax. To the extent required by any Applicable Law, the Agent may withhold from any interest payment to any Bank an amount equivalent to any applicable withholding Tax. If the Internal Revenue Service or any Authority of the United States or other jurisdiction asserts a claim that the Agent did not properly withhold Tax from amounts paid to or for the account of any Bank (because the appropriate form was not delivered, was not properly executed, or because such Bank failed to notify the Agent of a change in circumstances that rendered the exemption from, or reduction of, withholding Tax ineffective, or for any other reason), such Bank shall indemnify the Agent (to the extent that the Agent has not already been reimbursed by the Borrower and without limiting the obligation of the Borrower to do so) fully for all amounts paid, directly or indirectly, by the Agent as Tax or otherwise, including penalties and interest, together with all expenses incurred, including legal expenses, allocated staff costs and any out of pocket expenses.

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ARTICLE VIII.

CHANGE IN CIRCUMSTANCES

SECTION 8.01. Additional Costs; Capital Adequacy. (a) If any new law, rule or regulation, or any change after the date hereof in the interpretation or administration of any Applicable Law, rule or regulation by any governmental authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance by any Bank or its Applicable Lending Office with any request or directive (whether or not having the force of law) of any such authority, central bank or comparable agency in connection therewith issued, promulgated or enacted after the date hereof shall:

(i) subject any Bank (or its Applicable Lending Office) to any Tax with respect to its Loans, its Note or its Commitment, in each case with respect to any Borrower, or shall change the basis of taxation of payments to any Bank (or its Applicable Lending Office) by such Borrower of the principal of or interest on its Loans or any other amounts due under this Agreement or its Commitment, in each case except for any (A) Covered Tax, or (B) Tax described in clauses (a)(2), (b), (c), or (d) of the definition of Excluded Taxes; or

(ii) impose, modify or deem applicable any reserve (including, without limitation, any such requirement imposed by the Board of Governors of the Federal Reserve System), special deposit, insurance assessment or similar requirement against assets of, deposits with or for the account of, or credit extended by, any Bank (or its Applicable Lending Office) or shall impose on any Bank (or its Applicable Lending Office) any other condition affecting its Loans, its Note or its Commitment, in each case with respect to such Borrower; or

(iii) impose on any Bank any other conditions or requirements with respect to this Agreement, the other Loan Documents, the Loans or such Bank’s Commitment, in each case with respect to such Borrower;

and the result of any of the foregoing is to increase the cost to such Bank (or its Applicable Lending Office) of making, funding, issuing, renewing, extending or maintaining any Loan to such Borrower or such Bank’s Commitment in favor of such Borrower, or to reduce the amount of any sum received or receivable by such Bank (or its Applicable Lending Office) from such Borrower under this Agreement or under its Note with respect thereto, by an amount deemed by such Bank to be material, then, promptly upon demand by such Bank (and in any event within thirty (30) days after demand by such Bank) and delivery to such Borrower of the certificate required by clause (c) of this Section (with a copy to the Agent), such Borrower shall pay to such Bank the additional amount or amounts as will compensate such Bank for such increased cost or reduction.

(b) If any Bank shall determine that any change after the date hereof in any existing Applicable Law, rule or regulation or any new law, rule or regulation regarding liquidity or capital adequacy, or any change therein, or any change after the date hereof in the interpretation or administration thereof by any governmental authority, central bank or comparable agency charged with the interpretation or administration thereof, or any new request or directive of general applicability regarding liquidity or capital adequacy (whether or not having the force of law) of any such authority, central bank or comparable agency issued,

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promulgated or enacted after the date hereof, has or would have the effect of reducing the rate of return on capital of such Bank (or its parent corporation) as a consequence of such Bank’s Loans to a Borrower or obligations to such Borrower hereunder to a level below that which such Bank (or its parent corporation) could have achieved but for such law, change, request or directive (taking into consideration its policies with respect to liquidity and capital adequacy) by an amount deemed by such Bank to be material, then from time to time, promptly upon demand by such Bank (with a copy to the Agent) (and in any event within thirty (30) days after demand by such Bank) such Borrower shall pay to such Bank such additional amount or amounts as will compensate such Bank (or its parent corporation) for such reduction.

(c) Each Bank will promptly notify each Borrower and the Agent of any event of which it has knowledge, occurring after the date hereof, which will entitle such Bank to compensation from such Borrower pursuant to this Section and, upon the written request of the Borrowers, will designate a different Applicable Lending Office if such designation will avoid the need for, or reduce the amount of, such compensation and will not, in the judgment of such Bank, be otherwise disadvantageous to such Bank. A certificate of any Bank claiming compensation under this Section and setting forth in reasonable detail the additional amount or amounts to be paid to it hereunder and the calculations used in determining such additional amount or amounts shall be conclusive in the absence of manifest error. In determining such amount, such Bank may use any reasonable averaging and attribution methods.

(d) Failure or delay on the part of any Bank to demand compensation pursuant to this Section shall not constitute a waiver of such Bank’s right to demand such compensation; provided that the Borrowers shall not be required to compensate a Bank pursuant to this Section for any increased costs or reductions incurred more than nine months prior to the date that such Bank notifies the Borrowers of the change giving rise to such increased costs or reductions and of such Bank’s intention to claim compensation therefor; provided further that, if the change giving rise to such increased costs or reductions is retroactive, then the nine month period referred to above shall be extended to include the period of retroactive effect thereof.

SECTION 8.02. Replacement Banks. Upon the election of any Bank to request reimbursement by a Borrower for amounts due under Section 8.01 or Section 2.11 hereof, or in the case of a Delinquent Bank, the Borrowers may find a replacement Bank which shall be reasonably satisfactory to the Agent and the Borrowers (a “Replacement Bank”). Each Bank agrees that, should it be identified for replacement pursuant to this Section 8.02, it will promptly execute and deliver (against payment to such Bank of all sums owing to it under the Loan Documents, whether or not then due) all documents and instruments reasonably required by the Borrowers to assign such Bank’s Loans and Commitment to the applicable Replacement Bank.

SECTION 8.03. Change of Law. For the avoidance of doubt and notwithstanding anything herein to the contrary, for all purposes of this Agreement, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, regulations, guidelines, interpretations or directives thereunder or issued in connection therewith (whether or not having the force of law) and (ii) Basel III and all requests, rules, regulations, guidelines, interpretations or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign

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regulatory authorities (whether or not having the force of law), shall in each case be deemed to be a change in law regardless of the date enacted, adopted, issued, promulgated or implemented.

SECTION 8.04. Delinquent Banks. (a) Notwithstanding anything to the contrary contained in this Agreement or any of the other Loan Documents, any Bank that (i) willfully does not or (ii) does not (or has announced in writing it will not) as a result of a Failure (as defined below) (A) make available to the Agent its pro rata share of any Loan, or (B) comply with the provisions of Section 9.04 hereof with respect to making dispositions and arrangements with the other Banks, where such Bank’s share of any payment received, whether by setoff or otherwise, is in excess of its pro rata share of such payments due and payable to all of the Banks, in each case as, when and to the full extent required by the provisions of this Agreement, shall be deemed delinquent (a “Delinquent Bank”) and shall be deemed a Delinquent Bank until such time as such delinquency is satisfied. A Delinquent Bank shall be deemed to have assigned any and all payments due to it from the Borrowers, whether on account of outstanding Loans, interest, fees or otherwise, to the remaining nondelinquent Banks for application to, and reduction of, their respective pro rata shares of all outstanding Loans, interest, fees and other amounts. Each Delinquent Bank hereby authorizes the Agent to distribute such payments to the nondelinquent Banks in proportion to their respective pro rata shares of all outstanding Loans. A Delinquent Bank shall be deemed to have satisfied in full a delinquency when and if, as a result of application of the assigned payments to all outstanding Loans of the nondelinquent Banks, the Banks’ respective pro rata shares of all outstanding Loans have returned to those in effect immediately prior to such delinquency and without giving effect to the nonpayment causing such delinquency. The provisions of this Section 8.04 shall not affect the rights of the Borrowers against any such Delinquent Bank.

(b) For purposes of this Section 8.04, a “Failure” of a Bank shall mean (i) it shall seek the appointment of a trustee, receiver, liquidator, custodian or other similar official for it or any substantial part of its property, or shall commence a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator or other similar official for it or any substantial part of its property, or shall consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against it, or (ii) it makes a general assignment for the benefit of creditors, or shall fail generally to pay its debts as they become due, or shall take any corporate or trust action, as applicable, to authorize any of the foregoing, or (iii) an involuntary case or other proceeding shall be commenced against it seeking liquidation, reorganization or other relief with respect to it or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of it, or (iv) an order for relief shall be entered against it under the bankruptcy laws as now or hereafter in effect, or (v) such Bank or its corporate parent has publicly announced that it will not be satisfying its funding obligations generally.

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ARTICLE IX.

MISCELLANEOUS

SECTION 9.01. Notices. (a) All notices, requests, consents and other communications to any party hereunder shall be in writing (including facsimile transmission or similar writing) and shall be given to such party at its address or facsimile number set forth on Schedule 1 attached hereto or by approved electronic communication in accordance with Section 9.01(b). Each such notice, request, consent or other communication shall be deemed to have been given when received. Notices delivered through electronic communications, to the extent provided in paragraph (b) below, shall be effective as provided in said paragraph (b).

(b) Notices made by the Borrowers consisting of requests for loans or notices of repayments hereunder or items referred to in Sections 5.01(a), (b), (c), (d) and (f) hereof may be delivered or furnished by e-mail or other electronic communication (including internet or intranet websites) pursuant to procedures approved by the Agent, unless the Agent, in its discretion, has previously notified the Borrowers otherwise. In furtherance of the foregoing, each Bank hereby agrees to notify the Agent in writing, on or before the date such Bank becomes a party to this Agreement, of such Bank’s e-mail address to which a notice may be sent (and from time to time thereafter to ensure that Agent has on record an effective e-mail address for such Bank). Each of the Agent and the Borrowers may, in its discretion, agree to accept other notices and communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications. None of the Agent, any Bank, nor any of the directors, officers, employees, agents or Affiliates of the Agent or any Bank shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby.

(c) Unless the Agent otherwise prescribes, (i) notices and other communications sent to the Agent or any Bank at an e-mail address thereof shall be deemed to have been given when received, and (ii) if agreed to pursuant to paragraph (b), above, financial and other information posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient, at its e-mail address as described in the foregoing clause (i), of notification that such notice or communication is available and identifying the website address therefor; provided that, for both clauses (i) and (ii) above, if such notice, email or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next Domestic Business Day for the recipient.

(d) Any party hereto may change its address, facsimile number or e-mail address for notices and other communications hereunder by notice to the other parties hereto.

(e) Each Borrower hereby acknowledges that: (i) the Agent may make available to the Banks Specified Materials by posting some or all of the Specified Materials on an Electronic Platform approved by the Borrowers; (ii) the distribution of materials and information through an electronic medium is not necessarily secure and that there are

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confidentiality and other risks associated with any such distribution, (iii) the Electronic Platform is provided and used on an “As Is,” “As Available” basis; and (iv) neither the Agent nor any of its Affiliates warrants the accuracy, completeness, timeliness, sufficiency or sequencing of the Specified Materials posted on the Electronic Platform. The Agent, on behalf of itself and its Affiliates, expressly and specifically disclaims, with respect to the Electronic Platform, delays in posting or delivery, or problems accessing the specified materials posted on the electronic platform, and any liability for any losses, costs, expenses or liabilities that may be suffered or incurred in connection with the Electronic Platform. No representation or warranty of any kind, express, implied or statutory, including any warranty of merchantability, fitness for a particular purpose, non-infringement of third party rights or freedom from viruses or other code defects, is made by the Agent or any of its Affiliates in connection with the Electronic Platform.

(f) Each Bank hereby agrees that notice to it in accordance with this Section 9.01 specifying that any Specified Materials have been posted to the Electronic Platform shall, for purposes of this Agreement, constitute effective delivery to such Bank of such Specified Materials.

(g) Each Bank: (i) acknowledges that the Specified Materials, including information furnished to it by any Borrower or the Agent pursuant to, or in the course of administering, the Loan Documents, may include material, non-public information concerning the Borrowers or their securities; and (ii) confirms that: (A) it has developed compliance procedures regarding the use of material, non-public information; and (B) it will handle such material, non-public information in accordance with such procedures and Applicable Laws, including federal and state securities laws.

SECTION 9.02. No Waivers. No failure or delay by the Agent or any Bank in exercising any right, power or privilege hereunder or under any Notes shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law.

SECTION 9.03. Expenses; Documentary Taxes; Indemnification. (a)(i) Each Borrower shall promptly pay its Pro-rata Share of all reasonable out-of-pocket expenses of the Agent, including reasonable fees and disbursements of special counsel for the Agent, in connection with the preparation, negotiation and closing of this Agreement and the Loan Documents, the syndication of and the administration of the facility established hereby, and any termination hereof or thereof, (ii) each Borrower shall promptly pay all reasonable out-of-pocket expenses of the Agent, including reasonable fees and disbursements of special counsel for the Agent, in connection with any waiver or consent hereunder requested by such Borrower or any amendment of any Loan Document requested by such Borrower or any waiver of any Default or alleged Default with respect to such Borrower, and (iii) if an Event of Default with respect to a Borrower occurs, such Borrower shall promptly pay all reasonable out-of-pocket expenses incurred by the Agent and each Bank, including reasonable fees and disbursements of counsel (but, absent conflicts of interest, only a single counsel for all Banks other than the Agent), in connection with such Event of Default and collection, bankruptcy, insolvency and other enforcement proceedings resulting therefrom.

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(b) Each Borrower agrees to indemnify the Agent, each Bank, and each of their Affiliates, and the officers, directors and employees of the Agent each Bank and each such Affiliate (each, a “Covered Person”) and hold each Covered Person harmless from and against such Borrower’s Pro-rata Share (except to the extent attributable to a particular Borrower, in which case only such Borrower shall be obligated under this paragraph (b)) of any and all claims, liabilities, losses, damages, costs, penalties, actions, judgments and expenses and disbursements of any kind or nature whatsoever, including, without limitation, the reasonable fees and disbursements of counsel (collectively, the “Liabilities”) which may be incurred by or asserted or awarded against such Covered Person, in each case arising out of or in connection with any investigative, administrative or judicial proceeding (whether or not such Covered Person shall be designated a party thereto) relating to or arising out of this Agreement or the Loan Documents or any actual or proposed use of proceeds of Loans hereunder, provided that no Covered Person shall have the right to be indemnified hereunder for Liabilities that (i) are determined in a final, nonappealable judgment by a court of competent jurisdiction to have resulted from such Covered Person’s gross negligence or willful misconduct, or (ii) result from a claim brought by a Borrower, the Agent or any Bank against a Covered Person for breach in bad faith of such Covered Person’s obligations hereunder or under any other Loan Document, if such Borrower, the Agent or such Bank has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction. This Section 9.03(b) shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim. Payments under this Section 9.03 shall be made by a Borrower to the Agent for the benefit of the relevant Covered Person.

SECTION 9.04. Set Off. During the continuance of any Event of Default with respect to a Borrower, any deposits or other sums credited by or due from any of the Banks or their respective Affiliates to such Borrower and any of such Borrower’s property in the possession of any such Bank or an Affiliate of such Bank may be applied to or set off by such Bank or Affiliate against the payment of the Obligations of such Borrower, provided that such Bank has given Agent prior written notice of such set off. Each of the Banks agrees with each other Bank that if such Bank shall receive from any Borrower whether by voluntary payment, exercise of the right of set off, counterclaim, cross action, or enforcement of a claim based on the Obligations owing to such Bank by proceedings against such Borrower at law or in equity or by proof thereof in bankruptcy, reorganization, liquidation, receivership or similar proceedings, or otherwise, and shall retain and apply to the payment of the Obligations owing to such Bank by such Borrower any amount in excess of its ratable portion of the payments received by all of the Banks with respect to the Obligations owed by such Borrower to all of the Banks, such Bank will make such disposition and arrangements with the other Banks with respect to such excess, either by way of distribution, pro tanto assignment of claims, subrogation or otherwise as shall result in each Bank receiving in respect of the Obligations owing to it by such Borrower its proportionate payment thereof as contemplated by this Agreement; provided that if all or any part of such excess payment is thereafter recovered from such Bank, such disposition and arrangements shall be rescinded and the amount restored to the extent of such recovery, but without interest.

SECTION 9.05. Amendments and Waivers. Any provision of this Agreement or any of the other Loan Documents may be amended, waived, supplemented or otherwise modified if, but only if, contained in a written agreement signed by the Borrowers and the Required Banks; provided that no such agreement shall (i) increase the Commitment Amount of any Bank

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without the written consent of such Bank, (ii) reduce the principal amount of any Loan, or reduce the rate of any interest, or reduce any fees, payable under the Loan Documents, without the written consent of each Bank affected thereby, (iii) postpone the Termination Date or the date of any payment for any Loan or any interest or any fees payable under the Loan Documents, or reduce the amount of, waive or excuse any such payment, or postpone the stated termination or expiration of the Aggregate Commitment Amount, without the written consent of each Bank affected thereby, (iv) change any provision hereof in a manner that would alter the pro rata sharing of payments required hereby or the pro rata reduction of Commitment Amounts required hereby, without the written consent of each Bank affected thereby, (v) change any of the provisions of this Section or the definition of the term “Required Banks” or any other provision hereof specifying the number or percentage of Banks required to waive, amend, supplement or otherwise modify any rights hereunder without the written consent of each Bank, or (vi) change the currency in which Loans are to be made or payment under the Loan Documents is to be made, or add additional borrowers, in each case without the written consent of each Bank, provided further that no such agreement shall amend, modify or otherwise affect the rights or duties of the Agent without the prior written consent of the Agent. No delay or omission on the part of any Bank or any holder hereof in exercising any right hereunder shall operate as a waiver of such right or of any other rights of such Bank or such holder, nor shall any delay, omission or waiver on any one occasion be deemed a bar or waiver of the same or any other right on any further occasion.

SECTION 9.06. Successors and Assigns. (a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns, except that no Borrower may assign or otherwise transfer any of its rights or obligations under the Loan Documents without the prior written consent of all of the Banks (and any attempted assignment or transfer by such Borrower without such consent shall be null and void).

(b) Any Bank may at any time grant to one or more commercial banks (each a “Participant”) participating interests in its Commitment or all of its Loans. In the event of any such grant by a Bank of a participating interest to a Participant, whether or not upon notice to the Borrowers and the Agent, such Bank shall remain responsible for the performance of its obligations hereunder, and the Borrowers and the Agent shall continue to deal solely and directly with such Bank in connection with such Bank’s rights and obligations under this Agreement. Any agreement pursuant to which any Bank may grant such a participating interest shall provide that such Bank shall retain the sole right and responsibility to enforce the obligations of the Borrowers hereunder, including, without limitation, the right to approve any amendment, restatement, supplement or other modification or waiver of any provision of this Agreement; provided that such participation agreement may provide that such Bank will not agree to any amendment, restatement, supplement or other modification or waiver of this Agreement described in clauses (i), (ii), (iii), (iv), (v), and (vi) of Section 9.05 hereof without the consent of the Participant. Each Borrower agrees that each Participant shall, to the extent provided in its participation agreement, be entitled to the benefits of Article VIII with respect to its participating interest; provided that no Participant shall be entitled to receive an amount greater than its pro rata share of any amount the selling Bank would have received hereunder had no participation been sold. An assignment or other transfer which is not permitted by clauses (c) or (d) of this Section shall be given effect for purposes of this Agreement only to the extent of a participating

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interest granted in accordance with this Section 9.06(b). Each Bank that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrowers, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Notes or other obligations under this Agreement (the “Participant Register”); provided that no Bank shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any Commitments, Loans or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such Commitment, Loan or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations, or is otherwise required thereunder. The entries in the Participant Register shall be conclusive absent manifest error, and each Person whose name is recorded in the Participant Register shall be treated as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Agent (in its capacity as Agent) shall have no responsibility for maintaining a Participant Register.

(c) Subject to Section 9.06(f) hereof, any Bank may at any time assign to one or more financial institutions (each an “Assignee”) all, or a proportionate amount of at least $25,000,000 of all, of its rights and obligations under this Agreement and the Notes, and such Assignee shall assume such rights and obligations, pursuant to an Assignment and Acceptance (each an “Assignment and Acceptance”) in substantially the form of Exhibit D attached hereto (or in such other form acceptable to the Agent) executed by such Assignee and such transferor Bank, with, if no Event of Default has occurred and is continuing, the written consent of each Borrower, which consent shall not be unreasonably withheld, conditioned or delayed, and of the Agent, which consent shall not be unreasonably withheld, conditioned or delayed; provided that no such consent of any Borrower or the Agent shall be required if the Assignee is a Control Affiliate of the transferor Bank. Upon acceptance and recording of an Assignment and Acceptance pursuant to Section 9.06(h) hereof, from and after the effective date specified therein, (A) the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Acceptance, have the rights and obligations of a Bank under this Agreement and (B) the assigning Bank thereunder shall, to the extent of the interest assigned by such Assignment and Acceptance, be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Bank’s rights and obligations under this Agreement, such Bank shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 8.01 and 9.03 hereof, as well as to any fees accrued for its account and not yet paid). Upon the consummation of any assignment pursuant to this Section 9.06(c) hereof, the transferor Bank, the Agent and the Borrowers shall make appropriate arrangements so that, if required, new Notes are issued to the Assignor and the Assignee. In connection with each such assignment, the transferor Bank shall pay to the Agent an administrative fee for processing such assignment in the amount of $5,000. If the Assignee is not organized under the laws of the United States of America or a state thereof, it shall, prior to the first date on which interest or fees are payable hereunder for its account, deliver to each Borrower and the Agent the tax forms required by Section 2.11 hereof. The Assignee shall, prior to the date of consent of the Borrower to the assignment deliver to the Borrower and the Agent a certification as to exemption from deduction or withholding of any Taxes in accordance with Section 2.11 hereof (and thereafter shall be subject to the requirements thereof).

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(d) Without notice to or consent of any Person, any Bank may at any time assign all or any portion of its rights under this Agreement, its Note, and the other Loan Documents to a Federal Reserve Bank. No such assignment shall release the transferor Bank from its obligations hereunder.

(e) No Assignee, Participant or other transferee of any Bank’s rights shall be entitled to receive any greater payment under Section 8.01 hereof than such Bank would have been entitled to receive with respect to the rights transferred, unless such transfer is made with the Borrowers’ prior written consent.

(f) No Person may become an Assignee pursuant to clause (c) above unless such Person constitutes a “bank” (as such term is used in Section 18(f)(1) of the Investment Company Act) in the reasonable judgment of each Borrower and the Agent. No Person may become an Assignee pursuant to clause (c) above if that Person is an Affiliate of any Borrower.

(g) The Agent, acting solely for this purpose as an agent of the Borrowers, shall maintain at one of its offices in Boston, Massachusetts a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Banks, and the Commitment Amounts of, and principal amounts of, and stated interest on, the Loans owing to, each Bank pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and the Borrowers, the Agent and the Banks shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Bank and the owner of the amounts owing to it under the Loan Documents as reflected in the Register for all purposes of the Loan Documents, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrowers and the Banks at any reasonable time and from time to time upon reasonable prior notice.

(h) Upon its receipt of a duly completed Assignment and Acceptance executed by an assigning Bank and an assignee, an administrative questionnaire (in such form as supplied by the Agent) completed in respect of the assignee (unless the assignee shall already be a Bank hereunder), the administrative fee referred to in Section 9.06(c) hereof and, if required, the written consent of the Borrowers and the Agent to such assignment and any applicable tax forms, the Agent shall (i) accept such Assignment and Acceptance, (ii) record the information contained therein in the Register, and (iii) revise Schedule 1 to reflect such Assignment and Acceptance and circulate such revised Schedule 1 to the Banks and the Borrowers, which revised Schedule 1 shall be deemed to be a part hereof and shall be incorporated by reference herein. No assignment shall be effective unless it has been recorded in the Register as provided in this Section 9.06(h).

SECTION 9.07. Governing Law; Submission to Jurisdiction. This Agreement and each of the other Loan Documents are contracts under the laws of the Commonwealth of Massachusetts and shall for all purposes be construed in accordance with and governed by the laws of Commonwealth of Massachusetts, without regard to conflict of laws principles that would require the application of the laws of another jurisdiction. Each Borrower hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of any Commonwealth of Massachusetts court or Federal court of the United States of America sitting in Boston, Massachusetts, and any appellate court from any thereof, in any action or

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proceeding arising out of or relating to the Loan Documents whether sounding in contract, tort, equity or otherwise, or for recognition or enforcement of any judgment, and the service of process in any suit being made upon it by mail at the address specified in Section 9.01 hereof, and each of the parties hereto hereby irrevocably and unconditionally agrees that, to the extent permitted by Applicable Law, all claims in respect of any such action or proceeding may be heard and determined in such Commonwealth of Massachusetts court or, to the extent permitted by Applicable Law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that the Agent or any Bank may otherwise have to bring any action or proceeding relating to this Agreement or the other Loan Documents against any Borrower, or any of its property, in the courts of any jurisdiction.

SECTION 9.08. WAIVER OF JURY TRIAL. EACH OF THE BORROWERS, THE AGENT AND THE BANKS HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. Except to the extent prohibited by law, each Borrower hereby waives any right it may have to claim or recover in any litigation referred to in the preceding sentence any special, exemplary, punitive, indirect or consequential damages or any damages other than, or in addition to, actual damages. Each Borrower (a) certifies that no representative, agent or attorney of any Bank or the Agent has represented, expressly or otherwise, that such Bank or the Agent would not, in the event of litigation, seek to enforce the foregoing waivers and (b) acknowledges that the Agent and the Banks have been induced to enter into this Credit Agreement and the other Loan Documents to which it is a party by, among other things, the waivers and certifications contained herein.

SECTION 9.09. Confidential Material. (a) Each Bank agrees that any information, documentation or materials provided by each Borrower or such Borrower’s Affiliates, trustees, directors, officers, employees, agents or representatives (“Representatives”) disclosing the portfolio holdings of such Borrower or disclosing other non-public information in relation to this Agreement or the other Loan Documents (“Confidential Material”), whether before or after the date of this Agreement, shall be treated confidentially, using the same degree of care that such Bank uses to protect its own similar material.

(b) Confidential Material may be disclosed to Representatives of each Bank in connection with the transactions contemplated herein or in connection with managing the relationship of such Bank or its Affiliates with such Borrower but shall not be disclosed to any third party and may not be used for purposes of buying or selling securities, including shares issued by such Borrower; provided, however, that the Banks may disclose Confidential Material to (i) the Federal Reserve Board pursuant to applicable rules and regulations promulgated by the Federal Reserve Board (which, as of the Effective Date, require a filing of a list of all Margin Stock which directly or indirectly secures a Loan), (ii) the extent required by statute, rule, regulation or judicial process, (iii) counsel for any of the Banks or the Agent in connection with this Agreement or any of the other Loan Documents, (iv) bank examiners, regulators, auditors and accountants, or (v) any Assignee or Participant (or prospective Assignee or Participant) as long as such Assignee or Participant (or prospective Assignee or Participant) first agrees to be

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bound by the provisions of this Section 9.09. Notwithstanding anything to the contrary contained in this Section, any information that would, but for this sentence, constitute Confidential Material shall cease to be Confidential Material after the second anniversary of the date such information was first received by the Agent or any Bank.

SECTION 9.10. USA Patriot Act. Each Bank that is subject to the Patriot Act (as hereinafter defined) and the Agent (for itself and not on behalf of any Bank) hereby notifies each Borrower that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”), it is required to obtain, verify and record information that identifies such Borrower, which information includes the name and address of such Borrower and other information that will allow such Bank or the Agent, as applicable, to identify such Borrower in accordance with the Patriot Act.

SECTION 9.11. Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges and other amounts that are treated as interest on such Loan under Applicable Law (collectively the “charges”), shall exceed the maximum lawful rate (the “maximum rate”) that may be contracted for, charged, taken, received or reserved by the Bank holding such Loan in accordance with Applicable Law, the rate of interest payable in respect of such Loan hereunder, together with all of the charges payable in respect thereof, shall be limited to the maximum rate and, to the extent lawful, the interest and the charges that would have been payable in respect of such Loan but were not payable as a result of the operation of this Section shall be cumulated, and the interest and the charges payable to such Bank in respect of other Loans or periods shall be increased (but not above the maximum rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Rate to the date of repayment, shall have been received by such Bank.

SECTION 9.12. Survival. The provisions of Sections 7.05 and 9.03 hereof and ARTICLE VIII shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or other termination of the Commitments or the termination of any Loan Document or any provision thereof.

SECTION 9.13. Limitation on Liability. Notwithstanding anything to the contrary contained in the Loan Documents (a) neither any of the members of the Managing Body of any Borrower (collectively, the “Members”) nor any shareholders or other equity holders of any Borrower (collectively, the “Shareholders”) nor any managers or officers of any Borrower (collectively, the “Officers”) shall have any personal liability whatsoever to any of the Banks or the Agent under any of the Loan Documents, (b) the Banks and the Agent shall look solely to the assets of each Borrower for the payment of any debt, damage, judgment or decree, or for any money that may otherwise become due or payable to any of them by such Borrower under any of the Loan Documents, and (c) all dealings, undertakings and obligations of the Members and/or the Shareholders and/or the Officers under the Loan Documents shall be deemed to have been made subject to the foregoing limitations; provided however that nothing contained herein shall limit, restrict, prevent or otherwise prohibit the Agent or any Bank from pursuing any claim or cause of action which it may now or hereafter have against any Member or Shareholder or Officer for fraud, misrepresentation of any material fact or misappropriation of funds or assets.

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A copy of each Borrower’s declaration of trust is on file with the Secretary of State of the Commonwealth of Massachusetts, and notice is hereby given that obligations of each Borrower hereunder shall not be binding upon any of the shareholders, trustees, officers, employees or agents of such Borrower, personally, but shall bind only the trust property of such Borrower, as provided in its declaration of trust. The execution and delivery of this Agreement have been authorized by the trustees of each Borrower and signed by an officer of such Borrower, acting as such, and neither such authorization by such trustees nor such execution and delivery by such officer shall be deemed to have been made by any of them individually or to impose any liability on any of them personally, but shall bind only the trust property of such Borrower as provided in its declaration of trust.

SECTION 9.14. No Fiduciary Duty. Each Borrower hereby acknowledges that (i) it has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Loan Documents; (ii) neither the Agent nor any Bank has any fiduciary or advisory relationship with or duty to such Borrower arising out of or in connection with this Agreement or any of the other Loan Documents, and the relationship between such Borrower, on the one hand, and the Agent and each Bank, on the other hand, in connection herewith or therewith is solely that of debtor and creditor; and (iii) no joint venture is created hereby or by the other Loan Documents or otherwise exists by virtue of the transactions contemplated hereby among the Agent, the Banks, and such Borrower.

SECTION 9.15. Miscellaneous. This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement and each of the other Loan Documents constitute the entire agreement and understanding among the parties hereto and supersede any and all prior agreements and understandings, oral or written, relating to the subject matter hereof. The provisions of this Agreement are severable and if any one clause or provision hereof shall be held invalid or unenforceable in whole or in part in any jurisdiction, then such invalidity or unenforceability shall affect only such clause or provision, or part thereof, in such jurisdiction, and shall not in any manner affect such clause or provision in any other jurisdiction, or any other clause or provision of this Agreement in any jurisdiction.

[the remainder of this page has been intentionally left blank]

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IN WITNESS WHEREOF, each party hereto, intending this Agreement to take effect as an agreement under seal, has caused this Agreement to be duly executed by its duly authorized representative(s) as of the day and year first above written.


	EACH TRUST LISTED ON SCHEDULE 2
	HEREOF



	By:	/s/ Jonathan S. Horwitz
		Name: Jonathan S. Horwitz
		Title: Executive Vice President

[PUTNAM FUNDS – CREDIT AGREEMENT]


	STATE STREET BANK AND TRUST
	COMPANY, as a Bank and as the Agent



	By:	/s/ Janet Nolin
		Name: Janet Nolin
		Title: Vice President

[PUTNAM FUNDS – CREDIT AGREEMENT]


	THE NORTHERN TRUST COMPANY, as a
	Bank



	By:	/s/ Graham Warning
		Name: Graham Warning
		Title: Vice President

[PUTNAM FUNDS – CREDIT AGREEMENT]

SCHEDULE 1

Addresses for Notices, Applicable Lending Offices, Commitment Amounts and Commitment

Percentages

BORROWERS:

Address for Notices:

Putnam Investments
One Post Office Square
Boston, MA 02109
Attn: Robert T. Burns
Vice President and Chief Legal Officer
Tel: (617) – 760 - 7043


	COMMITMENT	COMMITMENT
BANKS:	AMOUNT	PERCENTAGE

STATE STREET BANK AND TRUST	$292,500,000	74.52%
COMPANY


Applicable Lending Office and Office for Notices to the
Agent for Borrowings and Payments:
	Lending Notices:

		(a)	if by overnight courier service:

			State Street Bank and Trust Company
			Customer Service Unit
			2 Copley Place, 3rd Floor
			Boston, MA 02116
			Attn: Eduardo Chaves
			Tel: (617) 662-8574
			Fax: (617) 988-6677

			Attn: Peter Connolly
			Tel: (617) 662-8588
			Fax: (617) 988-6677

		(b)	in all other cases:

			State Street Bank and Trust Company
			Customer Service Unit
			Copley Place Tower, Box 5303
			Boston, MA 02206
			Attn: Eduardo Chaves
			Tel: (617) 662-8574
			Fax: (617) 988-6677

			Attn: Peter Connolly
			Tel: (617) 662-8588
			Fax: (617) 988-6677
			Email: ais-loanops-csu@statestreet.com

	All other notices:

		(a)	if by overnight courier service:

			State Street Bank and Trust Company
			Mutual Fund Lending Department
			2 Copley Place, 3rd Floor
			Boston, MA 02116
			Attn: Janet B. Nolin
			Tel: (617) 662-8629
			Fax: (617) 662-8665

		(b)	in all other cases:

			State Street Bank and Trust Company
			Mutual Fund Lending Department
			Copley Place Tower, Box 5303
			Boston, MA 02206
			Attn: Janet B. Nolin
			Tel: (617) 662-8629
			Fax: (617) 662-8665
			E-mail: JBNolin@StateStreet.com

- 2 -


THE NORTHERN TRUST COMPANY	$100,000,000	25.48%

Applicable Lending Office and Office for Notices to the

Bank for Borrowings and Payments:


	Lending Notices under Article II:
	(a)	Preferred method:
		Fax: 312-630-1566
		Attn: Mary Willis

	(b)	Other method:
		Email: mw30@ntrs.com

	(c)	The Northern Trust Company
		801 S. Canal Street, C2N
		Chicago, IL 60607
		Attn: Mary Willis
		Telephone: 312-444-3136

	All other notices:
		The Northern Trust Company
		50 S. LaSalle Street, M-27
		Chicago, IL 60603
		Attn: Graham Warning
		Telephone: 312-444-7353
		Email: gw78@ntrs.com

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SCHEDULE 2

List of Companies, Funds and Fiscal Year End Date


Company	Fund	Fiscal Year End Date

Putnam American	Putnam American Government
Government	Income Fund	September 30
Income Fund

Putnam Arizona Tax	Putnam Arizona Tax Exempt
Exempt Income	Income Fund	May 31
Fund

	Putnam Dynamic Asset	September 30
	Allocation Balanced Fund

Putnam Asset	Putnam Dynamic Asset	September 30
Allocation Funds	Allocation Conservative
	Fund

	Putnam Dynamic Asset	September 30
	Allocation Growth Fund

Putnam California		September 30
Tax Exempt	Putnam California Tax Exempt
Income Fund	Income Fund

Putnam Convertible	Putnam Convertible Securities	October 31
Securities Fund	Fund

Putnam Diversified	Putnam Diversified Income	September 30
Income Trust	Trust

Putnam Equity		November 30
Income Fund	Putnam Equity Income Fund

Putnam Europe		June 30
Equity Fund	Putnam Europe Equity Fund

	Putnam Absolute Return 100	October 31
	Fund

	Putnam Absolute Return 300	October 31
	Fund

	Putnam Absolute Return 500	October 31
	Fund

	Putnam Absolute Return 700	October 31
	Fund

Putnam Funds Trust	Putnam Asia Pacific Equity	April 30
	Fund

	Putnam Dynamic Asset	May 31
	Allocation Equity Fund

	Putnam Capital Spectrum	April 30
	Fund

	Putnam Dynamic Risk	May 31
	Allocation Fund

	Putnam Emerging Markets	August 31
	Equity Fund


	Putnam Emerging Markets	November 30
	Income Fund

	Putnam Equity Spectrum Fund	April 30

	Putnam Floating Rate Income	February 28
	Fund

	Putnam Global Consumer	August 31
	Fund

	Putnam Global Dividend Fund	August 31

	Putnam Global Energy Fund	August 31

	Putnam Global Financials	August 31
	Fund

	Putnam Global Industrials	August 31
	Fund

	Putnam Global Technology	August 31
	Fund

	Putnam Global	August 31
	Telecommunications Fund

	Putnam Intermediate-Term	November 30
	Municipal Income Fund

	Putnam International Value	June 30
	Fund

	Putnam Low Volatility Equity	November 30
	Fund

	Putnam Mortgage	May 31
	Opportunities Fund

	Putnam Multi-Cap Core Fund	April 30

	Putnam Retirement Income	August 31
	Fund Lifestyle 2

	Putnam Retirement Income	February 28
	Fund Lifestyle 3

	Putnam Short Duration Income	July 31
	Fund

	Putnam Short-Term Municipal	November 30
	Income Fund

	Putnam Small Cap Growth	June 30
	Fund

	Putnam Strategic Volatility	July 31
	Equity Fund

Putnam Global		October 31
Equity Fund

Putnam Global		August 31
Health Care Fund

Putnam Global		October 31
Income Trust

Putnam Global		August 31
Natural Resources
Fund

Putnam Global		August 31
Utilities Fund

- 2 -


Putnam High Yield		November 30
Advantage Fund

Putnam High Yield		August 31
Trust

Putnam Income		October 31
Fund

Putnam International		June 30
Equity Fund

	Putnam Capital Opportunities	April 30
	Fund

	Putnam Growth Opportunities	July 31
	Fund

	Putnam International Capital	August 31
Putnam Investment	Opportunities Fund
Funds
	Putnam International Growth	September 30
	Fund

	Putnam Multi-Cap Value Fund	April 30

	Putnam Research Fund	July 31

	Putnam Small Cap Value Fund	February 28

Putnam Investors		July 31
Fund	Putnam Investors Fund

Putnam		May 31
Massachusetts Tax	Putnam Massachusetts Tax
Exempt Income	Exempt Income Fund
Fund

Putnam Michigan	Putnam Michigan Tax Exempt	May 31
Tax Exempt	Income Fund
Income Fund

Putnam Minnesota	Putnam Minnesota Tax	May 31
Tax Exempt	Exempt Income Fund
Income Fund

Putnam Money		September 30
Market Fund	Putnam Money Market Fund

Putnam Mortgage	Putnam Mortgage Recovery	August 31
Recovery Fund	Fund
(closed-end fund)

Putnam Multi-Cap	Putnam Multi-Cap Growth	June 30
Growth Fund	Fund

Putnam New Jersey	Putnam New Jersey Tax	May 31
Tax Exempt	Exempt Income Fund
Income Fund

Putnam New York	Putnam New York Tax	November 30
Tax Exempt	Exempt Income Fund
Income Fund

Putnam Ohio Tax	Putnam Ohio Tax Exempt	May 31
Exempt Income	Income Fund
Fund

- 3 -


Putnam		May 31
Pennsylvania Tax	Putnam Pennsylvania Tax
Exempt Income	Exempt Income Fund
Fund

Putnam Tax Exempt	Putnam Tax Exempt Income	September 30
Income Fund	Fund

Putnam Tax Exempt	Putnam Tax Exempt Money	September 30
Money Market	Market Fund
Fund

	Putnam AMT-Free Municipal	July 31
Putnam Tax-Free	Fund
Income Trust
	Putnam Tax-Free High Yield	July 31
	Fund

Putnam U.S.	Putnam U.S. Government	September 30
Government	Income Trust
Income Trust

	Putnam VT Absolute Return	December 31
	500 Fund

	Putnam VT American	December 31
	Government Income Fund

	Putnam VT Capital	December 31
	Opportunities Fund

	Putnam VT Diversified	December 31
	Income Fund

	Putnam VT Equity Income	December 31
	Fund

	Putnam VT Global Asset	December 31
	Allocation Fund

	Putnam VT Global Equity	December 31
	Fund

	Putnam VT Global Health	December 31
	Care Fund

Putnam Variable	Putnam VT Global Utilities	December 31
Trust	Fund

	Putnam VT Growth And	December 31
	Income Fund

	Putnam VT Growth	December 31
	Opportunities Fund

	Putnam VT High Yield Fund	December 31

	Putnam VT Income Fund	December 31

	Putnam VT International	December 31
	Equity Fund

	Putnam VT International	December 31
	Growth Fund

	Putnam VT International	December 31
	Value Fund

	Putnam VT Investors Fund	December 31

	Putnam VT Money Market	December 31
	Fund

- 4 -


	Putnam VT Multi-Cap Growth	December 31
	Fund

	Putnam VT Multi-Cap Value	December 31
	Fund

	Putnam VT Research Fund	December 31

	Putnam VT Small Cap Value	December 31
	Fund

	Putnam VT George Putnam	December 31
	Balanced Fund

	Putnam VT Voyager Fund	December 31

Putnam Voyager		July 31
Fund	Putnam Voyager Fund

George Putnam		July 31
Balanced Fund	George Putnam Balanced Fund

The Putnam Fund		July 31
for Growth and	The Putnam Fund for Growth
Income	and Income

- 5 -

SCHEDULE 3

Affected Banks and Affected Borrowers

None.


Putnam Family of Funds

EXHIBIT A

FORM OF NOTE
U.S. $[_____________]		September 24, 2015

FOR VALUE RECEIVED, each Borrower (as defined below), hereby promises to pay to [NAME OF BANK] (the “Bank”) at the office of the Agent (as defined below) at Copley Place Tower 2, Floor 4, 100 Huntington Avenue, Boston, Massachusetts 02116, Attn: Janet Nolin, Vice President, or Mutual Fund Lending Department Head:

(a) prior to or on the Termination Date (as defined in the Credit Agreement referred to below) the principal amount of [insert Commitment Amount] (U.S. $___________) or, if less, the aggregate unpaid principal amount of Loans advanced by the Bank to such Borrower pursuant to the Credit Agreement, dated as of September 24, 2015 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among each corporation or trust company listed on Schedule A hereto (each a “Company”), the Banks party thereto from time to time, and State Street Bank and Trust Company, as agent (the “Agent”);

(b) without duplication, the principal outstanding hereunder from time to time at the times provided in the Credit Agreement; and

(c) interest on the principal balance hereof from time to time outstanding at the times and at the rates provided in the Credit Agreement.

This Note evidences borrowings under and has been issued by each Borrower in accordance with the terms of the Credit Agreement. The Bank is entitled to the benefits of the Credit Agreement and the other Loan Documents. Each term that is defined in the Credit Agreement and not herein defined has the meaning ascribed thereto by the Credit Agreement when used herein. As used in this Note, the following terms have the meanings specified below:

“Borrower” means a Company Borrower or a Series Borrower.

“Company Borrower” means a Company that has no separate Series.

“Series Borrower” means a Company, acting on behalf of and for the account of a Related Fund thereof.

Each Borrower irrevocably authorizes the Bank to make or cause to be made, at or about the date of each Loan to such Borrower or at the time of receipt of each payment by such Borrower of principal of this Note, an appropriate notation on the grid attached to this Note, or the continuation of such grid, or any other similar record, including computer records, reflecting the making of such Loan or (as the case may be) the receipt of such payment. The outstanding amount of the Loans to each Borrower set forth on the grid attached to this Note, or the continuation of such grid, or any other similar record, including computer records, maintained by

the Bank with respect to such Loans shall be prima facie evidence of the principal amount thereof owing and unpaid to the Bank, but the failure to record, or any error in so recording, any such amount on any such grid, continuation or other record shall not limit or otherwise affect the obligation of such Borrower hereunder or under the Credit Agreement to make payments of principal of and interest on this Note when due.

Each Borrower has the right in certain circumstances and the obligation under certain other circumstances to prepay the whole or part of the principal of this Note on the terms and conditions specified in the Credit Agreement.

If any one or more Events of Default with respect to such Borrower shall occur and be continuing, the entire unpaid principal amount of the Loans to such Borrower evidenced by this Note and all of the unpaid interest accrued thereon may become or be declared due and payable in the manner and with the effect provided in the Credit Agreement.

No delay or omission on the part of the Bank in exercising any right hereunder shall operate as a waiver of such right or of any other rights of the Bank, nor shall any delay, omission or waiver on any one occasion be deemed a bar or waiver of the same or any other right on any further occasion.

Each Borrower and every endorser and guarantor of this Note or the obligation represented hereby waives presentment, demand, notice, protest and all other demands and notices in connection with the delivery, acceptance, performance, default or enforcement of this Note, and assents to any extension or postponement of the time of payment or any other indulgence, to any substitution, exchange or release of collateral and to the addition or release of any other party or person primarily or secondarily liable.

This Note is a contract under the laws of the Commonwealth of Massachusetts and shall for all purposes be construed in accordance with and governed by the laws of Commonwealth of Massachusetts, without regard to conflict of laws principles that would require the application of the laws of another jurisdiction.

[the remainder of this page has been intentionally left blank]

IN WITNESS WHEREOF, the undersigned, intending this Note to take effect as a sealed instrument, has caused this Note to be signed by its duly authorized representative as of the day and year first above written.


	EACH TRUST LISTED ON SCHEDULE A
	HERETO

	By:

	Name:

	Title:


		Amount	Type	Amount of Principal	Balance of Principal	Notation
Date	Borrower	of Loan	of Loan	Paid or Prepaid	Unpaid	Made By

Schedule A

List of Trusts

George Putnam Balanced Fund

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

Putnam Funds Trust

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 Mortgage Recovery 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 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

The Putnam Fund for Growth and Income

Putnam Family of Funds

EXHIBIT B

FORM OF

NOTICE OF BORROWING/REPAYMENT/ROLLOVER CERTIFICATE


DATE:	[Insert Date] (the “Notice Date”)

TO:	STATE STREET BANK AND TRUST COMPANY, as Agent
	2 Copley Place, 3^rdFloor
	Boston, MA 02116
	Attn: LOAN OPERATIONS CUSTOMER SERVICE UNIT
	Telephone: 617-662-8574 or 617-662-8588
	Facsimile: 617-988-6677
	E-mail: ais-loanops-csu@statestreet.com

FROM:	[NAME OF COMPANY] (the “Company”) acting on behalf of and for the account
	of [_______________] (the "Fund") (Fund # ___________) (DDA # ____________)

Reference is hereby made to that certain Credit Agreement, dated as of September 24, 2015, among each trust company listed on Schedule A hereto, the Banks and other lending institutions party thereto, and State Street Bank and Trust Company, as Agent (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”). Each term that is defined in the Credit Agreement and not herein defined has the meaning ascribed thereto by the Credit Agreement when used herein.

1. The Company, acting on behalf of and for the account of the Fund (the Company, so acting, the “Applicable Borrower”), hereby requests (check only one, and complete if necessary):

____ Loan advance to the Applicable Borrower in the amount of $___________.

____ Loan repayment from the Applicable Borrower in the amount of $___________.

____ overnight rollover of the Loans previously made to the Applicable Borrower.

2. The Applicable Borrower is [not] a Restricted Borrower and, therefore, the Applicable Percentage is [25%] [33 1/3%].¹

3. The proceeds of any requested Loan shall be used only to the extent consistent with and not prohibited by the Applicable Borrower’s Offering Document, the terms of the Credit Agreement and applicable laws and regulations, including, without limitation, Regulation U.

4. All of the representations and warranties of the Applicable Borrower under the Credit Agreement are true and correct on and as of the date hereof (or, if any such representation or warranty is expressly stated to have been made as of a specific date, as of such specific date).

^{___________________________________
1}If the Applicable Borrower is a Restricted Borrower, the Applicable Percentage is 25%; in all other cases the Applicable Percentage is 33 1/3%.

5. Immediately before and immediately after giving effect to the advance, repayment or rollover requested herein, no Default with respect to such Applicable Borrower has occurred or would exist.

6. The following amounts and statements are true:


(a)	Adjusted Net Assets of the Applicable Borrower:
	(i)	Total Assets of the Applicable Borrower	$
	(ii)	Total Liabilities (excluding Senior Securities Representing
		Indebtedness) of the Applicable Borrower²	$
	(iii)	item (a)(i) minus item (a)(ii)	$
(b)	Applicable Percentage multiplied by item (a)(iii)		$

(c)	(i)	Beginning Loan balance for Applicable Borrower:	$
	(ii)	Repayment amount (if any):	$
	(iii)	Requested Loan (if any):	$
	(iv)	Requested Loans Balance ((i) minus (ii) plus (iii)):	$

(d)	The aggregate outstanding principal amount of Debt for borrowed
	money of the Applicable Borrower other than the Loans as of the
	date hereof:		$

(e)	Total Debt for borrowed money of the Applicable Borrower
	((c)(iv) plus (d)):		$

7. The amount set forth in 6(e) above does not exceed the lesser of (a) the amount set forth in 6(b) above, or (b) (i) the maximum amount of Debt that the Applicable Borrower would be permitted to incur pursuant to Applicable Law, including the Investment Company Act, (ii) the maximum amount of Debt that the Applicable Borrower would be permitted to incur pursuant to the limitations on borrowings in its Offering Document and its Investment Policies and Restrictions, (iii) in the event that the Applicable Borrower shall have entered into any agreement(s) with any Authority limiting the amount of Debt that the Applicable Borrower may create, incur, assume or suffer to exist, the maximum amount of Debt that the Applicable Borrower would be permitted to create, incur, assume or suffer to exist pursuant to such agreement(s), and (iv) the maximum amount of Debt that the Applicable Borrower would be permitted to incur without violating Section 5.19 of the Credit Agreement.

8. After giving effect to the requests of the Applicable Borrower herein made (a) the aggregate principal amount of all Loans outstanding to the Applicable Borrower shall not cause the Applicable Borrower to have an aggregate amount of Debt outstanding that is in excess of the Maximum Amount with respect to the Applicable Borrower, and (b) the aggregate principal amount of all Loans outstanding to all Borrowers shall not exceed the Aggregate Commitment Amount.

^{__________________________________________________
2}For purposes of calculating Adjusted Net Assets for any Fund, the amount of any liability included in Total Liabilities shall be equal to the greater of (i) the outstanding amount of such liability and (ii) the fair market value of all assets pledged or otherwise segregated to secure such liability.

[the remainder of this page has been intentionally left blank]

9. The undersigned is a duly authorized officer of the Applicable Borrower identified above with authority to execute and deliver this document to the Agent.


	[COMPANY]


	By:

	Name:

	Title:

Schedule A

List of Companies

Putnam Family of Funds

EXHIBIT C

FORM OF

COMPLIANCE CERTIFICATE

Date

[Address(es) (Compliance Certificates
need to be sent to the Agent and each Bank)]
Attention:

Ladies and Gentlemen:

Reference is hereby made to the Credit Agreement, dated as of September 24, 2015 among each trust company listed on Schedule A hereto, the Banks and other lending institutions party thereto and State Street Bank and Trust Company, as Agent (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”). Each term that is defined in the Credit Agreement and not herein defined has the meaning ascribed thereto by the Credit Agreement when used herein.

The undersigned, an authorized representative of each Borrower, hereby certifies with respect to such Borrower that (a) this Certificate is being delivered pursuant to Section 5.01(c) of the Credit Agreement, and (b) as of [fill in the appropriate fiscal period-end date], [[no Default with respect to such Borrower has occurred and is continuing] or [the following Default[s] with respect to such Borrower [has/have] occurred and [is/are] continuing and, in furtherance thereof, such Borrower is taking the following action: _____________________].]


	[NAME OF AUTHORIZED COMPANY]


	By:
		Name:
		Title:

Schedule A

List of Trust Companies

Putnam Family of Funds

EXHIBIT D

FORM OF

ASSIGNMENT AND ACCEPTANCE

Date

__________________________ (the “Assignor”) and __________________________ (the “Assignee”) hereby agree as follows:

§1. Assignors. Subject to the terms and conditions of this Assignment and Acceptance, the Assignor hereby sells and assigns to the Assignee, and the Assignee hereby purchases and assumes without recourse to the Assignor, a [$___________] interest in and to the rights, benefits, indemnities and obligations of the Assignor under the Credit Agreement equal to [_____%] in respect of the Assignor’s Commitment Amount immediately prior to the Effective Date (as hereinafter defined).

§2. Assignor’s Representations. The Assignor (a) represents and warrants that (i) it is legally authorized to enter into this Assignment and Acceptance, (ii) as of the date hereof, its Commitment Amount is [$_____________], its Commitment Percentage is [____%], the aggregate outstanding principal balance of its Loans equals [$_____________], (in each case before giving effect to the assignment contemplated hereby and without giving effect to any contemplated assignments which have not yet become effective), and (iii) immediately after giving effect to all assignments which have not yet become effective, the Assignor’s Commitment Percentage will be sufficient to give effect to this Assignment and Acceptance, (b) makes no representation or warranty, express or implied, and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with the Credit Agreement or any of the other Loan Documents or the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Credit Agreement, any of the other Loan Documents or any other instrument or document furnished pursuant thereto or the attachment, perfection or priority of any security interest or mortgage, other than that it is the legal and beneficial owner of the interest being assigned by it hereunder free and clear of any claim or encumbrance; (c) makes no representation or warranty and assumes no responsibility with respect to the financial condition of any Borrower or any other Person primarily or secondarily liable in respect of any of the Loans, or the performance or observance by any Borrower or any other Person primarily or secondarily liable in respect of any of the Loans of any of its obligations under the Credit Agreement or any of the other Loan Documents or any other

instrument or document delivered or executed pursuant thereto; and (d) attaches hereto the Note delivered to it under the Credit Agreement.

The Assignor requests that the Borrowers exchange the Assignor’s Note for new Notes payable to the Assignor and the Assignee as follows:


	Notes Payable to	Amount of Note

	Assignor	$_________
	Assignee	$_________

§3. Assignee’s Representations. The Assignee (a) represents and warrants that (i) it is duly and legally authorized to enter into this Assignment and Acceptance, (ii) the execution, delivery and performance of this Assignment and Acceptance do not conflict with any provision of law or of the charter or by-laws of the Assignee, or of any agreement binding on the Assignee, (iii) all acts, conditions and things required to be done and performed and to have occurred prior to the execution, delivery and performance of this Assignment and Acceptance, and to render the same the legal, valid and binding obligation of the Assignee, enforceable against it in accordance with its terms, have been done and performed and have occurred in due and strict compliance with all applicable laws; (b) confirms that it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to Section 5.01 thereof and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Acceptance; (c) agrees that it will, independently and without reliance upon the Assignor, the Agent, or any Bank and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement; (d) appoints and authorizes the Agent to take such action as agent on its behalf and to exercise such powers under the Credit Agreement and the other Loan Documents as are delegated to the Agent by the terms thereof, together with such powers as are reasonably incidental thereto; (e) agrees that it will perform in accordance with their terms all the obligations which by the terms of the Credit Agreement are required to be performed by it as a Bank; and (f) attaches hereto the forms required to be delivered by it pursuant to Section 2.11 of the Credit Agreement.

§4. Effective Date. The effective date for this Assignment and Acceptance shall be [__________] [such date to be no earlier than the third Domestic Business Day after the date that a fully signed copy hereof shall have been delivered to the Agent] (the “Effective Date”). Following the execution of this Assignment and Acceptance each party hereto shall deliver its duly executed counterpart hereof to the Agent for consent by the Agent (and the Borrowers, if required by the Credit Agreement) and recording in the Register.

§5. Rights Under Credit Agreement. Upon such recording in the Register, from and after the Effective Date, (a) the Assignee shall be a party to the Credit Agreement and, to the extent provided in this Assignment and Acceptance, have the rights and obligations of a Bank thereunder, and (b) the Assignor shall, with respect to that portion of its interest under the Credit Agreement assigned hereunder, relinquish its rights and be released from its obligations under the Credit Agreement other than its obligations, if any, under Section 9.09 thereof; provided,

however, that the Assignor shall retain its rights to be indemnified pursuant to Section 9.03 of the Credit Agreement with respect to any claims or actions arising prior to the Effective Date.

§6. Payments. Upon such recording in the Register, from and after the Effective Date, the Agent shall make all payments in respect of the rights and interests assigned hereby (including payments of principal, interest, fees and other amounts) to the Assignee. The Assignor and the Assignee shall make any appropriate adjustments in payments for periods prior to the Effective Date by the Agent or with respect to the making of this assignment directly between themselves.

§7. Governing Law. This Agreement is a contract under the laws of the Commonwealth of Massachusetts and shall for all purposes be construed in accordance with and governed by the laws of Commonwealth of Massachusetts, without regard to conflict of laws principles that would require the application of the laws of another jurisdiction.

§8. Counterparts. This Assignment and Acceptance may be executed in any number of counterparts which shall together constitute but one and the same agreement.

[the remainder of this page has been intentionally left blank]

IN WITNESS WHEREOF, each party hereto has caused this ______________ to be executed by its duly authorized representative as of the date first above written.


	[ASSIGNOR]


	By:
		Name:
		Title:

		[ASSIGNEE]


	By:
		Name:
		Title:

[CONSENTED TO:]

Each trust company listed on
Schedule A hereto


[By:
	Name:
	Title:]

	STATE STREET BANK AND TRUST COMPANY,
	as Agent


By:
	Name:
	Title:

Schedule A³

List of Trust Companies

^{________________________________
3}Delete this Schedule if it is unnecessary

Putnam Family of Funds

EXHIBIT E

FORM OF

JOINDER AGREEMENT

JOINDER AGREEMENT NO. ___ (this “Agreement”), dated as of _________ __, 20__, to the Credit Agreement, dated as of September 24, 2015, among each trust company listed on Schedule A hereto, the Banks and other lending institutions party thereto, and State Street Bank and Trust Company, as Agent (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”). Each term that is defined in the Credit Agreement and not herein defined has the meaning ascribed thereto by the Credit Agreement when used herein.

1. Request. (a) Pursuant to Section 2.12(a) of the Credit Agreement, the Borrowers (the “Existing Borrowers”) hereby request that each of the following trusts, if any, be added as a “Company” for all purposes of the Loan Documents (each a “New Company”):


	New Company	Company Borrower (Y or N)

(b) Pursuant to Section 2.12(a) of the Credit Agreement, the Borrowers hereby

request that each of the following Series, if any, of each Company (including a New

Company) listed below, if any, be added as a “Fund” for all purposes of the Loan

Documents (each a “New Fund”):


	Company	Series

2. Joinder. By signing below, each Bank and the Agent hereby agrees, and each of the other parties hereto hereby agrees, that (a) each such New Company shall be deemed to be a “Company” for all purposes under the Loan Documents, (b) each such New Fund shall be deemed to be a “Fund” for all purposes of the Loan Documents, and (c) Schedule 2 to the Credit Agreement shall be automatically amended and restated in the form of Schedule 2 to this Agreement. Each New Company hereby represents and warrants that it is correctly identified as a Company Borrower in paragraph 1(a) above.

3. New Borrowers. For purposes of this Agreement, “New Borrower” means (a) each New Company that is a Company Borrower, and (b) each other Company (including a New Company) acting on behalf of, and for the account of, each Series thereof that is a New Fund.

4. Effectiveness. This Agreement shall become effective upon the first date that each of the following conditions shall have first been satisfied (the date, if any, on which such conditions shall have first been satisfied being referred to herein as the “Joinder Effective Date”):

(a) the Agent shall have received a counterpart of this Agreement signed by each Existing Borrower and each New Borrower;

(b) the Agent shall have received a certificate of the Clerk, Secretary or Assistant Secretary (or other officer acceptable to the Agent) of each New Borrower, dated the Joinder Effective Date, in all respects satisfactory to the Agent (i)(1) attaching a true complete and correct copy of all its Charter Documents, or (2)(x) if previously delivered to the Agent under the Loan Documents, all amendments, restatements, supplements or other modifications to its Charter Documents since the date the Related Company thereof became a party to the Credit Agreement, or (y) certifying that no such amendments, restatements, supplements or other modifications have occurred, or (ii) attaching a copy of all of the Offering Documents, as of the Joinder Effective Date, of each New Borrower and such other material as accurately and completely sets forth all Investment Policies and Restrictions of such New Borrower not reflected in the Offering Documents, (iii) attaching the resolutions of the Managing Body of such New Borrower authorizing the transactions contemplated hereby and certifying that such resolutions are in full force and effect, and (iv) certifying as to the incumbency of authorized persons of such Borrower or New Borrower executing this Agreement;

(c) with respect to each New Borrower, the Agent shall have received a federal reserve form FR U-1 executed on behalf of such New Borrower;

(d) one or more opinions of counsel to each New Borrower covering such matters relating to the transactions contemplated hereby as the Agent may request, in form and substance satisfactory to the Agent; and

(e) all fees and expenses payable in connection with this Agreement, including, without limitation, the reasonable fees and expenses of counsel to the Agent to the extent invoiced, shall have been paid.

5. No Defense; Representations and Warranties; No Default. Each Borrower (including each New Borrower) hereby (a) reaffirms and admits the validity and enforceability of each Loan Document and this Agreement and the respective obligations of such Borrower thereunder, and agrees and admits that such Borrower has no defense to or offset against any such obligation, and (b) represents and warrants that (i) no Default with respect to such Borrower has occurred and is continuing, (ii) all of the representations and warranties of such Borrower contained herein and in any other Loan Document are true and correct on and as of the date hereof (after giving effect to this Agreement) as if made on and as of such date (unless any representation and warranty relates to an earlier date, in which case such representation and warranty shall be true and correct in all material respects as of such earlier date), and (iii) it has received a copy of each Loan Document.

6. Binding Effect; Several Agreement. All covenants, promises and agreements by or on behalf of any party hereto that are contained in this Agreement shall bind and inure to the benefit of each other party hereto and their respective successors and assigns.

7. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE COMMONWEALTH OF MASSACHUSETTS, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.

8. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall constitute an original, but all of which, when taken together, shall constitute but one contract. Delivery of an executed counterpart of this Agreement by facsimile transmission or electronic transmission in “portable document format” shall be as effective as delivery of a manually executed counterpart of this Agreement.

9. Headings. Section headings used herein are for convenience of reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement.

[the remainder of this page has been intentionally left blank]

IN WITNESS WHEREOF, the undersigned have caused this Agreement to be duly executed as of the date first above written.


	Each trust company listed on Schedule A hereto

	By:

	Name:

	Title:

	STATE STREET BANK AND TRUST
	COMPANY, as Agent and as a Bank

	By:

	Name:

	Title:

	[EACH BANK]

	By:

	Name:

	Title:

Schedule 2 to Joinder Agreement

Schedule A

List of Companies

Putnam Family of Funds

EXHIBIT F

FORM OF

REMOVAL NOTICE

REMOVAL NOTICE NO. ___ (this “Agreement”), dated as of _________ __, 20__, to the Credit Agreement, dated as of September 24, 2015, among each trust company listed on Schedule A hereto, the Banks and other lending institutions party thereto, and State Street Bank and Trust Company, as Agent (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”). Each term that is defined in the Credit Agreement and not herein defined has the meaning ascribed thereto by the Credit Agreement when used herein.

10. Request. (a) Pursuant to Section 2.12(b) of the Credit Agreement, the Borrowers (the “Existing Borrowers”) hereby request that each of the following trusts, if any, be removed as a “Company” for all purposes of the Loan Documents (each a “Departing Company”):


	Departing Company	Company Borrower (Y or N)

(b) Pursuant to Section 2.12(b) of the Credit Agreement, the Borrowers hereby

request that each of the following Series, if any, of each Company (including a New

Company) listed below, if any, be removed as a “Fund” for all purposes of the Loan

Documents (together with each Series of each Departing Company, collectively, the

“Departing Funds”):


	Company	Series

11. Removal. On and as of the later to occur of the third Domestic Business Day from the date hereof (or such fewer number of days as the Agent may agree in its sole discretion) and [date] (such later date, the “Removal Date”) (a) Each Departing Company shall cease to be a “Company” for all purposes of the Loan Documents (other than such provisions thereof that by their terms survive the termination or other expiration thereof), (b) each Departing Fund shall cease to be a “Fund” for all purposes of the Loan Documents (other than such provisions thereof that by their terms survive the termination or other expiration thereof), (c) the Related Company of each Departing Fund, acting on behalf of and for the account of each such Departing Fund, shall cease to be a “Borrower” for all purposes of the Loan Documents (other than such provisions thereof that by their terms

survive the termination or other expiration thereof), and (d) Schedule 2 to the Credit Agreement shall be automatically amended and restated in the form of Schedule 2 hereto.

12. Effectiveness. This Agreement shall become effective upon the first date that each of the following conditions shall have first been satisfied:

(a) the Agent shall have received a counterpart of this Agreement signed by each Departing Company and each Departing Fund;

(b) on or prior to such Removal Date, the Agent shall have received payment of the following through and including such Removal Date: (w) the outstanding principal balance of all Loans made to the Borrower or Borrowers composed of each Departing Company and each Departing Fund, (x) all accrued and unpaid interest thereon, (y) all fees and expenses owing under the Loan Documents by the Borrower or Borrowers composed of each Departing Company and each Departing Fund, and (z) all other monetary obligations owing under the Loan Documents by the Borrower or Borrowers composed of each Departing Company and each Departing Fund,

(c) the sum of all Pro rata Shares of all Borrowers (other than the Borrower or Borrowers consisting of such Departing Company or Departing Fund) set forth on Schedule 2 hereto shall equal 100%.

13. Binding Effect; Several Agreement. All covenants, promises and agreements by or on behalf of any party hereto that are contained in this Agreement shall bind and inure to the benefit of each other party hereto and their respective successors and assigns.

14. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE COMMONWEALTH OF MASSACHUSETTS, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.

15. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall constitute an original, but all of which, when taken together, shall constitute but one contract. Delivery of an executed counterpart of this Agreement by facsimile transmission or electronic transmission in “portable document format” shall be as effective as delivery of a manually executed counterpart of this Agreement.

16. Headings. Section headings used herein are for convenience of reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement.

[the remainder of this page has been intentionally left blank]

IN WITNESS WHEREOF, the undersigned have caused this Agreement to be duly executed as of the date first above written.


	[EACH BORROWER]

	By:

	Name:

	Title:

Schedule 2 to Removal Notice

Schedule A

List of Companies

EX-99.H OTH MAT CONT 3 c_teifex99h8.htm EX-99.H OTH MAT CONT c_teifex99h8.htm

September 24, 2015


Each of the Borrowers listed
on Appendix I hereto
One Post Office Square
Boston, MA 02109
Attention:	Jonathan S. Horwitz,
	Executive Vice President, Principal Executive Officer,
	Treasurer and Compliance Liaison

RE:	Putnam Funds Amended and Restated Uncommitted Line of Credit

Ladies and Gentlemen:

State Street Bank and Trust Company (the “Bank”) has previously made available a $235,500,000 discretionary, uncommitted, unsecured line of credit (the “Existing Uncommitted Line”) to each of the management investment companies registered under the Investment Company Act listed on Appendix I (each, an “Existing Borrower”) attached to that certain loan agreement dated July 6, 2010 (as amended prior to the date hereto, the “Existing Loan Agreement”), each acting on behalf of itself or on behalf of one or more of its designated fund series. The obligations of the Existing Borrowers arising under the Existing Uncommitted Line are evidenced by an amended and restated promissory note in the original principal amount of $235,500,000, dated June 27, 2014, executed by each of the Existing Borrowers, for itself or on behalf of such designated fund series thereof, in favor of the Bank (as amended, the “Existing Note”).

The parties hereto have agreed to amend and restate the Existing Loan Agreement in its entirety as set forth below. Therefore, for good and valuable consideration, the receipt of which is hereby acknowledged, the Bank is pleased to make available a $235,500,000 uncommitted unsecured revolving line of credit (the “Uncommitted Line”) to each of the management investment companies registered under the Investment Company Act listed on Appendix I attached hereto (each, a “Borrower”), each acting on behalf of itself or on behalf of one or more of its respective Funds (as defined in Section 16), in each case acting separately from all of the other Borrowers and Funds and not jointly or jointly and severally with any of them, on the following terms and conditions:

Putnam Funds
September 24, 2015
Page 2

I. Uncommitted Line

1. Term. The Uncommitted Line shall commence on the date hereof and expire on September 22, 2016 (the “Expiration Date”), unless extended by mutual agreement of the Bank and the Borrowers or, with respect to any Fund, terminated by a Borrower on behalf of such Fund as provided herein. A Borrower, on behalf of one of its respective Funds, may terminate the Uncommitted Line with respect to such Fund upon three (3) days prior written notice and payment of all outstanding principal, interest, fees, costs, expenses and other amounts owing by such Fund to the Bank hereunder on the effective date of termination.

2. Notice and Manner of Borrowings. In the sole and absolute discretion of the Bank, and in any event subject to the terms and conditions hereof, the Bank may make revolving loans to a Borrower on behalf of any Fund under the Uncommitted Line (each such loan, a "Loan") up to a maximum aggregate principal amount outstanding at any one time equal to the Uncommitted Line Amount; provided that, in each case after giving effect to the requested Loan, (a) the aggregate outstanding Indebtedness for borrowed money of such Fund (including the aggregate principal amount of all Loans outstanding to such Fund hereunder, the aggregate principal amount of all loans, if any, outstanding to such Fund under the Syndicated Facility, and the aggregate principal amount of all Interfund Loans, if any, outstanding to such Fund) shall not exceed the Maximum Amount applicable to such Fund, (b) the aggregate principal amount of Loans outstanding to such Fund hereunder shall not exceed the Per Fund Limit Amount, and (c) the aggregate principal amount of Loans outstanding to all Borrowers on behalf of all Funds hereunder shall not exceed the Uncommitted Line Amount. Each request for a Loan hereunder shall be made in writing by any Borrower on behalf of a Fund by delivering a completed loan request in the form of Exhibit B attached hereto and such other information or documentation as the Bank may reasonably request. Each such Loan request shall be made by any Borrower, on behalf of a Fund, and received by the Bank not later than 3:00 p.m., Boston time, on the Business Day on which such Loan is to be made. Each Loan request hereunder shall be deemed to be a confirmation by the applicable Borrower, on behalf of the applicable Fund, that no Default or Event of Default has occurred and is continuing hereunder with respect to such Fund, that the representations and warranties of such Borrower on behalf of such Fund described below remain true and correct, and that no borrowing limitations or restrictions applicable to such Fund or the Uncommitted Line (including those set forth in clauses (a) through (c) of the proviso above in this Section) will be exceeded after giving effect to the requested Loan, each of which shall be a precondition to the making of any Loan hereunder. Notwithstanding the foregoing, each of the Borrowers agrees and understands that the making of any Loan hereunder shall remain in the sole and absolute discretion of the Bank and the Bank shall have no commitment with respect thereto.

3. Evidence of Indebtedness. All Loans will be evidenced by a promissory note in the form attached hereto as Exhibit A executed by each of the Borrowers on behalf of its

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respective Funds (as amended, restated, extended, replaced or otherwise modified and in effect from time to time, the "Note"). Each Borrower, on behalf of its respective Funds, hereby authorizes the Bank to record each Loan and the corresponding information on the Bank’s books and records (including the schedule forming part of the Note), and, absent manifest error, this record shall govern and control. The failure by the Bank to record, or any error in so recording, any such amount on the Bank's books and records, such schedule, or any other record maintained by the Bank, shall not limit or otherwise affect the obligation of each of the Borrowers, on behalf of its respective Funds, to make payments of principal of and interest on each Loan as provided herein and in the Note.

4. Interest Rate. Principal on each outstanding Loan shall bear interest at a variable rate per annum equal to the Federal Funds Rate plus 1.30%, which rate shall be subject to change from time to time as and when the Federal Funds Rate changes. Interest on each Loan shall be calculated on the basis of a 360-day year for the actual number of days elapsed. Upon the occurrence of an Event of Default described in Section II(3)(e) or (f) with respect to the applicable Fund, immediately and automatically, and otherwise upon notice from the Bank to a Borrower, on behalf of any of its respective Funds, given at any time following the occurrence and during the continuance of an Event of Default hereunder with respect to such Fund unpaid principal on any Loan incurred by such Borrower on behalf of such Fund, and to the extent permitted by applicable law, unpaid interest on such Loan, shall thereafter bear interest, compounded monthly and payable on demand, until paid in full (after as well as before judgment) at a rate per annum equal to two percent (2%) above the rate otherwise applicable to such Loan hereunder.

5. Payments and Prepayments; Recourse. (a) Each of the Borrowers, on behalf of its respective Funds, hereby promises to pay accrued interest on all Loans incurred by it monthly in arrears on the fifteenth day of each calendar month for the immediately preceding calendar month; provided, however, that in each such case if such day on which interest on any Loans is due is not a Business Day, interest shall be payable on the next preceding Business Day. Each of the Borrowers, on behalf of its respective Funds, hereby promises to repay the principal amount of each outstanding Loan incurred by it, together with all accrued and unpaid interest thereon, upon the earliest of (i) sixty (60) days following the date on which such Loan is made, (ii) the date on which such Loan becomes due pursuant to Section II(4) below following the occurrence and during the continuance of an Event of Default, or (iii) the Expiration Date. Each of the Borrowers, on behalf of each of its respective Funds, further covenants and agrees to immediately repay (1) the outstanding aggregate principal amount of any Indebtedness for borrowed money of any such Fund at any time (including the then outstanding aggregate principal amount of all Loans to such Fund hereunder and including the aggregate principal amount of all loans, if any, outstanding to such Fund under the Syndicated Facility) to the extent such amount exceeds the Maximum Amount applicable to such Fund at such time, and (2) any amount by which the then outstanding aggregate principal amount of all Loans to any such Fund at any time exceeds the Per Fund Limit Amount, in each case upon the earlier to occur of such

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Borrower first becoming aware of any such circumstance or demand by the Bank. Each of the Borrowers, on behalf of each of its respective Funds having Loans outstanding at any time, further covenants and agrees that it shall make such repayments of the Loans outstanding to each such Fund at any time to the extent required such that the then outstanding aggregate principal amount of all Loans to all Funds hereunder shall at no time exceed the Uncommitted Line Amount, in each case upon the earlier to occur of such Borrower first becoming aware of any such circumstance or demand by the Bank. Loans may be prepaid at the option of the Borrowers without penalty or premium, and any amounts prepaid may be reborrowed in the Bank’s sole discretion and otherwise subject to the terms hereof. Notwithstanding the foregoing or any other provision of this Agreement, there shall be a period with respect to each Fund hereunder consisting of at least one Business Day during each sixty (60) day period during which this Agreement is in effect when no Loans are outstanding to such Fund. Each Borrower, on behalf of its respective Funds, promises to make such payments of one or more Loans as are necessary to comply with the foregoing sentence.

(b) All payments by the Borrowers on behalf of their respective Funds hereunder and under any of the other Loan Documents shall be made not later than 2:00 p.m. Boston time on the date due in immediately available United States dollars at the Bank's office at 100 Huntington Avenue, Tower 2, Floor 4, Boston, Massachusetts or as otherwise directed in writing by the Bank. Each of the Borrowers, on behalf of its respective Funds, hereby authorizes and irrevocably directs the Bank, at the Bank’s option at any time upon and following the due date for payment by such Borrower of any amounts under the Loan Documents, and without any further notice to or consent of such Borrower, to debit any account(s) of such Borrower with the Bank and apply amounts so debited toward the payment of any such amounts due and owing by such Borrower under the Loan Documents. Notwithstanding such authorization and direction, each Borrower hereby further acknowledges and agrees that (i) the Bank shall have no obligation to so debit any such account(s) and shall have no liability whatsoever to such Borrower for any failure to do so, and (ii) such Borrower shall fully retain the obligation under the Loan Documents to make all payments thereunder when due. All such payments by the Borrowers on behalf of their respective Funds hereunder and under any of the other Loan Documents shall be made without recoupment, setoff or counterclaim and free and clear of and without deduction for any taxes, levies, imposts, duties, charges, fees, deductions, withholdings, compulsory loans, restrictions or conditions of any nature now or hereafter imposed or levied by any jurisdiction or any political subdivision thereof or taxing or other authority therein (excluding taxes that are imposed on the Bank’s overall net income (or franchise taxes imposed in lieu thereof) by the United States and by the state under the laws of which the Bank is organized (all such non-excluded taxes, levies, imposts, duties, charges, fees, deductions, withholdings, compulsory loans, restrictions and conditions being herein referred to as “Taxes”)) unless a Borrower is compelled by law to make such deduction or withholding. If any such obligation is imposed upon a Borrower with respect to any amount payable by it hereunder or under any of the Loan Documents, such Borrower will pay to the Bank, on the date on which such amount is due and payable hereunder or under the Loan Documents, such additional amount in United States dollars

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as shall be necessary to enable the Bank to receive the same net amount which the Bank would have received on such due date had no such obligation been imposed upon such Borrower. The applicable Borrower will deliver promptly to the Bank certificates or other valid vouchers for all taxes or other charges deducted from or paid with respect to payments made by such Borrower hereunder or under the Loan Documents. In addition, each of the Borrowers, on behalf of its respective Funds, shall pay any present or future stamp, documentary, excise, property or similar taxes, charges or levies that arise from any payment made hereunder or from the execution, delivery or registration of, performance under, or otherwise with respect to, this Agreement or any of the Loan Documents (herein referred to as “Other Taxes”). Each of the Borrowers, on behalf of its respective Funds, shall indemnify the Bank for and hold the Bank harmless against the full amount of Taxes and Other Taxes, and for the full amount of taxes of any kind imposed by any jurisdiction on amounts payable under this Section I(5)(b), imposed on or paid by the Bank and any liability (including penalties, additions to tax, interest and expenses) arising therefrom or with respect thereto. This indemnification payment shall be made within 30 days from the date the Bank makes written demand therefor. A certificate as to the amount of such payment or liability, delivered to such Borrower by the Bank, shall be conclusive in the absence of manifest error. If the Bank determines, in its sole discretion, that it has received a refund of any Taxes or Other Taxes as to which it has been indemnified by a Borrower or with respect to which a Borrower has paid additional amounts pursuant to this Section I(5)(b), it shall pay to such Borrower an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by such Borrower under this Section I(5)(b) with respect to the Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses incurred by the Bank and without interest (other than any interest paid by the relevant governmental authority with respect to such refund), provided that each Borrower, upon the request of the Bank, agrees to repay the amount paid over to such Borrower (plus any penalties, interest or other charges imposed by the relevant governmental authority) to the Bank in the event that the Bank is required to repay such refund to such governmental authority. This subsection shall not be construed to require the Bank to make available its tax returns (or any other information relating to its taxes that it deems confidential) to any Borrower or any other person.

(c) The Bank and each of the Borrowers acknowledge and agree that the Bank shall look solely to the property of each respective Fund for the enforcement of any claim against such Fund. None of the trustees, officers, employees, agents or shareholders of any Borrower or any Fund assumes any personal liability for the obligations entered into by any Borrower on behalf of any Fund with respect to the Uncommitted Line. In addition, the principal amount of any Loan, and accrued interest thereon, and any fees, costs, expenses, indemnities or other amounts payable in connection with or relating to any Fund or any Loan pursuant to this Agreement (other than any fees, costs, expenses, indemnities or other amounts payable to the Bank pursuant to the terms hereof not specific or identifiable to any Fund or Funds or any particular Loan), shall be paid or repaid solely from the assets of such Fund (or the Fund to which such Loan is made), and the Bank shall have no right of recourse or offset against the assets of any other Fund or any other series of any Borrower for such amounts. Each Fund shall

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be severally (and not jointly or jointly and severally) liable to the Bank hereunder for fees, costs, expenses, indemnities or other amounts owed to the Bank pursuant to the terms hereof that are not specific or identifiable to any Fund or Funds or any particular Loan in accordance with such Fund’s ratable portion thereof based upon the relative Net Assets of each Fund at any time of determination or based upon such other method reasonably acceptable to the Bank as the board of directors or trustees of the respective Borrowers may determine upon prior written notice to the Bank.

6. Use of Loan Proceeds. Proceeds of Loans may be used solely for temporary or emergency purposes, including, without limitation, to temporarily finance the redemption of the shares of an investor of the Fund on behalf of which a Loan is made, or to temporarily finance the purchase or sale of securities for prompt delivery if the Loan is to be repaid promptly in the ordinary course of business upon completion of such purchase or sale transaction, or for other temporary and emergency purposes in each case consistent with the then current investment objectives and investment restrictions of the Fund on behalf of which a Loan is made; provided that such use of proceeds of each such Loan (a) shall constitute an “Exempted Transaction” as described in section 221.6(f) of Regulation U, (b) shall otherwise constitute an “Exempted Transaction” under, or shall not constitute a “purpose credit” for purposes of, Regulation U, or (c) shall not otherwise cause such loans to violate the provisions of Regulation U; provided, further, that no proceeds of any Loan made hereunder shall be used to make any Interfund Loan. In the event that the proposed use of proceeds of any Loan to a Fund shall not constitute an “Exempted Transaction” under Regulation U, but shall nonetheless constitute a “purpose credit” for purposes thereof, the applicable Borrower, on behalf of such Fund, at the time of the request for such Loan is made, shall furnish the Bank with an updated statement in conformity with the requirements of Federal Reserve Form U-1 referred to in Regulation U. Each Loan shall be made in compliance with, and subject to, the relevant Fund’s Prospectus and Regulation U and no portion of any proceeds of any Loan shall be used directly or indirectly in violation of any provision of any statute, regulation, order or restriction applicable to the Bank, any Borrower or any Fund.

7. Addition of Borrowers and Funds. With the prior written consent of the Bank in its sole discretion (exercised in accordance with the Bank’s current guidelines and practices) and in any event no more than once per calendar quarter, any Borrower may request the addition to this Agreement of (a) one or more management investment companies registered under the Investment Company Act as a Borrower hereunder or (b) any fund series of a Borrower as a Fund hereunder. In no event will any such additional management investment company or fund series be added to this Agreement if such management investment company or fund series is advised or sub-advised by the Bank or an affiliate of the Bank. The addition of any such management investment company or fund series shall be subject to consent by the Bank in its sole discretion and completion of an appropriate amendment to this Agreement and such other documentation as the Bank may reasonably require, including without limitation current prospectus and related information; corporate, trust or similar existence and authorization documentation; and

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appropriate legal opinions, in each case with respect to any proposed new Borrower or Fund as the Bank may reasonably require.

8. Upfront Fee. Each of the Borrowers, on behalf of its respective Funds, hereby agrees to pay to the Bank on the date hereof a closing fee in an aggregate amount for all Borrowers equal to $94,200, payable as a condition precedent to closing. Such fee shall be non-refundable and shall be deemed fully earned by the Bank on the date hereof.

9. Additional Costs; Capital Adequacy. (a) If any new law, rule or regulation, or any change after the date hereof in the interpretation or administration of any applicable law, rule or regulation by any governmental authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance by the Bank (or its applicable lending office) with any request or directive (whether or not having the force of law) of any such authority, central bank or comparable agency in connection therewith issued, promulgated or enacted after the date hereof shall:

(i) subject the Bank (or its applicable lending office) to any tax, duty or other charge with respect to the Loans, the Note or the Bank’s undertakings hereunder, or shall change the basis of taxation of payments to the Bank (or its applicable lending office) of the principal of or interest on the Loans or any other amounts due under this Agreement or the Bank’s undertakings hereunder, in each case, except for any tax on, or changes in the rate of tax on the overall net income of, or franchise taxes payable by, such Bank or its applicable lending office described in Section I(5)(b) above; or

(ii) impose, modify or deem applicable any reserve (including, without limitation, any such requirement imposed by the Board of Governors of the Federal Reserve System), special deposit, insurance assessment or similar requirement against assets of, deposits with or for the account of, or credit extended by, the Bank (or its applicable lending office) or shall impose on the Bank (or its applicable lending office) any other condition affecting the Loans, the Note or the Bank’s undertakings hereunder; or

(iii) impose on the Bank any other conditions or requirements with respect to this Agreement, the other Loan Documents, the Loans or the Bank’s undertakings hereunder;

and the result of any of the foregoing is to increase the cost to the Bank (or its applicable lending office) of making, funding, issuing, renewing, extending or maintaining any Loan or the Bank’s undertakings hereunder, or to reduce the amount of any sum received or receivable by the Bank (or its applicable lending office) under this Agreement or under the Note with respect thereto, by an amount deemed by the Bank to be material, then, promptly upon demand by the Bank (and in any event within thirty (30) days after demand by the Bank) and delivery to the Borrowers of the certificate required by clause (c) of this Section I(10), each of the Borrowers, on behalf of its respective Funds, shall pay to the Bank its ratable portion (calculated in accordance with Section

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I(5)(c) above) of the additional amount or amounts as will compensate the Bank for such increased cost or reduction.

(b) If the Bank shall determine that any change after the date hereof in any existing applicable law, rule or regulation or any new law, rule or regulation regarding liquidity or capital adequacy, or any change therein, or any change after the date hereof in the interpretation or administration thereof by any governmental authority, central bank or comparable agency charged with the interpretation or administration thereof, or any new request or directive of general applicability regarding liquidity or capital adequacy (whether or not having the force of law) of any such authority, central bank or comparable agency issued, promulgated or enacted after the date hereof, has or would have the effect of reducing the rate of return on capital of the Bank (or its parent corporation) as a consequence of the Bank’s obligations hereunder to a level below that which the Bank (or its parent corporation) could have achieved but for such law, change, request or directive (taking into consideration its policies with respect to capital adequacy and liquidity) by an amount deemed by the Bank to be material, then from time to time, promptly upon demand by the Bank (and in any event within thirty (30) days after demand by the Bank), each of the Borrowers, on behalf of its respective Funds, shall pay to the Bank its ratable portion (calculated in accordance with Section I(5)(c) above) of such additional amount or amounts as will compensate the Bank (or its parent corporation) for such reduction.

(c) The Bank will promptly notify the Borrowers of any event of which it has knowledge, occurring after the date hereof, which will entitle the Bank to compensation pursuant to this Section. A certificate of the Bank claiming compensation under this Section and setting forth in reasonable detail the additional amount or amounts to be paid to it hereunder and the calculations used in determining such additional amount or amounts shall be conclusive in the absence of manifest error. In determining such amount, the Bank may use any reasonable averaging and attribution methods.

(d) For the avoidance of doubt and notwithstanding anything herein to the contrary, for the purposes of this Section I(9), (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, regulations, guidelines, interpretations or directives thereunder or issued in connection therewith (whether or not having the force of law) and (ii) pursuant to Basel III, all requests, rules, regulations, guidelines, interpretations or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities (whether or not having the force of law), shall in each case be deemed to be a change in law regardless of the date enacted, adopted, issued, promulgated or implemented.

II. General Loan Terms

1. Covenants. Until all obligations of the Borrowers and their respective Funds with respect to the Uncommitted Line have been paid in full and the Uncommitted Line has been

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terminated, unless otherwise consented to in writing by the Bank, each of the Borrowers hereby covenants and agrees as follows for itself and on behalf of each of its respective Funds but not as to any other Borrower or Funds (each of the Borrowers hereby acknowledging and agreeing that compliance with the following covenants shall not in any way compromise the absolute discretion of the Bank whether or not to make Loans under the Uncommitted Line):

(a) not to create, assume or suffer to exist any Indebtedness for borrowed money such that the outstanding principal amount of Indebtedness for borrowed money (including Loans hereunder and including loans, if any, under the Syndicated Facility) of any one Fund at any time exceeds the Maximum Amount of such Fund;

(b) not to issue any preferred stock or create, incur, assume, suffer to exist, or guarantee, any Indebtedness other than, to the extent permitted by the relevant Prospectus (i) Indebtedness owing to the Bank; (ii) Indebtedness owing to the Custodian of such Borrower or Fund incurred in connection with such custody relationship; (iii) subject to the provisions of Section II(1)(g) below, Indebtedness consisting of Interfund Loans outstanding to any Fund and incurred to the extent permitted by, and consistent with, the Interfund Lending Exemptive Order; (iv) Indebtedness arising under the Syndicated Facility; (v) preferred stock or Indebtedness issued or incurred with the prior written consent of the Bank; and (vi) Indebtedness (not for the primary purpose of borrowing money) incurred in the ordinary course of such Borrower’s or Fund's business in connection with Financial Contracts, portfolio investments or investment techniques permissible under the Investment Company Act and other applicable law and consistent with such Borrower’s or Fund’s investment policies and restrictions, but only to the extent such Indebtedness under clause (vi) is reflected as a liability in the calculation of such Borrower’s or Fund’s Adjusted Net Assets;

(c) not to create, incur, assume or suffer to exist any mortgage, pledge, security interest, lien, hypothecation, or other charge or encumbrance upon any of its assets or properties, or enter into any agreement preventing it from encumbering any such assets or properties other than, to the extent permitted by the relevant Prospectus (i) those in favor of the Bank or its affiliates or subsidiaries; (ii) subject to the provisions of Section II(1)(g) below, liens incurred consistent with the Interfund Lending Exemptive Order securing Interfund Loans; (iii) those in favor of the Custodian of such Borrower or Fund securing Indebtedness permitted by Section II(1)(b)(ii) above; (iv) those for which the Bank has given its prior written consent; (v) those arising in the ordinary course of such Borrower’s or Fund’s business out of or in connection with portfolio investments (including Financial Contracts and reverse repurchase agreements), securities lending or investment techniques (not for the primary purpose of borrowing money) securing Indebtedness permitted by Section II(1)(b)(vi) above; and (vi) liens for taxes, fees, assessments and other governmental charges not yet due and payable and with respect to which reserves or other appropriate provisions as may be required by generally accepted accounting principles are being maintained;

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(d) to (i) duly observe and comply in all material respects with all applicable laws, including, without limitation, the Investment Company Act and any asset coverage and borrowing restrictions and restrictions on Indebtedness and extensions of credit contained therein and applicable to such Borrower or Fund, and applicable securities laws and regulations, in each case except to the extent that (x) any failure to observe or comply could not reasonably be expected to have a Material Adverse Effect, (y) the necessity of compliance therewith is contested in good faith by such Borrower by appropriate proceedings or (z) exemptive relief or no-action relief has been obtained therefrom and remains in effect; (ii) pay all taxes and governmental charges prior to the time they become delinquent, unless such taxes or charges are being contested in good faith by appropriate proceedings and as to which such reserves or other appropriate provisions as may be required by generally accepted accounting principles are being maintained; (iii) maintain in full force and effect all licenses and permits necessary in any material respect for the proper conduct of its business; (iv) maintain its legal existence, its status as an open-end or, as the case may be, closed-end, management investment company registered under the Investment Company Act and its status as a regulated investment company under Subchapter M of the Internal Revenue Code; (v) operate in material compliance with its declaration of trust, certificate or articles of incorporation, by-laws and/or other organizational documents, its Prospectus and all applicable investment policies and restrictions and agreements relating thereto; (vi) except for Permitted Mergers, not merge or consolidate with or into any entity or purchase all or substantially all of the assets or stock of any entity or sell or otherwise transfer all or any substantial portion of such Borrower's or such Fund’s assets (other than the sale of portfolio assets in the ordinary course of business as described in its Prospectus); (vii) not permit there to occur a change in the investment adviser of such Fund from the Investment Adviser (x) without the prior written consent of the Bank in its sole and absolute discretion or (y) unless the successor thereto is a Control Affiliate thereof; (viii) not permit there to occur (x) a change in the custodian of such Fund's assets from the Custodian or (y) a change in its administrator (other than to a Control Affiliate of Putnam Investment Management, LLC) or auditor (other than to another “big four” firm); (ix) not permit any change in the investment objectives or in the fundamental investment restrictions of such Borrower or Fund as described in its Prospectus, in any such case without the prior written consent of the Bank; (x) comply with all terms and provisions of all documents evidencing or securing any Indebtedness to or with the Bank and any other Indebtedness owing to any third party, including without limitation any Interfund Loans ("Other Indebtedness"); (xi) immediately notify the Bank of any event of default with respect to any Other Indebtedness in an aggregate principal amount exceeding the Threshold Amount and of any default under, or termination of, any agreement with the Custodian or with the Investment Adviser, and provide to the Bank a copy of any notice or claim of any such default or termination; (xii) promptly notify the Bank of any material litigation or governmental proceeding or investigation commenced or threatened in writing against such Borrower or Fund, to the extent permitted by applicable law; (xiii) immediately notify the Bank of the occurrence of any Default or Event of Default hereunder; and (xiv) maintain with financially sound and reputable insurance companies insurance in such amounts and covering such risks as is consistent with sound business practice and industry standards;

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(e) to permit the Bank or its representatives and agents to visit and inspect the properties of such Borrower and its respective Funds and to make copies or abstracts from such Borrower’s or Fund’s books and records at all such reasonable times and as often as may be reasonably desired;

(f) to provide to the Bank: (i) within 75 days after the end of each semi-annual period in each fiscal year, such Borrower’s or Fund’s semi-annual or annual, as the case may be, financial statements, including a statement of assets, liabilities and investments as of the end of each such period in a form reasonably acceptable to the Bank and, in the case of annual statements, audited by PricewaterhouseCoopers LLP, KPMG LLP or by another certified public accountant firm reasonably satisfactory to the Bank; (ii) promptly, all proxy materials, reports to shareholders and other information delivered to shareholders of such Borrower or Fund; (iii) promptly, all material reports, documents or other information relating to the financial condition of such Borrower or Fund that are delivered to the United States Securities and Exchange Commission, including in any event, copies of any new Prospectus or registration statement or any material change to any Prospectus or registration statement; (iv) prior to any Loan request or advance, and daily not later than 3:00 p.m. (Boston time) on each Business Day during which any Loans shall have been outstanding to such Fund (or more frequently as and when requested by the Bank), a certificate in the form attached as Exhibit B showing compliance by each such Fund with the borrowing limitations in Section I(2) above; and (v) such other financial statements and information as to each Borrower, Fund or the Investment Adviser as the Bank may reasonably request from time to time (all financial statements required hereunder to be prepared in accordance with generally accepted accounting principles consistently applied);

(g) not engage, as borrower or lender, in Interfund Lending other than in compliance with the following conditions and limitations:

(i) such Interfund Lending (A) is not otherwise prohibited by law, (B) is conducted on terms and conditions in compliance in all respects with the terms of the Interfund Lending Exemptive Order, (C) has been duly authorized by each party thereto, (D) is not in contravention of the relevant lending and/or borrowing Fund's Prospectus, or any applicable law, rule or regulation, or any agreement to which the relevant Borrower on behalf of the relevant borrowing and/or lending Fund is a party or otherwise bound, including, without limitation, any agreement relating to any Interfund Loan, and (E) is deemed to be Indebtedness of the relevant borrowing Fund for all purposes under this Agreement, including for purposes of calculating the borrowing limitations hereunder and the covenant in Section II(1)(a) hereof;

(ii) a Fund may not be a lender of an Interfund Loan at any time during which such Fund has any Loan outstanding hereunder nor may a Fund use the proceeds of any Loan to make an Interfund Loan;

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(iii) upon and during the continuance of a Default or Event of Default with respect to any Fund, the applicable Borrower, on behalf of such Fund, will not make or permit any payment or prepayment of any Interfund Loans owing by such Borrower, on behalf of such Fund, unless such Borrower, on behalf of such Fund, concurrently makes a pro rata payment or prepayment of Loans owing by such Borrower, on behalf of such Fund, if any, hereunder;

(iv) at the time of the borrowing of any Loan by a Borrower on behalf of a Fund hereunder, such Borrower, on behalf of such Fund, shall not have outstanding as a borrower or a lender any Interfund Loan secured by a lien unless such Borrower, on behalf of such Fund, shall have complied with Section II(1)(g)(v) hereof; and

(v) if at any time a Borrower, on behalf of any Fund, shall secure an Interfund Loan with collateral, such Borrower, on behalf of such Fund, shall simultaneously therewith (A) in a manner reasonably acceptable to the Bank, equally and ratably secure its outstanding Loans, in the same manner and to the same extent as such Interfund Loan, (B) to the extent reasonably required by the Bank, cause the lender of such Interfund Loan to enter into an intercreditor agreement with the Bank in form and substance reasonably satisfactory to the Agent, and (C) execute and deliver, or cause to be executed and delivered, such other agreements (including amendments to the Loan Documents), documents, instruments, certificates, Forms FR U-1 and legal opinions as the Bank may reasonably require

(h) execute and deliver such additional instruments and take such further actions as the Bank may from time to time reasonably request to effect the purpose of the Loan Documents and the Loans;

(i) to not, directly or, knowingly, indirectly use the proceeds of the Loans, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person, (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (ii) to fund any activities or business of or with any Person, or in any country, region or territory that, at the time of such funding, is, or whose government is, the subject of Sanctions in each case so as to result in a violation of Sanctions, or (iii) in any other manner that would result in a violation of Sanctions by any Person (including any Person participating in the Loans, whether as underwriter, advisor, investor or otherwise);

(j) to maintain in effect and enforce policies and procedures designed to ensure compliance in all material respects by such Borrower, its Funds and their respective

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directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions; and

(k) to not declare or make, or allow to be declared or made, any Restricted Payment, except: (i) such Borrower or Fund may declare or make any Restricted Payment payable solely in shares of the common stock of such Borrower or Fund; (ii) such Borrower or Fund may declare or make any Restricted Payment if no principal of any Loan to such Borrower or Fund shall be outstanding; (iii) such Borrower or Fund may declare or make any Restricted Payment if, immediately before and after giving effect thereto, no Event of Default with respect to such Borrower or Fund shall exist or would occur; (iv) Restricted Payments to the extent required by applicable law; and (v) Restricted Payments to the extent required to enable such Borrower or Fund to qualify as a “regulated investment company” under Sections 851-855 of the Internal Revenue Code or otherwise minimize or eliminate federal or state income or excise taxes payable by such Borrower or Fund.

Notwithstanding anything to the contrary in Section II(1)(f) above, but without in any way limiting the rights of the Bank set forth therein, unless the Bank shall request paper copies of the financial and other information otherwise required to be furnished by the Borrowers to the Bank pursuant to subsections (i) and (ii) of such Section II(1)(f) above, the Borrower may deliver all such information to the Bank in a printable format by electronic means. The Borrower may make such electronic delivery by: (i) sending such information as an electronic mail attachment to such electronic mail addresses as shall be designated by the Bank, as applicable; or (ii) notifying the Bank by electronic mail (to such electronic mail addresses as shall be designated by the Bank, as applicable) that the documents are available on a website accessible to the Bank and further indicating a website hyperlink directing the user directly to the referenced documents posted thereon; provided that such information shall be made available on or before the dates specified in said subsections (i) and (ii) of such Section II(1)(f) above. Nothing contained in this paragraph shall require the Bank to maintain copies of the financial and other information referred to in this paragraph, and the Bank shall be solely responsible for requesting physical delivery of such information, or maintaining any such information, as applicable. Each of the Borrowers, on behalf of its respective Funds, acknowledges that the distribution of material through an electronic medium is not necessarily secure and that there may be confidentiality and other risks associated with such distribution. In no event shall the Bank or any of its officers, directors, employees, agents, advisors or representatives have any liability to the Borrowers or Funds for damages of any kind, including without limitation, direct or indirect, special, incidental or consequential damages, losses or expenses arising out of the Borrowers’ transmission of communications through the internet.

2. Representations and Warranties. Each of the Borrowers severally (and not jointly) represents and warrants to the Bank, both as to itself (where applicable) and severally (and not jointly) as to each of its respective Funds (but not as to any other Borrower or Fund) that:

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(a) each such Borrower (i) is duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization; (ii) is registered as an open-end or, as the case may be, closed-end, management investment company under the Investment Company Act; (iii) is qualified as a regulated investment company within the meaning of the Internal Revenue Code; (iv) has all requisite power and authority to own its property and conduct its business as is now conducted and is duly authorized to do business in each jurisdiction where the nature of its properties or business requires such qualification and where failure to be so qualified would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; (v) is in material compliance with its declaration of trust, certificate or articles of incorporation, by-laws and/or other organizational documents and applicable laws and regulations, including, without limitation, the Investment Company Act and Regulations T, U and X; and (vi) has filed all required income tax returns and has paid all taxes due pursuant to such returns, and the charges, accruals and reserves on the books and records of such Borrower or Fund with respect to such taxes and charges are adequate;

(b) the execution, delivery and performance of each of the Loan Documents and the making of any Loan by the Bank to such Borrower, on behalf of its respective Funds, hereunder (i) are, and will be, within such Borrower’s or Fund’s power and authority; (ii) have been authorized by all necessary trust or corporate proceedings, as the case may be; (iii) do not, and will not, require the consent of any shareholders or other equity holders of such Borrower or Fund or the approval or consent of, or any notice to or filing with, any governmental authority, other than those which have been received or completed; (iv) will not contravene any provision of, or exceed any limitation contained in, the certificate or articles of incorporation, declaration of trust, by-laws and/or other organizational documents of such Borrower or Fund or its Prospectus or any judgment, decree or order or any law, rule or regulation applicable to such Borrower or Fund, including, without limitation, the Investment Company Act; (v) are, and will be, in compliance with Regulations T, U and X and the Investment Company Act; (vi) do not and will not constitute a violation of, or a default under any other agreement, order or undertaking binding on such Borrower or Fund; and (vii) do not require the consent or approval of any obligee or holder of any instrument relating to any Other Indebtedness or any other party other than for those consents and approvals which have been received;

(c) no portion of any proceeds of any Loan shall be used directly or indirectly in violation of any provision of any statute, regulation, order or restriction applicable to the Bank or such Borrower or Fund, including Regulation U;

(d) each of the Loan Documents has been duly executed and delivered by each Borrower and constitutes the legal, valid, binding and enforceable obligation of such Borrower, on behalf of its respective Funds, except as the same may be limited by bankruptcy, insolvency, reorganization, moratorium or other laws affecting the enforcement of creditors' rights generally and by general equitable principles;

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(e) all financial statements of the Funds previously furnished to the Bank by such Borrower or Fund were prepared in accordance with generally accepted accounting principles and present fairly in all material respects the financial position of such Fund; since the date of the most recent audited financial statements furnished to the Bank prior to the date of this Agreement, there has been no material adverse change in the assets, liabilities, financial condition or business of such Borrower or any of its respective Funds; and such Borrower has disclosed to the Bank any and all facts which, to the best of such Borrower’s knowledge, after due inquiry, materially and adversely affect or could reasonably be expected to materially and adversely affect, the business, assets, operations or financial condition of such Borrower or any of its respective Funds or the ability of such Borrower, on behalf of its respective Funds, to perform its obligations under the Loan Documents;

(f) such Borrower has good and marketable title to all its material properties, assets and rights of every name and nature purportedly owned by it on behalf of its respective Funds except for encumbrances permitted by Section II(1)(c) above;

(g) there is no litigation, arbitration, proceeding or investigation pending or, to the best of such Borrower’s knowledge, overtly threatened against, such Borrower or any of its respective Funds or the Investment Adviser which could reasonably be expected to result in a Material Adverse Effect, except those described on Exhibit C attached hereto;

(h) the shares of such Borrower and its respective Funds have been registered under the Securities Act of 1933 and are eligible for sale under applicable state and federal securities laws and regulations; each Fund has been duly established as a separate series of a Borrower and its assets and liabilities are segregated from the assets and liabilities of each other series or portfolios of such Borrower;

(i) with regard to the Employee Retirement Income Security Act of 1974, and the rules and regulations thereunder, collectively, as amended and in effect from time to time (“ERISA”), neither such Borrower nor its respective Funds is treated as a single employer with any other person under ERISA, and none has any liability with respect to any benefit arrangement, plan or multi-employer plan subject to ERISA;

(j) neither such Borrower nor its respective Funds is an “Affiliated Person”, as defined in the Investment Company Act, of the Bank;

(k) the Investment Adviser serves as investment adviser to each of the Funds, and the Custodian serves as custodian for the assets of each of the Funds;

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(l) such Borrower and its respective Funds have complied with, and is in compliance with, the investment objectives and policies and investment restrictions set forth in its Prospectus;

(m) (i) none of any Borrower or Fund, any of such Borrower's or Fund's subsidiaries, nor any director, other than an independent director, or officer of such Borrower, Fund or subsidiary, nor, to such Borrower’s knowledge, any independent director, employee, agent or affiliate of such Borrower, Fund or any of their subsidiaries is a Person that is, or is owned or controlled by Persons that are (x) the subject or target of any sanctions administered or enforced by the U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC"), the U.S. Department of State, the United Nations Security Council, the European Union, Her Majesty's Treasury, or other relevant sanctions authority (collectively, "Sanctions") or (y) located, organized or resident of a country or territory that is, or whose government is, the subject of Sanctions so as to result in a violation of Sanctions; (ii) each Borrower and Fund has implemented and maintains in effect policies and procedures designed to ensure compliance by such Borrower and Fund and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions; and (iii) each Borrower, each Fund and their respective directors (other than independent directors) and officers and, to the knowledge of each Borrower, its independent directors, employees and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects; and

(n) no Borrower or Fund has any Subsidiaries, except that each Borrower or Fund shall be permitted to have one Subsidiary; provided that (i) such Subsidiary shall at all times be wholly owned by such Borrower or Fund, (ii) such Subsidiary shall at no time have any Indebtedness for borrowed money, (iii) such Borrower or Fund shall at no time invest more than 25% of its assets in such Subsidiary, and (iv) such Subsidiary shall be managed by the Investment Adviser or a Control Affiliate thereof at all times.

The making of each Loan hereunder to any Borrower on behalf of any Fund, shall be deemed to be a reaffirmation by such Borrower on behalf of such Fund, as to the representations and warranties contained in this Section II(2) and confirmation that no Default or Event of Default with respect to such Borrower or Fund has occurred hereunder or will occur after giving effect to the making of such Loan.

3. Default. It will be a default hereunder with respect to any Fund if any of the following events (each, an “Event of Default”) occurs with respect to such Fund, with respect to the applicable Borrower acting on behalf of such Fund, or, as applicable, with respect to the Investment Adviser:

(a) such Borrower, acting on behalf of such Fund, fails (i) to pay when due any amount of principal of any Loan, whether on demand, at maturity, upon acceleration, pursuant to a mandatory repayment or prepayment provision hereof or otherwise, or (ii) to pay

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within three Business Days of when due any amount of interest on any Loan or any fees or expenses or other amounts payable under any of the Loan Documents; or

(b) such Borrower or Fund (i) shall fail to perform any term, covenant or agreement contained in any of Sections II(1)(a)-(c) hereof, Sections II(1)(d)(iv)–(xiii) hereof, Section II(1)(f) hereof or in any of Sections II(1)(i)-(j) hereof; or (ii) shall fail to perform any term, covenant or agreement contained in any of the Loan Documents (other than those specified elsewhere in this Section II(3)) or a default or event of default occurs thereunder and, in the case of this clause (ii), such failure or default or event of default shall continue for a period of thirty (30) days; or

(c) any material representation or warranty of such Borrower or Fund made in any of the Loan Documents or as an inducement for the Bank to make any Loan shall prove to have been false in any material respect upon the date when made or deemed to have been made; or

(d) such Borrower, acting on behalf of such Fund (i) fails to pay or perform when due any Obligation, whether now existing or hereafter arising, other than those referred to above in this Section II(3), or (ii) fails to pay at maturity, or within any applicable period of grace, (A) any obligations under the Syndicated Facility, (B) any Interfund Loan or (C) any Other Indebtedness in excess of the Threshold Amount, (iii) fails to observe or perform beyond any applicable grace period any term, covenant or agreement evidencing or securing (A) the Syndicated Facility, (B) any Interfund Loan or (C) such Other Indebtedness in excess of the Threshold Amount or, (iv) in the case of a Financial Contract with net exposure to such Fund in excess of the Threshold Amount, any event or conditions shall occur which enables (or, with the giving or notice or lapse of time or both, would enable) the non-defaulting party to terminate the contract evidencing such Financial Contract; or

(e) such Borrower or Fund or the Investment Adviser (i) applies for or consents to the appointment of, or the taking of possession by, a receiver, custodian, trustee, liquidator or similar official of itself or of all or a substantial part of its property; (ii) is generally not paying its debts as such debts become due; (iii) makes a general assignment for the benefit of its creditors; (iv) commences any case or proceeding under the Federal Bankruptcy Code or any other law relating to bankruptcy, insolvency, reorganization, winding-up or composition or adjustment of debts, or any other law providing for the relief of debtors; (v) fails to contest in a timely or appropriate manner, or acquiesces in writing to, any petition filed against it in an involuntary case under the Federal Bankruptcy Code or any other law relating to bankruptcy, insolvency, reorganization, winding-up or composition or adjustment of debts, or any other law providing for the relief of debtors; (vi) takes any actions under state, federal or other applicable law in order to commence the liquidation of the Borrower or Fund (except in cases where shareholder approval is needed for such liquidation, the adoption of board of trustees resolutions approving such liquidation that are conditioned upon the prior payment in full of the

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Obligations), (vii) takes any action under the laws of its jurisdiction of incorporation or organization similar to any of the foregoing, or (viii) discontinues its business; or

(f) a proceeding or case shall be commenced against such Borrower or Fund or the Investment Adviser without the application or consent of such party, in any court of competent jurisdiction, seeking (i) the liquidation, reorganization, dissolution, winding-up, or composition or readjustment of its debts; (ii) the appointment of a trustee, receiver, custodian, liquidator or the like of it or of all or any substantial part of its assets; or (iii) similar relief in respect of it, under any law relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts or any other law providing for the relief of debtors, and such proceeding or case shall continue undismissed, or unstayed and in effect, for a period of 60 days; or an order for relief shall be entered in an involuntary case under the Federal Bankruptcy Code, against such Borrower or Fund or the Investment Adviser or action under the laws of the jurisdiction of incorporation or organization of such Borrower or Fund or the Investment Adviser similar to any of the foregoing shall be taken with respect to such Borrower or Fund or the Investment Adviser and shall continue unstayed and in effect for any period of 60 days; or

(g) a final judgment or final order for the payment of money shall be entered against such Borrower or Fund by any court of competent jurisdiction, or an execution or similar process shall be issued or levied against property of such Borrower or Fund, that in the aggregate exceeds the Threshold Amount, and such judgment, order, warrant or process shall not be, within 30 days after entry thereof, discharged or stayed pending appeal or shall not be discharged within 30 days after the expiration of such stay; or

(h) the Custodian shall cease to serve as the custodian for such Fund’s assets, in each instance without the prior written consent of the Bank; or

(i) the Investment Adviser shall cease to be the investment adviser to such Borrower or Fund unless the successor thereto (A) is a Control Affiliate thereof, or (B) is acceptable to the Bank in its sole and absolute discretion; or

(j) the investment adviser of such Borrower or Fund shall (i) consolidate with or merge into any other Person, unless it is the survivor or such other Person is a Control Affiliate thereof, or (ii) sell or otherwise dispose of all or substantially all of its assets; or

(k) the Investment Adviser shall fail to be a Control Affiliate of Great-West Lifeco Inc., without the consent of the Bank in its sole and absolute discretion; or

(l) the suspension of registration of such Borrower’s or Fund’s shares or the commencement of any proceeding for such purpose; or

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(m) any Fundamental Policy of such Borrower or Fund is changed (other than pursuant to a Permitted Merger of one or more Funds into another Fund, pursuant to which the Fundamental Policies of one of such Funds become the Fundamental Policies of the surviving Fund).

4. Remedies. Upon the occurrence of an Event of Default described in Section II(3)(e) or (f), immediately and automatically; and upon the occurrence of any other Event of Default, at any time thereafter while such Event of Default is continuing, at the Bank's option and upon the Bank's declaration:

(a) the Uncommitted Line established hereunder shall terminate with respect to the subject Fund;

(b) the unpaid principal amount of the Loans to the Borrower on behalf of the subject Fund, together with accrued and unpaid interest thereon, all fees, expenses and other Obligations of the subject Fund, shall become immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived; and

(c) the Bank may exercise any and all rights it has under any of the Loan Documents and proceed to protect and enforce the Bank's rights by any action at law, in equity or other appropriate proceeding as it relates to the subject Fund.

Each of the Borrowers, on behalf of each of its respective Funds, authorizes the Bank and the Custodian, following the occurrence and during the continuance of an Event of Default with respect to any such Fund, to charge and setoff against any deposit account or other account maintained with either the Bank or the Custodian on behalf of such Borrower on behalf of each applicable Fund, and apply the proceeds thereof against repayment of any unpaid Obligations of the Borrower on behalf of such Fund, as appropriate. In addition, the Custodian, following the occurrence and during the continuance of an Event of Default with respect to any such Fund, is hereby directed by each Borrower, on behalf of each of its respective Funds, to dispose of such Fund’s assets as selected by the Investment Adviser to the extent necessary to repay all amounts due to the Bank from such Borrower on behalf of such Fund to the extent that the Obligations of such Borrower on behalf of such Fund, have not been paid when due or if any other Event of Default with respect to such Fund has occurred. If the Investment Adviser does not select a sufficient amount of assets to repay all amounts due to the Bank from such Borrower on behalf of such Fund, within a reasonable time, the Custodian is hereby directed by such Borrower on behalf of such Fund, upon one day’s prior written notice to such Borrower on behalf of such Fund, and its Investment Adviser, to dispose of such Fund’s assets to the extent necessary to repay all amounts due to the Bank from such Borrower on behalf of such Fund. The foregoing shall be deemed to be continuing and irrevocable "proper instructions" to the Custodian for all purposes under the applicable custody agreement between such Borrower, on behalf of such Fund, and the Custodian. The foregoing shall be in addition to any other rights or remedies the

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Bank and the Custodian may have against such Borrower, on behalf of such Fund, following the occurrence of an Event of Default hereunder.

No right of the Bank shall be exclusive of any other right of the Bank now or hereafter available under the Loan Documents, at law, in equity or otherwise, and no course of dealing or delay by the Bank in exercising any right shall operate as a waiver thereof or otherwise affect any rights or remedies of the Bank.

NOTWITHSTANDING THE FOREGOING LISTED EVENTS OF DEFAULT AND REMEDIES OF THE BANK ARISING AS A RESULT THEREOF, NOTHING CONTAINED HEREIN SHALL BE DEEMED TO COMPROMISE THE DISCRETIONARY, UNCOMMITTED NATURE OF THE UNCOMMITTED LINE, AND EACH OF THE BORROWERS AGREES AND UNDERSTANDS THAT THE MAKING OF ANY LOAN HEREUNDER SHALL REMAIN IN THE SOLE AND ABSOLUTE DISCRETION OF THE BANK AND THE BANK SHALL HAVE NO COMMITMENT WITH RESPECT THERETO WHETHER OR NOT AN EVENT OF DEFAULT SHALL HAVE OCCURRED OR BE CONTINUING AND WHETHER OR NOT THE UNCOMMITTED LINE SHALL HAVE BEEN FORMALLY TERMINATED PURSUANT TO SECTION II(4)(a) ABOVE.

5. Notices. . (a) Except as provided in paragraph (b) below, all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile as follows: (i) if to any Borrower or Fund, to it at One Post Office Square, Boston, MA 02109, Attention of: Robert T. Burns, Vice President and Chief Legal Officer, Telephone No.: (617) 760-7043 and (ii) if to the Bank, to State Street Bank and Trust Company, Copley Place Tower, CPH 0430, 100 Huntington Ave., Tower 2, 4^thFloor, Boston, MA 02116, or via facsimile at (617) 662-8664, or if by overnight courier service, to State Street Bank and Trust Company, 2 Copley Place, 3^rdFloor, Boston, MA 02116, in any such case to the attention of: Janet B. Nolin, Vice President, or Mutual Fund Lending Department Head. Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next business day for the recipient). Notices delivered through electronic communications, to the extent provided in paragraph (b) below, shall be effective as provided in said paragraph (b).

(b) Electronic Communications. Notices made by a Borrower or a Fund consisting of requests for loans or notices of repayments hereunder may be delivered or furnished by e-mail, facsimile or other electronic communication pursuant to procedures approved by the Bank, unless the Bank, in its discretion, notifies the Borrowers otherwise. Communications transmitted by a Borrower or a Fund consisting of financial information permitted to be delivered by electronic means pursuant to the last paragraph of Section II(1) above may be delivered or

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furnished by electronic means as provided in such Section. The Bank may, in its discretion, agree to accept other notices and communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications. Neither the Bank nor any of its directors, officers, employees, agents or Affiliates shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby.

Unless the Bank otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed to have been given when received by the Bank and (ii) financial information posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient, at its e-mail address as described in the foregoing clause (i), of notification that such notice or communication is available and identifying the website address therefor; provided that, for both clauses (i) and (ii) above, if such notice, email or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient.

(c) Change of Address, etc. Any party hereto may change its address or facsimile number for notices and other communications hereunder by notice to the other parties hereto.

6. Amendments and Waivers. No waivers shall be effective unless in writing. No right of the Bank shall be exclusive of any other right of the Bank now or hereafter available under the Loan Documents, at law, in equity or otherwise; or by statute or any other provision of law; and no course of dealing or delay by the Bank in exercising any right hereunder shall operate as a waiver thereof or otherwise affect any rights or remedies of the Bank. All amendments hereto must be in writing signed by each of the Borrowers, on behalf of its respective Funds, and the Bank.

7. Assignments and Participations. No Borrower or Fund may assign or transfer or participate any of its rights or obligations under any of the Loan Documents without the prior written consent of the Bank. The Bank may assign or transfer its rights and obligations hereunder to any other person or entity with the prior consent of the relevant Borrower, on behalf of the relevant Fund, such consent not to be unreasonably withheld and such consent not being required (i) if the assignee thereof is an Affiliate of the assignor or (ii) following the occurrence and during the continuance of an Event of Default. The Bank may also pledge or participate its rights hereunder to any Federal Reserve Bank or to any other Person without the consent of any Borrower or Fund; provided however, that no such Person taking solely a participation interest in any of the Obligations, without the consent of the relevant Borrower on behalf of the relevant Fund shall have any rights with respect to such participation other than the right to vote on

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changes in interest, fees, line amount, principal payments, maturity or other payment dates, and any advance rates or borrowing limitations described herein.

8. Setoff. Any amounts owing from the Bank to any Borrower on behalf of any Fund including deposits (general or special, time or demand, provisional or final), may, at any time following the occurrence and during the continuance of an Event of Default with respect to such Fund, be set off and applied against the obligations of such Borrower, on behalf of such Fund, to the Bank.

9. Expenses. Subject to the terms of Section I(5)(c) above, each of the Borrowers agrees, on behalf of each of its respective Funds, to pay on demand all reasonable expenses of the Bank in connection with the preparation, negotiation, closing and administration of this Agreement and the other Loan Documents and all reasonable expenses of the Bank in connection with the amendment, waiver, default or collection of the Obligations of such Fund to the Bank or in connection with the Bank's exercise or enforcement, following an Event of Default with respect to such Fund, of any of its rights, remedies or options thereunder, including, without limitation, reasonable fees of outside legal counsel or the allocated costs of in-house legal counsel, accounting, consulting, brokerage or other similar professional fees or expenses; and the amount of all such expenses shall, to the extent not paid within thirty (30) days after written demand therefore by the Bank, bear interest at the rate applicable to the Loans (including any default rate) until paid in full. The provisions of this Section II(9) shall survive the repayment of the Obligations and the termination of the Uncommitted Line and this Agreement.

10. Indemnification. Subject to the terms of Section I(5)(c) above, each of the Borrowers agrees, on behalf of each of its respective Funds (a) to indemnify the Bank against any transfer taxes, documentary taxes, assessments or charges made by any governmental authority by reason of the execution and delivery of this Agreement and the Note; and (b) to indemnify and hold harmless the Bank and its directors, officers, employees, agents and Affiliates from and against any and all liabilities, losses, damages, costs, and reasonable expenses of any kind, including, without limitation, the reasonable fees and disbursements of counsel, which may be incurred by the Bank in connection with any civil, investigative, administrative or judicial proceeding (whether or not the Bank shall be a designated party thereto) relating to or arising out of this Agreement or any of the other Loan Documents or any actual or proposed use of proceeds of any Loans hereunder, provided that the Bank shall not have the right to be indemnified hereunder for its own gross negligence or willful misconduct as finally determined by a court of competent jurisdiction. To the extent permitted by applicable law, none of the Borrowers shall assert, and each of the Borrowers, on behalf of its respective Funds, hereby waives, any claim against the Bank or its directors, officers, employees, agents or Affiliates, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any of the other Loan Documents or any Loan or the use of proceeds thereof. The provisions of this Section II(10)

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shall survive the repayment of the Obligations and the termination of the Uncommitted Line and this Agreement.

11. Waiver of Jury Trial. Except as prohibited by law, neither any of the Borrowers or their respective Funds nor the Bank nor any assignee or successor of any of them, shall seek a jury trial in any lawsuit, proceeding, counterclaim or any other litigation procedure based upon or arising out of any of the Loan Documents. Neither any of the Borrowers or their respective Funds nor the Bank will seek to consolidate any such action in which a jury trial has been waived with any other action in which a jury trial has not been waived. THE PROVISIONS OF THIS SECTION HAVE BEEN FULLY DISCUSSED BY THE PARTIES HERETO, AND THE PROVISIONS HEREOF SHALL BE SUBJECT TO NO EXCEPTIONS. NO PARTY HERETO HAS IN ANY WAY AGREED WITH OR REPRESENTED TO ANY OTHER PARTY THAT THE PROVISIONS OF THIS SECTION WILL NOT BE FULLY ENFORCED IN ALL INSTANCES.

12. Jurisdiction. EACH OF THE LOAN DOCUMENTS SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE COMMONWEALTH OF MASSACHUSETTS (EXCLUDING THE LAWS APPLICABLE TO CONFLICTS OR CHOICE OF LAW). EACH BORROWER AND FUND AGREES THAT ANY SUIT FOR THE ENFORCEMENT OF ANY OF THE LOAN DOCUMENTS MAY BE BROUGHT IN THE COURTS OF THE COMMONWEALTH OF MASSACHUSETTS OR ANY FEDERAL COURT SITTING THEREIN AND CONSENTS TO THE NONEXCLUSIVE JURISDICTION OF SUCH COURT AND THE SERVICE OF PROCESS IN ANY SUCH SUIT BEING MADE UPON SUCH BORROWER OR FUND BY MAIL AT THE ADDRESS SPECIFIED ABOVE. EACH BORROWER AND FUND HEREBY WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH SUIT OR ANY SUCH COURT OR THAT SUCH SUIT IS BROUGHT IN AN INCONVENIENT COURT.

13. Counterparts. This Agreement may be executed in any number of counterparts each of which shall be deemed to be an original document, but all of which together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Agreement by telecopy, PDF or other electronic format shall be effective as delivery of a manually executed counterpart of this Agreement.

14. USA Patriot Act. The Bank hereby notifies each of the Borrowers that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the "Patriot Act"), it is required to obtain, verify and record information that identifies each Borrower, which information includes the name and address of each Borrower and other information that will allow the Bank to identify the Borrowers in accordance with the Patriot Act.

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15. Confidentiality. The Bank will maintain the confidential nature of all non-public information furnished to it by a Borrower in accordance with the Bank’s customary procedures for maintaining the confidential nature of information of this nature; provided, however, that such information may be disclosed:

(a) to any Affiliate of the Bank and to the Bank’s and to the Bank’s Affiliates’ respective partners, directors, officers, employees, agents, auditors, advisors and other representatives (it being understood that the persons to whom such disclosure is made will be informed of the confidential nature of such information and instructed to keep such information confidential);

(b) pursuant to any statutory or regulatory requirement or any court order, subpoena or other legal process and to any regulatory authority, including the Securities and Exchange Commission, stock exchanges, state and federal bank and insurance regulators and the National Association of Insurance Commissioners;

(c) to any assignee or participant or any prospective assignee or participant in the Bank’s rights and obligations under the Loan Documents; provided, however, that any such person shall agree to comply with the restrictions set forth in this Section with respect to such information;

(d) in connection with the enforcement of any Loan Document or any litigation or other proceeding relating to any Loan Document;

(e) to the extent such information (i) becomes publicly available other than as a result of a breach of this Section or (ii) becomes available to the Bank or any of its Affiliates on a non-confidential basis from a source other than a Borrower that to the Bank’s actual knowledge does not involve the breach by such source of a confidentiality obligation; and

(f) with the prior written consent of a Borrower, to any other person.

In addition, the Bank may include references to a Borrower and the credit facility provided hereby in connection with any advertising or marketing undertaken by the Bank. Notwithstanding anything to the contrary contained in this Section, any information that would, but for this sentence, constitute confidential material shall cease to be confidential material after the second anniversary of the date such information was first received by the Bank.

16. Definitions. Except as otherwise defined herein, all financial terms shall be defined in accordance with generally accepted accounting principles. The following defined terms as used herein shall have the following meanings:

“Adjusted Net Assets” shall mean, as applied to any Fund at any time, (a) the value of the Total Assets of such Fund at such time, less (b) Total Liabilities (excluding

Putnam Funds
September 24, 2015
Page 25

Indebtedness for borrowed money) of such Fund at such time. For purposes of calculating Adjusted Net Assets for any Fund, the amount of any liability included in Total Liabilities shall be equal to the greater of (i) the outstanding amount of such liability and (ii) the fair market value of all assets pledged, hypothecated or otherwise segregated to secure such liability.

“Affiliate” of a Person shall mean (a) any other Person directly or indirectly owning, controlling, or holding with power to vote, greater than 50% of the outstanding voting securities of such Person, (b) any other Person greater than 50% of whose outstanding voting securities are directly or indirectly owned, controlled, or held with power to vote, by such Person, or (c) any Person directly or indirectly controlling, controlled by, or under common control with, such other Person. For purposes of this defined term, “control” means the power to exercise a controlling influence over the management or policies of a company, and “controlling” and “controlled” shall have correlative meanings.

“Agreement” shall mean this letter agreement and all appendices, exhibits and schedules attached hereto, as any of the same may be amended, restated, extended, replaced or otherwise modified and in effect from time to time.

“Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to any Borrower or any Fund from time to time concerning or relating to bribery or corruption.

“Applicable Percentage” means (a) with respect to each Restricted Borrower, 25%, and (b) with respect to each other Borrower or Fund, 33 1/3%.

“Bank” shall have the meaning given to such term in the preamble hereto.

“Borrower” shall have the meaning given to such term in the preamble hereto.

“Business Day” shall mean any day excluding Saturday and Sunday and excluding any other day which shall be in Boston, Massachusetts a legal holiday or a day on which banking institutions are required or authorized by law to close.

Putnam Funds
September 24, 2015
Page 26

“Custodian” shall mean State Street Bank and Trust Company, in its capacity as custodian of the assets of each Fund.

“Default” shall mean any event which, with the giving of notice or the lapse of time or both, would constitute an Event of Default.

“ERISA” shall have the meaning given to such term in Section II(2)(i) hereof.

“Event of Default” shall have the meaning given to such term in Section II(3) hereof.

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC thereunder, as modified or interpreted by orders of the SEC, or other interpretative releases or letters issued by the SEC or its staff, all as from time to time in effect, or any successor law, rules or regulations, and any reference to any statutory or regulatory provision shall be deemed to be a reference to any successor statutory or regulatory provision.

“Expiration Date” shall have the meaning given to such term in Section I(1) hereof.

“Federal Funds Rate” shall mean, at the relevant time of reference thereto, the rate that appears on Bloomberg page BTMM, as of 9:30 a.m. (Boston time), as the "Federal Funds Ask Rate", or, if such page is unavailable, any successor or substitute page of such service providing quotations comparable to those currently provided on such page of such service, as determined by the Bank from time to time for purposes of providing quotations, or if such rate is not so published or is otherwise unavailable, the quotation received by the Bank from a federal funds broker of recognized standing as selected by the Bank in its reasonable discretion.

“Financial Contracts” shall mean option contracts, options on futures contracts, futures contracts, forward contracts, options on foreign currencies, foreign currency contracts, repurchase agreements, reverse repurchase agreements, mortgage rolls, credit-linked notes, indexed securities, collateralized debt obligations, firm and standby commitment agreements, securities lending agreements, when-issued contracts and securities, swap, swaption, floor, cap, or collar agreements, other similar arrangements and other obligations that would be, but for the segregation of assets thereof, Senior Securities.

“Fund” shall mean each of the respective fund series of the Borrowers from time to time listed on Appendix I hereto, if any, and if at any time any Borrower party hereto shall not have any fund series and shall be a party hereto and borrowing hereunder for itself and not on behalf of any such fund series, the term “Fund” shall also mean and refer to such Borrower in such capacity.

Putnam Funds
September 24, 2015
Page 27

“Fundamental Policy” means, with respect to any Borrower or Fund, any of such Borrower’s or Fund’s Investment Policies and Restrictions that may not be changed without the approval of the stockholders of such Borrower or Fund.

“Indebtedness” shall mean, as applied to any Borrower or Fund, (a) all obligations for borrowed money or extensions of credit; (b) all obligations evidenced by bonds, debentures, notes or other similar instruments; (c) all obligations to pay the deferred purchase price of property or services, except trade accounts payable arising in the ordinary course of business; (d) all obligations under any lease which are or should be capitalized in accordance with generally accepted accounting principles; (e) all guarantees, endorsements and other contingent obligations, whether direct or indirect, in respect of Indebtedness of others, including any obligation to supply funds to or in any manner to invest in, directly or indirectly, the debtor (whether by way of loan, stock purchase, capital contribution or otherwise), to purchase Indebtedness, or to assure the owner of Indebtedness against loss, through an agreement to purchase goods, supplies or services for the purpose of enabling the debtor to make payment of the Indebtedness held by such owner or otherwise, and the obligations to reimburse the issuer in respect of any letters of credit or performance or surety bonds, or other similar obligations; (f) all obligations in respect of judgments; (g) all obligations in respect of banker's acceptances and under reverse repurchase agreements; (h) all obligations in respect of swaps, futures contracts, options, options on futures contracts and other similar portfolio investments and investment techniques, including all liabilities secured by any mortgage, pledge, security interest, lien, charge or other encumbrance existing on property owned or acquired subject thereto, or with respect to which assets have been segregated, whether or not the liability secured thereby shall have been assumed, including without limitation, any cash or securities held or otherwise pledged as collateral in connection with any such portfolio investments or investment techniques; and (i) all obligations that are Senior Securities Representing Indebtedness of such Person.

“Interfund Lending” shall mean lending by a registered investment company or a series thereof advised by the Investment Adviser to one or more other registered investment companies or series thereof advised by the Investment Adviser, or borrowing by a registered investment company or a series thereof advised by the Investment Adviser from one or more other registered investment companies or series thereof advised by the Investment Adviser, in either case pursuant to the Interfund Lending Exemptive Order.

“Interfund Lending Agreement” shall mean any agreement between one or more Funds or other investment companies or series thereof advised by the Investment Adviser providing for the making of loans from time to time from one such Fund or such other investment companies or series thereof to other Funds or other investment companies or series thereof, as any such agreements may be from time to time amended.

Putnam Funds
September 24, 2015
Page 28

“Interfund Lending Exemptive Order” shall mean that certain exemptive order issued by the Securities and Exchange Commission on April 10, 2002 (Investment Company Act of 1940 Release No. 25519) in the matter of Putnam American Government Income Fund, et al. providing exemptive relief permitting an Interfund Lending program pursuant to the terms of the application dated March 13, 2002 (Investment Company Act of 1940 Release Nos. 25461, 812-10806).

“Interfund Loan” shall mean any loan or advance by or to a Fund pursuant to an Interfund Lending Agreement.

“Internal Revenue Code” shall mean the Internal Revenue Code of 1986, as amended, together with all related rules and regulations promulgated thereunder.

“Investment Adviser” shall mean Putnam Investment Management, LLC, a Delaware limited liability company, or any affiliate thereof that serves as investment adviser to any Fund.

“Investment Company Act” shall mean the Investment Company Act of 1940, as amended, and the rules and regulations of the SEC thereunder, as modified or interpreted by orders of the SEC, or other interpretative releases or letters issued by the SEC or its staff, all as from time to time in effect, or any successor law, rules or regulations, and any reference to any statutory or regulatory provision shall be deemed to include a reference to any successor statutory or regulatory provision.

“Investment Policies and Restrictions” means, with respect to each Borrower or Fund, the material provisions of the Prospectus (as delivered to the Bank on the date hereof), and other documents dealing with such Borrower’s or Fund’s investment objectives, investment policies and strategies, and investment restrictions, as such objectives, policies, strategies and restrictions may be further amended, supplemented or otherwise modified in accordance with applicable law, including without limitation, the Securities Act and the Investment Company Act.

“Loan” shall have the meaning given to such term in Section I(2) hereof.

“Loan Documents” shall mean this Agreement, the Note and any other documents, instruments or agreements executed in connection herewith, as any of the same may be amended, restated, extended, renewed, replaced or otherwise modified and in effect from time to time.

“Material Adverse Effect” shall mean a material adverse effect on (a) the business condition (financial or otherwise), operations, performance or properties of the applicable Borrower or Fund, (b) the rights or remedies of the Bank under the Loan Documents, or (c) the

Putnam Funds
September 24, 2015
Page 29

ability of the applicable Borrower, on behalf of any of its respective Funds, to perform its obligations under the Loan Documents.

“Maximum Amount” shall mean, at any time with respect to any Fund, the lesser of (a) the Applicable Percentage of the Adjusted Net Assets of such Fund at such time, and (b) the maximum amount which such Fund is permitted to borrow (after taking into account all then outstanding Indebtedness) pursuant to its Prospectus, the Investment Company Act or any registration made thereunder, any vote of the shareholders of the applicable Borrower or such Fund, any agreement of the applicable Borrower or such Fund with any foreign, federal, state or local securities division to which such Borrower or such Fund is subject, any other applicable agreement or document to which such Borrower or such Fund is a party or any law, rule or regulation applicable to such Borrower or such Fund.

“Net Assets” shall mean, with respect to any Fund at any time, the value of the Total Assets of such Fund at such time less the Total Liabilities of such Fund at such time.

“Note” shall have the meaning given to such term in Section I(3) hereof.

“Obligations” shall mean, with respect to any Borrower, any and all obligations of such Borrower, on behalf of each of itself or its applicable Funds, to the Bank of every kind and description, direct or indirect, absolute or contingent, primary or secondary, due or to become due, now existing or hereafter arising, regardless of how they arise or by what agreement or instrument, if any, and including obligations to perform acts or refrain from taking action as well as obligations to pay money.

“Other Indebtedness” shall have the meaning given to such term in Section II(1)(d) hereof.

“Other Taxes” shall have the meaning given to such term in Section I(5)(b) hereof.

“Per Fund Limit Amount” shall mean at any time with respect to any Fund, the lesser of (i) the Uncommitted Line Amount, and (ii) the difference of (A) $200,000,000 minus (B) the aggregate principal amount of all loans, if any, outstanding to such Fund at such time under the Syndicated Facility.

“Permitted Merger(s)” shall mean (a) the merger or reorganization of one or more Funds with and into any other Fund, or (b) the merger or reorganization of any fund series of any Borrower which is not a Fund hereunder with and into any Fund so long as the Fund is the survivor of such merger or reorganization; provided that, in the case of any such merger or reorganization pursuant to the foregoing clauses (a) or (b), (i) the relevant Borrower shall have provided written notice in reasonable detail to the Bank of its intention to effect such merger or

Putnam Funds
September 24, 2015
Page 30

reorganization, together with a revised Appendix I hereto reflecting such merger, at least ten (10) Business Days prior to the effectiveness of such merger, and (ii) no Default or Event of Default shall exist or result from such merger or reorganization (including, without limitation, any failure to satisfy the borrowing limitations contained in Section I(2) as a result thereof).

“Person” means an individual, a corporation, a partnership, a limited liability company, an association, a trust (or series thereof) or any other entity or organization, including a government or political subdivision or an agency or instrumentality thereof.

“Prospectus” shall mean at any time the then current prospectus and statement of additional information of any Borrower or Fund.

“Regulation T” shall mean Regulation T of the Board of Governors of the Federal Reserve System of the United States, as amended and in effect from time to time.

“Regulation U” shall mean Regulation U of the Board of Governors of the Federal Reserve System of the United States, as amended and in effect from time to time.

“Regulation X” shall mean Regulation X of the Board of Governors of the Federal Reserve System of the United States, as amended and in effect from time to time.

“Restricted Borrower” means, as of any date, any Borrower or Fund that makes or maintains one or more investments in one or more mutual funds, closed-end funds or other pooled-investment vehicles, whether or not registered under the Investment Company Act (other than “2a-7 funds”), the value of which investments, in the aggregate, exceed 10% of such Borrower’s or Fund’s total assets.

“Sanctions” has the meaning set forth in Section II(2)(m).

“Senior Securities” has the meaning set forth in the first sentence of Section 18(g) of the Investment Company Act.

Putnam Funds
September 24, 2015
Page 31

“Senior Securities Representing Indebtedness” has the meaning set forth in the first sentence of Section 18(g) of the Investment Company Act.

“Subsidiary” of a Borrower means any corporation or other entity of which securities or other ownership interests having ordinary voting power to elect a majority of the board of directors or other persons performing similar functions are at the time directly or indirectly owned by such Borrower.

“Syndicated Facility” shall mean the separate committed, unsecured syndicated line of credit made available by the Bank and certain other lenders to the Funds, with State Street Bank and Trust Company acting in its capacity as agent for such lenders, pursuant to a credit agreement dated on or about the date hereof, as the same may be amended, restated, extended, renewed, replaced or otherwise modified and in effect from time to time.

“Taxes” shall have the meaning given to such term in Section I(5)(b) hereof.

“Threshold Amount” shall mean, with respect to each Borrower and Fund as of any date, an amount equal to the lesser of (a) $25,000,000 or (b) 5% of the aggregate net asset value of such Borrower or Fund.

“Total Assets” shall mean, with respect to any Fund at any time, all assets of such Fund which in accordance with generally accepted accounting principles would be classified as assets on a balance sheet of such Fund at such time; provided, however, that Total Assets shall not include (a) equipment, (b) securities owned by such Fund which are in default (except to the extent that such Fund is required or permitted to attribute a value thereto pursuant to the Investment Company Act and its Prospectus) or determined to be worthless pursuant to any policy of such Fund’s board of trustees, and (c) deferred organizational and offering expenses. For purposes of this definition, the value of each Fund’s assets shall be determined based upon the current market value thereof with reference to daily prices provided by independent pricing sources and otherwise in accordance with the Investment Company Act.

“Total Liabilities” shall mean, with respect to any Fund at any time, the aggregate amount of all items which would be set forth as liabilities on a balance sheet of such Fund at such time in accordance with generally accepted accounting principles.

“Uncommitted Line” shall have the meaning given to such term in the preamble hereto.

“Uncommitted Line Amount” shall mean $235,500,000.

17. Miscellaneous. A copy of the Agreement and Declaration of Trust of each Fund, as amended or restated from time to time, is on file with the Secretary of the Commonwealth of

Putnam Funds
September 24, 2015
Page 32

The Commonwealth of Massachusetts. Notice is hereby given, and it is expressly agreed, that the obligations under this Agreement of any such Fund shall not be binding upon any of the trustees, shareholders, nominees, officers, agents or employees of such Fund personally, but bind only the trust property of such Fund. In the case of each Fund, the execution and delivery of this Agreement on its behalf has been authorized by its trustees, and this Agreement has been executed and delivered by an authorized officer, in each case acting in such capacity and not individually, and neither such authorization by the trustees nor such execution and delivery shall be deemed to have been made by any of them individually, but shall only bind the trust property of each Fund.

[Remainder of Page Intentionally Left Blank]

Putnam Uncommitted Line Signature Page 1

If the foregoing satisfactorily sets forth the terms and conditions of the Uncommitted Line, please execute and return to the undersigned each of the Loan Documents and such other documents and agreements as the Bank may request. We are pleased to provide the Uncommitted Line hereunder and look forward to the ongoing development of our relationship.


	Very truly yours,

	STATE STREET BANK AND
	TRUST COMPANY, as Bank


	By: ___/s/ Janet B. Nolin_______________
	Janet B. Nolin
	Vice President

Acknowledged and Accepted:

PUTNAM AMERICAN GOVERNMENT INCOME FUND
PUTNAM ARIZONA TAX EXEMPT INCOME FUND

PUTNAM ASSET ALLOCATION FUNDS, on behalf of
its fund series as listed in Appendix I attached hereto

PUTNAM CALIFORNIA TAX EXEMPT INCOME FUND
PUTNAM CONVERTIBLE SECURITIES FUND
PUTNAM DIVERSIFIED INCOME TRUST
PUTNAM EQUITY INCOME FUND
PUTNAM EUROPE EQUITY FUND

PUTNAM FUNDS TRUST, on behalf of
its fund series as listed in Appendix I attached hereto

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, on behalf of
its fund series as listed in Appendix I attached hereto

Putnam Uncommitted Line Signature Page 2

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 MORTGAGE RECOVERY 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 TAX EXEMPT INCOME FUND
PUTNAM TAX EXEMPT MONEY MARKET FUND

PUTNAM TAX-FREE INCOME TRUST, on behalf of
its fund series as listed in Appendix I attached hereto

PUTNAM US GOVERNMENT INCOME TRUST

PUTNAM VARIABLE TRUST, on behalf of
its fund series as listed in Appendix I attached hereto

PUTNAM VOYAGER FUND
GEORGE PUTNAM BALANCED FUND
THE PUTNAM FUND FOR GROWTH AND INCOME

By: _____/s/ Jonathan Horwitz_______________________________

Jonathan Horwitz

Executive Vice President, of each of the foregoing

Putnam Uncommitted Line Signature Page 3

Acknowledged:

STATE STREET BANK AND TRUST COMPANY,
as Custodian

By: ___/s/ Gunjan Kedia____________________________

Name: Gunjan Kedia

Title: Executive Vice President

APPENDIX I

List of Borrowers and Funds

PUTNAM AMERICAN GOVERNMENT INCOME FUND
PUTNAM ARIZONA TAX EXEMPT INCOME FUND

PUTNAM ASSET ALLOCATION FUNDS
on behalf of:
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

PUTNAM FUNDS TRUST
on behalf of:
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 Dynamic Asset Allocation Equity Fund
Putnam Capital Spectrum 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 Technology Fund
Putnam Global Telecommunications Fund
Putnam Intermediate-Term Municipal Income Fund
Putnam International Value Fund
Putnam Low Volatility Equity Fund
Putnam Mortgage Opportunities 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 Municipal Income Fund
Putnam Small Cap Growth Fund
Putnam Strategic Volatility Equity 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
on behalf of:
Putnam Capital Opportunities Fund
Putnam Growth Opportunities Fund
Putnam International Capital Opportunities Fund
Putnam International Growth Fund
Putnam Multi-Cap Value Fund
Putnam Research Fund
Putnam Small Cap Value Fund

PUTNAM INVESTORS FUND
PUTNAM MASSACHUSETTS TAX EXEMPT INCOME FUND
PUTNAM MICHIGAN TAX EXEMPT INCOME FUND
PUTNAM MINNESOTA TAX EXEMPT INCOME FUND
PUTNAM MONEY MARKET FUND
PUTNAM MORTGAGE RECOVERY 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 TAX EXEMPT INCOME FUND
PUTNAM TAX EXEMPT MONEY MARKET FUND

PUTNAM TAX-FREE INCOME TRUST
on behalf of:
Putnam AMT-Free Municipal Fund
Putnam Tax-Free High Yield Fund

PUTNAM US GOVERNMENT INCOME TRUST

PUTNAM VARIABLE TRUST

on behalf of:
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 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 George Putnam Balanced Fund
Putnam VT Voyager Fund

PUTNAM VOYAGER FUND
GEORGE PUTNAM BALANCED FUND
THE PUTNAM FUND FOR GROWTH AND INCOME


EXHIBIT A

AMENDED AND RESTATED PROMISSORY NOTE
(UNCOMMITTED LINE)

$235,500,000.00	September 24, 2015
	Boston, Massachusetts

For value received, each of the undersigned hereby severally promises to pay to State Street Bank and Trust Company (the “Bank”), or order, at the office of the Bank at 100 Huntington Avenue, Tower 2, Floor 4, Boston, Massachusetts 02116 in immediately available United States dollars, the principal amount of TWO HUNDRED THIRTY--FIVE MILLION AND FIVE HUNDRED THOUSAND AND 00/100 DOLLARS ($235,500,000.00), or such lesser original principal amount as shall be outstanding hereunder and not have been prepaid as provided herein, together with interest thereon as provided below. Each Loan shall be payable upon the earliest to occur of (a) the Expiration Date, (b) sixty (60) calendar days following the date on which such Loan is made, or (c) the date on which such Loan otherwise becomes due and payable under the terms of the Loan Agreement referred to below, whether following the continuance of an Event of Default or otherwise. Interest on the unpaid principal amount outstanding hereunder shall be payable at the rates and at the times as set forth in the Loan Agreement and shall be computed as set forth in the Loan Agreement. Interest shall be computed on the basis of a 360-day year for the actual number of days elapsed, including holidays or other days on which the Bank is not open for the conduct of banking business.

All Loans hereunder and all payments on account of principal and interest hereof shall be recorded by the Bank. The entries on the records of the Bank (including any appearing on this Note), absent manifest error, shall govern and control as to amounts outstanding hereunder, provided that the failure by the Bank to make any such entry shall not affect the obligation of the undersigned to make payments of principal and interest on all Loans as provided herein and in the Loan Agreement.

Upon the occurrence of an Event of Default described in Section II(3)(e) or (f) of the Loan Agreement with respect to the applicable Fund, immediately and automatically, and otherwise upon notice from the Bank to the undersigned given at any time following the occurrence and during the continuance of an Event of Default, unpaid principal on any Loan, and to the extent permitted by applicable law, unpaid interest on any Loan, shall thereafter bear interest, compounded monthly and be payable on demand, until paid in full (after as well as before judgment) at a rate per annum equal to two percent (2%) above the rate otherwise applicable to such Loan under the Loan Agreement.

This Note is issued pursuant to, and entitled to the benefits of, and is subject to, the provisions of a certain letter agreement dated September 24, 2015 by and among the undersigned and the Bank (herein, as the same may from time to time be amended, restated, supplemented, modified or extended, referred to as the “Loan Agreement”), but neither this reference to the Loan Agreement nor any provision thereof shall affect or impair the absolute and unconditional obligation of the undersigned makers of this Note to pay the principal of and interest on this Note

as herein provided. All terms not otherwise defined herein shall be used as defined in the Loan Agreement.

The undersigned may at its option prepay all or any part of the principal of this Note subject to the terms of the Loan Agreement. Amounts prepaid may be reborrowed subject to the terms of the Loan Agreement.

Each of the undersigned makers and every endorser and guarantor hereof hereby waives presentment, demand, notice, protest and all other demands and notices in connection with the delivery, acceptance, performance, default or enforcement hereof and consents that this Note may be extended from time to time and that no such extension or other indulgence, and no substitution, release or surrender of collateral and no discharge or release of any other party primarily or secondarily liable hereon, shall discharge or otherwise affect the liability of any of the undersigned or any such endorser or guarantor. No delay or omission on the part of the Bank in exercising any right hereunder shall operate as a waiver of such right or of any other right hereunder, and a waiver of any such right on any one occasion shall not be construed as a bar to or waiver of any such right on any future occasion.

A copy of the Agreement and Declaration of Trust of each of the undersigned Borrowers 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 each Borrower as Trustees and not individually and that the obligations of this instrument are not binding on any of the Trustees or officers or shareholders individually, but are binding only on the assets or property of each Fund with respect to its obligations hereunder. In addition, although multiple Borrowers may be party hereto on behalf of multiple Funds, each Borrower is executing this instrument on behalf of each of its Funds individually (and not jointly or jointly and severally) and no Borrower or Fund is liable for any matter relating to any other Borrower or Fund.

This Note amends and restates in its entirety an amended and restated promissory note dated June 27, 2014 in the original principal amount of $235,500,000 executed by certain of the undersigned Borrowers to the order of the Bank (as amended, the "Existing Note"). Any amounts outstanding under the Existing Note as of the date hereof shall be deemed to be outstanding under this Note.

This instrument shall have the effect of an instrument executed under seal and shall be governed by and construed in accordance with the laws of The Commonwealth of Massachusetts (without giving effect to any conflicts of laws provisions contained therein).


	[TRUST NAME], on behalf of its fund series as listed in
	Appendix I attached hereto


	By:
	Name:
	Title:

SCHEDULE I TO NOTE DATED SEPTEMBER 24, 2015


Date of	Amount of	Amount of Principal	Outstanding
Loan	Principal	Paid	Balance	Notation Made By

APPENDIX I

List of Borrowers and Funds

[TRUST NAME]

on behalf of:

[Funds]

EXHIBIT B

ADVANCE/PAYDOWN

REQUEST FORM

(UNCOMMITTED LINE)


DATE:


TO:	STATE STREET BANK AND TRUST COMPANY


ATTN:	LOAN OPERATIONS CUSTOMER SERVICE UNIT
	telephone 617-662-8574 or 617-662-8588; fax 617-988-6677
	email ais-loanops-csu@statestreet.com


FROM:	[BORROWER][ on behalf of [FUND]]

	(Fund # ___________) (DDA # ____________)

In connection with the letter agreement dated September 24, 2015 and related documents currently in effect with State Street Bank and Trust Company (as amended, collectively, the “Agreement”), please increase/reduce (circle one) the outstanding balance on behalf of the above-indicated Fund by $__________. Any requested Loan should be recorded on the books of the Fund with the Bank and interest payable to the Bank should be recorded at the agreed upon rate.

1. This request is (check one): ___ Loan Advance ____ Paydown ____ Overnight Rollover ___

2. The proceeds of any requested Loan shall be used only to the extent consistent with and not prohibited by the Prospectus, the terms of the Agreement and applicable laws and regulations, including, without limitation, Federal Reserve Regulation U, and no Default of Event of Default has occurred under the Agreement.

4. All of the representations and warranties of the undersigned Borrower and Fund set forth in Section II(2) of the Agreement are true and correct on and as of the date hereof.

5. Each of the Borrower and the Fund is in compliance with all the terms and conditions in the Agreement (including the Maximum Amount and other borrowing limitations thereunder) and will remain in compliance therewith after giving effect to the making of any requested Loan.

6. The following amounts and statements are true in connection with any requested Loan:

(a) Adjusted Net Assets of the Fund:


(i) Total Assets of the Fund	$_____________
(ii) Total Liabilities (excluding Indebtedness
for borrowed money) of the Fund¹	$_____________
(iii) item (a)(i) less item (a)(ii)	$_____________

^{________________________________________}

¹For purposes of calculating Adjusted Net Assets for any Fund, the amount of any liability included in Total Liabilities shall be equal to the greater of (i) the outstanding amount of such liability and (ii) the fair market value of all assets pledged, hypothecated or otherwise segregated to secure such liability.


(b) Applicable Percentage²of item (a)(iii)		$_____________

(c)	(i) Beginning Loan Balance:	$_____________
	(ii) Paydown Amount (if any):	$_____________
	(iii) Requested Loan (if any)	$_____________
	(iv) Requested Loans Balance
	((i) minus (ii) or (i) plus (iii)):	$_____________

(d) The aggregate outstanding principal amount of
Indebtedness for borrowed money of the Fund other
than the Loans as of the date hereof (including any
loans under the separate Syndicated Facility and including
any Interfund Loans)		$_____________

(e) Total Indebtedness for borrowed money ((c)(iv) plus (d)):		$_____________

7. The amount set forth in 6(e) above does not exceed the lesser of (a) the amount set forth in 6(b) above, or (b) the maximum amount which the relevant Fund is permitted to borrow (after taking into account all outstanding Indebtedness) pursuant to its Prospectus, the Investment Company Act or any registration made thereunder, any vote of the shareholders of the applicable Borrower or such Fund, any agreement of such Borrower or Fund with any foreign, federal, state or local securities division to which such Borrower or Fund is subject, any other applicable agreement or document to which such Borrower or Fund, is a party or any law, rule or regulation applicable to such Borrower or Fund.

8. The amount set forth in 6(c)(iv) above does not exceed the Per Fund Limit Amount (defined as the lesser of (a) the Uncommitted Line Amount, and (b) the difference of (i) $200,000,000 minus (ii) the aggregate principal amount of all loans, if any, outstanding to the Fund under the Syndicated Facility). The aggregate principal amount of all Loans outstanding to all Borrowers on behalf of all Funds under the Agreement (after giving effect to the amount of any requested Loan) does not exceed the Uncommitted Line Amount.

9. The Fund for which any Loan is being requested hereby does not currently have outstanding any Interfund Loans made to such Fund as borrower which are secured by any collateral and does not currently have any outstanding Interfund Loans made by it as the lender.

10. The undersigned is a duly authorized officer of the Borrower identified above with authority to execute and deliver this document to the Bank and request the Loan described herein on behalf of the Fund identified above.


	[BORROWER][, on behalf of [FUND]]

	By:
	Name:
	Title
	Date:

^{________________________________________}²If the Borrower, acting on behalf of the Fund, is a Restricted Borrower, the Applicable Percentage is 25%; in all other cases the Applicable Percentage is 33-1/3%.

EXHIBIT C

LITIGATION

None

EX-99.J OTHER OPININ 4 d_teifex99j1.htm EX-99.J OTHER OPININ d_teifex99j1.htm

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the use in this Post-Effective Amendment to the registration statement on Form N-1A (“Registration Statement”) of our reports relating to the financial statements and financial highlights of the funds listed below, which appear in such Registration Statement. We also consent to the references to us under the headings "Financial highlights" and "Report of Independent Registered Public Accounting Firm and Financial Statements" in such Registration Statement.



Fund	Report Date	Post-Effective	Registration
		Amendment	Statement
		Number	Number

Putnam Massachusetts Tax Exempt Income Fund	July 13, 2015	40	33-5416

Putnam Michigan tax Exempt Income Fund	July 14, 2015	40	33-8923

Putnam Minnesota Tax Exempt Income Fund	July 14, 2015	40	33-8916

Putnam Ohio Tax Exempt Income Fund	July 15, 2015	40	33-8924

Putnam New Jersey Tax Exempt Income Fund	July 15, 2015	31	33-32550

Putnam Pennsylvania Tax Exempt Income Fund	July 15, 2015	33	33-28321

/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
September 24, 2015

EX-99.J OTHER OPININ 5 e_teifex99j2.htm EX-99.J OTHER OPININ e_teifex99j2.htm

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Trustees and Shareholders
Putnam Arizona Tax Exempt Income Fund:

We consent to the use of our report, dated July 14, 2015, with respect to the financial statements of Putnam Arizona Tax Exempt Income Fund, included herein, and to the references to our firm under the captions Financial Highlights in the prospectus and Independent Registered Public Accounting Firms and Financial Statements in the Statement of Additional Information.

/s/ KPMG LLP

Boston, Massachusetts
September 24, 2015

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ML015SE0ZV3,-[-D!UUG1 G:ON5 36A7 D.LP,"K( [ZL@EB/E+LMG)#.EE M9&X%LD05%AL<%#K;K8"A @ %]">+AX275'_SP^.&G'_4))U93@F5P@G/.IP MI$J( F#$D32FCS F5.!S/05"CL[H_Y? "5&YJX4D3P9DK](:$D0,!Q5R! MAML 4 2\:[&5QC %)6B? =N-BAR5N(]6CI<4KH% U@ $/N0<,FP2?O^$!R M4SE'#%YZ(JP,H87!CJE@R2J8K4A$T51NY?H@!5I74)/W_" Y9RCA3GQU MB&A>$F9"GT >ZPE$XIM/F;+()M[ 5V9'^"(489M+2,,$)DO89CY,BA+S\1 MN.>S@DVG VCR4^1EFBPQJ)Z'%J0+-!@#H-7QL12T!R@4#/=M EX-99.B BYLAWS 16 a_nf04mod1.htm a_nf04mod1.htm

AMENDED AND RESTATED BYLAWS

OF

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

(Dated as of October 17, 2014)

ARTICLE 1

Agreement and Declaration of Trust and Principal Office

1.1 Agreement and Declaration of Trust. These Bylaws shall be subject to the Agreement and Declaration of Trust, as from time to time in effect (the “Declaration of Trust”), of the Massachusetts business trust established by the Declaration of Trust (the “Trust”). Capitalized terms used but not defined in these Bylaws have the meanings given to them in the Declaration of Trust.

1.2 Principal Office of the Trust. The principal office of the Trust shall be located in Boston, Massachusetts. The Trust may have other principal offices within or without the Commonwealth of Massachusetts as the Trustees may from time to time determine.

ARTICLE 2

Meetings of Trustees

2.1 Regular Meetings. Regular meetings of the Trustees may be held without call or notice at such places and at such times as the Trustees may from time to time determine, provided that notice of the first regular meeting following any such determination shall be given to absent Trustees.

2.2 Special Meetings. Special meetings of the Trustees may be held at any time and at any place designated in the call of the meeting when called by the Chair of the Trustees, the President, the Executive Vice President or the Treasurer or by two or more Trustees, sufficient notice thereof being given to each Trustee by the Clerk or an Assistant Clerk or by the officer or the Trustees calling the meeting.

2.3 Notice of Special Meetings. It shall be sufficient notice to a Trustee of a special meeting: (a) to send notice (i) by mail at least forty-eight hours before the meeting, (ii) by courier at least forty-eight hours before the meeting, (iii) by electronic mail (e-mail), facsimile or other electronic means at least twenty-four hours before the meeting, in each case, addressed to the Trustee at his or her usual or last known business or residence address (or e-mail address, facsimile number or other appropriate address); or (b) to give notice to him or her in person or by telephone at least twenty-four hours before the meeting. Notice of a special meeting need not be given to any Trustee 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 Trustee who attends the meeting without protesting before or at its commencement the lack of notice to him or her. Any written waiver of notice may be provided and delivered to the Trust by mail, courier, e-mail, facsimile or other electronic means. Neither notice of a meeting nor a waiver of a notice need specify the purposes of the meeting. All notices shall be deemed to be given when sent.

2.4 Quorum. At any meeting of the Trustees a majority of the Trustees then in office shall constitute a quorum. Once a quorum has been validly established for a meeting, it cannot

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be broken by Trustees withdrawing from the meeting. Any meeting may be adjourned from time to time by a majority of the votes cast upon the question, whether or not a quorum is present, and the meeting may be held as adjourned without further notice.

2.5 Telephone Meeting; Action Without a Meeting. Except as otherwise provided in the Declaration of Trust and these Bylaws, any action to be taken by the Trustees may be taken by a majority of the Trustees present at the meeting of the Trustees (a quorum being present), 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. Any action to be taken by the Trustees may also be taken without a meeting if one or more written consents thereto are signed by a majority of the Trustees. Any written consent may be given by mail, courier, e-mail, facsimile or other electronic means. Copies of such written consents shall be filed with the minutes of the proceedings of the Trustees. Such consents shall be treated for all purposes as a vote taken at a meeting of the Trustees. If in accordance with the provisions of the Declaration of Trust and these Bylaws any action is taken by the Trustees by written consents of less than all of the Trustees, then prompt notice of any such action shall be furnished to each Trustee who did not execute such written consent, provided that the effectiveness of such action shall not be impaired by any delay or failure to furnish such notice.

ARTICLE 3

Officers

3.1 Enumeration; Qualification. The officers of the Trust shall be a President, a Treasurer, a Clerk and such other officers (including Vice President, which shall include the office of Executive Vice President), if any, as the Trustees from time to time may in their discretion elect. The Trust may also have such agents as the Trustees from time to time may in their discretion appoint. In addition, there shall be a Chair of the Trustees, who will be considered an officer of the Trustees and not of the Trust. The Chair of the Trustees shall be a Trustee and may but need not be a Shareholder; and any other officer may but need not be a Trustee or a Shareholder. Any two or more offices may be held by the same person.

3.2 Election. The Chair of the Trustees, the President, the Treasurer and the Clerk shall be elected by the Trustees upon the occurrence of any vacancy in any such office. Other officers, if any, may be elected or appointed by the Trustees at any time. Vacancies in any such other office may be filled at any time.

3.3 Tenure. The Chair of the Trustees, the President, the Treasurer and the Clerk shall hold office in each case until he or she dies, resigns, is removed or becomes disqualified. Each other officer shall hold office, and each agent shall retain authority, at the pleasure of the Trustees. Notwithstanding the foregoing, the tenure of any officer of the Trust who is an employee or officer of the Trust’s investment adviser or its affiliates shall automatically

3

terminate contemporaneously with the termination of such person’s employment with, or service as officer of, the Trust’s investment adviser and all of its affiliates.

3.4 Powers. Subject to the other provisions of these Bylaws, each officer shall have, in addition to the duties and powers set forth in these Bylaws and in the Declaration of Trust, such duties and powers as are commonly incident to the office occupied by him or her as if the Trust were organized as a Massachusetts business corporation and such other duties and powers as the Trustees may from time to time designate.

3.5 Chair. Unless the Trustees otherwise provide, the Chair of the Trustees shall preside at all meetings of the Trustees. The Chair of the Trustees shall have such other duties and powers relating to the operations of the Trustees as the Trustees may from time to time designate, but shall have no individual authority to act for the Trust as an officer of the Trust. The Trustees, including a majority of the Trustees who are not “interested persons” of the Trust, as that term is defined in the 1940 Act, may appoint one or more persons to perform the duties of the Chair of the Trustees in the event of his or her absence at any meeting or in the event of his or her disability. The Chair of the Trustees shall also have the power to appoint one or more persons to perform the duties of the Chair of the Trustees in the event of his or her absence at any meeting.

3.6 President. Unless the Trustees otherwise provide by vote or otherwise, the President shall be the principal executive officer of the Trust.

3.7 Treasurer. Unless the Trustees otherwise provide by vote or otherwise, the Treasurer shall be the principal financial and accounting officer of the Trust, and shall, subject to the provisions of the Declaration of Trust and to any arrangement made by the Trustees with a custodian, investment adviser, subadviser or manager, or transfer, Shareholder servicing or similar agent, be in charge of the valuable papers, books of account and accounting records of the Trust, and shall have such other duties and powers as may be designated from time to time by the Trustees or by the principal executive officer of the Trust.

3.8 Clerk. The Clerk shall record all proceedings of the Shareholders and the Trustees in books to be kept therefor, which books or a copy thereof shall be kept at the principal office of the Trust. In the absence of the Clerk from any meeting of the Shareholders or Trustees (or a Committee thereof), an Assistant Clerk, or if there be none or if he or she is absent, a temporary Clerk chosen at such meeting by the chair of such meeting, shall record the proceedings thereof in the aforesaid books.

3.9 Resignations and Removals. Any Trustee or officer may resign at any time by written instrument signed by him or her and delivered to the Chair of the Trustees, the President or the Clerk or to a meeting of the Trustees. Such resignation shall be effective upon receipt unless specified to be effective at some other time. The Trustees may remove any officer elected or appointed by them with or without cause. Except to the extent expressly provided in a written agreement with the Trust, no Trustee or officer resigning and no officer removed shall have any

4

right to any compensation for any period following his or her resignation or removal, or any right to damages on account of such removal.

ARTICLE 4

Committees

4.1 Quorum; Voting. Except as provided below or as otherwise specifically provided in the votes or charter constituting a Committee of the Trustees and providing for the conduct of its meetings, a majority of the members of any Committee of the Trustees shall constitute a quorum for the transaction of business (which quorum once validly established cannot be broken by Trustees withdrawing from the meeting), and any action of such a Committee may be taken by a vote of a majority of the members of such Committee (a) present at a meeting of such Committee (a quorum being present), 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 (participation by such means shall constitute presence in person at a meeting), or (b) evidenced by one or more written consents, including written consents submitted by mail, courier, e-mail, facsimile or other electronic means. Copies of such written consents shall be filed with the minutes of the proceedings of such Committee. Such consents shall be treated for all purposes as a vote taken at a meeting of such Committee. If in accordance with the provisions of the Declaration of Trust and these Bylaws any action is taken by written consents of less than all of the Committee’s members, then prompt notice of any such action shall be furnished to each member who did not execute such written consent, provided that the effectiveness of such action shall not be impaired by any delay or failure to furnish such notice. In the absence of any member of any such Committee, the members thereof present at any properly called meeting, whether or not they constitute a quorum, may appoint a member of the Trustees to act at that meeting only in the place of any absent member.

Except as specifically provided in the votes constituting a Committee of the Trustees and providing for the conduct of its meetings, Section 2.3 of these Bylaws relating to special meetings shall govern the notice requirements for Committee meetings.

4.2 Authority of Trustees. The Trustees have the power to rescind any action of any Committee, but no such rescission shall have retroactive effect unless determined so by the Trustees.

ARTICLE 5

Reports

5.1 General. The Trustees and officers shall render reports at the time and in the manner required by the Declaration of Trust or any applicable law. Officers and Committees shall render such additional reports as they may deem desirable or as may from time to time be required by the Trustees.

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ARTICLE 6

Fiscal Year

6.1 General. Except as from time to time otherwise provided by the Trustees, the initial fiscal year of the Trust and each series of the Trust shall end on such date as is determined in advance or in arrears by the Treasurer, and subsequent fiscal years shall end on such date in subsequent years.

ARTICLE 7

Seal

7.1 General. The seal of the Trust, if any, shall consist of a flat-faced die with the word “Massachusetts”, together with the name of the Trust and the year of its organization cut or engraved thereon but, unless otherwise required by the Trustees, the seal need not be placed on, and its absence shall not impair the validity of, any document, instrument or other paper executed and delivered by or on behalf of the Trust.

ARTICLE 8

Execution of Papers

8.1 General. Except as the Trustees may generally or in particular cases authorize the execution thereof in some other manner, all deeds, leases, contracts, notes and other obligations made, accepted or endorsed by the Trust shall be signed by the President, a Vice President or the Treasurer, and need not bear the seal of the Trust.

ARTICLE 9

Issuance of Shares and Share Certificates

9.1 Sale of Shares. Except as otherwise determined by the Trustees, the Trust will issue and sell for cash or securities from time to time full and fractional Shares, such Shares to be issued and sold at a price of not less than the par value per share, if any, and not less than the net asset value per share as from time to time determined in accordance with procedures adopted by the Trustees and, in the case of fractional Shares, at a proportionate reduction in such price. In the case of Shares sold for securities, such securities shall be valued in accordance with procedures approved by the Trustees for determining the value of the assets of the Trust. The officers of the Trust are severally authorized to take all such actions as may be necessary or desirable to carry out this Section 9.1.

9.2 Share Certificates. In lieu of issuing certificates for Shares, the Trustees or the transfer agent may either issue receipts therefor or may keep accounts upon the books of the Trust for the record holders of such Shares, who shall in either case be deemed, for all purposes hereunder, to be the holders of certificates for such Shares as if they had accepted such certificates and shall be held to have expressly assented and agreed to the terms hereof.

6

The Trustees may at any time authorize the issuance of Share certificates. In that event, each Shareholder shall be entitled to a certificate stating the number of Shares of each class owned by him or her, in such form as shall be prescribed from time to time by the Trustees. Such certificate shall be signed by the President or a Vice President and by the Treasurer or an Assistant Treasurer. Such signatures may be facsimile if the certificate is signed by a transfer agent or by a registrar. In case any officer who has signed or whose facsimile signature has been placed on such certificate shall cease to be such officer before such certificate is issued, it may be issued by the Trust with the same effect as if he or she were such officer at the time of its issue.

9.3 Loss of Certificates. The transfer agent of the Trust, with the approval of any two officers of the Trust, is authorized to issue and countersign replacement certificates for the Shares of the Trust which have been lost, stolen or destroyed upon (i) receipt of an affidavit or affidavits of loss or non-receipt and of an indemnity agreement executed by the registered holder or his or her legal representative and supported by an open penalty surety bond, said agreement and said bond in all cases to be in form and content satisfactory to and approved by the President or the Treasurer, or (ii) receipt of such other documents as may be approved by the Trustees.

9.4 Issuance of New Certificate to Pledgee. A pledgee of Shares transferred as collateral security shall be entitled to a new certificate if the instrument of transfer substantially describes the debt or duty that is intended to be secured thereby. Such new certificate shall express on its face that it is held as collateral security, and the name of the pledgor shall be stated thereon, who alone shall be liable as a Shareholder and entitled to vote thereon.

9.5 Discontinuance of Issuance of Certificates. The Trustees may at any time discontinue the issuance of Share certificates and may, by written notice to each Shareholder whom the Trust believes to hold a Share certificate, require the surrender of Share certificates to the Trust for cancellation. Such surrender and cancellation shall not affect the ownership of Shares in the Trust.

ARTICLE 10

Shareholders

10.1 Call of a Meeting. The Clerk shall provide notice of a meeting of the Shareholders whenever ordered by the Trustees or requested in writing by the holder or holders of at least one-tenth of the outstanding Shares entitled to vote at such meeting. If the Clerk, when so ordered or requested, refuses or neglects for more than 30 days to provide such notice, the Trustees or the Shareholders so requesting may, in the name of the Clerk, call the meeting by giving notice thereof in the manner required when notice is given by the Clerk. Any previously scheduled meeting of Shareholders may be postponed or cancelled by the Trustees upon public notice given prior to the time previously scheduled for such meeting.

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10.2 Adjournment. Any meeting of Shareholders may, by action of the chair of the meeting, be adjourned from time to time without notice other than announcement at the meeting at which the adjournment is taken with respect to one or more matters to be considered at such meeting to a designated date which may be more than 120 days after the date initially set for the meeting, time and place, whether or not a quorum is present with respect to such matter. Upon motion of the chair of the meeting, the question of adjournment may be (but is not required by these Bylaws to 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 adjourned and, if approved, such adjournment shall take place without further notice other than announcement at the meeting at which the adjournment is taken. Unless a proxy is otherwise limited in this regard, any Shares present and entitled to vote at a meeting, including any Shares that are represented by broker non-votes, may, at the discretion of the proxies named therein, be voted in favor of such an adjournment. Any proposal for which sufficient favorable votes have been received may (but need not) be acted upon and considered final and effective regardless of whether the meeting is adjourned to permit additional solicitation with respect to any other proposal that is properly before the meeting.

10.3 Conduct of Meetings. Meetings of the Shareholders shall be presided over by the Chair of the Trustees, or, if the Chair is not present at the meeting, then by a Trustee or officer designated by the Chair or authorized by the Trustees, or if there is no such person present at the meeting, then by any officer of the Trust present at the meeting, and such person shall be deemed for all purposes the chair of the meeting. The chair of the meeting shall have the right and authority to prescribe such rules, regulations and procedures and to do all such acts as, in the judgment of such chair, are necessary, appropriate or convenient for the proper conduct of the meeting, including, without limitation, establishing: an agenda or order of business for the meeting; rules and procedures for maintaining order at the meeting and the safety of those present; conditions on the recording of the meeting; limitations on participation in such meeting to Shareholders of record of the Trust and their duly authorized and constituted proxies, and such other persons as the chair shall permit; restrictions on entry to the meeting after the time fixed for the commencement thereof; limitations on the time allotted to questions or comments by participants; conditions for the removal of any Shareholder or any other person who refuses to comply with meeting procedures, rules or guidelines as set forth by the chair of the meeting; and regulations for the opening and closing of the polls for balloting on matters which are to be voted on by ballot. For any matter to be properly before any meeting of Shareholders, the matter must be a proper matter for Shareholder action under the Declaration of Trust, these Bylaws and applicable law and must be specifically identified in the notice of meeting given by or at the direction of a majority of the Trustees then in office or otherwise brought before the meeting by or at the direction of the chair of the meeting, in the chair’s sole discretion. With the exception of Shareholder proposals submitted in accordance with, and otherwise meeting the requirements of, Rule 14a-8 under the Securities Exchange Act of 1934, as amended, or any successor provisions, only matters proposed by the Trustees may be included in the Trust’s proxy materials. At all meetings of Shareholders, unless voting is conducted by inspectors, all questions relating

8

to the qualification of voters and the validity of proxies and the acceptance or rejection of votes shall be decided by the chair of the meeting. The chair of the meeting shall determine, in the chair’s sole discretion, whether to appoint an inspector for any meeting. Unless otherwise determined by the chair of the meeting, meetings shall not be required to be held in accordance with any rules of parliamentary procedure.

10.4 Access to Shareholder List. Shareholders of record may apply in writing to the Trustees for assistance in communicating with other Shareholders for the purpose of calling a meeting in order to vote upon the question of removal of a Trustee. With respect to any Fund as to which the Trust has given such an undertaking in its registration statement, and only such a Fund, or for any other Fund as the Trustees may determine in their sole discretion, when ten or more Shareholders of record who have been such for at least six months preceding the date of application and who hold in the aggregate Shares having a net asset value of at least $25,000 so apply, the Trustees shall within five business days either:

(i) afford to such applicants access to a list of names and addresses of all Shareholders as recorded on the books of the Trust; or

(ii) inform such applicants of the approximate number of Shareholders of record and the approximate cost of mailing material to them, and, within a reasonable time thereafter, mail, at the applicants’ expense, materials submitted by the applicants, to all such Shareholders of record. The Trustees shall not be obligated to mail materials which they believe to be misleading or in violation of applicable law.

10.5 Record Dates. For the purpose of determining the Shareholders of any class or series of Shares of the Trust who are entitled to vote or act at any meeting or any adjournment thereof, or who are entitled to receive payment of any dividend or of any other distribution, the Trustees (or their designees) may from time to time fix a time, which shall be not more than 90 days before the date of any meeting of Shareholders or more than 60 days before the date of payment of any dividend or of any other distribution, as the record date for determining the Shareholders of such class or series having the right to notice of and to vote at such meeting and any adjournment thereof or the right to receive such dividend or distribution, and in such case only Shareholders of record on such record date shall have such right notwithstanding any transfer of Shares on the books of the Trust after the record date; or without fixing such record date the Trustees may for any such purposes close the register or transfer books for all or part of such period.

10.6 Communications with Shareholders. Any notices, reports, statements or other communications with Shareholders of any kind required under the Declaration of Trust, these Bylaws or applicable law may be sent, delivered or made available in any reasonable manner as may be determined by the Trustees or officers if not otherwise prohibited by applicable law, including, without limitation, by mail, courier, e-mail, facsimile or other electronic means or by

9

posting on a website; and such communications may be sent, delivered or otherwise made available to Shareholders in accordance with householding or other similar rules under which a single copy of such notice or report may be sent to Shareholders who reside at the same address. No communication need be given to any Shareholder who shall have failed to inform the Trust of the Shareholder’s current address and the Trustees may from time to time adopt, or may authorize the officers or agents of the Trust to adopt, procedures or policies with respect to communications to Shareholders that are returned to the Trust or its agents as undeliverable and similar matters. Any Shareholder may waive receipt of any notice or other communication.

10.7 Proxies. The placing of a Shareholder’s name on a proxy pursuant to telephone or electronically transmitted instructions (including instructions submitted via the Internet) obtained pursuant to procedures reasonably designed to verify that such instructions have been authorized by such Shareholder shall constitute execution of such proxy by or on behalf of such Shareholder.

ARTICLE 11

11.1 Inspection of Books. The Trustees shall from time to time determine whether and to what extent, at what times and places and under what conditions and regulations any of the accounts and books of the Trust or any series thereof shall be open to the inspection of the Shareholders, and no Shareholder shall have any right to inspect any account or book or document of the Trust or any series thereof except as conferred by law or otherwise by the Trustees or by these Bylaws.

ARTICLE 12

Preferences, Rights and Privileges of the

Trust’s Classes of Shares

12.1 General. Each class of Shares of the Trust or of a particular series of the Trust, as the case may be, will represent interests in the same portfolio of investments of the Trust (or that series) and be identical in all respects, except as set forth in the Rule 18f-3 Plan (the “Plan”) of the Trust, as amended from time to time. The Plan is incorporated herein by reference and any amendments to the Plan adopted by the Trustees after the date hereof shall be incorporated herein by reference effective upon approval of such amendments unless determined otherwise by the Trustees at such time.

12.2. Conversion of Class B Shares. Except as hereinafter provided with respect to Shares acquired by exchange or reinvestment of distributions, Class B Shares of the Trust will automatically convert into Class A Shares of the Trust at the end of the month eight years after the month of purchase, or at such earlier time as the Trustees may in their sole discretion determine from time to time as to all Class B Shares purchased on or before such date as the Trustees may specify. Class B Shares acquired by exchange from Class B Shares of another Putnam Fund will convert into Class A Shares based on the date of the initial purchase of the

10

Class B Shares of such other Fund. Class B Shares acquired through reinvestment of distributions will convert into Class A Shares based on the date of the initial purchase of Class B Shares to which such reinvestment Shares relate. For this purpose, Class B Shares acquired through reinvestment of distributions will be attributed to particular purchases of Class B Shares in accordance with such procedures, which may include without limitation methods of proration or approximation, as the Trustees may in their sole discretion determine from time to time.

ARTICLE 13

Amendments to the Bylaws

13.1 General. These Bylaws may be amended or repealed, in whole or in part, by a majority of the Trustees then in office. These Bylaws may not be amended by Shareholders.

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EX-99.C HOLDERS RTS 17 a_nf04amod1.htm a_nf04amod1.htm

PORTIONS OF THE BYLAWS RELATING TO SHAREHOLDERS’ RIGHTS

ARTICLE 9

Issuance of Shares and Share Certificates

9.1 Sale of Shares. Except as otherwise determined by the Trustees, the Trust will issue and sell for cash or securities from time to time full and fractional Shares, such Shares to be issued and sold at a price of not less than the par value per share, if any, and not less than the net asset value per share as from time to time determined in accordance with procedures adopted by the Trustees and, in the case of fractional Shares, at a proportionate reduction in such price. In the case of Shares sold for securities, such securities shall be valued in accordance with procedures approved by the Trustees for determining the value of the assets of the Trust. The officers of the Trust are severally authorized to take all such actions as may be necessary or desirable to carry out this Section 9.1.

9.2 Share Certificates. In lieu of issuing certificates for Shares, the Trustees or the transfer agent may either issue receipts therefor or may keep accounts upon the books of the Trust for the record holders of such Shares, who shall in either case be deemed, for all purposes hereunder, to be the holders of certificates for such Shares as if they had accepted such certificates and shall be held to have expressly assented and agreed to the terms hereof.

The Trustees may at any time authorize the issuance of Share certificates. In that event, each Shareholder shall be entitled to a certificate stating the number of Shares of each class owned by him or her, in such form as shall be prescribed from time to time by the Trustees. Such certificate shall be signed by the President or a Vice President and by the Treasurer or an Assistant Treasurer. Such signatures may be facsimile if the certificate is signed by a transfer agent or by a registrar. In case any officer who has signed or whose facsimile signature has been placed on such certificate shall cease to be such officer before such certificate is issued, it may be issued by the Trust with the same effect as if he or she were such officer at the time of its issue.

9.3 Loss of Certificates. The transfer agent of the Trust, with the approval of any two officers of the Trust, is authorized to issue and countersign replacement certificates for the Shares of the Trust which have been lost, stolen or destroyed upon (i) receipt of an affidavit or affidavits of loss or non-receipt and of an indemnity agreement executed by the registered holder or his or her legal representative and supported by an open penalty surety bond, said agreement and said bond in all cases to be in form and content satisfactory to and approved by the President or the Treasurer, or (ii) receipt of such other documents as may be approved by the Trustees.

9.4 Issuance of New Certificate to Pledgee. A pledgee of Shares transferred as collateral security shall be entitled to a new certificate if the instrument of transfer substantially describes the debt or duty that is intended to be secured thereby. Such new certificate shall express on its face that it is held as collateral security, and the name of the pledgor shall be stated thereon, who alone shall be liable as a Shareholder and entitled to vote thereon.

9.5 Discontinuance of Issuance of Certificates. The Trustees may at any time discontinue the issuance of Share certificates and may, by written notice to each Shareholder whom the Trust believes to hold a Share certificate, require the surrender of Share certificates to the Trust for cancellation. Such surrender and cancellation shall not affect the ownership of Shares in the Trust.

ARTICLE 10

Shareholders

10.1 Call of a Meeting. The Clerk shall provide notice of a meeting of the Shareholders whenever ordered by the Trustees or requested in writing by the holder or holders of at least one-tenth of the outstanding Shares entitled to vote at such meeting. If the Clerk, when so ordered or requested, refuses or neglects for more than 30 days to provide such notice, the Trustees or the Shareholders so requesting may, in the name of the Clerk, call the meeting by giving notice thereof in the manner required when notice is given by the Clerk. Any previously scheduled meeting of Shareholders may be postponed or cancelled by the Trustees upon public notice given prior to the time previously scheduled for such meeting.

10.2 Adjournment. Any meeting of Shareholders may, by action of the chair of the meeting, be adjourned from time to time without notice other than announcement at the meeting at which the adjournment is taken with respect to one or more matters to be considered at such meeting to a designated date which may be more than 120 days after the date initially set for the meeting, time and place, whether or not a quorum is present with respect to such matter. Upon motion of the chair of the meeting, the question of adjournment may be (but is not required by these Bylaws to 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 adjourned and, if approved, such adjournment shall take place without further notice other than announcement at the meeting at which the adjournment is taken. Unless a proxy is otherwise limited in this regard, any Shares present and entitled to vote at a meeting, including any Shares that are represented by broker non-votes, may, at the discretion of the proxies named therein, be voted in favor of such an adjournment. Any proposal for which sufficient favorable votes have been received may (but need not) be acted upon and considered final and effective regardless of whether the meeting is adjourned to permit additional solicitation with respect to any other proposal that is properly before the meeting.

10.3 Conduct of Meetings. Meetings of the Shareholders shall be presided over by the Chair of the Trustees, or, if the Chair is not present at the meeting, then by a Trustee or officer designated by the Chair or authorized by the Trustees, or if there is no such person present at the meeting, then by any officer of the Trust present at the meeting, and such person shall be deemed for all purposes the chair of the meeting. The chair of the meeting shall have the right and authority to prescribe such rules, regulations and procedures and to do all such acts as, in the judgment of such chair, are necessary, appropriate or convenient for the proper conduct of the meeting, including, without limitation, establishing: an agenda or order of business for the meeting; rules and procedures for maintaining order at the meeting and the safety of those

2

present; conditions on the recording of the meeting; limitations on participation in such meeting to Shareholders of record of the Trust and their duly authorized and constituted proxies, and such other persons as the chair shall permit; restrictions on entry to the meeting after the time fixed for the commencement thereof; limitations on the time allotted to questions or comments by participants; conditions for the removal of any Shareholder or any other person who refuses to comply with meeting procedures, rules or guidelines as set forth by the chair of the meeting; and regulations for the opening and closing of the polls for balloting on matters which are to be voted on by ballot. For any matter to be properly before any meeting of Shareholders, the matter must be a proper matter for Shareholder action under the Declaration of Trust, these Bylaws and applicable law and must be specifically identified in the notice of meeting given by or at the direction of a majority of the Trustees then in office or otherwise brought before the meeting by or at the direction of the chair of the meeting, in the chair’s sole discretion. With the exception of Shareholder proposals submitted in accordance with, and otherwise meeting the requirements of, Rule 14a-8 under the Securities Exchange Act of 1934, as amended, or any successor provisions, only matters proposed by the Trustees may be included in the Trust’s proxy materials. At all meetings of Shareholders, unless voting is conducted by inspectors, all questions relating to the qualification of voters and the validity of proxies and the acceptance or rejection of votes shall be decided by the chair of the meeting. The chair of the meeting shall determine, in the chair’s sole discretion, whether to appoint an inspector for any meeting. Unless otherwise determined by the chair of the meeting, meetings shall not be required to be held in accordance with any rules of parliamentary procedure.

10.4 Access to Shareholder List. Shareholders of record may apply in writing to the Trustees for assistance in communicating with other Shareholders for the purpose of calling a meeting in order to vote upon the question of removal of a Trustee. With respect to any Fund as to which the Trust has given such an undertaking in its registration statement, and only such a Fund, or for any other Fund as the Trustees may determine in their sole discretion, when ten or more Shareholders of record who have been such for at least six months preceding the date of application and who hold in the aggregate Shares having a net asset value of at least $25,000 so apply, the Trustees shall within five business days either:

(i) afford to such applicants access to a list of names and addresses of all Shareholders as recorded on the books of the Trust; or

(ii) inform such applicants of the approximate number of Shareholders of record and the approximate cost of mailing material to them, and, within a reasonable time thereafter, mail, at the applicants’ expense, materials submitted by the applicants, to all such Shareholders of record. The Trustees shall not be obligated to mail materials which they believe to be misleading or in violation of applicable law.

10.5 Record Dates. For the purpose of determining the Shareholders of any class or series of Shares of the Trust who are entitled to vote or act at any meeting or any adjournment thereof, or who are entitled to receive payment of any dividend or of any other distribution, the Trustees (or their designees) may from time to time fix a time, which shall be not more than 90

3

days before the date of any meeting of Shareholders or more than 60 days before the date of payment of any dividend or of any other distribution, as the record date for determining the Shareholders of such class or series having the right to notice of and to vote at such meeting and any adjournment thereof or the right to receive such dividend or distribution, and in such case only Shareholders of record on such record date shall have such right notwithstanding any transfer of Shares on the books of the Trust after the record date; or without fixing such record date the Trustees may for any such purposes close the register or transfer books for all or part of such period.

10.6 Communications with Shareholders. Any notices, reports, statements or other communications with Shareholders of any kind required under the Declaration of Trust, these Bylaws or applicable law may be sent, delivered or made available in any reasonable manner as may be determined by the Trustees or officers if not otherwise prohibited by applicable law, including, without limitation, by mail, courier, e-mail, facsimile or other electronic means or by posting on a website; and such communications may be sent, delivered or otherwise made available to Shareholders in accordance with householding or other similar rules under which a single copy of such notice or report may be sent to Shareholders who reside at the same address. No communication need be given to any Shareholder who shall have failed to inform the Trust of the Shareholder’s current address and the Trustees may from time to time adopt, or may authorize the officers or agents of the Trust to adopt, procedures or policies with respect to communications to Shareholders that are returned to the Trust or its agents as undeliverable and similar matters. Any Shareholder may waive receipt of any notice or other communication.

10.7 Proxies. The placing of a Shareholder’s name on a proxy pursuant to telephone or electronically transmitted instructions (including instructions submitted via the Internet) obtained pursuant to procedures reasonably designed to verify that such instructions have been authorized by such Shareholder shall constitute execution of such proxy by or on behalf of such Shareholder.

ARTICLE 11

11.1 Inspection of Books. The Trustees shall from time to time determine whether and to what extent, at what times and places and under what conditions and regulations any of the accounts and books of the Trust or any series thereof shall be open to the inspection of the Shareholders, and no Shareholder shall have any right to inspect any account or book or document of the Trust or any series thereof except as conferred by law or otherwise by the Trustees or by these Bylaws.

ARTICLE 12

Preferences, Rights and Privileges of the

Trust’s Classes of Shares

12.1 General. Each class of Shares of the Trust or of a particular series of the Trust, as the case may be, will represent interests in the same portfolio of investments of the Trust (or that series) and be identical in all respects, except as set forth in the Rule 18f-3 Plan (the “Plan”) of

4

the Trust, as amended from time to time. The Plan is incorporated herein by reference and any amendments to the Plan adopted by the Trustees after the date hereof shall be incorporated herein by reference effective upon approval of such amendments unless determined otherwise by the Trustees at such time.

12.2. Conversion of Class B Shares. Except as hereinafter provided with respect to Shares acquired by exchange or reinvestment of distributions, Class B Shares of the Trust will automatically convert into Class A Shares of the Trust at the end of the month eight years after the month of purchase, or at such earlier time as the Trustees may in their sole discretion determine from time to time as to all Class B Shares purchased on or before such date as the Trustees may specify. Class B Shares acquired by exchange from Class B Shares of another Putnam Fund will convert into Class A Shares based on the date of the initial purchase of the Class B Shares of such other Fund. Class B Shares acquired through reinvestment of distributions will convert into Class A Shares based on the date of the initial purchase of Class B Shares to which such reinvestment Shares relate. For this purpose, Class B Shares acquired through reinvestment of distributions will be attributed to particular purchases of Class B Shares in accordance with such procedures, which may include without limitation methods of proration or approximation, as the Trustees may in their sole discretion determine from time to time.

ARTICLE 13

Amendments to the Bylaws

13.1 General. These Bylaws may be amended or repealed, in whole or in part, by a majority of the Trustees then in office. These Bylaws may not be amended by Shareholders.

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EX-99.D ADVSR CONTR 18 a_pilmod1.htm a_pilmod1.htm

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 Fund’s investments held in such Allocated Sleeve.

(b) The Manager may also, at its discretion, request the Sub-Manager to provide assistance with purchasing and selling securities for any Fund, including the placement of orders with broker-dealers selected in accordance with Section 1(d), even if the Manager has not established an Allocated Sleeve for such Fund.

(c) The Sub-Manager at its expense will furnish all necessary investment and management facilities, including salaries of personnel, required for it to execute its duties faithfully.

(d) The Sub-Manager shall place all orders for the purchase and sale of portfolio investments for any Allocated Sleeve with brokers or dealers selected by the Sub-Manager. In the selection of such brokers or dealers and the placing of such orders, the Sub-Manager shall use its best efforts to obtain for the related Fund the most favorable price and execution available, except to

the extent it may be permitted to pay higher brokerage commissions for brokerage and research services as described below. In using its best efforts to obtain for the Fund the most favorable price and execution available, the Sub-Manager, bearing in mind the Fund’s best interests at all times, shall consider all factors it deems relevant, including by way of illustration, price, the size of the transaction, the nature of the market for the security, the amount of the commission, the timing of the transaction taking into account market prices and trends, the reputation, experience and financial stability of the broker or dealer involved and the quality of service rendered by the broker or dealer in other transactions. Subject to such policies as the Trustees of the Funds may determine, the Sub-Manager shall not be deemed to have acted unlawfully or to have breached any duty created by this Contract or otherwise solely by reason of its having caused a Fund to pay a broker or dealer that provides brokerage and research services to the Manager or the Sub-Manager an amount of commission for effecting a portfolio investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Sub-Manager determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular transaction or its overall responsibilities with respect to the Fund and to other clients of the Manager or the Sub-Manager as to which the Manager or the Sub-Manager exercises investment discretion. The Sub-Manager agrees that in connection with purchases or sales of portfolio investments for any Fund, neither the Sub-Manager nor any officer, director, employee or agent of the Sub-Manager shall act as a principal or receive any commission other than as provided in Section 3.

(e) The Sub-Manager shall not be obligated to pay any expenses of or for the Manager or any Fund not expressly assumed by the Sub-Manager pursuant to this Section 1.

(f) In the performance of its duties, the Sub-Manager will comply with the provisions of the Agreement and Declaration of Trust and By-Laws of each applicable Fund and such Fund’s stated investment objectives, policies and restrictions, and will use its best efforts to safeguard and promote the welfare of such Fund and to comply with other policies which the Manager or the Trustees may from time to time determine and shall exercise the same care and diligence expected of the Manager.

2. OTHER AGREEMENTS, ETC.

It is understood that any of the shareholders, Trustees, officers and employees of a Fund may be a shareholder, director, officer or employee of, or be otherwise interested in, the Sub-Manager, and in any person controlled by or under common control with 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

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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

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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 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.

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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-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.

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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

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Schedule A

Effective February 27, 2014, unless otherwise noted

As amended as of November 20, 2014

Putnam Absolute Return 100 Fund
Putnam Absolute Return 300 Fund
Putnam Absolute Return 500 Fund
Putnam Absolute Return 700 Fund
Putnam American Government Income Fund
Putnam 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
The Putnam Fund for Growth and Income
Putnam Growth Opportunities Fund
Putnam High Income Securities Fund

A-1

47097505_2

Schedule A

(continued)

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 (effective November 20, 2014)
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 2055 Fund
Putnam RetirementReady 2050 Fund
Putnam RetirementReady 2045 Fund
Putnam RetirementReady 2040 Fund
Putnam RetirementReady 2035 Fund
Putnam RetirementReady 2030 Fund
Putnam RetirementReady 2025 Fund
Putnam RetirementReady 2020 Fund
Putnam RetirementReady 2015 Fund
Putnam Short Term Investment Fund
Putnam Short-Term Municipal Income Fund
Putnam Small Cap Growth Fund

A-2

47097505_2

Schedule A

(continued)

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/ Alan G. McCormack

Alan G. McCormack

PUTNAM INVESTMENT MANAGEMENT, LLC

By: /s/ James P. Pappas

James P. Pappas

Director of Trustee Relations and Authorized Person

A-3

47097505_2

EX-99.E UNDR CONTR 19 a_nf19amod1.htm a_nf19amod1.htm

Schedule of Dealer Sales Contract
1ST DISCOUNT BROKERAGE, INC.
1ST GLOBAL CAPITAL CORP.
A. P. SECURITIES, INC.
A.G. QUINTAL INVESTMENT COMPANY INC.
AARON CAPITAL INCORPORATED
ABACUS INTERNATIONAL CAPITAL CORP.
ABACUS INVESTMENTS, INC
ABEL/NOSER CORP.
ABRAMSON FINANCIAL, LLC
ACA/PRUDENT INVESTORS PLANNING
ACAP FINANCIAL INC.
ACCELERATED CAPITAL GROUP, INC.
ACCESS FINANCIAL GROUP, INC.
ACCESS INVESTMENTS, INC
ACE DIVERSIFIED CAPITAL, INC.
ACP SECURITIES, LLC
ACTINVER SECURITIES, INC.
ADCAP SECURITIES LLC
ADIRONDACK TRADING GROUP LLC
ADP BROKER-DEALER, INC.
ADVANCE CAPITAL SERVICES, INC.
ADVANCED ADVISOR GROUP, LLC
ADVISORS CLEARING NETWORK, INC.
ADVISORY GROUP EQUITY SERVICES LTD.
AEGIS CAPITAL CORP.
AEGIS INVESTMENTS, INC.
AK CAPITAL LLC
AKAR CAPITAL MANAGEMENT, INC.
ALAMO CAPITAL
ALEXANDER CAPITAL, L.P.
ALEXANDER INVESTMENT SERVICES CO.
ALLEGHENY INVESTMENTS, LTD.
ALLEGIANCE CAPITAL LLC
ALLEGIS INVESTMENT SERVICES, LLC
ALLEN & COMPANY OF FLORIDA, INC.
ALLEN C. EWING & CO.
ALLEN, MOONEY & BARNES BROKERAGE SVCS
ALLIANCE ADVISORY & SECURITIES, INC.
ALLIANCE FINANCIAL GROUP, INC.
ALLIANT SECURITIES, INC. TURNER, NORD,
ALLIED ASSET MANAGEMENT, INC.
ALLISON-WILLIAMS COMPANY
ALMAX FINANCIAL SOLUTIONS, LLC
ALPINE SECURITIES CORPORATION
ALTON SECURITIES GROUP INC.
AMEGY INVESTMENTS, INC.
AMERICA NORTHCOAST SECURITIES, INC.
AMERICAN CAPITAL PARTNERS, LLC
AMERICAN DIVERSIFIED FINANCIAL GROUP LLC
AMERICAN EQUITY INVESTMENT CORPORATION

AMERICAN FINANCIAL ASSOCIATES, INC.
AMERICAN FINANCIAL SECURITIES, INC.
AMERICAN FUNDS & TRUSTS INCORPORATED
AMERICAN HERITAGE SECURITIES, INC.
AMERICAN INDEPENDENT SECURITIES GROUP,
AMERICAN INVESTORS CO
AMERICAN INVESTORS GROUP, INC.
AMERICAN MUNICIPAL SECURITIES, INC.
AMERICAN NETWORK SECURITIES CORP.
AMERICAN PORTFOLIOS FINANCIAL SERVICES,
AMERICAN TRUST INVESTMENT SERVICES, INC.
AMERICAN WEALTH MANAGEMENT, INC.
AMERIPRISE FINANCIAL SERVICES, INC.
AMERIPRISE FINANCIAL SERVICES, INC.
AMERITAS INVESTMENT CORP
AMERIVET SECURITIES, INC.
ANDREW GARRETT INC.
ANOVEST FINANCIAL SERVICES, INC.
AON BENFIELD SECURITIES, INC.
AOS, INC.
APEX CLEARING CORPORATION
ARBOR COURT CAPITAL, LLC
ARETE WEALTH MANAGEMENT, LLC
ARIVE CAPITAL MARKETS
ARLINGTON SECURITIES, INCORPORATED
ARQUE CAPITAL, LTD.
ARVEST INVESTMENTS, INC.
ASHTON YOUNG, INC.
ASIA PACIFIC FINANCIAL MANAGEMENT GROUP,
ASPEN EQUITY PARTNERS, LLC
ASSOCIATED INVESTMENT SERVICES, INC.
ATIS, INC
ATLANTIC SECURITIES, INC.
AUFHAUSER SECURITIES, INC.
AURORA FINANCIAL
AURORA SECURITIES
AUSDAL FINANCIAL PARTNERS, INC.
AVALON INVESTMENT & SECURITIES GROUP,
AVENTURA SECURITIES, LLC
AVISEN SECURITIES, INC.
AVONDALE PARTNERS, LLC
AXA ADVISORS, LLC
AXIOM CAPITAL MANAGEMENT, INC.
B. C. ZIEGLER AND COMPANY
B.B. GRAHAM & COMPANY, INC.
BAIRD, PATRICK & CO., INC.
BAKER & COMPANY
BAKER TILLY CAPITAL, LLC
BALLEW INVESTMENTS, INC.
BANK OF AMERICA NT & SA
BANKERS & INVESTORS CO.

BANKOH INVESTMENT SERVICES, INC.
BARCLAYS CAPITAL INC.
BARRETT & COMPANY, INC.
BARRINGTON RESEARCH ASSOCIATES, INC.
BATES SECURITIES, INC.
BAY MUTUAL FINANCIAL, LLC
BB&T SECURITIES, LLC
BCG SECURITIES, INC.
BEACONSFIELD FINANCIAL SERVICES, INC.
BEAR STEARNS SECURITIES CORP
BEARD FINANCIAL SERVICES, INC.
BEDMINSTER FINANCIAL GROUP, LIMITED
BENCHMARK INVESTMENTS, INC.
BENJAMIN F. EDWARDS & COMPANY, INC.
BENJAMIN SECURITIES, INC.
BERGHOFF & COMPANY, INC.
BERNARD HEROLD & CO., INC.
BERNARDI SECURITIES, INC.
BERTHEL, FISHER & CO FINANCIAL SERVICES,
BESTVEST INVESTMENTS, LTD.
BFT FINANCIAL GROUP, LLC
BILL FEW SECURITIES, INC.
BISHOP, ROSEN & CO., INC.
BLACK OAK SECURITIES, INC.
BLAKESLEE AND BLAKESLEE INC.
BLEY INVESTMENTS GROUP, INC.
BLUE CREEK SECURITIES INC
BMO HARRIS FINANCIAL ADVISORS, INC.
BNP PARIBAS SECURITIES CORP.
BODELL OVERCASH ANDERSON & CO., INC.
BOENNING & SCATTERGOOD, INC.
BOLTON GLOBAL CAPITAL
BORNHOFT GROUP
BPU INVESTMENT MANAGEMENT, INC.
BRANDON INVESTMENTS, INC.
BRANDT, KELLY & SIMMONS SECURITIES, LLC
BRAZOS SECURITIES, INC.
BRIGHTON SECURITIES CORP.
BRILL SECURITIES, INC.
BRINKER CAPITAL
BRISTOL FINANCIAL SERVICES, INC
BROKER DEALER FINANCIAL SERVICES CORP.
BROKERAGESELECT
BROKERS INTERNATIONAL FINANCIAL SERVICES
BROOKLIGHT PLACE SECURITIES, INC.
BROWN ASSOCIATES, INC.
BROWN, LISLE/CUMMINGS, INC.
BRYAN FUNDING, INC.
BTS SECURITIES CORPORATION
BUCK KWASHA SECURITIES LLC
BUCKMAN, BUCKMAN & REID, INC.

BUCKRAM SECURITIES LTD
BUELL SECURITIES CORP.
BURKE, LAWTON, BREWER & BURKE, LLC
BUTTONWOOD PARTNERS, INC.
C A BOTZUM & CO.
C C F INVESTMENTS, INC.
C R I SECURITIES
C. G. MENK & ASSOCIATES, INC.
C. R. DAVIS & COMPANY
CABOT LODGE SECURITIES LLC
CADARET, GRANT & CO., INC.
CALDWELL INTERNATIONAL SECURITIES
CALDWELL SECURITIES, INC
CALLAWAY FINANCIAL SERVICES, INC.
CALTON & ASSOCIATES, INC.
CAMBRIDGE INVESTMENT RESEARCH, INC.
CAMDEN FINANCIAL SERVICES
CANTELLA & CO., INC.
CANTONE RESARCH INC.
CAPE FEAR SECURITIES, INC.
CAPE SECURITIES INC.
CAPFINANCIAL SECURITIES, LLC.
CAPITAL BROKERAGE CORPORATION
CAPITAL CITY SECURITIES, LLC
CAPITAL DIRECTIONS, INC.
CAPITAL FINANCIAL SERVICES, INC.
CAPITAL GUARDIAN, LLC
CAPITAL INVESTMENT BROKERAGE, INC.
CAPITAL INVESTMENT GROUP, INC.
CAPITAL MANAGEMENT SECURITIES, INC.
CAPITAL ONE INVESTMENT SERVICES LLC
CAPITAL PORTFOLIO MANAGEMENT, INC.
CAPITAL RESEARCH BROKERAGE SERVICES, LLC
CAPITAL SECURITIES INVESTMENT
CAPITAL SYNERGY PARTNERS
CAPITOL SECURITIES MANAGEMENT, INC.
CAPROCK SECURITIES, INC.
CARDINAL INVESTMENTS, INC.
CAREY, THOMAS, HOOVER, & BREAULT, INC.
CARL M HENNIG & CO
CARL P. SHERR & CO., LLC
CARTER, TERRY & COMPANY, INC.
CARTHAGE GROUP INC.
CARTY & COMPANY, INC.
CARY STREET PARTNERS LLC
CASCADE FINANCIAL MANAGEMENT, INC.
CASCADE INVESTMENT GROUP, INC.
CASTLE HILL CAPITAL PARTNERS, INC.
CBIZ FINANCIAL SOLUTIONS, INC.
CCO INVESTMENT SERVICES CORP.
CELADON FINANCIAL GROUP LLC

CENTARA CAPITAL SECURITIES, INC.
CENTAURUS FINANCIAL, INC.
CENTENNIAL SECURITIES COMPANY, INC.
CENTER STREET SECURITIES, INC.
CENTERRE CAPITAL LLC
CENTRAL STATES CAPITAL MARKETS, LLC
CEROS FINANCIAL SERVICES, INC.
CERTUSSECURITIES, INC.
CETERA ADVISOR NETWORKS LLC
CETERA ADVISORS LLC
CETERA FINANCIAL SPECIALISTS LLC
CETERA INVESTMENT SERVICES LLC
CFD INVESTMENTS, INC.
CFS SECURITIES, INC.
CHAMPION CAPITAL CORPORATION
CHAPIN DAVIS, INC.
CHARLES JORDAN & CO., LLC
CHARLES SCHWAB & CO., INC.
CHAUNER SECURITIES, INC.
CHELSEA FINANCIAL SERVICES
CHESTER HARRIS & COMPANY, INCORPORATED
CHURCH, GREGORY, ADAMS SECURITIES
CIRCLE TRUST COMPANY
CITIGROUP GLOBAL MARKETS INC.
CITY NATIONAL SECURITIES, INC.
CITY SECURITIES CORPORATION
CLARK DODGE & CO., INC.
CLARK NOBIL & COMPANY
CLARK SECURITIES, INC.
CLARY INVESTMENT AND INSURANCE PLANNING
CLASSIC, LLC
CLEARY GULL INC.
CLIENT ONE SECURITIES LLC
CLINGER & CO., INC.
CNA INVESTOR SERVICES, INC.
CNS SECURITIES, LLC
COASTAL EQUITIES, INC.
COBURN & MEREDITH, INC.
COKER & PALMER, INC.
COLONIAL SECURITIES, INC.
COLONY PARK FINANCIAL SERVICES LLC.
COLORADO FINANCIAL SERVICE CORPORATION
COMERICA SECURITIES,INC.
COMMONWEALTH FINANCIAL GROUP, INC.
COMMONWEALTH FINANCIAL NETWORK
COMMUNITYAMERICA FIN SOLUTIONS, LLC
COMPASS SECURITIES CORPORATION
COMPREHENSIVE ASSET MGMT AND SERVICING
CONCORDE INVESTMENT SERVICES, LLC
CONFIDENTIAL MGMT FINANCIAL SERVICES,
CONNERS & CO., INC.

CONOVER SECURITIES CORPORATION
CONSOLIDATED FINANCIAL INVESTMENTS, INC.
CONSOLIDATED SECURITIES
CONSTELLATION WEALTH ADVISORS LLC
CONTINENTAL INVESTORS SERVICES, INC.
COOMBE FINANCIAL SERVICES, INC
COOPER MALONE MCCLAIN, INC.
COORDINATED CAPITAL SECURITIES, INC.
COR CLEARING LLC
CORECAP INVESTMENTS, INC
CORINTHIAN PARTNERS, L.L.C.
CORNERSTONE FINANCIAL SERVICES, INC.
CORPORATE INVESTMENTS GROUP, INC.
CORRELL CO. INVESTMENT SERVICES CORP.
COSSE' INTERNATIONAL SECURITIES, INC.
COUGHLIN & COMPANY INC.
COUNTRY CLUB FINANCIAL SERVICES, INC.
CP CAPITAL SECURITIES, INC.
CRAIG-HALLUM CAPITAL GROUP LLC
CREATIVE RESOURCES BROKER SERVICES, LLC
CREDIT SUISSE SECURITIES (USA) LLC
CRESAP, INC.
CRESCENT SECURITIES GROUP, INC.
CRESSMAN ESSER SECURITIES, INC.
CREWS & ASSOCIATES, INC.
CROWN CAPITAL SECURITIES, L.P.
CUNA BROKERAGE SERVICES, INC.
CURBSTONE FINANCIAL MANAGEMENT
CURREN & COMPANY
CUSO FINANCIAL SERVICES, L.P.
CUTTER AND COMPANY BROKERAGE, INC.
CV BROKERAGE, INC
CW SECURITIES, LLC
D. B. MCKENNA & CO., INC.
D.A. DAVIDSON & CO.
D.H. HILL SECURITIES, LLLP
D.M. KELLY & COMPANY
DALTON STRATEGIC INVESTMENT SERVICES
DART, PAPESH & COMPANY, INCORPORATED
DARWOOD ASSOCIATES INCORPORATED
DAUTRICH, SEILER FINANCIAL SERVICES,
DAVENPORT & COMPANY LLC
DAVID A. NOYES & COMPANY
DAVID HARRIS & CO., INC.
DAVID LERNER ASSOCIATES, INC.
DAVINCI CAPITAL MANAGEMENT INC.
DAWSON JAMES SECURITIES, INC.
DEAWM DISTRIBUTORS, INC.
DELTA TRUST INVESTMENTS, INC.
DEMPSEY FINANCIAL NETWORK, INC.
DEMPSEY LORD SMITH, LLC

DESPAIN FINANCIAL CORPORATION
DESTINY CAPITAL SECURITIES CORPORATION
DETWILER FENTON & CO.
DETWILER FENTON WEALTH MANAGEMENT INC
DEUTSCHE BANK SECURITIES INC.
DEVENIR, LLC
DFP EQUITIES, INC.
DFPG INVESTMENTS, INC.
DIAMANT INVESTMENT CORPORATION
DILLON - GAGE SECURITIES, INC.
DINOSAUR SECURITIES, L.L.C.
DIVERSIFIED CAPITAL CORPORATION
DIVERSIFIED RESOURCES, LLC
DIVERSIFIED SECURITIES, INCORPORATED
DMG SECURITIES,INC.
DOMINICK & DOMINICK LLC
DOMINION INVESTOR SERVICES, INC.
DON ALEXANDER INVESTMENTS, INC.
DONEGAL SECURITIES, INC.
DORN & CO., INC.
DORSEY & COMPANY, INC.
DOUBLE EAGLE SECURITIES OF AMERICA, INC
DOUGHERTY & COMPANY LLC
DP ASSET MANAGEMENT, INC.
DUNCAN-WILLIAMS, INC
DUNDEE SECURITIES INC.
DYNASTY CAPITAL PARTNERS, INC.
ETRADE CLEARING, LLC
E. E. POWELL & COMPANY INC.
E.S. FINANCIAL SERVICES, INC.
EAGLE EQUITIES, INC.
EAGLE LEDGE CAPITAL, LLC
EAGLEVIEW SECURITIES, INC
EARLYBIRDCAPITAL, INC.
EASTERN POINT SECURITIES, INC.
EBH SECURITIES, INC.
ECM SECURITIES CORP.
ECONOMY SECURITIES, INCORPORATED
EDI FINANCIAL, INC.
EDWARD JONES
EDWIN C. BLITZ INVESTMENTS, INC
EFC FINANCIAL SERVICES, LLC
EK RILEY INVESTMENTS, LLC
ELE WEALTH ADVISORS, INC.
ELISH & ELISH INC.
EMERGENT FINANCIAL GROUP, INC.
EMERGING GROWTH EQUITIES, LTD.
EMERSON EQUITY LLC
EMPLOYEE BENEFITS INVESTMENT GROUP, INC.
ENSEMBLE FINANCIAL SERVICES, INC.
ENVOY SECURITIES, LLC

EQUABLE SECURITIES CORPORATION
EQUINOX SECURITIES, INC.
EQUITY INVESTMENT SERVICES, INC
EQUITY SERVICES, INC.
ESPOSITO SECURITIES, LLC
ESSEX FINANCIAL SERVICES, INC.
ESSEX NATIONAL SECURITIES, LLC
ESSEX SECURITIES LLC
ETC BROKERAGE SERVICES, LLC
EURO PACIFIC CAPITAL, INC.
E-W INVESTMENTS, INC.
EXCEL SECURITIES & ASSOCIATES, INC
FAIRPORT CAPITAL, INC.
FAMILY INVESTORS COMPANY
FAMILY MANAGEMENT SECURITIES, LLC
FARMERS FINANCIAL SOLUTIONS, LLC
FAS CORP.
FB EQUITY SALES CORPORATION OF MICHIGAN
FBT INVESTMENTS, INC.
FCG ADVISORS, LLC
FEDERATED SECURITIES, INC.
FELDSTEIN FINANCIAL GROUP, LLC
FELTL & COMPANY
FENWICK SECURITIES, INC.
FIDUCIARY ADVISORS, LLC
FIELDPOINT PRIVATE SECURITIES LLC
FINANCE 500, INC
FINANCIAL AMERICA SECURITIES, INC.
FINANCIAL NORTHEASTERN SECURITIES, INC
FINANCIAL PLANNING CONSULTANTS, INC
FINANCIAL SECURITY MANAGEMENT,
FINANCIAL SERVICES INTERNATIONAL CORP
FINANCIAL TELESIS
FINANCIAL WEST GROUP
FINTEGRA, LLC
FINTRUST BROKERAGE SERVICES, LLC
FIRST ALLIED SECURITIES, INC
FIRST AMERICAN SECURITIES, INC.
FIRST ASSET FINANCIAL INC
FIRST BANKERS' BANC SECURITIES, INC
FIRST BROKERAGE AMERICA, L.L.C
FIRST CANTERBURY SECURITIES, INC
FIRST CITIZENS FINANCIAL PLUS, INC.
FIRST CITIZENS INVESTOR SERVICES, INC.
FIRST CITIZENS SECURITIES CORPORATION
FIRST CLEARING, LLC
FIRST COMMAND FINANCIAL PLANNING, INC.
FIRST DALLAS SECURITIES, INC.
FIRST EMPIRE SECURITIES, INC.
FIRST FINANCIAL EQUITY CORPORATION
FIRST FINANCIAL SECURITIES OF AMERICA,

FIRST GEORGETOWN SECURITIES, INC.
FIRST HEARTLAND CAPITAL, INC
FIRST HONOLULU SECURITIES, INC
FIRST INDEPENDENT FINANCIAL SERVICES,
FIRST INVESTORS CORPORATION
FIRST KENTUCKY SECURITIES CORPORATION
FIRST LIBERTIES SECURITIES, INC
FIRST MANHATTAN CO
FIRST MIDWEST SECURITIES, INC
FIRST NATIONAL CAPITAL MARKETS, INC.
FIRST REPUBLIC SECURITIES COMPANY, LLC
FIRST SAVINGS SECURITIES, INC.
FIRST SOUTHEAST INVESTOR SERVICES, INC.
FIRST STATE FINANCIAL MANAGEMENT, INC.
FIRST WESTERN ADVISORS
FIRST WESTERN SECURITIES, INC.
FIRSTRADE SECURITIES INC.
FLORIDA ATLANTIC SECURITIES CORP
FMN CAPITAL CORPORATION
FMSBONDS, INC
FNBB CAPITAL MARKETS, LLC
FOLGER NOLAN FLEMING DOUGLAS
FOLIOFN INVESTMENTS, INC
FOOTHILL SECURITIES, INC
FORDHAM FINANCIAL MANAGEMENT, INC
FORESIGHT INVESTMENTS, LLC
FOREST SECURITIES,INC
FORESTERS EQUITY SERVICES, INC
FORTUNE FINANCIAL SERVICES, INC
FOUNDERS FINANCIAL SECURITIES LLC
FOURTH STREET FINANCIAL GROUP, INC
FRANKLIN TEMPLETON FINANCIAL SERVICES
FREEDOM INVESTORS CORP
FREIMARK BLAIR & COMPANY, INC
FROST BROKERAGE SERVICES, INC
FSB PREMIER WEALTH MANAGEMENT, INC.
FSC SECURITIES CORPORATION
FTB ADVISORS, INC
FULCRUM SECURITIES, LLC
FUND INVESTORS, INC
G - W BROKERAGE GROUP, INC.
G. A. REPPLE & COMPANY
G.F. INVESTMENT SERVICES, LLC
G.L.S. & ASSOCIATES, INC
G.RESEARCH, INC
GAGE-WILEY & CO., INC
GARDEN STATE SECURITIES, INC.
GARDNER FINANCIAL SERVICES, INC.
GARY GOLDBERG & CO., INC.
GATEWAY FINANCIAL AGENCY CORPORATION
GBS RETIREMENT SERVICES, INC

GENEOS WEALTH MANAGEMENT, INC
GENERAL SECURITIES CORP
GEORGE K. BAUM & COMPANY
GERSON, HOROWITZ, GREEN SECURITIES CORP
GFA SECURITIES, LLC
GILFORD SECURITIES INCORPORATED
GILL CAPITAL PARTNERS
GIRARD SECURITIES, INC.
GLADOWSKY CAPITAL MANAGEMENT CORP.
GLEN EAGLE ADVISORS LLC
GLOBAL BROKERAGE SERVICES, INC
GLOBAL INVESTOR SERVICES, L.C
GLOBAL MARKETS, LLC
GLOBALINK SECURITIES, INC.
GLP INVESTMENT SERVICES, LLC
GOELZER INVESTMENT MANAGEMENT, INC
GOLD COAST SECURITIES, INC
GOLDK INVESTMENT SERVICES, INC
GOLDMAN SACHS EXECUTION &
GOODWIN SECURITIES, INC
GOOGINS & ANTON, INC
GOULD, AMBROSON & ASSOCIATES LTD
GRADIENT SECURITIES, LLC
GRAMERCY SECURITIES, INC
GRANT WILLIAMS L.P
GRB FINANCIAL LLC
GREAT AMERICAN ADVISORS, INC.
GREAT AMERICAN INVESTORS, INC
GREAT NATION INVESTMENT CORPORATION
GREENBERG FINANCIAL GROUP
GREENBRIER DIVERSIFIED, INC
GREENMAN PARKER CONNALLY GREENMAN
GREENTREE INVESTMENT SERVICES, INC
GREGORY J. SCHWARTZ & CO., INC.
GRF CAPITAL INVESTORS, INC.
GRIFFINEST ASIA SECURITIES, LLC
GRODSKY ASSOCIATES, INC.
GUZMAN & COMPANY
GVC CAPITAL LLC
GW & WADE ASSET MANAGEMENT COMPANY, LLC
GWFS EQUITIES, INC.
GWN SECURITIES INC.
H C WAINWRIGHT & CO
H D VEST INVESTMENT SERVICES INC
H. BECK, INC.
H. C. DENISON CO.
H. KAWANO & CO., INC.
H.D. BRENT & COMPANY, INC.
HALLIDAY FINANCIAL, LLC
HAMILTON CAVANAUGH INVESTMENT BROKERS,
HANCOCK INVESTMENT SERVICES, INC.

HANCOCK SECURITIES GROUP, LLC
HAND SECURITIES, INC
HANSON MCCLAIN RETIREMENT NETWORK, LLC
HANTZ FINANCIAL SERVICES, INC.
HAPOALIM SECURITIES USA, INC.
HARBOR FINANCIAL SERVICES, LLC
HARBOR INVESTMENT ADVISORY, LLC
HARBOR LIGHT SECURITIES, LLC
HARBOUR INVESTMENTS, INC.
HARGER AND COMPANY, INC.
HAROLD DANCE INVESTMENTS
HARTFORD SECURITIES DISTRIBUTION CMPY
HARVEST FINANCIAL CORPORATION
HARVESTONS SECURITIES, INC.
HAZARD & SIEGEL, INC.
HAZLETT, BURT & WATSON, INC.
HBW SECURITIES LLC
HEALTHCARE COMMUNITY SECURITIES
HEARTLAND INVESTMENT ASSOCIATES, INC.
HEFREN-TILLOTSON, INC.
HEIM, YOUNG & ASSOCIATES, INC.
HENLEY & COMPANY LLC
HENNION & WALSH, INC.
HERBERT J. SIMS & CO. INC.
HERITAGE CAPITAL GROUP, INC.
HERNDON PLANT OAKLEY, LTD.
HEWITT FINANCIAL SERVICES LLC
HIGH POINT CAPITAL GROUP, INC.
HIGHLAND FINANCIAL, LTD.
HIGHLANDER CAPITAL GROUP, INC.
HIGHTOWER SECURITIES, LLC
HOLLOWAY & ASSOCIATES, INC.
HORAN SECURITIES, INC.
HORIZON FINANCIAL INVESTMENT CORPORATION
HORNOR, TOWNSEND & KENT, INC.
HP SECURITIES, INC.
HSBC SECURITIES (USA) INC.
HUCKIN FINANCIAL GROUP, INC.
HUDSON HERITAGE CAPITAL MANAGEMENT, INC.
HUNTER ASSOCIATES, INC.
HUNTER SCOTT FINANCIAL , LLC
HUNTLEIGH SECURITIES CORPORATION
HYUNDAI SECURITIES (AMERICA) INC.
IBN FINANCIAL SERVICES, INC.
ICMA RC SERVICES INC
IFS SECURITIES
IMS SECURITIES, INC.
INDEPENDENCE CAPITAL CO., INC.
INDEPENDENT FINANCIAL GROUP, LLC
INDIANA MERCHANT BANKING AND BROKERAGE
INDIANA SECURITIES LLC

INFINITY FINANCIAL SERVICES
ING INVESTMENT ADVISORS, LLC
INGALLS & SNYDER, LLC
INNOVATION PARTNERS LLC
INSIGHT SECURITIES, INC
INSTITUTIONAL SECURITIES CORPORATION
INTEGRAL FINANCIAL LLC
INTEGRATED FINANCIAL PLANNING SERVICES
INTEGRATED TRADING AND INVESTMENTS, INC.
INTEGRITY BROKERAGE SERVICES, INC.
INTERCAROLINA FINANCIAL SERVICES, INC.
INTERNATIONAL ASSETS ADVISORY, LLC
INTERNATIONAL MONEY MANAGEMENT GROUP,
INTERNATIONAL RESEARCH SECURITIES, INC.
INTERPACIFIC INVESTORS SERVICES, INC.
INTERRA CLEARING SERVICES INC
INTERVEST INTERNATIONAL EQUITIES
INVERNESS SECURITIES, LLC
INVESTACORP, INC.
INVESTMENT ARCHITECTS, INC.
INVESTMENT NETWORK, INC.
INVESTMENT PERSPECTIVES SECURITIES, LTD.
INVESTMENT PLACEMENT GROUP
INVESTMENT PLANNERS, INC.
INVESTMENT PROFESSIONALS, INC.
INVESTMENT SECURITY CORPORATION
INVESTMENTS BY PLANNERS, INC.
INVESTMENTS FOR YOU, INC.
INVESTORS BROKERAGE OF TEXAS, LTD.
INVESTORS CAPITAL CORP.
INVESTORS PLANNING SERVICES, CORP
INVESTORS PROPERTIES, INC.
ISAAK BOND INVESTMENTS, INC.
J J B HILLIARD
J R M SECURITIES
J. ALDEN ASSOCIATES, INC.
J. D. SEIBERT & COMPANY, INC.
J. J. & M. GELDZAHLER
J.A. GLYNN INVESTMENTS, LLC.
J.D. NICHOLAS & ASSOCIATES, INC.
J.H. DARBIE & CO., INC.
J.K. FINANCIAL SERVICES, INC.
J.P. MORGAN SECURITIES LLC
J.P. MORGAN SECURITIES LLC
J.P. TURNER & COMPANY, L.L.C.
J.W. COLE FINANCIAL, INC.
JACK V. BUTTERFIELD INVESTMENT COMPANY
JACKSON & SMITH INVESTMENT SECURITIES, LLC
JACQUES FINANCIAL, LLC
JAMES FOX SECURITIES, INC.
JAMES I. BLACK & COMPANY

JAMES T. BORELLO & CO.
JAMES W HUMBARD
JANNEY MONTGOMERY SCOTT LLC
JBS LIBERTY SECURITIES, INC.
JDL SECURITIES CORPORATION
JEFFERIES LLC
JETTRADE, INC.
JHS CAPITAL ADVISORS INC
JOHN HANCOCK FUNDS INC
JOHN JAMES INVESTMENTS LTD
JOHNSON SECURITIES, INC.
JOHNSTON, LEMON & CO. INCORPORATED
JOSEPH GUNNAR & CO. LLC
JRL CAPITAL CORPORATION
K. W. CHAMBERS & CO.
KAISER AND COMPANY
KALOS CAPITAL, INC.
KASHNER DAVIDSON SECURITIES CORPORATION
KCD FINANCIAL, INC.
KCG SECURITIES, LLC
KEELEY INVESTMENT CORP
KENNETH, JEROME & CO.,INC.
KENSINGTON CAPITAL CORP.
KERCHEVILLE & COMPANY, INC
KEVIN HART KORNFIELD & COMPANY, INC.
KEY INVESTMENT SERVICES LLC
KEY WEST INVESTMENTS, LLC
KEYBANC CAPITAL MARKETS INC.
KEYSTONE CAPITAL CORPORATION
KINETICS FUNDS DISTRIBUTORS, INC
KMS FINANCIAL SERVICES, INC.
KOONCE SECURITIES, INC.
KOVACK SECURITIES INC.
KOVITZ SECURITIES, LLC
KUYKENDALL & SCHNEIDER, INC.
KW SECURITIES CORPORATION
L & M FINANCIAL SERVICES INC
L. B. FISHER & COMPANY
L.M. KOHN & COMPANY
L.O. THOMAS & CO. INC.
LABRUNERIE FINANCIAL SERVICES, INC.
LADENBURG THALMANN & CO. INC.
LAIDLAW & COMPANY (UK) LTD
LANDAAS & COMPANY
LANDOLT SECURITIES, INC.
LANTERN INVESTMENTS, INC.
LARA, MAY & ASSOCIATES, LLC
LARADORBECKER SECURITIES CORPORATION
LARIMER CAPITAL CORPORATION
LARSON FINANCIAL SECURITIES, LLC
LASALLE ST SECURITIES, L.L.C

LAWSON FINANCIAL CORPORATION
LAZARD CAPITAL MARKETS LLC
LAZARD FRERES & CO. LLC
LEBENTHAL & CO., LLC
LEERINK PARTNERS LLC
LEGACY ASSET SECURITIES, INC.
LEGEND EQUITIES CORPORATION
LEGEND SECURITIES, INC.
LEHMAN BROTHERS INC
LEIGH BALDWIN & CO., LLC
LENOX FINANCIAL SERVICES, INC.
LEONARD SECURITIES, INC
LESKO SECURITIES INC
LEUMI INVESTMENT SERVICES INC.
LEWIS FINANCIAL GROUP, L.C.
LEXINGTON INVESTMENT COMPANY, INC.
LIBERTY CAPITAL INVESTMENT CORPORATION
LIBERTY GROUP, LLC
LIBERTY PARTNERS FINANCIAL SERVICES, LLC
LIEBLONG & ASSOCIATES, INC.
LIFEMARK SECURITIES CORP.
LINCOLN DOUGLAS INVESTMENTS, LLC
LINCOLN FINANCIAL ADVISORS CORPORATION
LINCOLN FINANCIAL SECURITIES CORPORATION
LINCOLN INVESTMENT PLANNING, INC.
LION STREET FINANCIAL,LLC
LOCKTON FINANCIAL ADVISORS, LLC
LOMBARD SECURITIES INCORPORATED
LONG ISLAND FINANCIAL GROUP, INC.
LORIA FINANCIAL GROUP, LLC
LORING WARD SECURITIES INC.
LOWELL & COMPANY, INC.
LOYAL3 SECURITIES INC.
LPL FINANCIAL CORPORATION
LUCIA SECURITIES, LLC
LUCIEN, STIRLING & GRAY FINANCIAL
M HOLDINGS SECURITIES, INC.
M. E. ALLISON & CO., INC.
M. GRIFFITH INVESTMENT SERVICES, INC.
M. H. LEBLANG, INC.
M. ZUCKER, INC
MACK INVESTMENT SECURITIES, INC.
MADISON AVENUE SECURITIES, INC.
MAINE SECURITIES CORPORATION
MAITLAND SECURITIES, INC.
MANARIN SECURITIES CORPORATION
MANNA CAPITAL MANAGEMENT
MAPLEWOOD INVESTMENT ADVISORS, INC.
MARC J. LANE & COMPANY
MARSCO INVESTMENT CORPORATION
MARTIN NELSON & CO., INC.

MASON SECURITIES, INC.
MATRIX CAPITAL GROUP, INC.
MAXIM GROUP LLC
MAXWELL SIMON, INC
MAYHILL AGENCY, LLC
MBSC SECURITIES CORPORATION
MCADAMS WRIGHT RAGEN, INC
MCCLURG CAPITAL CORPORATION
MCCOURTNEY-BRECKENRIDGE & COMPANY
MCCRACKEN ADVISORY PARTNERS CORPORATION
MCDERMOTT INVESTMENT SERVICES, LLC
MCDONALD PARTNERS LLC
MCDUFFIE/MORRIS FINANCIAL GROUP, INC.
MCG SECURITIES LLC
MCLAUGHLIN RYDER INVESTMENTS, INC.
MCNALLY FINANCIAL SERVICES CORPORATION
MEANS INVESTMENT CO., INC
MERCAP SECURITIES, LLC
MERCER ALLIED COMPANY, L.P.
MERIDIEN FINANCIAL GROUP, INC.
MERITUS FINANCIAL GROUP, INC
MERRILL LYNCH PIERCE
MERRIMAC CORPORATE SECURITIES, INC.
MESIROW FINANCIAL, INC.
METLIFE SECURITIES INC.
MEYERS ASSOCIATES, L.P.
MFS FUND DISTRIBUTORS, INC
MGO SECURITIES CORP.
MHA FINANCIAL CORP
MICHIGAN SECURITIES, INC.
MID ATLANTIC CAPITAL CORPORATION
MIDAMERICA FINANCIAL SERVICES, INC.
MID-ATLANTIC SECURITIES, INC.
MIDDLEGATE SECURITIES LTD.
MIDWESTERN SECURITIES TRADING COMPANY,
MINISTRY PARTNERS SECURITIES, LLC
MINSHALL & COMPANY INC.
MITSUBISHI UFJ MORGAN STANLEY SECURITIES
MIZUHO INVESTORS SECURITIES
MMC SECURITIES CORP.
MML DISTRIBUTORS, LLC
MML INVESTORS SERVICES, LLC
MOLONEY SECURITIES CO., INC.
MONARCH CAPITAL GROUP, LLC
MONETA SECURITIES CORPORATION
MONEY CONCEPTS CAPITAL CORP
MONEY MANAGEMENT ADVISORY, INC.
MONTAGE SECURITIES, LLC
MOORS & CABOT, INC.
MORGAN KEEGAN & CO INC
MORGAN STANLEY SMITH BARNEY LLC

MORGAN WILSHIRE SECURITIES, INC.
MORRIS GROUP, INC.
MORTON SEIDEL & COMPANY, INC.
MOUNTAIN RIVER SECURITIES
MSC - BD, LLC
MSCS FINANCIAL SERVICES LLC
MULTI-BANK SECURITIES, INC.
MULTIPLE FINANCIAL SERVICES, INC.
MUNICIPAL CAPITAL MARKETS GROUP, INC.
MURPHY & DURIEU
MUTUAL FUNDS ASSOCIATES INC.
MUTUAL OF OMAHA INVESTOR SERVICES, INC.
MUTUAL SECURITIES, INC.
MUTUAL TRUST CO. OF AMERICA SECURITIES
MV SECURITIES GROUP, INC.
MWA FINANCIAL SERVICES INC.
N.I.S. FINANCIAL SERVICES, INC.
NANCY BARRON & ASSOCIATES, INC.
NATIONAL ALLIANCE SECURITIES, LLC
NATIONAL PENSION & GROUP CONSULTANTS,
NATIONAL PLANNING CORPORATION
NATIONAL SECURITIES CORPORATION
NATIONS FINANCIAL GROUP, INC.
NATIONWIDE INVESTMENT SERVICES
NATIONWIDE PLANNING ASSOCIATES INC.
NATIONWIDE SECURITIES, LLC
NEIDIGER, TUCKER, BRUNER, INC.
NELNET CAPITAL LLC
NELSON IVEST BROKERAGE SERVICES, INC.
NELSON SECURITIES,INC.
NESTLERODE & LOY, INC.
NETHERLAND SECURITIES, INC.
NETWORK 1 FINANCIAL SECURITIES INC.
NEUBERGER BERMAN LLC
NEW ENGLAND SECURITIES CORPORATION
NEW HORIZONS ASSET MANAGEMENT GROUP, LLC
NEWBRIDGE SECURITIES CORPORATION
NEWPORT COAST SECURITIES, INC.
NEWPORT GROUP SECURITIES, INC.
NEXT FINANCIAL GROUP, INC.
NFP ADVISOR SERVICES, LLC
NGC FINANCIAL, LLC
NI ADVISORS
NIA SECURITIES, L.L.C.
NIAGARA INTERNATIONAL CAPITAL LIMITED
NICOL INVESTORS CORPORATION
NMS FINANCIAL SERVICES, LLC
NOBLE FINANCIAL CAPITAL MARKETS
NORTH NASSAU ADVISORS, LLC
NORTH RIDGE SECURITIES CORP.
NORTH STAR INVESTMENT SERVICES, INC.

NORTH WOODWARD FINANCIAL CORP.
NORTHEAST SECURITIES, INC.
NORTHERN CAPITAL SECURITIES CORPORATION
NORTHERN LIGHTS DISTRIBUTORS, LLC
NORTHERN SECURITIES, INC.
NORTHLAND SECURITIES, INC.
NORTHWEST INVESTMENT ADVISORS, INC.
NORTHWESTERN MUTUAL INVESTMENT SERVICES,
NPB FINANCIAL GROUP, LLC
NYLIFE DISTRIBUTORS LLC
NYLIFE SECURITIES LLC
O N EQUITY SALES CORP
OAK GROVE INVESTMENT SERVICES, INC.
OAK TREE SECURITIES, INC.
OAKBRIDGE FINANCIAL SERVICES, INC.
OBERWEIS SECURITIES, INC.
OFG FINANCIAL SERVICES, INC.
OHANESIAN / LECOURS, INC.
OLMSTED & MULHALL, INC.
OMEGA SECURITIES, INC.
OMNI FINANCIAL SECURITIES, INC.
ONEAMERICA SECURITIES, INC.
ONEIDA WEALTH MANAGEMENT, INC.
OPPENHEIMER & CO. INC.
OPTIONSXPRESS, INC.
ORIENTAL FINANCIAL SERVICES CORP.
OSCAR GRUSS & SON INCORPORATED
PACIFIC FINANCIAL ASSOCIATES, INC.
PACKERLAND BROKERAGE SERVICES, INC.
PAINTER, SMITH AND AMBERG INC.
PARADIGM EQUITIES, INC.
PARK AVENUE SECURITIES LLC
PARK CITY CAPITAL, INC.
PARKLAND SECURITIES, LLC
PARSONEX SECURITIES, INC.
PAULSON INVESTMENT COMPANY, INC.
PEACHTREE CAPITAL CORPORATION
PEAK BROKERAGE SERVICES, LLC
PENATES GROUP, INC.
PENROD FINANCIAL SERVICES, INC.
PENSION SERVICE ASSOCIATES SECURITIES
PENTEGRA DISTRIBUTORS INC.
PEOPLE'S SECURITIES, INC.
PERKINS, SMART & BOYD, INC.
PERRYMAN SECURITIES, INC.
PERSHING LLC
PETERSEN INVESTMENTS, INC.
PFA SECURITY ASSET MANAGEMENT, INC.
PFLUEGER & BAERWALD INC.
PFS INVESTMENTS INC.
PHILADELPHIA INVESTORS, LTD.

PHILIP J. GREENBLATT SECURITIES LTD
PHILLIPS & COMPANY SECURITIES INC.
PHX FINANCIAL, INC.
PINNACLE EQUITY MANAGEMENT, INC.
PINNACLE INVESTMENTS, LLC
PIPER JAFFRAY & CO.
PLAN B INVESTMENTS, INC.
PLAN PROFESSIONALS LIMITED
PLANMEMBER SECURITIES CORPORATION
PLANNED FINANCIAL PROGRAMS, INC.
PLANNED INVESTMENT CO., INC.
PLANNERS FINANCIAL SERVICES, INC.
PNC CAPITAL MARKETS LLC
PNC INVESTMENTS LLC
PODESTA & CO.
POLAR INVESTMENT COUNSEL, INC.
PORT SECURITIES, INC.
PORTFOLIO ADVISORS ALLIANCE, INC.
PORTFOLIO BROKERAGE SERVICES, INC.
PORTFOLIO RESOURCES GROUP, INC.
PORTSMOUTH FINANCIAL SERVICES
PPI EMPLOYEE BENEFITS
PREFERRED CLIENT GROUP, INC.
PREMIER SECURITIES OF AMERICA, INC.
PRESIDENTIAL BROKERAGE, INC.
PRIMESOLUTIONS SECURITIES, INC.
PRIMEX
PRINCOR FINANCIAL SERVICES INC
PRIVATE CLIENT SERVICES, LLC
PRIVATE PORTFOLIO, INC.
PROEQUITIES, INC.
PROF BROKER-DEALER FINANCIAL PLANNING,
PROFESSIONAL TRADING SERVICES BROKERAGE,
PROFINANCIAL, INC.
PROSPERA FINANCIAL SERVICES, INC.
PROTECTED INVESTORS OF AMERICA
PROVIDENT PRIVATE CAPITAL PARTNERS, INC.
PRUCO SECURITIES, LLC.
PRUDENTIAL RETIREMENT
PSA EQUITIES, INC.
PTI SECURITIES & FUTURES L.P.
PUPLAVA SECURITIES, INC.
PURSHE KAPLAN STERLING INVESTMENTS, INC.
PWA SECURITIES, INC.
PYRAMID FUNDS CORPORATION
QUAYLE & CO SECURITIES
QUEENS ROAD SECURITIES, LLC
QUEST CAPITAL STRATEGIES, INC.
QUEST SECURITIES, INC.
QUESTAR CAPITAL CORPORATION
QUINCY CASS ASSOCIATES, INCORPORATED

R & R PLANNING GROUP LTD
R. SEELAUS & CO.,INC.
R.M. DUNCAN SECURITIES, INC.
R.M. STARK & CO., INC.
RAFFERTY CAPITAL MARKETS INC
RAMIREZ & CO INC
RAPHAEL ARYEH
RAYMOND JAMES & ASSOCIATES, INC.
RAYMOND JAMES (USA) LTD.
RAYMOND JAMES FINANCIAL SERVICES, INC.
RBC CAPITAL MARKETS CORP
RD CAPITAL GROUP, INC.
RDM INVESTMENT SERVICES, INC.
RED CAPITAL MARKETS INC
REDWINE & COMPANY, INC.
REGAL SECURITIES, INC.
REGIONAL INVESTMENT SERVICES, INC.
REGISTER FINANCIAL ASSOCIATES, INC.
REGULUS ADVISORS, LLC
RELIANCE WORLDWIDE INVESTMENTS, LLC
RENSSELAER SECURITIES CORP.
REPEX & CO., INC.
RESOURCE HORIZONS GROUP LLC
RETIREMENT PLANNING, INC.
REVERE SECURITIES LLC
RHODES SECURITIES, INC.
RICE PONTES CAPITAL, INC.
RICHARDS, MERRILL & PETERSON, INC.
RICHFIELD ORION INTERNATIONAL, INC.
RIDGEWAY & CONGER, INC.
RIEDL FIRST SECURITIES COMPANY OF KANSAS
RIM SECURITIES LLC
RJJ PASADENA SECURITIES, INC.
RNR SECURITIES, L.L.C.
ROBERT R. MEREDITH & CO., INC.
ROBERT W. BAIRD & CO. INCORPORATED
ROBERTS & RYAN INVESTMENTS INC.
ROBINSON & LUKENS, INC.
ROBINSON & ROBINSON, INC.
ROCKWELL GLOBAL CAPITAL LLC
RODGERS BROTHERS, INC.
ROGAN & ASSOCIATES, INC.
ROMANO BROTHERS AND COMPANY
ROOSEVELT & CROSS, INCORPORATED
ROOSEVELT EQUITY CORPORATION
ROSS SECURITIES CORPORATION
ROSS, SINCLAIRE & ASSOCIATES, LLC
ROTH CAPITAL PARTNERS, LLC
ROTHMAN SECURITIES, INC.
ROTHSCHILD INVESTMENT CORPORATION
ROYAL ALLIANCE ASSOCIATES, INC.

ROYAL SECURITIES COMPANY
RYAN FINANCIAL, INC.
S.G. LONG & COMPANY
S.L. REED & COMPANY
SAFEGUARD SECURITIES, INC.
SAGE, RUTTY & CO., INC.
SAGEPOINT FINANCIAL INC
SAMCO CAPITAL MARKETS, INC.
SANCTUARY SECURITIES, LLC
SANDERS MORRIS HARRIS INC.
SANDLAPPER SECURITIES, LLC
SANTANDER SECURITIES LLC
SAPERSTON ASSET MANAGEMENT, INC.
SATURNA BROKERAGE SERVICES, INC
SAXONY SECURITIES, INC.
SCF SECURITIES, INC.
SCH ENTERPRISES, INC.
SCHLITT INVESTOR SERVICES, INC.
SCOTT JAMES GROUP, INC.
SCOTT T. TAYLOR, LTD.
SCOTTRADE, INC.
SCOTTSDALE CAPITAL ADVISORS CORP
SDDCO BROKERAGE ADVISORS LLC
SEARLE & CO.
SECU BROKERAGE SERVICES, INC.
SECURE PLANNING, INC.
SECUREVEST FINANCIAL GROUP
SECURIAN FINANCIAL SERVICES, INC.
SECURITIES AMERICA, INC.
SECURITIES CAPITAL CORPORATION
SECURITIES EQUITY GROUP
SECURITIES MANAGEMENT AND RESEARCH, INC.
SECURITIES RESEARCH, INC.
SECURITIES SERVICE NETWORK, INC.
SEI INVESTMENTS DISTRIBUTION CO.
SEI TRUST
SELKIRK INVESTMENTS, INC.
SENATE SECURITIES
SENTINEL SECURITIES, INC.
SFA FINANCIAL, LLC
SHAREHOLDERS SERVICE GROUP, INC.
SHAREMASTER
SHEARSON FINANCIAL SERVICES, LLC
SIGMA FINANCIAL CORPORATION
SIGNAL SECURITIES, INC.
SIGNATOR FINANCIAL SERVICES, INC.
SIGNATOR INVESTORS, INC.
SIGNATURE SECURITIES GROUP CORPORATION
SII INVESTMENTS, INC.
SILBER BENNETT FINANCIAL, INC.
SILICON VALLEY SECURITIES, INC.

SILVER OAK SECURITIES, INCORPORATED
SISUNG SECURITIES CORPORATION
SKA SECURITIES, INC.
SLAVIC INVESTMENT CORPORATION
SMBC FRIEND SECURITIES CO. LTD
SMC FINANCIAL, INC.
SMITH HAYES FINANCIAL SERVICES
SMITH, BROWN & GROOVER, INC.
SMITH, MOORE & CO.
SNC CAPITAL MANAGEMENT CORP.
SNOWDEN ACCOUNT SERVICES, INC.
SOCIETE GENERALE AMERICAS SECS
SOMERSET SECURITIES, INC.
SORRENTO PACIFIC FINANCIAL, LLC
SORSBY FINANCIAL CORP.
SOURCE CAPITAL GROUP, INC.
SOUTHEAST INVESTMENTS, N.C., INC.
SOUTHERN PACIFIC SECURITIES, INC.
SOUTHERN TRUST SECURITIES, INC.
SOUTHWEST SECURITIES, INC.
SOVEREIGN LEGACY SECURITIES, INC.
SPENCER EDWARDS, INC.
SPENCER-WINSTON SECURITIES CORPORATION
SPIRE SECURITIES, LLC
SPROTT GLOBAL RESOURCE INVESTMENTS
ST. BERNARD FINANCIAL SERVICES, INC.
ST. GERMAIN SECURITIES, INC.
STACEY BRAUN FINANCIAL SERVICES, INC.
STANCORP EQUITIES, INC.
STANDARD INVESTMENT CHARTERED
STANNARD FINANCIAL SERVICES, LLC
STATETRUST INVESTMENTS INC.
STEELPOINT SECURITIES, LLC
STEPHEN A. KOHN & ASSOCIATES, LTD.
STEPHENS INC
STERLING MONROE SECURITIES, LLC
STERN FISHER EDWARDS INC
STERNE AGEE FINANCIAL SERVICES
STERNE, AGEE & LEACH, INC.
STIFEL, NICOLAUS & COMPANY, INCORPORATED
STOCKCROSS FINANCIAL SERVICES, INC.
STONEWALL INVESTMENTS, INC.
SUCCESS TRADE SECURITIES, INC.
SUMMIT BROKERAGE SERVICES, INC.
SUMMIT EQUITIES, INC.
SUNBELT SECURITIES, INC.
SUN'S BROTHERS SECURITIES INC.
SUNSET FINANCIAL SERVICES, INC.
SUNSTREET SECURITIES, LLC
SUNTRUST INVESTMENT SERVICES, INC.
SUPERIOR FINANCIAL SERVICES, INC.

SWARTWOOD, HESSE INC.
SWBC INVESTMENT SERVICES, LLC
SWENEY CARTWRIGHT & COMPANY
SWS FINANCIAL SERVICES, INC.
SYCAMORE FINANCIAL GROUP
SYKES FINANCIAL SERVICES LLC
SYMPHONIC SECURITIES LLC
SYNDICATED CAPITAL, INC.
SYNOVUS SECURITIES, INC.
T.R. WINSTON & COMPANY, LLC
T.S. PHILLIPS INVESTMENTS, INC.
TAG SECURITIES, INC.
TANDEM SECURITIES, INC.
TAYLOR CAPITAL MANAGEMENT INC
TCADVISORS NETWORK INC.
TCFG WEALTH MANAGEMENT, LLC
TD AMERITRADE CLEARING, INC.
TECKMEYER FINANCIAL SERVICES, L.L.C.
TFS SECURITIES, INC.
THE BAKER GROUP, LP
THE CAPITAL GROUP SECURITIES, INC.
THE GARBACZ GROUP INC.
THE GMS GROUP, LLC
THE HUNTINGTON INVESTMENT COMPANY
THE INVESTMENT CENTER, INC.
THE JEFFREY MATTHEWS FINANCIAL GROUP,
THE KELT GROUP, LLC
THE LEADERS GROUP, INC.
THE LOGAN GROUP SECURITIES
THE OAK RIDGE FINANCIAL SERVICES GROUP,
THE SECURITIES CENTER, INC.
THE STRATEGIC FINANCIAL ALLIANCE, INC.
THE TAVENNER COMPANY
THE WINDMILL GROUP, INC.
THE WINNING EDGE FINANCIAL GROUP, INC.
THOMPSON DAVIS & CO., INC.
THORNHILL SECURITIES, INC.
THORNTON FARISH INC.
THOROUGHBRED FINANCIAL SERVICES, LLC
THRIVENT INVESTMENT MANAGEMENT INC.
THURSTON, SPRINGER, MILLER, HERD & TITAK
TIAA-CREF INDIVIDUAL & INSTITUTIONAL
TIMECAPITAL SECURITIES CORPORATION
TITAN SECURITIES
TLS FINANCIAL SERVICES, INC.
TOCQUEVILLE SECURITIES L.P.
TOUCHSTONE SECURITIES, INC.
TRADE MANAGE CAPITAL, INC.
TRADE-PMR INC.
TRADERFIELD SECURITIES INC.
TRADESTATION SECURITIES, INC.

TRADITION ASIEL SECURITIES INC.
TRANSAM SECURITIES, INC.
TRANSAMERICA FINANCIAL ADVISORS, INC
TREVOR, COLE, REID, & MONROE, INC.
TRG ADVISORS, INC.
TRIAD ADVISORS, INC.
TRICOR FINANCIAL, LLC
TRIDENT PARTNERS LTD.
TRUBEE, COLLINS & CO., INC.
TRUSTCORE INVESTMENTS, INC.
TRUSTFIRST INC.
TRUSTMONT FINANCIAL GROUP, INC.
U. S. BOSTON CAPITAL CORPORATION
U.S. BROKERAGE, INC.
U.S. INVESTORS, INC.
UBS FINANCIAL SERVICES INC.
UBS SECURITIES LLC
UHLMANN PRICE SECURITIES, LLC
UMB FINANCIAL SERVICES, INC.
UMPQUA INVESTMENTS, INC.
UNIFIED FINANCIAL SECURITIES, INC.
UNION CAPITAL COMPANY
UNIONBANC INVESTMENT SERVICES, LLC
UNITED BROKERAGE SERVICES, INC
UNITED PLANNERS' FINANCIAL SERVICES OF
UNIVEST INVESTMENTS, INC
UNIVEST SECURITIES, INC.
UPROMISE INVESTMENTS, INC.
USA FINANCIAL SECURITIES CORPORATION
USAA INVESTMENT MANAGEMENT COMPANY
USCA SECURITIES LLC
USI SECURITIES, INC.
V. M. MANNING & CO., INC.
VALIC FINANCIAL ADVISORS, INC.
VALLEY NATIONAL INVESTMENTS, INC.
VALMARK SECURITIES, INC.
VALOR FINANCIAL SECURITIES LLC
VANDERBILT SECURITIES, LLC
VANGUARD CAPITAL
VANGUARD MARKETING CORPORATION
VARIABLE INVESTMENT ADVISORS, INC.
VAUGHAN AND COMPANY SECURITIES, INC.
VBC SECURITIES, LLC
VECTORGLOBAL WMG
VERITAS INDEPENTDENT PARTNERS, LLC
VERITY INVESTMENTS, INC.
VESTECH SECURITIES, INC.
VESTOR CAPITAL SECURITIES, LLC
VFINANCE INVESTMENTS, INC
VIEWTRADE SECURITIES, INC.
VINING SPARKS IBG LIMITED

VISION BROKERAGE SERVICES LLC
VISION FINANCIAL MARKETS LLC
VISUN SECURITIES CORPORATION
VORPAHL WING SECURITIES
VOYA FINANCIAL ADVISORS, INC
VOYA FINANCIAL PARTNERS, LLC
VSR FINANCIAL SERVICES, INC.
W H COLSON SECURITIES
W&S BROKERAGE SERVICES, INC
W.R. HAMBRECHT + CO., LLC
WADDELL & REED, INC.
WADSWORTH INVESTMENT CO., INC.
WALL STREET FINANCIAL GROUP, INC.
WALL STREET STRATEGIES, INC.
WARD'S FINANCIAL SERVICES, LTD.
WARNER FINANCIAL INTERNATIONAL
WASHINGTON SECURITIES CORPORATION
WAVELAND CAPITAL PARTNERS LLC
WAYNE HUMMER INVESTMENTS L.L.C.
WBB SECURITIES, LLC
WEALTHSTONE EQUITIES, INC.
WEDBUSH SECURITIES INC.
WEITZEL FINANCIAL SERVICES, INC.
WELLER, ANDERSON & CO., LTD.
WELLFLEET INVESTMENTS LLC
WELLINGTON SHIELDS & CO., LLC
WELLS FARGO SECURITIES LLC
WESBANCO SECURITIES, INC.
WESCOM FINANCIAL SERVICES
WESTCHESTER CAPITAL PLANNING, INC.
WESTCO INVESTMENT CORP.
WESTERN EQUITY GROUP, INC.
WESTERN FINANCIAL CORPORATION
WESTERN GROWERS FINANCIAL SERVICES, INC.
WESTERN INTERNATIONAL SECURITIES, INC.
WESTFIELD INVESTMENT GROUP, INC.
WESTMINSTER FINANCIAL SECURITIES, INC.
WESTON SECURITIES CORPORATION
WESTPARK CAPITAL, INC.
WESTPORT CAPITAL MARKETS, LLC
WESTPORT RESOURCES INVESTMENT SERVICES,
WESTROCK CAPITAL MANAGEMENT, INC.
WFG INVESTMENTS, INC.
WHEELHOUSE SECURITIES CORPORATION
WHITE MOUNTAIN CAPITAL, LLC
WHITE, WELD & CO. SECURITIES, LLC
WHITEHALL-PARKER SECURITIES, INC.
WHITEWOOD GROUP, INC
WIC CORP.
WILBANKS SECURITIES, INC.
WILEY BROS.-AINTREE CAPITAL, LLC

WILLIAM BLAIR & COMPANY L.L.C.
WILLIAM C. BURNSIDE & COMPANY, INC.
WILLOW COVE INVESTMENT GROUP, INC.
WILMINGTON CAPITAL SECURITIES, LLC
WILMINGTON TR RET AND INST SVC CO
WILSON STEPHENSON INCORPORATED
WILSON-DAVIS & CO., INC.
WINDHAM FINANCIAL SERVICES, INC.
WINSLOW, EVANS & CROCKER, INC.
WISCONSIN DISCOUNT SECURITIES
WOLF A. POPPER, INC.
WOOD (ARTHUR W.) COMPANY, INC.
WOODBURY FINANCIAL SERVICES, INC.
WOODLANDS SECURITIES CORPORATION
WOODMEN FINANCIAL SERVICES, INC.
WOODSTOCK FINANCIAL GROUP, INC.
WORLD CAPITAL BROKERAGE, INC.
WORLD CHOICE SECURITIES, INC.
WORLD EQUITY GROUP, INC.
WORLD TRADE FINANCIAL CORPORATION
WORLD TREND FINANCIAL PLANNING SERVICES,
WORTH FINANCIAL GROUP INC.
WRP INVESTMENTS, INC.
WULFF, HANSEN & CO.
WUNDERLICH SECURITIES, INC.
WWK INVESTMENTS, INC.
YORK SECURITIES, INC.
ZEUS SECURITIES, INC.
ZIONS DIRECT, INC.
ZIV INVESTMENT COMPANY

EX-99.E UNDR CONTR 20 a_nf54amod1.htm a_nf54amod1.htm

Schedule of Financial Institution Sales Contracts

ALLSTATE FINANCIAL SERVICES, LLC

ASSOCIATED TRUST COMPANY

BANCWEST INVESTMENT SERVICES, INC.

BANK OF OKLAHOMA NA

BANKOH INVESTMENT SERVICES, INC.

BB&T INVESTMENT SERVICES, INC.

BBVA SECURITIES INC.

BENEFIT TRUST COMPANY

BMO HARRIS BANK N.A.

BNP PARIBAS NY BRANCH

BOSC, INC.

BROWN BROTHERS HARRIMAN & CO.

CALDWELL TRUST COMPANY

CAPITAL BROKERAGE CORPORATION

CAPITAL ONE INVESTMENT SERVICES LLC

CHASE INVESTMENT SERVICES CORP

CIRCLE TRUST COMPANY

CITIZENS FIRST SAVINGS BANK

CITY NATIONAL BANK

COMERICA BANK

COMMERCE BANK NA

COMMERCE BROKERAGE SERVICES, INC.

COMMUNITY BANK N. A.

DUBUQUE BANK & TRUST COMPANY

FIDUCIARY TRUST COMPANY

FIFTH THIRD SECURITIES, INC

FIMCO SECURITIES GROUP, INC

FINANCIAL SYNERGY, INC.

FIRNOM & CO

FIRST CITIZENS INVESTOR SERVICES, INC.

FIRST NATIONAL BANK

FIRST SOUTHWEST COMPANY

GLENMEDE TRUST COMPANY

GLOBAL TRUST COMPANY

GOLDMAN, SACHS & CO.

HSBC SECURITIES (USA) INC.

HUNTINGTON TRUST COMPANY

INFINEX INVESTMENTS, INC.

INVEST FINANCIAL

INVESTMENT CENTERS OF AMERICA, INC.

INVESTORS BANK &

IRA SERVICES TRUST COMPANY

J.P. MORGAN INSTITUTIONAL INVESTMENTS

JP MORGAN CHASE BANK NA

KEY BANK

M&T SECURITIES, INC.

NATIONAL FINANCIAL

NAVY FEDERAL BROKERAGE SERVICES, LLC

NBC SECURITIES, INC.

NORTHERN TRUST SECURITIES, INC.

OLD NATIONAL BANK

PEOPLE'S SECURITIES, INC.

RELIANCE TRUST CO

ROCKLAND TRUST COMPANY

STANDARD INSURANCE COMPANY

SUNTRUST BANKS INC

TD AMERITRADE TRUST COMPANY

THE CATTLE NATIONAL BANK &

TRUST COMPANY OF AMERICA

U.S. BANCORP INVESTMENTS, INC

UMB BANK NA

UMB FINANCIAL SERVICES, INC.

US BANK NA

VOYA INSTITUTIONAL PLAN SERVICES LLC

WALL STREET ACCESS

WAYNE BANK

WELLS FARGO BANK NA

WELLS FARGO BANK/TRUST

WELLS FARGO SECURITIES LLC

WESTWOOD TRUST

EX-99.G CUST AGREEMT 21 a_ssbcustodianmod1.htm a_ssbcustodianmod1.htm

11

EXECUTION COPY

MASTER CUSTODIAN AGREEMENT

This Agreement is made as of January 1, 2007 by and among each management investment company identified on Appendix A hereto, each such investment company acting on its own behalf separately from all of the other investment companies and not jointly or jointly and severally with any of the other investment companies (each such investment company and each management investment company made subject to this Agreement in accordance with Section 21.5 below shall hereinafter be referred to as a “Fund”), and STATE STREET BANK and TRUST COMPANY, a Massachusetts trust company (the “Custodian”).

WITNESSETH:

WHEREAS, each Fund is authorized to issue common stock or shares of beneficial interest (“Shares”), and some Funds are authorized to issue Shares in separate series, with each such series representing interests in a separate portfolio of securities and other assets, as more particularly identified on Appendix A hereto (each such series and each series made subject to this Agreement in accordance with Section 21.6 below shall hereinafter be referred to as a “Portfolio” with respect to that Fund, but for any Fund that does not have any separate series, then any reference to “Portfolio” is a reference to that Fund);

NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter contained, the parties hereto agree as follows:

SECTION 1. EMPLOYMENT OF CUSTODIAN AND PROPERTY TO BE HELD BY IT

Each Fund hereby employs the Custodian as a custodian of assets of the Portfolios, including securities which the Fund, on behalf of the applicable Portfolio, desires to be held in places within the United States (“domestic securities”) and securities it desires to be held outside the United States (“foreign securities”). Each Fund, on behalf of its Portfolio(s), agrees to deliver to the Custodian all securities and cash of the Portfolios (other than any securities or cash of the Portfolios held by a futures commission merchant or commodity clearing organization pursuant to Rule 17f-6 under the Investment Company Act of 1940, as amended (the “1940 Act”)), and all payments of income, payments of principal or capital distributions received by it with respect to all securities owned by the Portfolio(s) from time to time, and the cash consideration received by it for such Shares as may be issued or sold from time to time. The Custodian shall not be responsible for any property of a Portfolio held or received by the Portfolio but not delivered to the Custodian or which is delivered out in accordance with Proper Instructions or Special Instructions (as such terms are defined in Section 7 hereof). With respect to uncertificated shares (the “Underlying Shares”) of registered “investment companies” (as defined in Section 3(a)(1) of the 1940 Act) (hereinafter sometimes referred to as the “Underlying Portfolios”), whether in the same “group of investment companies” (as defined in Section 12(d)(1)(G)(ii) of the 1940 Act) or otherwise, the holding of confirmation statements that identify the shares as being recorded in the Custodian’s name on behalf of the Portfolios will be deemed custody for purposes hereof.

Upon receipt of Proper Instructions, the Custodian shall on behalf of the applicable Portfolio(s) from time to time employ as its agent one or more sub-custodians located in the United States, but only in accordance with an applicable vote by the Board of Trustees or the Board of Directors of the Fund (as appropriate, and in each case, the “Board”) on behalf of the applicable Portfolio(s). The Custodian may place and maintain each Fund’s foreign securities with Eligible Foreign Custodians employed by the Custodian and/or Foreign Securities Systems, all as designated in Schedules A and B hereto, but only in accordance with the applicable provisions of Sections 3 and 4 hereof.

SECTION 2. DUTIES OF THE CUSTODIAN WITH RESPECT TO PROPERTY OF THE PORTFOLIOS TO BE HELD IN THE UNITED STATES

SECTION 2.1 HOLDING SECURITIES. The Custodian shall hold and physically segregate for the account of each Portfolio all non-cash property to be held by it in the United States, including all domestic securities owned by such Portfolio other than (a) securities which are maintained pursuant to Section 2.8 in a clearing agency which acts as a securities depository or in a book-entry system authorized by the U.S. Department of the Treasury (each, a “U.S. Securities System”) and (b) Underlying Shares owned by each Fund on behalf of a Portfolio which are maintained pursuant to Section 2.10 hereof in an account with State Street Bank and Trust Company or such other entity which may from time to time act as a transfer agent for the Underlying Portfolios and with respect to which the Custodian is provided with Proper Instructions (the “Underlying Transfer Agent”).

SECTION 2.2 DELIVERY OF SECURITIES. The Custodian shall release and deliver domestic securities owned by a Portfolio held by the Custodian, whether held by the Custodian, in a U.S. Securities System account of the Custodian or in an account at the Underlying Transfer Agent, only upon receipt of Proper Instructions on behalf of the applicable Portfolio, which may be continuing instructions when deemed appropriate by the parties, and only in the following cases:

1) Upon sale of such securities for the account of the Portfolio and receipt of payment therefor;

2) Upon the receipt of payment in connection with any repurchase agreement related to such securities entered into by the Portfolio;

3) In the case of a sale effected through a U.S. Securities System, in accordance with the provisions of Section 2.8 hereof;

4) To the depository agent in connection with tender or other similar offers for securities of the Portfolio;

5) To the issuer thereof or its agent when such securities are called, redeemed, retired or otherwise become payable; provided that, in any such case, the cash or other consideration is to be delivered to the Custodian;

6) To the issuer thereof, or its agent, for transfer into the name of the Portfolio or into the name of any nominee or nominees of the Custodian or into the name or nominee name of any agent appointed pursuant to Section 2.7 or into the name or nominee name of any sub-custodian appointed pursuant to Section 1; or for exchange for a

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different number of bonds, certificates or other evidence representing the same aggregate face amount or number of units; provided that, in any such case, the new securities are to be delivered to the Custodian;

7) Upon the sale of such securities for the account of the Portfolio, to the broker or its clearing agent, against a receipt, for examination in accordance with “street delivery” custom; provided that in any such case, the Custodian shall have no responsibility or liability for any loss arising from the delivery of such securities prior to receiving payment for such securities except as may arise from the Custodian’s own negligence or willful misconduct;

8) For exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization or readjustment of the securities of the issuer of such securities, or pursuant to provisions for conversion contained in such securities, or pursuant to any deposit agreement; provided that, in any such case, the new securities and cash, if any, are to be delivered to the Custodian;

9) In the case of warrants, rights or similar securities, the surrender thereof in the exercise of such warrants, rights or similar securities or the surrender of interim receipts or temporary securities for definitive securities; provided that, in any such case, the new securities and cash, if any, are to be delivered to the Custodian;

10) For delivery in connection with any loans of securities made by the Portfolio (a) against receipt of collateral as agreed from time to time by the Fund on behalf of the Portfolio, except that in connection with any loans for which collateral is to be credited to the Custodian’s account in the book-entry system authorized by the U.S. Department of the Treasury, the Custodian will not be held liable or responsible for the delivery of securities owned by the Portfolio prior to the receipt of such collateral or (b) to the lending agent, or the lending agent’s custodian, in accordance with written Proper Instructions (which may but need not provide for the receipt by the Custodian of collateral therefor) agreed upon from time to time by the Custodian and the Fund;

11) For delivery as security in connection with any borrowing by a Fund on behalf of a Portfolio requiring a pledge of assets by the Fund on behalf of such Portfolio but only against receipt of amounts borrowed;

12) For delivery in accordance with the provisions of any agreement among the Fund on behalf of the Portfolio, the Custodian and a broker-dealer that is both registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and a member of The National Association of Securities Dealers, Inc. (the “NASD”), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Fund on behalf of a Portfolio;

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13) For delivery in accordance with the provisions of any agreement among a Fund on behalf of the Portfolio, the Custodian, and a futures commission merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission (the “CFTC”) and/or any contract market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund on behalf of a Portfolio;

14) Upon the sale or other delivery of such investments, including, without limitation, to one or more (a) additional custodians appointed by the Fund, and communicated to the Custodian from time to time via a writing duly executed by an authorized officer of the Fund, for the purpose of engaging in repurchase agreement transactions(s), (each a “Repo Custodian”), or (b) Special Sub-Custodians, and prior to receipt of payment therefor, as set forth in written Proper Instructions (such delivery in advance of payment, along with payment in advance of delivery made in accordance with Section 2.6(7), as applicable, shall each be referred to herein as a “Free Trade”), provided that such Proper Instructions shall set forth (a) the securities of the Portfolio to be delivered and (b) the person(s) to whom delivery of such securities shall be made;

15) Upon receipt of Proper Instructions from the Fund or the Fund’s transfer agent (the “Transfer Agent”) for delivery to such Transfer Agent or to the holders of Shares in connection with payments in kind, as may be described from time to time in the currently effective prospectus and statement of additional information of the Fund related to the Portfolio (the “Prospectus”), in satisfaction of requests by holders of Shares for repurchase or redemption;

16) In the case of a sale processed through the Underlying Transfer Agent of Underlying Shares, in accordance with Section 2.10 hereof;

17) For delivery as initial or variation margin in connection with futures or options on futures contracts entered into by the Fund on behalf of the Portfolio; and

18) For any other purpose, but only upon receipt of Proper Instructions from the Fund on behalf of the applicable Portfolio specifying (a) the securities of the Portfolio to be delivered and (b) the person or persons to whom delivery of such securities shall be made.

SECTION 2.3 REGISTRATION OF SECURITIES. Domestic securities held by the Custodian (other than bearer securities) shall be registered by the Custodian in the name of the Portfolio or in the name of any nominee of a Fund on behalf of the Portfolio or in the name of any nominee of the Custodian which nominee shall be assigned exclusively to the Portfolio, unless the Fund has authorized in writing the appointment of a nominee to be used in common with other registered management investment companies having the same investment adviser as the Portfolio, or in the name or nominee name of any agent appointed pursuant to Section 2.7 or in the name or nominee name of any sub-custodian appointed pursuant to Section 1. All securities accepted by the Custodian on behalf of the Portfolio under the terms of this Agreement shall be in “street name” or other good delivery form. If, however, a Fund directs the Custodian to maintain securities in “street name”, the

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Custodian shall utilize its best efforts only to timely collect income due the Fund on such securities and to notify the Fund on a best efforts basis only of relevant corporate actions including, without limitation, pendency of calls, maturities, tender or exchange offers.

SECTION 2.4 BANK ACCOUNTS. The Custodian shall open and maintain a separate bank account or accounts in the United States in the name of each Portfolio of each Fund, subject only to draft or order by the Custodian acting pursuant to the terms of this Agreement, and shall hold in such account or accounts, subject to the provisions hereof, all cash received by it from or for the account of the Portfolio, other than cash maintained by the Portfolio in a bank account established and used in accordance with Rule 17f-3 under the 1940 Act. Cash held by the Custodian for a Portfolio may be deposited by it to its credit as Custodian in the banking department of the Custodian or in such other banks or trust companies as it may in its reasonable discretion deem necessary or desirable; provided, however, that every such bank or trust company shall be qualified to act as a custodian under the 1940 Act and that each such bank or trust company and the funds to be deposited therewith shall on behalf of each applicable Portfolio be approved by vote of a majority of the Board. Such cash shall be deposited by the Custodian only in its capacity as Custodian and shall be withdrawable by the Custodian only in that capacity.

SECTION 2.5 COLLECTION OF INCOME. Except with respect to Portfolio property released and delivered pursuant to Section 2.2(14) or purchased and not held pursuant to Section 2.6(7), and subject to the provisions of Section 2.3, the Custodian shall collect on a timely basis all income and other payments with respect to (a) registered domestic securities held hereunder to which each Portfolio shall be entitled either by law or pursuant to custom in the securities business if, on the record date for payment by the issuer, such securities are held hereunder, and (b) bearer domestic securities if, on the date of payment by the issuer, such securities are held by the Custodian or its agent, and, with respect to (a) and (b) above, shall credit such income, on the designated settlement date, as predetermined income, to such Portfolio’s custodian account. Without limiting the generality of the foregoing, the Custodian shall detach and present for payment all coupons and other income items requiring presentation as and when they become due and shall collect interest when due on securities held hereunder. Income due each Portfolio on securities loaned pursuant to the provisions of Section 2.2 (10) shall be the responsibility of the applicable Fund. The Custodian will have no duty or responsibility in connection therewith, other than to provide the Fund with such information or data as may be necessary to assist the Fund in arranging for the timely delivery to the Custodian of the income to which the Portfolio is properly entitled. The Fund, or its duly authorized investment manager, shall instruct the Custodian regarding all Fund or investment manager determinations that a portfolio security has been deemed worthless by such Fund.

SECTION 2.6 PAYMENT OF FUND MONIES. Upon receipt of Proper Instructions on behalf of the applicable Portfolio, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies of a Portfolio in the following cases only:

1) Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Portfolio but only (a) against the delivery of such securities or evidence of title to such options, futures contracts or options on futures contracts to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Act to act as a custodian and has been designated by the Custodian as its agent for this purpose)

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registered in the name of the Portfolio or in the name of a nominee of the Custodian pursuant to Section 2.3 hereof or in proper form for transfer; (b) in the case of a purchase effected through a U.S. Securities System, in accordance with the conditions set forth in Section 2.8 hereof; (c) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 2.10 hereof; (d) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and the Custodian, or another bank, or a broker-dealer which is a member of NASD, (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian’s account at the Federal Reserve Bank with such securities or (ii) against delivery of the receipt evidencing purchase by the Portfolio of securities owned by the Custodian, or another bank, or a broker-dealer which is a member of NASD along with written evidence of the agreement by the Custodian, or another bank, or a broker-dealer which is a member of NASD to repurchase such securities from the Portfolio; or (e) for transfer to a time deposit account of the Fund in any bank, whether domestic or foreign; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund;

2) In connection with conversion, exchange or surrender of securities owned by the Portfolio as set forth in Section 2.2 hereof;

3) For the redemption or repurchase of Shares issued as set forth in Section 6 hereof;

4) For the payment of any expense or liability incurred by the Portfolio, including but not limited to the following payments for the account of the Portfolio: interest, taxes, management, accounting, audit, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses;

5) For the payment of any dividends on Shares declared pursuant to the Fund’s articles of incorporation or organization and by-laws or agreement or declaration of trust, as applicable, and Prospectus (collectively, “Governing Documents”);

6) For payment of the amount of dividends received in respect of securities sold short;

7) Upon the purchase of domestic investments including, without limitation, repurchase agreement transactions involving delivery of Portfolio monies to Repo Custodian(s), and prior to receipt of such investments, as set forth in written Proper Instructions (such payment in advance of delivery, along with delivery in advance of payment made in accordance with Section 2.2(14), as applicable, shall each be referred to herein as a “Free Trade”), provided that such Proper Instructions shall also set forth (a) the amount of such payment and (b) the person(s) to whom such payment is made;

8) For payment as initial or variation margin in connection with futures or options on futures contracts entered into by the Fund on behalf of the Portfolio; and

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9) For any other purpose, but only upon receipt of Proper Instructions from the Fund on behalf of the Portfolio specifying (a) the amount of such payment and (b) the person or persons to whom such payment is to be made.

SECTION 2.7 APPOINTMENT OF AGENTS. The Custodian may at any time or times in its discretion appoint (and may at any time remove) one or more of its wholly-owned subsidiaries which is a bank or trust company and which is itself qualified under the 1940 Act to act as a custodian, as its agent to carry out such of the provisions of this Section 2 as the Custodian may from time to time direct; provided, however, that the appointment of any agent shall not relieve the Custodian of its responsibilities or liabilities hereunder. No Underlying Transfer Agent acting as such shall be deemed an agent or sub-custodian of the Custodian for purposes of this Section 2.7 or any other provision of this Agreement.

SECTION 2.8 DEPOSIT OF FUND ASSETS IN U.S. SECURITIES SYSTEMS. The Custodian may deposit and/or maintain securities owned by a Portfolio in a U.S. Securities System in compliance with the conditions of Rule 17f-4 under the 1940 Act, as amended from time to time.

SECTION 2.9 SEGREGATED ACCOUNT. The Custodian shall upon receipt of Proper Instructions on behalf of each applicable Portfolio, establish and maintain a segregated account or accounts for and on behalf of each such Portfolio, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Custodian pursuant to Section 2.8 hereof, (a) in accordance with the provisions of any agreement among the Fund on behalf of the Portfolio, the Custodian and a broker-dealer registered under the Exchange Act and a member of the NASD (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the CFTC or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Portfolio, (b) for purposes of segregating cash or government securities in connection with swap arrangements of the Portfolio, options purchased, sold or written by the Portfolio or commodity futures contracts or options thereon purchased or sold by the Portfolio, (c) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act Release No. 10666, or any subsequent release of the U.S. Securities and Exchange Commission (the “SEC”), or interpretative opinion of the staff of the SEC, relating to the maintenance of segregated accounts by registered investment companies, and (d) for any other purpose in accordance with Proper Instructions.

SECTION 2.10 DEPOSIT OF FUND ASSETS WITH THE UNDERLYING TRANSFER AGENT. Underlying Shares beneficially owned by the Fund, on behalf of a Portfolio, shall be deposited and/or maintained in an account or accounts maintained with an Underlying Transfer Agent and the Custodian’s only responsibilities with respect thereto shall be limited to the following:

1) Upon receipt of a confirmation or statement from an Underlying Transfer Agent (copies of which the Custodian will maintain as may be required by Section 11 of this Agreement) that such Underlying Transfer Agent is holding or maintaining Underlying Shares in the name of the Custodian (or a nominee of the Custodian) for the benefit of a Portfolio, the Custodian shall identify by book-entry that such Underlying Shares are being held by it as custodian for the benefit of the Portfolio.

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2) In respect of the purchase of Underlying Shares for the account of a Portfolio, upon receipt of Proper Instructions, the Custodian shall pay out monies of such Portfolio as so directed, and record such payment from the account of such Portfolio on the Custodian’s books and records.

3) In respect of the sale or redemption of Underlying Shares for the account of a Portfolio, upon receipt of Proper Instructions, the Custodian shall transfer such Underlying Shares as so directed, record such transfer from the account of such Portfolio on the Custodian’s books and records and, upon the Custodian’s receipt of the proceeds therefor, record such payment for the account of such Portfolio on the Custodian’s books and records.

The Custodian shall not be liable to the Fund for any loss or damage to the Fund or any Portfolio resulting from the maintenance of Underlying Shares with an Underlying Transfer Agent except for losses to the extent resulting from (i) the fraud, negligence, or willful misconduct of the Custodian or any of its agents or of any of its or their employees, (ii) violation of law applicable to the Custodian in its capacity as a custodian and that affects the Custodian’s performance of the Services hereunder, or (iii) material breach of this Agreement by the Custodian (provided, however, that the Custodian shall have the opportunity to cure, within thirty (30) days of its receipt of written notice from the Fund, solely those breaches capable of cure without material adverse impact to the Fund, provided, in each such instance where the Custodian is aware of an event related to such notice, the Custodian had previously informed the Fund promptly of such event; any such communication from the Custodian to the Fund shall not be used as or considered as an admission of fault and will be provided solely as an accommodation to the Fund).

SECTION 2.11 OWNERSHIP CERTIFICATES FOR TAX PURPOSES. The Custodian shall execute ownership and other certificates and affidavits for all federal and state tax purposes in connection with receipt of income or other payments with respect to domestic securities of each Portfolio held by it and in connection with transfers of securities.

SECTION 2.12 PROXIES. Except with respect to Portfolio property released and delivered pursuant to Section 2.2(14), or purchased and not held pursuant to Section 2.6(7), the Custodian shall, with respect to the domestic securities held hereunder, cause to be promptly executed by the registered holder of such securities, if the securities are registered otherwise than in the name of the Portfolio or a nominee of the Portfolio, all proxies, without indication of the manner in which such proxies are to be voted, and shall promptly deliver to the Fund or its duly authorized agent all proxies, all proxy soliciting materials and all notices relating to such securities.

SECTION 2.13 COMMUNICATIONS RELATING TO PORTFOLIO SECURITIES. Except with respect to Portfolio property released and delivered pursuant to Section 2.2(14), or purchased and not held pursuant to Section 2.6(7), and subject to the provisions of Section 2.3, the Custodian shall transmit promptly to the applicable Fund for each Portfolio all written information (including, without limitation, pendency of calls and maturities of domestic securities and expirations of rights in connection therewith and notices of exercise of call and put options written by the Fund on behalf of the Portfolio and the maturity of futures contracts purchased or sold by the Fund on behalf of the Portfolio) received by the custodian from issuers of the securities being held for the Portfolio. With respect to voluntary corporate actions such as tender or exchange

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offers, the Custodian shall transmit promptly to the applicable Fund all written information received by the Custodian from issuers of the securities whose tender or exchange or other action is sought and from the party (or its agents) making the tender or exchange offer or other action. The Custodian shall also transmit promptly to the applicable Fund for each Portfolio all written information received by the Custodian regarding any class action or other litigation in connection with Portfolio securities or other assets issued in the United States and then held, or previously held, during the term of this Agreement by the Custodian for the account of the Fund for such Portfolio, including, but not limited to, opt-out notices and proof-of-claim forms. The Custodian shall not be liable for any untimely exercise of any tender, exchange or other right or power in connection with domestic securities or other property of the Portfolios at any time held by it unless (i) the Custodian is in actual possession of such domestic securities or property and (ii) the Custodian receives Proper Instructions with regard to the exercise of any such right or power, and both (i) and (ii) occur prior to such deadline established by the Custodian in its reasonable discretion as will give the Custodian sufficient time to take such action, which deadline shall in no event be longer than three (3) business days. The Custodian shall inform the Fund of pertinent deadlines in each case. For avoidance of doubt, upon and after the effective date of any termination of this Agreement, with respect to a Fund or its Portfolio(s), as may be applicable, the Custodian shall have no responsibility to so transmit any information under this Section 2.13.

SECTION 3. PROVISIONS RELATING TO RULES 17F-5 AND 17F-7

SECTION 3.1. DEFINITIONS. As used throughout this Agreement, the capitalized terms set forth below shall have the indicated meanings:

“Country Risk” means all factors reasonably related to the systemic risk of holding Foreign Assets in a particular country including, but not limited to, such country’s political environment, economic and financial infrastructure (including any Eligible Securities Depository operating in the country), prevailing or developing custody and settlement practices, and laws and regulations applicable to the safekeeping and recovery of Foreign Assets held in custody in that country.

“Eligible Foreign Custodian” has the meaning set forth in section (a)(1) of Rule 17f-5, including a majority-owned or indirect subsidiary of a U.S. Bank (as defined in Rule 17f-5), a bank holding company meeting the requirements of an Eligible Foreign Custodian (as set forth in Rule 17f-5 or by other appropriate action of the SEC), or a foreign branch of a Bank (as defined in Section 2(a)(5) of the 1940 Act) meeting the requirements of a custodian under Section 17(f) of the 1940 Act; the term does not include any Eligible Securities Depository.

“Eligible Securities Depository” has the meaning set forth in section (b)(1) of Rule 17f-7.

“Foreign Assets” means any of the Portfolios’ investments (including foreign currencies) for which the primary market is outside the United States and such cash and cash equivalents as are reasonably necessary to effect the Portfolios’ transactions in such investments.

“Foreign Custody Manager” has the meaning set forth in section (a)(3) of Rule 17f-5.

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“Rule 17f-5” means Rule 17f-5 promulgated under the 1940 Act.

“Rule 17f-7” means Rule 17f-7 promulgated under the 1940 Act.

SECTION 3.2. THE CUSTODIAN AS FOREIGN CUSTODY MANAGER.

3.2.1 DELEGATION TO THE CUSTODIAN AS FOREIGN CUSTODY MANAGER. Each Fund, by resolution adopted by its Board, hereby delegates to the Custodian, subject to Section (b) of Rule 17f-5, the responsibilities set forth in this Section 3.2 with respect to Foreign Assets of the Portfolios held outside the United States, and the Custodian hereby accepts such delegation as Foreign Custody Manager with respect to the Portfolios.

3.2.2 COUNTRIES COVERED. The Foreign Custody Manager shall be responsible for performing the delegated responsibilities defined below only with respect to the countries and custody arrangements for each such country listed on Schedule A to this Agreement, which list of countries may be amended from time to time by any Fund with the agreement of the Foreign Custody Manager. The Foreign Custody Manager shall list on Schedule A the Eligible Foreign Custodians selected by the Foreign Custody Manager to maintain the assets of the Portfolios, which list of Eligible Foreign Custodians may be amended from time to time in the sole discretion of the Foreign Custody Manager. The Foreign Custody Manager will provide amended versions of Schedule A in accordance with Section 3.2.5 hereof.

Upon the receipt by the Foreign Custody Manager of Proper Instructions to open an account or to place or maintain Foreign Assets in a country listed on Schedule A, and the fulfillment by each Fund, on behalf of the applicable Portfolio(s), of the applicable account opening requirements for such country, the Foreign Custody Manager shall be deemed to have been delegated by such Fund’s Board on behalf of such Portfolio(s) responsibility as Foreign Custody Manager with respect to that country and to have accepted such delegation. Execution of this Agreement by each Fund shall be deemed to be a Proper Instruction authorizing the Foreign Custody Manager to open an account, or to place or maintain Foreign Assets, with the Eligible Foreign Custodians identified in each country as listed on Schedule A, as required by each Portfolio from time to time. Following the receipt of Proper Instructions directing the Foreign Custody Manager to close the account of a Portfolio with the Eligible Foreign Custodian selected by the Foreign Custody Manager in a designated country, the delegation by the Board on behalf of such Portfolio to the Custodian as Foreign Custody Manager for that country shall be deemed to have been withdrawn and the Custodian shall immediately cease to be the Foreign Custody Manager with respect to such Portfolio with respect to that country.

The Foreign Custody Manager may withdraw its acceptance of delegated responsibilities with respect to a designated country upon written notice to the Fund. Thirty days (or such longer period to which the parties agree in writing) after receipt of any such notice by the Fund, the Custodian shall have no further responsibility in its capacity as Foreign Custody Manager to the Fund with respect to the country as to which the Custodian’s acceptance of delegation is withdrawn.

3.2.3 SCOPE OF DELEGATED RESPONSIBILITIES:

(a) SELECTION OF ELIGIBLE FOREIGN CUSTODIANS. Subject to the provisions of this Section 3.2, the Foreign Custody Manager may place and maintain the Foreign Assets in the care of

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the Eligible Foreign Custodian selected by the Foreign Custody Manager for each appropriate country as is listed on Schedule A, as amended from time to time. In performing its delegated responsibilities as Foreign Custody Manager to place or maintain Foreign Assets with an Eligible Foreign Custodian, the Foreign Custody Manager shall determine that the Foreign Assets will be subject to reasonable care, based on the standards applicable to custodians in the relevant market in which the Foreign Assets will be held by that Eligible Foreign Custodian, after considering all factors relevant to the safekeeping of such assets, including, without limitation the factors specified in Rule 17f-5(c)(1).

(b) CONTRACTS WITH ELIGIBLE FOREIGN CUSTODIANS. The Foreign Custody Manager shall determine that the contract governing the foreign custody arrangements with each Eligible Foreign Custodian selected by the Foreign Custody Manager will satisfy the requirements of Rule 17f-5(c)(2).

(c) MONITORING. In each case in which the Foreign Custody Manager maintains Foreign Assets with an Eligible Foreign Custodian selected by the Foreign Custody Manager, the Foreign Custody Manager shall establish a system to monitor (i) the appropriateness of maintaining the Foreign Assets with such Eligible Foreign Custodian and (ii) performance of the contract governing the custody arrangements established by the Foreign Custody Manager with the Eligible Foreign Custodian. In the event the Foreign Custody Manager determines that the custody arrangements with an Eligible Foreign Custodian it has selected are no longer appropriate, the Foreign Custody Manager shall reasonably promptly notify the Board in accordance with Section 3.2.5 hereunder.

3.2.4 GUIDELINES FOR THE EXERCISE OF DELEGATED AUTHORITY. For purposes of this Section 3.2, the Board, or at the Board’s delegation, a Fund’s investment adviser, shall be deemed to have considered and determined to accept, on behalf of the Fund, such Country Risk as is incurred by placing and maintaining the Foreign Assets in each country for which the Custodian is serving as Foreign Custody Manager of the Portfolios.

3.2.5 REPORTING REQUIREMENTS. The Foreign Custody Manager shall report the withdrawal of the Foreign Assets from an Eligible Foreign Custodian and the placement of such Foreign Assets with another Eligible Foreign Custodian by providing to the Board an amended Schedule A at the end of each calendar quarter in which an amendment to such Schedule has occurred. The Foreign Custody Manager shall make written reports notifying the Board of any other material change in the foreign custody arrangements of the Portfolios described in this Section 3.2 reasonably promptly after the occurrence of the material change.

3.2.6 STANDARD OF CARE AS FOREIGN CUSTODY MANAGER OF A PORTFOLIO. In performing the responsibilities delegated to it, the Foreign Custody Manager agrees to exercise reasonable care, prudence and diligence such as a person having responsibility for the safekeeping of assets of management investment companies registered under the 1940 Act would exercise.

3.2.7 REPRESENTATIONS WITH RESPECT TO RULE 17F-5. The Foreign Custody Manager represents to each Fund that it is a U.S. Bank as defined in section (a)(7) of Rule 17f-5. Each Fund represents to the Custodian that its Board has determined that it is reasonable for such Board to rely on the Custodian to perform the responsibilities delegated pursuant to this Agreement to the Custodian as the Foreign Custody Manager of the Portfolios.

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3.2.8 EFFECTIVE DATE AND TERMINATION OF THE CUSTODIAN AS FOREIGN CUSTODY MANAGER. Each Board’s delegation to the Custodian as Foreign Custody Manager of the Portfolios shall be effective as of the date hereof and shall remain in effect until terminated at any time, without penalty, by written notice from the terminating party to the non-terminating party. Termination will become effective thirty (30) days after receipt by the non-terminating party of such notice. The provisions of Section 3.2.2 hereof shall govern the delegation to and termination of the Custodian as Foreign Custody Manager of the Portfolios with respect to designated countries.

SECTION 3.3 ELIGIBLE SECURITIES DEPOSITORIES.

3.3.1 ANALYSIS AND MONITORING. The Custodian shall (a) provide the Fund (or its duly-authorized investment manager or investment adviser) with an analysis of the custody risks associated with maintaining assets with the Eligible Securities Depositories set forth on Schedule B hereto in accordance with section (a)(1)(i)(A) of Rule 17f-7, and (b) monitor such risks on a continuing basis, and promptly notify the Fund (or its duly-authorized investment manager or investment adviser) of any material change in such risks, in accordance with section (a)(1)(i)(B) of Rule 17f-7.

3.3.2 STANDARD OF CARE. The Custodian agrees to exercise reasonable care, prudence and diligence in performing the duties set forth in Section 3.3.1.

SECTION 4. DUTIES OF THE CUSTODIAN WITH RESPECT TO PROPERTY OF THE PORTFOLIOS TO BE HELD OUTSIDE THE UNITED STATES

SECTION 4.1 DEFINITIONS. As used throughout this Agreement, the capitalized terms set forth below shall have the indicated meanings:

“Foreign Securities System” means an Eligible Securities Depository listed on Schedule B hereto.

“Foreign Sub-Custodian” means a foreign banking institution serving as an Eligible Foreign Custodian.

SECTION 4.2. HOLDING SECURITIES. The Custodian shall identify on its books as belonging to the Portfolios the foreign securities held by each Foreign Sub-Custodian or Foreign Securities System. The Custodian may hold foreign securities for all of its customers, including the Portfolios, with any Foreign Sub-Custodian in an account that is identified as belonging to the Custodian for the benefit of its customers, provided however, that (i) the records of the Custodian with respect to foreign securities of the Portfolios which are maintained in such account shall identify those securities as belonging to the Portfolios and (ii), to the extent permitted and customary in the market in which the account is maintained, the Custodian shall require that securities so held by the Foreign Sub-Custodian be held separately from any assets of such Foreign Sub-Custodian or of other customers of such Foreign Sub-Custodian.

SECTION 4.3. FOREIGN SECURITIES SYSTEMS. Foreign securities shall be maintained in a Foreign Securities System in a designated country through arrangements implemented by the Custodian or a Foreign Sub-Custodian, as applicable, in such country.

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SECTION 4.4. TRANSACTIONS IN FOREIGN CUSTODY ACCOUNT.

4.4.1. DELIVERY OF FOREIGN ASSETS. The Custodian or a Foreign Sub-Custodian shall release and deliver foreign securities of the Portfolios held by the Custodian or such Foreign Sub-Custodian, or in a Foreign Securities System account, only upon receipt of Proper Instructions, which may be continuing instructions when deemed appropriate by the parties, and only in the following cases:

(i) Upon the sale of such foreign securities for the Portfolio in accordance with commercially reasonable market practice in the country where such foreign securities are held or traded, including, without limitation: (A) delivery against expectation of receiving later payment; or (B) in the case of a sale effected through a Foreign Securities System, in accordance with the rules governing the operation of the Foreign Securities System;

(ii) In connection with any repurchase agreement related to foreign securities;

(iii) To the depository agent in connection with tender or other similar offers for foreign securities of the Portfolios;

(iv) To the issuer thereof or its agent when such foreign securities are called, redeemed, retired or otherwise become payable;

(v) To the issuer thereof, or its agent, for transfer into the name of the Custodian (or the name of the respective Foreign Sub-Custodian or of any nominee of the Custodian or such Foreign Sub-Custodian) or for exchange for a different number of bonds, certificates or other evidence representing the same aggregate face amount or number of units;

(vi) To brokers, clearing banks or other clearing agents for examination or trade execution in accordance with market custom; provided that in any such case, the Foreign Sub-Custodian shall have no responsibility or liability for any loss arising from the delivery of such foreign securities prior to receiving payment for such foreign securities except as may arise from the Foreign Sub-Custodian’s own negligence or willful misconduct;

(vii) For exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization or readjustment of the securities of the issuer of such securities, or pursuant to provisions for conversion contained in such securities, or pursuant to any deposit agreement;

(viii) In the case of warrants, rights or similar foreign securities, the surrender thereof in the exercise of such warrants, rights or similar securities or the surrender of interim receipts or temporary securities for definitive securities;

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(ix) For delivery as security in connection with any borrowing by a Fund on behalf of a Portfolio requiring a pledge of assets by the Fund on behalf of such Portfolio;

(x) In connection with trading in options and futures contracts, including delivery as original margin and variation margin;

(xi) Upon the sale or other delivery of such foreign securities (including, without limitation, to one or more Special Sub-Custodians or Repo Custodians) as a Free Trade, provided that applicable Proper Instructions shall set forth (A) the foreign securities to be delivered and (B) the person or persons to whom delivery shall be made;

(xii) In connection with the lending of foreign securities; and

(xiii) For any other purpose, but only upon receipt of Proper Instructions specifying (A) the foreign securities to be delivered and (B) the person or persons to whom delivery of such securities shall be made.

4.4.2. PAYMENT OF PORTFOLIO MONIES. Upon receipt of Proper Instructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out, or direct the respective Foreign Sub-Custodian or the respective Foreign Securities System to pay out, monies of a Portfolio in the following cases only:

(i) Upon the purchase of foreign securities for the Portfolio in accordance with commercially reasonable market practice in the country where such foreign securities are held or traded, unless otherwise directed by Proper Instructions, by (A) delivering money to the seller thereof or to a dealer therefor (or an agent for such seller or dealer) against expectation of receiving later delivery of such foreign securities; or (B) in the case of a purchase effected through a Foreign Securities System, in accordance with the rules governing the operation of such Foreign Securities System;

(ii) In connection with the conversion, exchange or surrender of foreign securities of the Portfolio;

(iii) For the payment of any expense or liability of the Portfolio, including but not limited to the following payments: interest, taxes, investment advisory fees, transfer agency fees, fees under this Agreement, legal fees, audit or accounting fees, and other operating expenses;

(iv) For the purchase or sale of foreign exchange or foreign exchange contracts for the Portfolio, including transactions executed with or through the Custodian or its Foreign Sub-Custodians;

(v) In connection with trading in options and futures contracts, including delivery as original margin and variation margin;

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(vi) Upon the purchase of foreign investments including, without limitation, repurchase agreement transactions involving delivery of Portfolio monies to Repo Custodian(s), as a Free Trade, provided that applicable Proper Instructions shall set forth (A) the amount of such payment and (B) the person or persons to whom payment shall be made;

(vii) For payment of part or all of the dividends received in respect of securities sold short;

(viii) In connection with the borrowing or lending of foreign securities; and

(ix) For any other purpose, but only upon receipt of Proper Instructions specifying (A) the amount of such payment and (B) the person or persons to whom such payment is to be made.

4.4.3. MARKET CUSTOMS. Notwithstanding any provision of this Agreement to the contrary, settlement and payment for Foreign Assets received for the account of the Portfolios and delivery of Foreign Assets maintained for the account of the Portfolios may be effected in accordance with the customary established securities trading or processing practices and procedures in the country or market in which the transaction occurs, including, without limitation, delivering Foreign Assets to the purchaser thereof or to a dealer therefor (or an agent for such purchaser or dealer) with the expectation of receiving later payment for such Foreign Assets from such purchaser or dealer.

The Custodian shall provide to each Board the information with respect to custody and settlement practices in countries in which the Custodian employs a Foreign Sub-Custodian described on Schedule C hereto at the time or times set forth on such Schedule. The Custodian may revise Schedule C from time to time, provided that no such revision shall result in a Board being provided with substantively less information than had been previously provided hereunder.

SECTION 4.5. REGISTRATION OF FOREIGN SECURITIES. The foreign securities maintained in the custody of a Foreign Sub-Custodian (other than bearer securities) shall be registered by the Custodian or the Foreign Sub-Custodian in the name of the applicable Portfolio or in the name of the Custodian or in the name of any Foreign Sub-Custodian or in the name of any nominee of the foregoing. The Custodian or a Foreign Sub-Custodian shall not be obligated to accept securities on behalf of a Portfolio under the terms of this Agreement unless the form of such securities and the manner in which they are delivered are in accordance with reasonable market practice.

SECTION 4.6 BANK ACCOUNTS. The Custodian shall identify on its books as belonging to the applicable Fund on behalf of a Portfolio cash (including cash denominated in foreign currencies) deposited with the Custodian. Cash maintained on the books of the Custodian (including its branches, subsidiaries and affiliates), regardless of currency denomination, is maintained in bank accounts established under, and subject to the laws of, The Commonwealth of Massachusetts. Where the Custodian is unable to maintain, or market practice does not readily allow the maintenance of, cash on the books of the Custodian, a bank account or bank accounts shall be opened and maintained outside the United States on behalf of the Portfolio with a Foreign Sub-Custodian. All accounts referred to in this section shall be subject only to draft or order by the

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Custodian (or, if applicable, such Foreign Sub-Custodian) acting pursuant to the terms of this Agreement to hold cash received by or from or for the account of the Portfolio.

SECTION 4.7. COLLECTION OF INCOME. The Custodian shall use reasonable commercial efforts to collect all income and other payments with respect to the Foreign Assets held hereunder to which the Portfolios shall be entitled and shall credit such income, as collected, to the applicable Portfolio. In the event that extraordinary measures are required to collect such income, the Fund and the Custodian shall consult as to such measures and as to the compensation and expenses of the Custodian relating to such measures.

SECTION 4.8 SHAREHOLDER RIGHTS. With respect to the foreign securities held pursuant to this Section 4, the Custodian shall use reasonable commercial efforts to facilitate the exercise of voting and other shareholder rights, subject always to the laws, regulations and practical constraints that may exist in the country where such securities are issued, which facilitation efforts may include endeavoring to (a) cause to be executed by the registered holder of such foreign securities (if such securities are registered otherwise than in the name of the Portfolio or a nominee of the Portfolio), all proxies, without indication of the manner in which such proxies are to be voted, and (b) deliver to the Fund or its agents all proxy soliciting materials and all notices relating to such securities. Each Fund acknowledges that local conditions, including lack of regulation, onerous procedural obligations, lack of notice and other factors may have the effect of severely limiting the ability of such Fund to exercise shareholder rights.

SECTION 4.9. COMMUNICATIONS RELATING TO FOREIGN SECURITIES. The Custodian shall transmit promptly to the applicable Fund written information with respect to materials received by the Custodian via the Foreign Sub-Custodians from issuers of the foreign securities being held for the account of the Portfolios (including, without limitation, pendency of calls and maturities of foreign securities and expirations of rights in connection therewith). With respect to voluntary corporate actions such as tender or exchange offers, the Custodian shall transmit promptly to the applicable Fund written information with respect to materials so received by the Custodian from issuers of the foreign securities whose tender or exchange or other action is sought or from the party (or its agents) making the tender or exchange offer or other action. The Custodian shall also transmit promptly to the applicable Fund all written information received by the Custodian via the Foreign Sub-Custodians from issuers of the foreign securities being held for the account of the Portfolios regarding any class action or other litigation in connection with Portfolio foreign securities or other assets issued outside the United States and then held, or previously held, during the term of this Agreement by the Custodian via a Foreign Sub-Custodian for the account of the Fund for such Portfolio, including, but not limited to, opt-out notices and proof-of-claim forms. The Custodian shall not be liable for any untimely exercise of any tender, exchange or other right or power in connection with foreign securities or other property of the Portfolios at any time held by it unless (i) the Custodian or the respective Foreign Sub-Custodian is in actual possession of such foreign securities or property and (ii) the Custodian receives Proper Instructions with regard to the exercise of any such right or power, and both (i) and (ii) occur prior to such deadline established by the Custodian in its reasonable discretion as will give the Custodian (including any Foreign Sub-Custodian) sufficient time to take such action, which deadline shall in no event be longer than three (3) business days. The Custodian shall inform the Fund of pertinent deadlines in each case. For avoidance of doubt, upon and after the effective date of any termination of this Agreement, with

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respect to a Fund or its Portfolio(s), as may be applicable, the Custodian shall have no responsibility to so transmit any information under this Section 4.9.

SECTION 4.10. LIABILITY OF FOREIGN SUB-CUSTODIANS. Each agreement pursuant to which the Custodian employs a Foreign Sub-Custodian shall, to the extent possible, require the Foreign Sub-Custodian to exercise reasonable care in the performance of its duties, and to indemnify, and hold harmless, the Custodian from and against any loss, damage, cost, expense, liability or claim arising out of or in connection with the Foreign Sub-Custodian’s performance of such obligations. At a Fund’s election, its Portfolios shall be entitled to be subrogated to the rights of the Custodian with respect to any claims against a Foreign Sub-Custodian as a consequence of any such loss, damage, cost, expense, liability or claim if and to the extent that the Portfolios have not been made whole for any such loss, damage, cost, expense, liability or claim.

SECTION 4.11 TAX LAW. The Custodian shall have no responsibility or liability for any obligations now or hereafter imposed on any Fund, the Portfolios or the Custodian as custodian of the Portfolios by the tax law of the United States or of any state or political subdivision thereof. It shall be the responsibility of each Fund to notify the Custodian of the obligations imposed on such Fund with respect to the Portfolios or the Custodian as custodian of the Portfolios by the tax law of countries other than those mentioned in the above sentence, including responsibility for withholding and other taxes, assessments or other governmental charges, certifications and governmental reporting. The sole responsibilities of the Custodian with regard to such tax law shall be to use reasonable efforts to effect the withholding of local taxes and related charges with regard to market entitlement/payment in accordance with local law and subject to local market practice or custom and to assist the Fund with respect to any claim for exemption or refund under the tax law of countries for which such Fund has provided such information. Except as specifically provided in this Agreement or otherwise agreed to in writing by the Custodian, the Custodian shall have no independent obligation to determine the tax obligations now or hereafter imposed on any of the Funds by any taxing authority or to obtain or provide information relating thereto, and shall have no obligation or liability with respect to such tax obligations, it being specifically understood and agreed that the Custodian shall not thereby or otherwise be considered any Fund’s tax advisor or tax counsel.

SECTION 5. SPECIAL SUB-CUSTODIANS

Upon receipt of Special Instructions (as such term is defined in Section 7 hereof), the Custodian shall, on behalf of one or more Portfolios, appoint one or more banks, trust companies or other entities designated in such Special Instructions to act as a sub-custodian for the purposes of effecting such transaction(s) as may be designated by a Fund in Special Instructions. Each such designated sub-custodian is referred to herein as a “Special Sub-Custodian.” Each such duly appointed Special Sub-Custodian shall be listed on Schedule D hereto, as it may be amended from time to time by a Fund, with the acknowledgment of the Custodian. In connection with the appointment of any Special Sub-Custodian, and in accordance with Special Instructions, the Custodian shall enter into a sub-custodian agreement with the Fund and the Special Sub-Custodian in form and substance approved by such Fund, provided that such agreement shall in all events comply with the provisions of the 1940 Act and the rules and regulations thereunder and the terms and provisions of this Agreement.

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SECTION 6. PAYMENTS FOR SALES OR REPURCHASES OR REDEMPTIONS OF SHARES

The Custodian shall receive from the distributor of the Shares or from the Transfer Agent and deposit into the account of the appropriate Portfolio such payments as are received for Shares thereof issued or sold from time to time by the applicable Fund. The Custodian will provide timely notification to such Fund on behalf of each such Portfolio and the Transfer Agent of any receipt by it of payments for Shares of such Portfolio.

From such funds as may be available for the purpose, the Custodian shall, upon receipt of instructions from the Transfer Agent, make funds available for payment to holders of Shares who have delivered to the Transfer Agent a request for redemption or repurchase of their Shares. In connection with the redemption or repurchase of Shares, the Custodian is authorized upon receipt of instructions from the Transfer Agent to wire funds to or through a commercial bank designated by the redeeming shareholders. In connection with the redemption or repurchase of Shares, the Custodian shall honor checks drawn on the Custodian by a holder of Shares, which checks have been furnished by a Fund to the holder of Shares, when presented to the Custodian in accordance with such procedures and controls as are mutually agreed upon from time to time between such Fund and the Custodian.

SECTION 6A. INVESTMENT ADMINISTRATION SERVICES

Custodian shall provide Investment Administration Services to the Funds pursuant to the terms and conditions of the attached Investment Administration Services Addendum.

SECTION 7. PROPER INSTRUCTIONS AND SPECIAL INSTRUCTIONS

“Proper Instructions,” which may be standing instructions, shall mean instructions received by the Custodian from a Fund or a person or entity duly authorized by the Fund. Such instructions may be in writing signed by the authorized person or persons or may be in a tested communication or in a communication utilizing access codes effected between electro-mechanical or electronic devices or may be by such other means and utilizing such intermediary systems and utilities as may be agreed from time to time by the Custodian and the person(s) or entity giving such instruction, provided that such person(s) or entity has followed any security procedures agreed to from time to time by the applicable Fund and the Custodian including, but not limited to, the security procedures selected by the Fund via the form of Funds Transfer Addendum hereto. Oral instructions will be considered Proper Instructions if the Custodian reasonably believes them to have been given by a person authorized to provide such instructions with respect to the transaction involved; the Fund shall cause all oral instructions to be confirmed in writing. For purposes of this section, Proper Instructions shall include instructions received by the Custodian pursuant to any multi-party agreement which requires a segregated asset account in accordance with Section 2.9 hereof.

“Special Instructions,” as such term is used throughout this Agreement, means Proper Instructions countersigned or confirmed in writing by the Treasurer or any Assistant Treasurer of the applicable Fund or any other person designated in writing by the Treasurer of such Fund, which countersignature or confirmation shall be (a) included on the same instrument containing the Proper Instructions or on a separate instrument clearly relating thereto and (b) delivered by hand, by facsimile transmission, or in such other manner as the Fund and the Custodian agree in writing.

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Concurrently with the execution of this Agreement, and from time to time thereafter, as appropriate, each Fund shall deliver to the Custodian, duly certified by such Fund’s Treasurer or Assistant Treasurer, a certificate setting forth: (i) the names, titles, signatures and scope of authority of all persons authorized to give Proper Instructions or any other notice, request, direction, instruction, certificate or instrument on behalf of the Fund and (ii) the names, titles and signatures of those persons authorized to give Special Instructions. Such certificate may be accepted and relied upon by the Custodian as conclusive evidence of the facts set forth therein and shall be considered to be in full force and effect until receipt by the Custodian of notice to the contrary.

SECTION 8. EVIDENCE OF AUTHORITY

Subject to Section 15, the Custodian shall be protected in acting upon any instructions, notice, request, consent, certificate or other instrument or paper reasonably believed by it to be genuine and to have been properly executed by or on behalf of the applicable Fund. The Custodian may receive and accept a copy of a resolution certified by the Secretary or an Assistant Secretary of any Fund as conclusive evidence (a) of the authority of any person to act in accordance with such resolution or (b) of any determination or of any action by the applicable Board as described in such resolution, and such resolution may be considered as in full force and effect until receipt by the Custodian of written notice to the contrary.

SECTION 9. ACTIONS PERMITTED WITHOUT EXPRESS AUTHORITY

The Custodian may in its discretion, without express authority from the applicable Fund on behalf of each applicable Portfolio:

1) Make payments to itself or others for minor expenses of handling securities or other similar items relating to its duties under this Agreement; provided that all such payments shall be accounted for to the Fund on behalf of the Portfolio;

2) Surrender securities in temporary form for securities in definitive form;

3) Endorse for collection, in the name of the Portfolio, checks, drafts and other negotiable instruments; and

4) In general, attend to all non-discretionary details in connection with the sale, exchange, substitution, purchase, transfer and other dealings with the securities and property of the Portfolio except as otherwise directed by the applicable Board.

SECTION 10. REPRESENTATIONS AND WARRANTIES

(1) The Custodian represents and warrants to each Fund that:

a. It is a Massachusetts trust company, duly organized and existing under the laws of The Commonwealth of Massachusetts and is qualified to conduct its business in every jurisdiction where its business is conducted except where the failure to be so qualified would not have a material adverse affect on the Custodian.

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b. It has the power and authority to carry on its business in The Commonwealth of Massachusetts and to enter into and perform this Agreement;

c. All requisite proceedings have been taken to authorize it to enter into and perform this Agreement;

d. No legal or administrative proceedings have been instituted or threatened which would materially impair the Custodian’s ability to perform its duties and obligations under this Agreement;

e. This Agreement constitutes its legal, valid, binding and enforceable agreement; and

f. Its entrance into this Agreement shall not cause a material breach or be in material conflict with any other agreement or obligation of the Custodian or any law or regulation applicable to it.

(2) Each Fund represents and warrants to the Custodian that:

a. It is duly organized, validly existing and in good standing in its state of organization as specified on Appendix A, and is qualified to conduct its business in every jurisdiction where its business is conducted except where the failure to be so qualified would not have a material adverse affect on the Fund;

b. It has the power and authority under applicable laws and its Governing Documents to enter into and perform this Agreement;

c. All requisite proceedings have been taken to authorize it to enter into and perform this Agreement;

d. No legal or administrative proceedings have been instituted or threatened which would materially impair the Fund’s ability to perform its duties and obligations under this Agreement;

e. This Agreement constitutes its legal, valid, binding and enforceable agreement; and

f. Its entrance into this Agreement will not cause a material breach or be in material conflict with any other agreement or obligation of the Fund or any law or regulation applicable to it.

SECTION 11. RECORDS

The Custodian shall with respect to each Portfolio create and maintain all records relating to its activities and obligations under this Agreement in such manner as will meet the obligations of each Fund under the 1940 Act, with particular attention to section 31 thereof and Rules 31a-1 and 31a-2

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thereunder. All such records shall be the property of the Fund and shall at all times during the regular business hours of the Custodian be open for inspection by duly authorized officers, employees or agents of such Fund and employees and agents of the SEC. The Custodian shall, at a Fund’s request, supply the Fund with a tabulation of securities owned by each Portfolio and held by the Custodian and shall, when requested to do so by the Fund and for such compensation as shall be agreed upon between the Fund and the Custodian, include certificate numbers in such tabulations. Each Fund acknowledges that, in creating and maintaining the records as set forth herein with respect to Portfolio property released and delivered pursuant to Section 2.2(14), or purchased pursuant to Section 2.6(7) hereof, the Custodian is authorized and instructed to rely upon information provided to it by the Fund, the Fund’s counterparty(ies), or the agents of either of them. In addition to the foregoing, the Custodian shall provide storage for, during the term of this Agreement, historical records delivered to it by any prior custodian of the Funds and consult with the Funds in any event of the Custodian’s inability to do so; provided, that the parties hereby agree that the Custodian shall have no responsibility for the condition, accuracy, integrity, searchability, reconciliation or contents of such historical records.

SECTION 12. OPINION OF FUND’S INDEPENDENT ACCOUNTANT

The Custodian shall take all reasonable action, as a Fund with respect to a Portfolio may from time to time request, to obtain from year to year favorable opinions from the Fund’s independent accountants with respect to its activities hereunder in connection with the preparation of the Fund’s Form N-1A or Form N-2, as applicable, and Form N-SAR or other annual reports to the SEC and with respect to any other requirements thereof.

SECTION 13. REPORTS TO FUND BY INDEPENDENT PUBLIC ACCOUNTANTS

The Custodian shall provide each Fund, on behalf of each of its Portfolios, at such times as such Fund may reasonably require, with reports by independent public accountants on the accounting system, internal accounting control and procedures for safeguarding securities, futures contracts and options on futures contracts, including securities deposited and/or maintained in a U.S. Securities System or a Foreign Securities System (either, a “Securities System”), relating to the services provided by the Custodian under this Agreement; such reports shall be of sufficient scope and in sufficient detail as may reasonably be required by the Fund to provide reasonable assurance that any material inadequacies would be disclosed by such examination, and, if there are no such inadequacies, the reports shall so state.

SECTION 14. COMPENSATION OF CUSTODIAN

The Custodian shall be entitled to reasonable compensation for its services and expenses as Custodian, as agreed upon from time to time in writing between each Fund on behalf of each applicable Portfolio and the Custodian.

SECTION 15. RESPONSIBILITY OF CUSTODIAN

So long as and to the extent that it is in the exercise of reasonable care, the Custodian shall not be responsible for the title, validity or genuineness of any property or evidence of title thereto received by it or delivered by it pursuant to this Agreement and shall be held harmless in acting upon any

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notice, request, consent, certificate or other instrument reasonably believed by it to be genuine and to be signed by the proper party or parties, including any futures commission merchant acting pursuant to the terms of a three-party futures or options agreement. The Custodian shall be held to the exercise of reasonable care in carrying out the provisions of this Agreement, but shall be kept indemnified by and shall be without liability to any Fund for any action taken or omitted by it in good faith without negligence, bad faith, willful misconduct, violation of law applicable to the Custodian in its capacity as a custodian and that affects the Custodian’s performance of the Services hereunder, or material breach of this Agreement (provided, however, that the Custodian shall have the opportunity to cure, within thirty (30) days of its receipt of written notice from the Fund, solely those breaches capable of cure without material adverse impact to the Fund, provided, in each such instance where the Custodian is aware of an event related to such notice, the Custodian had previously informed the Fund promptly of such event; any such communication from the Custodian to the Fund shall not be used as or considered as an admission of fault and will be provided solely as an accommodation to the Fund), including, without limitation, acting in accordance with any Proper Instruction. It shall be entitled to rely on and may act upon advice of counsel (who may be counsel for the Fund) on all matters, and shall be without liability for any action reasonably taken or omitted pursuant to such advice. The Custodian shall be without liability to any Fund or Portfolio for any loss, liability, claim or expense to the extent resulting from or caused by anything which is part of Country Risk (as defined in Section 3 hereof), including without limitation nationalization, expropriation, currency restrictions, or acts of war, revolution, riots or terrorism.

Except as may arise from the Custodian’s own negligence, bad faith, willful misconduct, violation of law applicable to the Custodian in its capacity as a custodian that affects the Custodian’s performance of the Services hereunder, or material breach of this Agreement (provided, however, that the Custodian shall have the opportunity to cure, within thirty (30) days of its receipt of written notice from the Fund, solely those breaches capable of cure without material adverse impact to the Fund, provided, in each such instance where the Custodian is aware of an event related to such notice, the Custodian had previously informed the Fund promptly of such event; any such communication from the Custodian to the Fund shall not be used as or considered as an admission of fault and will be provided solely as an accommodation to the Fund), or the negligence, bad faith or willful misconduct of a sub-custodian or agent, the Custodian shall be without liability to any Fund for any loss, liability, claim or expense to the extent resulting from or caused by: (i) events or circumstances beyond the reasonable control of the Custodian or any sub-custodian or Securities System or any agent or nominee of any of the foregoing, including, without limitation, the interruption, suspension or restriction of trading on or the closure of any securities market, power or other mechanical or technological failures or interruptions, computer viruses or communications disruptions, work stoppages, natural disasters, or other similar events or acts; (ii) errors by any Fund or its duly authorized investment manager or investment adviser in its instructions to the Custodian provided such instructions have been in accordance with this Agreement; (iii) the insolvency of or acts or omissions by a Securities System; (iv) any act or omission of a Special Sub-Custodian including, without limitation, reliance on reports prepared by a Special Sub-Custodian ; (v) any delay or failure of any broker, agent or intermediary, central bank or other commercially prevalent payment or clearing system to deliver to the Custodian’s sub-custodian or agent securities purchased or in the remittance or payment made in connection with securities sold; (vi) any delay or failure of any company, corporation, or other body in charge of registering or transferring securities in the name of the Custodian, any Fund, the Custodian’s sub-custodians, nominees or agents or any consequential losses arising out of such delay or failure to transfer such securities including non-

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receipt of bonus, dividends and rights and other accretions or benefits; (vii) delays or inability to perform its duties due to any disorder in market infrastructure with respect to any particular security or Securities System; (viii) any provision of any present or future law or regulation or order of the United States of America, or any state thereof, or any other country, or political subdivision thereof or of any court of competent jurisdiction; and (ix) the Custodian acting in accordance with any Proper Instruction with respect to Free Trade.

In the event of equipment failure, work stoppage, governmental action, communication disruption or other impossibility of performance beyond the Custodian’s control, the Custodian shall take reasonable steps to minimize service interruptions. The Custodian shall enter into and shall maintain in effect, at all times during the term of this Agreement, with appropriate parties one or more agreements making reasonable provision for (i) periodic back-up of the computer files and data with respect to the Funds; and (ii) emergency use of electronic data processing equipment to provide services under this Agreement.

The Custodian shall have no more or less responsibility or liability to any Fund on account of any actions or omissions of any sub-custodian so employed than any such sub-custodian has to the Custodian. The Custodian shall be liable for the acts or omissions of a Foreign Sub-Custodian (as such term is defined in Section 4 hereof) to the same extent as set forth with respect to sub-custodians generally in this Agreement and, regardless of whether assets are maintained in the custody of a Foreign Sub-Custodian or a Foreign Securities System, the Custodian shall not be liable for any loss, damage, cost, expense, liability or claim to the extent resulting from nationalization, expropriation, currency restrictions, or acts of war or terrorism, or any other loss where the Sub-Custodian has otherwise acted with reasonable care. With respect to foreign securities maintained in the custody of a Foreign Sub-Custodian (other than bearer securities) which are registered in the name of the applicable Portfolio or in the name of the Custodian or in the name of any Foreign Sub-Custodian or in the name of any nominee of the foregoing in accordance with Section 4.5 of this Agreement, the applicable Fund on behalf of such Portfolio agrees to hold any such nominee harmless from any liability as a holder of record of such foreign securities.

If a Fund on behalf of a Portfolio requires the Custodian to take any action not otherwise addressed in this Agreement with respect to securities, which action involves the payment of money or which action may, in the reasonable opinion of the Custodian, result in the Custodian or its nominee assigned to the Fund or the Portfolio being liable for the payment of money or incurring liability of some other form, such Fund on behalf of the Portfolio, as a prerequisite to requiring the Custodian to take such action, shall provide indemnity to the Custodian in an amount and form satisfactory to it.

In the event a Fund requires the Custodian, its affiliates, subsidiaries or agents, to advance cash or securities for any purpose (including but not limited to securities settlements, predetermined income, foreign exchange contracts and assumed settlement) or in the event that the Custodian or its nominee shall incur or be assessed any taxes, charges, expenses, assessments, claims or liabilities in connection with the performance of this Agreement, except such as may arise from its or its nominee’s own negligent action, negligent failure to act or willful misconduct, any property at any time held for the account of the applicable Portfolio shall be security therefor and should the Fund fail to repay the Custodian promptly, the Custodian shall be entitled to utilize available cash and to dispose of such Portfolio’s assets to the extent necessary to obtain reimbursement. To the extent not inconsistent with market rules or practice, the Custodian shall first utilize available cash and

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thereafter such Portfolio’s other assets, it being specifically understood that any failure of the Custodian to so utilize or dispose shall in no way affect either the validity or priority of the Custodian’s security interest in such cash or assets. Further, and only to the extent practicable, the Custodian shall provide notice to the Fund prior to commencing such utilization or disposal, and, if such prior notice is not practicable, the Custodian shall provide notice to the Fund as soon as practicable thereafter, it being specifically understood that any failure of the Custodian to provide any such notice shall in no way affect the Custodian’s rights or remedies under this paragraph or applicable law.

In no event shall any party hereto be liable for indirect, special or consequential damages.

SECTION 16. EFFECTIVE PERIOD, TERMINATION AND AMENDMENT

(a) This Agreement shall become effective as of its execution and shall continue in full force and effect for an initial term of four (4) years from the date hereof, and shall automatically renew for additional consecutive three (3) year terms, unless either party gives one hundred eighty (180) days’ prior written notice to the other of its intent not to renew. If this Agreement is terminated (the effective date of such termination being referred to as the “Termination Date”), the Custodian shall, at the reasonable request of the Funds, and subject to the consent of the Custodian (which consent shall not be unreasonably withheld or delayed), continue to provide services hereunder for a period (the “Extension Period”) not to exceed ninety (90) days from the Termination Date, and the compensation payable to the Custodian for its services and expenses during such Extension Period shall not exceed one hundred and five percent (105%) (per annum) of the compensation last agreed upon by each Fund and the Custodian and in effect immediately prior to the Termination Date.

(b) In the event that the Agreement is terminated by any Fund with respect to a Portfolio (the “Terminating Fund”), other than for cause, with respect to such Terminating Fund prior to the four (4) year anniversary of the date hereof (the “Anniversary Date”), and the Custodian has not terminated either this Agreement with respect to such Terminating Fund or any agreement pursuant to which the Custodian provides fund accounting services relative to such Terminating Fund, the Terminating Fund shall pay to the Custodian, in lieu of any other fees, expenses, termination penalties, damages or other amounts (except as identified in paragraph (c) below), an early termination fee equal to the present value, using a discount rate of seven percent (7%), compounded annually, of the remaining fees which would have been due by the Terminating Fund to the Custodian for the period from the Termination Date until the Anniversary Date if the Agreement had not been terminated (the “Remaining Fees”) which Remaining Fees shall be determined using the average monthly compensation for its services (prior to the application of any earnings credits) earned by the Custodian hereunder with respect to such Terminating Fund during the 12-month period (or if shorter, such lesser period of time) preceding such Termination Date (the “Early Termination Fee”).

For the avoidance of doubt, no Terminating Fund will be required to make any such Early Termination Fee payment (other than as set forth in paragraph (e) below) if this Agreement is terminated on or after the Anniversary Date or by the Terminating Funds for cause at any time.

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(c) Notwithstanding the provisions of paragraph (b) above, no Early Termination Fee shall be payable in the event (each, a “Liquidation, Merger or Consolidation Event”) that a Fund or Portfolio is

(i) liquidated; or

(ii) merged into or consolidated with another Fund or Portfolio with respect to which the Custodian provides Services pursuant to this Agreement; or

(iii) merged into or consolidated with another investment company or series of an investment company (each series representing interests in a separate portfolio of securities and other assets) with respect to which the Custodian provides custody services,

provided, that in each case of (i) and (ii) above, the aggregate amount of fees for custody services provided by the Custodian with respect to all Funds and Portfolios covered by this Agreement immediately after, and taking into consideration the effect of, such Liquidation, Merger or Consolidation Event (the “Projected Fees”) shall be equal to or greater than the aggregate amount of fees for custody services provided by the Custodian pursuant to this Agreement, measured as of the date of this Agreement (the “Existing Fees”);

and further provided, that in each case of (iii) above, (A) the Projected Fees plus (B) the Incremental Fees (as defined below) shall be equal to or greater than the Existing Fees.

For purposes of this Section 16(c), the Projected Fees shall equal the custody fees, with respect to such Funds and Portfolios subject to this Agreement immediately after such Liquidation, Merger or Consolidation Event, projected to be earned by the Custodian on an annualized basis for the ensuing twelve-month period, with no adjustments for market fluctuations or subscription and redemption activity.

For purposes of this Section 16(c), the Existing Fees shall equal the custody fees, with respect to such Funds and Portfolios on the date of this Agreement, projected to be earned by the Custodian on an annualized basis for the ensuing twelve-month period, with no adjustments for market fluctuations or subscription and redemption activity.

For purposes of this Section 16(c), the “Other Contract” shall mean a contractual arrangement pursuant to which the Custodian provides custody services that may not be terminated earlier than the Anniversary Date and whose fee schedule is fixed until the Anniversary Date.

For purposes of this Section 16(c), the “Incremental Fees” shall mean (A) the custody fees with respect to custody services under the Other Contract that are projected to be earned by the Custodian on an annualized basis for the ensuing twelve-month period, with no adjustments for market fluctuations or subscription and redemption activity, immediately after such Liquidation, Merger or Consolidation Event, less (B) the custody fees with respect to custody services under the Other Contract that were projected to have been earned by the Custodian on an annualized basis for the ensuing twelve-month period, with no adjustments for market fluctuations or subscription and redemption activity, immediately prior to such Liquidation, Merger or Consolidation Event.

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(d) Upon any termination of this Agreement pursuant to paragraph (b) above and receipt of a final bill from the Custodian, the Terminating Fund shall pay to the Custodian all accrued and unpaid fees and expenses, whether the same have been billed or remain unbilled prior to delivery of such final bill, and shall reimburse the Custodian for any reasonable de-conversion costs associated with such termination.

(e) Notwithstanding any term herein to the contrary, termination of this Agreement with respect to a Terminating Fund shall in no way affect the rights and duties under this Agreement with respect to any other Fund or Portfolio.

(f) In the event of the appointment of a conservator or receiver for the Custodian by the Comptroller of the Currency or upon the happening of a like event at the direction of an appropriate regulatory agency or court of competent jurisdiction, any Fund on behalf of one or more of the Portfolios may at any time by action of its Board (i) substitute another bank or trust company for the Custodian by giving notice as described above to the Custodian, or (ii) immediately terminate this Agreement without penalty.

(g) This Agreement may be modified or amended from time to time by mutual written agreement of the parties hereto.

SECTION 17. SUCCESSOR CUSTODIAN

If a successor custodian for one or more Portfolios shall be appointed by the applicable Board, the Custodian shall, upon notice of such appointment and receipt of Proper Instructions, deliver to such successor custodian at the office of the Custodian, duly endorsed and in the form for transfer, as may be applicable, all securities, funds and other properties of each applicable Portfolio then held by it hereunder and shall transfer to an account of the successor custodian all of the securities of each such Portfolio held in a Securities System or at the Underlying Transfer Agent.

If no such successor custodian shall be appointed, the Custodian shall, in like manner, upon receipt of Proper Instructions, deliver at the office of the Custodian and transfer such securities, funds and other properties in accordance therewith.

In the event that no Proper Instructions designating a successor custodian or alternative arrangements shall have been delivered to the Custodian on or before the date when such termination shall become effective, then the Custodian shall have the right to deliver to a bank or trust company, which is a “bank” as defined in the 1940 Act, doing business in Boston, Massachusetts or New York, New York, of its own selection, having an aggregate capital, surplus, and undivided profits, as shown by its last published report, of not less than $25,000,000, all securities, funds and other properties held by the Custodian on behalf of each applicable Portfolio and all instruments held by the Custodian relative thereto and all other property held by it under this Agreement on behalf of each applicable Portfolio, and to transfer to an account of such successor custodian all of the securities of each such Portfolio held in any Securities System or at the Underlying Transfer Agent. Thereafter, such bank or trust company shall be the successor of the Custodian under this Agreement.

In the event that securities, funds and other properties remain in the possession of the Custodian after the date of termination hereof owing to failure of any Fund to provide Proper Instructions as

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aforesaid, the Custodian shall be entitled to fair compensation for its services during such period as the Custodian retains possession of such securities, funds and other properties and the provisions of this Agreement relating to the duties and obligations of the Custodian shall remain in full force and effect.

SECTION 18. OVERSIGHT; AUDIT RIGHTS; ADDITIONAL SUB-CERTIFICATIONS AND REPORTS

SECTION 18.1 OVERSIGHT. The Custodian acknowledges that the Funds have informed the Custodian of their intent to engage Putnam Fiduciary Trust Company, a Massachusetts trust company (“PFTC”), or one of PFTC’s affiliates to perform custody oversight services on behalf of the Funds. Upon notice and instruction from the Funds that they have engaged PFTC or its affiliate regarding such custody oversight services, the Custodian shall, at the expense of the Funds, reasonably cooperate with such entity to provide such information regarding the Funds and such information regarding the Custodian’s performance of the services contemplated by this Agreement (the “Services”) to such entity as it may reasonably request from time to time.

SECTION 18.2 AUDIT RIGHTS.

(a) To the extent required by applicable law, rule or regulation and upon request of a Fund (which shall include reasonable advance notice), the Custodian shall allow such Fund’s regulators or supervisory authorities to perform periodic on-site audits as may be reasonably required to examine the Custodian’s performance of the Services. Notwithstanding the foregoing, prior to the performance of any audits of the Custodian’s performance of the Services, the Fund will request that such regulator or supervisory authority to the extent possible shall coordinate such audit through the Custodian’s primary regulator, the United States Federal Reserve Bank of Boston.

(b) Upon request of a Fund (which shall include reasonable advance notice), the Custodian shall allow such Fund and its duly-authorized agents, auditors (including internal audit staff and external auditors), and compliance personnel to perform periodic on-site audits as may be reasonably required to examine the Custodian’s performance of the Services.

(c) Notwithstanding the audit and inspection rights conferred by the foregoing sub-section, the Custodian reserves the right to impose reasonable limitations on the number, frequency, timing and scope of audits and inspections requested by the Funds so as to prevent or minimize any potential impairment or disruption of its operations, distraction of its personnel or breaches of security or confidentiality; provided, however, that the Custodian may not limit the number, frequency or timing of audits and inspections by regulatory bodies with supervisory authority over a Fund or by a Fund resulting from a regulatory problem at the Custodian and affecting the Custodian’s ability to provide the Services hereunder or any material weakness or significant deficiency in the Custodian’s internal controls. In addition, the Custodian shall be entitled to impose a commercially reasonable per person hourly charge for the cooperation and assistance of its personnel in connection with any audit in excess of one (1) in any twelve (12) month period; provided, however, that no such charge may be imposed in connection with any audit or inspection by any regulatory body with supervisory authority over a Fund or by a Fund resulting from a regulatory problem at the Custodian and affecting the Custodian’s ability to provide the Services hereunder or any material weakness or significant deficiency in the Custodian’s internal controls. Nothing contained in this section shall obligate the Custodian to provide access to or otherwise

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disclose: (i) any information that is unrelated to the relevant Fund and the provision of the Services to such Fund; (ii) any information which is treated as confidential under the Custodian’s corporate policies, including, without limitation, internal audit reports, compliance or risk management plans or reports, work papers and other reports and information relating to management functions; or (iii) any other documents, reports or other information that the Custodian is obligated to maintain in confidence as a matter of law or regulation. In addition, any access provided hereunder to technology shall be limited to a demonstration by the Custodian of the functionality thereof and a reasonable opportunity to communicate with the Custodian personnel regarding such technology.

SECTION 18.3 ADDITIONAL SUB-CERTIFICATIONS AND REPORTS

The Custodian shall provide to the Funds: (a) sub-certifications in connection with Sarbanes-Oxley Act of 2002 certification requirements; and (b) periodic reports and reasonable documentation for delivery to the Funds’ Chief Compliance Officer in connection with Rule 38a-1 under the 1940 Act with respect to the Services and the Custodian’s compliance with its operating policies and procedures related thereto.

SECTION 19. INCLUDED SERVICE ENHANCEMENTS.

If, in the ordinary course of its business, the Custodian enhances core system processing functionality that it uses in connection with the Services, the Custodian shall use such enhanced core system processing enhancements in performing the Services hereunder, at no additional charge to the Funds, as soon as the Custodian reasonably determines that such use is appropriate. To the extent the Custodian reasonably determines that such enhanced core system processing enhancements are relevant to the Funds’ receipt of the Services, the Custodian shall inform the Funds of such core system processing enhancements.

SECTION 20. CONFIDENTIALITY.

The parties hereto agree that each shall treat as confidential all information provided by a party (the “Disclosing Party”) to the other party (the “Recipient”) or to which the Recipient obtains access and that relates to the Disclosing Party, including information regarding its business, financial affairs, operations or otherwise, including without limitation, securities holdings and trading information of a Portfolio or Fund (“Confidential Information”). In maintaining the confidentiality of the Confidential Information of a Disclosing Party, each Recipient shall exercise the same degree of care that such person exercises with respect to its own Confidential Information of a similar nature, including the use of customary data protection procedures, and in no event less than a reasonable degree of care. All Confidential Information of a Disclosing Party shall be used by a Recipient solely for the purpose of rendering or receiving services pursuant to this Agreement and shall not be disclosed to any party other than such Recipient’s (i) employees and contractors who have a need-to-know for purposes of performing such Recipient’s obligations under this Agreement, provided, that, such persons and entities are bound by confidentiality provisions at least as stringent as those contained herein, (ii) regulators or examiners, and (iii) auditors and legal counsel, to the extent required in connection with services provided by such parties to Recipient.

The Recipient shall notify the Disclosing Party of any unauthorized use or disclosure of Confidential Information of the Disclosing Party of which the Recipient becomes aware. The parties agree that

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disclosure of Confidential Information of a Disclosing Party may give rise to an irreparable injury to such Disclosing Party inadequately compensable in damages. Accordingly, the Disclosing Party may seek (without the posting of any bond or other security) injunctive relief against the breach of the foregoing undertaking of confidentiality and nondisclosure, in addition to any other legal remedies which may be available.

The foregoing obligations of confidentiality and non-disclosure shall not be applicable to any information that the Recipient demonstrates (i) is publicly available when provided or thereafter becomes publicly available, other than through disclosure by the Recipient or any of its affiliates, or that is independently derived by the Recipient without the use of any information provided by the Disclosing Party, (ii) that is required in any legal or regulatory proceeding, investigation, audit, examination, subpoena, civil investigative demand or other similar process, or by operation of law or regulation (collectively, “Legal Process”), or (iii) where the Recipient has received the prior written consent of the Disclosing Party. In the event that a Recipient is requested by or pursuant to, or required by, Legal Process to disclose any Confidential Information of any other party to this Agreement, such Recipient will, to the extent not legally prohibited, provide the applicable Disclosing Party with prompt notice of such Legal Process in order to enable the Disclosing Party, at its own expense, to seek an appropriate protective order or other remedy (and, if the Disclosing Party seeks such order, the Recipient will provide such cooperation as the Disclosing Party shall reasonably request at the Disclosing Party’s expense) to resist or narrow the scope of such request or legal process, or waive compliance, in whole or in part, with the terms of this Section 20. In the event that such protective order or other remedy is not obtained or the Disclosing Party waives such compliance, only that portion of the Confidential Information may be disclosed as the Recipient, as advised by counsel, is legally required to disclose and the Recipient will request that all such Confidential Information so disclosed will be accorded confidential treatment. Confidential Information disclosed in combination with other information that is not Confidential Information is not deemed to fall within one of the foregoing exceptions by reason of such combination.

Furthermore, and notwithstanding anything in this section to the contrary, the Custodian may aggregate Fund or Portfolio data with similar data of other customers of the Custodian (“Aggregated Data”) and may use Aggregated Data for purposes of constructing statistical models so long as such Aggregated Data represents a sufficiently large sample that no Fund or Portfolio data can be identified either directly or by inference or implication.

All of the undertakings and obligations relating to confidentiality and nondisclosure, whether contained in this Section or elsewhere in this Agreement or any schedule or exhibit hereto shall survive the termination or expiration of this Agreement for a period of three (3) years.

SECTION 21. GENERAL

SECTION 21.1 MASSACHUSETTS LAW TO APPLY. This Agreement shall be construed and the provisions thereof interpreted under and in accordance with laws of The Commonwealth of Massachusetts.

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SECTION 21.2 PRIOR AGREEMENTS. This Agreement supersedes and terminates, as of the date hereof, any prior Agreements between each Fund on behalf of each of the Portfolios and the Custodian relating to the custody of such Fund’s assets.

SECTION 21.3 ASSIGNMENT. This Agreement may not be assigned by (a) any Fund without the written consent of the Custodian or (b) by the Custodian without the written consent of each applicable Fund.

SECTION 21.4 INTERPRETIVE AND ADDITIONAL PROVISIONS. In connection with the operation of this Agreement, the Custodian and each Fund on behalf of each of the Portfolios, may from time to time agree on such provisions interpretive of or in addition to the provisions of this Agreement as may in their joint opinion be consistent with the general tenor of this Agreement. Any such interpretive or additional provisions shall be in a writing signed by all parties and shall be annexed hereto, provided that no such interpretive or additional provisions shall contravene any applicable federal or state regulations or any provision of a Fund’s Governing Documents. No interpretive or additional provisions made as provided in the preceding sentence shall be deemed to be an amendment of this Agreement.

SECTION 21.5 ADDITIONAL FUNDS. In the event that any management investment company advised by Putnam Investment Management, LLC or an affiliate thereof, in addition to those listed on Appendix A hereto desires to have the Custodian render services as custodian under the terms hereof, it shall so notify the Custodian in writing, and if the Custodian agrees in writing to provide such services, such management investment company shall become a Fund hereunder and the Custodian and the Fund shall be bound by all terms and conditions and provisions hereof.

SECTION 21.6 ADDITIONAL PORTFOLIOS. In the event that any Fund establishes one or more series of Shares in addition to those set forth on Appendix A hereto with respect to which it desires to have the Custodian render services as custodian under the terms hereof, it shall so notify the Custodian in writing, and if the Custodian agrees in writing to provide such services, such series of Shares shall become a Portfolio hereunder and the Custodian and the Fund shall be bound by all terms and conditions and provisions hereof with respect to such Portfolio.

SECTION 21.7 THE PARTIES. All references herein to the “Fund” are to each of the management investment companies listed on Appendix A hereto, and each management investment company made subject to this Agreement in accordance with Section 21.5 above, individually, as if this Agreement were between such individual Fund and the Custodian. In the case of a series corporation, trust or other entity, all references herein to the “Portfolio” are to the individual series or portfolio of such corporation, trust or other entity, or to such corporation, trust or other entity on behalf of the individual series or portfolio, as appropriate. Any reference in this Agreement to “the parties” shall mean the Custodian and such other individual Fund as to which the matter pertains.

A copy of the Declaration of Trust of each Fund is on file with the Secretary of The Commonwealth of The Commonwealth of Massachusetts. Notice is hereby given, and it is expressly agreed that the obligations under this Agreement of any such Fund shall not be binding upon any of the trustees, shareholders, nominees, officers, agents or employees of such Fund personally, but bind only the trust property of such Fund. In the case of each Fund, the execution and delivery of this Agreement on its behalf has been authorized by its trustees, and signed by an authorized officer, in each case

30.

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acting in such capacity and not individually, and neither such authorization by the trustees nor such execution and delivery shall be deemed to have been made by any of them individually, but shall only bind the trust property of each Fund.

SECTION 21.8 REMOTE ACCESS SERVICES ADDENDUM. The Custodian and each Fund agree to be bound by the terms of the Remote Access Services Addendum hereto.

SECTION 21.9 NOTICES. Any notice, instruction or other instrument required to be given hereunder may be delivered in person to the offices of the parties as set forth herein during normal business hours or delivered prepaid registered mail, overnight courier or by telex, cable or telecopy to the parties at the following addresses or such other addresses as may be notified by any party from time to time.

To any Fund: c/o PUTNAM FIDUCIARY TRUST COMPANY

1 Post Office Square

Boston, Massachusetts 02109

Attention: Judd Symon, Senior Vice President

Telephone: 617-760-5181

Telecopy: 617-760-5140

with a copy to: ROPES & GRAY

Prudential Tower

800 Boylston Street

Boston, MA 02199-3600

Attention: John W. Gertsmayr

Telephone: 617-951-7393

Telecopy: 617-235-0040

To the Custodian: STATE STREET BANK AND TRUST COMPANY

Lafayette Corporate Center

2 Avenue de Lafayette

Boston, Massachusetts 02111

Attention: Robert F. Dame, Senior Vice President, LCC/2S

Telephone: 617-662-4036

Telecopy: 617-662-4040

Such notice, instruction or other instrument shall be deemed to have been served in the case of a registered letter at the expiration of five business days after posting, in the case of overnight courier, upon receipt, in the case of cable twenty-four hours after dispatch and, in the case of telex or telecopy, immediately on dispatch and if delivered by cable, telex or telecopy outside normal business hours it shall be deemed to have been received at the next time after delivery when normal business hours commence. Evidence that the notice was properly addressed, stamped and put into the post shall be conclusive evidence of posting.

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SECTION 21.10 COUNTERPARTS. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, and all such counterparts taken together shall constitute one and the same Agreement.

SECTION 21.11 SEVERABILITY; WAIVER. If any provision or provisions of this Agreement shall be held to be invalid, unlawful or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired. The failure of a party hereto to insist upon strict adherence to any term of this Agreement on any occasion or the failure of a party hereto to exercise or any delay in exercising any right or remedy under this Agreement shall not constitute a waiver of any such term, right or remedy or a waiver of any other rights or remedies and no single or partial exercise of any right or remedy under this Agreement shall prevent any further exercise of the right or remedy or the exercise of any other right or remedy.

SECTION 21.12 REPRODUCTION OF DOCUMENTS. This Agreement and all schedules, addenda, exhibits, appendices, attachments and amendments hereto may be reproduced by any photographic, photostatic, microfilm, micro-card, miniature photographic or other similar process. The parties hereto all/each agree that any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding, whether or not the original is in existence and whether or not such reproduction was made by a party in the regular course of business, and that any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence.

SECTION 21.13 SHAREHOLDER COMMUNICATIONS ELECTION. SEC Rule 14b-2 requires banks which hold securities for the account of customers to respond to requests by issuers of securities for the names, addresses and holdings of beneficial owners of securities of that issuer held by the bank unless the beneficial owner has expressly objected to disclosure of this information. In order to comply with the rule, the Custodian needs each Fund to indicate whether it authorizes the Custodian to provide such Fund’s name, address, and share position to requesting companies whose securities the Fund owns. If a Fund tells the Custodian “no,” the Custodian will not provide this information to requesting companies. If a Fund tells the Custodian “yes” or does not check either “yes” or “no” below, the Custodian is required by the rule to treat the Fund as consenting to disclosure of this information for all securities owned by the Fund or any funds or accounts established by the Fund. For a Fund’s protection, the Rule prohibits the requesting company from using the Fund’s name and address for any purpose other than corporate communications. Please indicate below whether the Fund consents or objects by checking one of the alternatives below.

YES [ ] The Custodian is authorized to release the Fund’s name, address, and share positions.

NO [X] The Custodian is not authorized to release the Fund’s name, address, and share positions.

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SIGNATURE PAGE

IN WITNESS WHEREOF, each of the parties has caused this instrument to be executed in its name and behalf by its duly authorized representative and its seal to be hereunder affixed as of the date first above-written.

FUND SIGNATURE ATTESTED TO BY: EACH OF THE ENTITIES SET

FORTH ON APPENDIX A

HERETO

/s/ Robert T. Burns /s/ Jonathan S. Horwitz

By: Robert T. Burns By: Jonathan S. Horwitz

Robert T. Burns Jonathan S. Horwitz

Managing Director, Executive Vice President,

Putnam Investments Principal Executive

Officer, Treasurer and

Compliance Liaison

SIGNATURE ATTESTED TO BY: STATE STREET BANK AND

TRUST COMPANY

/s/ Stephanie L. Poster /s/ Joseph L. Hooley

By: Stephanie L. Poster By: Joseph L. Hooley

Stephanie L. Poster Joseph L. Hooley

Vice President and Senior Managing Counsel Executive Vice President

APPENDIX A

TO

MASTER CUSTODIAN AGREEMENT

As amended as of March 23, 2015

Putnam American Government Income Fund

Putnam Arizona Tax Exempt Income Fund

Putnam Asset Allocation Funds

-Balanced Portfolio

-Conservative Portfolio

-Growth Portfolio

Putnam California Tax Exempt Income Fund

Putnam Convertible Securities Fund

Putnam Diversified Income Trust

Putnam Equity Income Fund

Putnam Europe Equity Fund

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 Asset Allocation: Equity Portfolio

- Putnam Capital Spectrum 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 Mortgage Opportunities 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

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

The Putnam Fund for Growth and Income

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 Michigan Tax Exempt Income Fund

Putnam Minnesota Tax Exempt Income Fund

Putnam Money Market Fund

Putnam Mortgage Recovery 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 Retirement Income Fund Lifestyle 1

-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 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

-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 Voyager Fund

3-23-15
EX-99.H OTH MAT CONT 22 a_invservmod1.htm a_invservmod1.htm

AMENDED & RESTATED INVESTOR SERVICING AGREEMENT —

OPEN-END FUNDS

This AGREEMENT is made as of the 1st day of July, 2013, between each of the Putnam Funds listed in Appendix A hereto (as the same may from time to time be amended to add one or more additional Putnam Funds or to delete one or more of such Funds), each of such Funds acting severally on its own behalf and not jointly with any of such other Funds (each of such Funds being hereinafter referred to as the “Fund”), and Putnam Investment Management, LLC (the “Manager”), a Delaware limited liability company, and Putnam Investor Services, Inc. (the “Agent”), a Massachusetts corporation, and amends and restates the Amended and Restated Investor Servicing Agreement dated as of January 1, 2009 between each of the Funds, the Manager, and the Agent.

W I T N E S S E T H:

WHEREAS, the Fund is an investment company registered under the Investment Company Act of 1940;

WHEREAS, Putnam Fiduciary Trust Company has transferred, with the consent of the trustees of the Fund (the “Trustees”), its investor servicing business for the Fund to the Agent effective as of January 1, 2009;

WHEREAS, the Fund desires to engage the Manager and the Agent to provide all services required by the Fund in connection with the establishment, maintenance and recording of shareholder accounts, including without limitation all related tax and other reporting requirements, and the implementation of investment and redemption arrangements offered in connection with the sale of the Fund’s shares;

WHEREAS, the Agent, an affiliate of the Manager, is willing to provide such services and implement and administer such regulatory obligations on the terms and subject to the conditions set forth herein;

NOW, THEREFORE, in consideration of the premises and the mutual covenants set forth herein, the parties hereto agree as follows:

1. APPOINTMENT.

The Fund hereby appoints the Agent as its “Investor Servicing Agent” on the terms and conditions set forth herein. In such capacity, the Agent shall act as transfer, distribution disbursing and redemption agent for the Fund and shall act as agent for the shareholders of the Fund in connection with the various shareholder investment and/or redemption plans from time to time made available to shareholders. The Agent hereby accepts such appointment and agrees to perform the respective duties and functions of such offices in accordance with the terms of this agreement and in a manner generally consistent with the practices and standards customarily followed by other high quality investor servicing agents for registered investment companies.

Notwithstanding such appointment, however, the parties agree that the Manager may, upon thirty (30) days prior written notice to the Fund, assume such appointment and perform such duties and functions itself. Pending any such assumption, however, the Manager hereby guarantees the performance of the Agent hereunder and shall be fully responsible to the Fund, financially and otherwise, for the performance by the Agent of its agreements contained herein.

2. GENERAL AUTHORITY AND DUTIES.

By its acceptance of the foregoing appointment, the Agent shall be responsible for performing all functions and duties which, in the reasonable judgment of the Fund, are necessary or desirable in connection with the establishment, maintenance and recording of the Fund’s shareholder accounts and the conduct of its relations with shareholders with respect to their accounts. Without limiting the generality of the foregoing, the Agent shall be responsible:

(a) as transfer agent, for performing all functions customarily performed by transfer agents for registered investment companies, including without limitation all functions necessary or desirable to establish and maintain accounts evidencing the ownership of securities issued by the Fund and, to the extent applicable, the issuance of certificates representing such securities, the recording of all transactions pertaining to such accounts, and effecting the issuance and redemption of securities issued by the Fund;

(b) as distribution disbursing agent, for performing all functions customarily performed by distribution disbursing agents for registered investment companies, including without limitation all functions necessary or desirable to effect the payment to shareholders of distributions declared from time to time by the Trustees;

(c) as redemption agent for the Fund, for performing all functions necessary or desirable to effect the redemption of securities issued by the Fund and payment of the proceeds thereof; and

(d) as agent for shareholders of the Fund, performing all functions necessary or desirable to maintain all plans or arrangements from time to time made available to shareholders to facilitate the purchase or redemption of securities issued by the Fund.

In performing its duties hereunder, in addition to the provisions set forth herein, the Agent shall comply with the terms of the Declaration of Trust, the Bylaws and the current Prospectus and Statement of Additional Information of the Fund, and with the terms of votes adopted from time to time by the Trustees and shareholders of the Fund, relating to the subject matters of this Agreement, all as the same may be amended from time to time.

3. DELEGATION OF CERTAIN REGULATORY OBLIGATIONS

3.1 As of the date hereof and through the term of this Agreement, the Agent shall (i) perform the Fund’s obligations under the Fund’s Anti-Money Laundering Program, including a Customer Identification Program (“CIP”) (the “AML Program”) in compliance with the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct

2

Terrorism Act of 2001 (the “USA PATRIOT Act”), and (ii) perform the Fund’s obligations under the Fund’s policies and procedures to comply with the sanctions programs administered by the U.S. Department of Treasury’s Office of Foreign Asset Control (“OFAC”), Rule 22c-2 promulgated under the Investment Company Act of 1940, as amended (“Rule 22c-2”), Regulation S-P adopted by the Securities and Exchange Commission (“SEC”) and various state privacy requirements (collectively, “Reg S-P”), and the Federal Trade Commission’s (and by November 20, 2013, the SEC’s) Identity Theft Red Flags Rule (“Identity Theft Red Flags”).

3.2. The Agent shall provide the Fund and its agents with reasonable access to all records related to the establishment and maintenance of accounts that have been retained in compliance with the Fund’s CIP and shall take such further action as may be reasonably requested by the Fund in order to facilitate compliance with the Fund’s CIP. The Agent shall provide adequate notice to customers of the Fund that the Fund is requesting information to verify their identities.

3.3 In connection with applicable anti-money laundering laws (including the reporting, recordkeeping and compliance requirements of the Bank Secrecy Act, as amended by the USA PATRIOT Act, their implementing regulations, and related SEC rules and regulations) and in connection with the Fund’s AML Program and CIP, the Fund and the Agent hereby agree and covenant that the Agent will permit federal examiners, regulators and personnel of the Fund to (i) obtain all information such federal examiners, regulators or personnel of the Fund consider necessary or appropriate relating to the Fund’s AML Program and CIP and (ii) inspect the Agent, including its facilities and records, with respect to the Fund AML Program and CIP.

3.4. The Agent shall provide the Fund and its agents with reasonable access to all records relating to its performance of the Fund’s OFAC, Rule 22c-2, Reg S-P, and Identity Theft Red Flags compliance programs, and will permit federal examiners, regulators, and personnel of the Fund to (i) obtain all information such federal examiners, regulators, or personnel of the Fund consider necessary or appropriate relating to such compliance programs and (ii) inspect the Agent, including its facilities and records, with respect to such compliance programs.

4. OTHER THIRD PARTY SERVICING ARRANGEMENTS

Servicing arrangements may currently exist or may in the future be established with various third parties (which may include entities affiliated with the Agent) who have agreed to provide services to shareholders or to retirement plans and their participants who invest in the Fund. The Agent, and not the Fund, shall be fully responsible for the payment of all amounts owing to such service providers and shall monitor the provision of such services to such shareholders or plans and participants, reporting to the Trustees at such times and in such manner as the Trustees may request from time to time.

5. STANDARD OF SERVICE; COMPLIANCE WITH LAWS.

The Agent will use its best efforts to provide high quality services to the Fund’s shareholders and in so doing will seek to take advantage of such innovations and technological improvements as may be appropriate or desirable with a view to improving the quality and,

3

where possible, reducing the cost of its services to the Fund. In performing its duties hereunder, the Agent shall comply with the provisions of all applicable laws and regulations and shall comply with the requirements of any governmental authority having jurisdiction over the Agent or the Fund with respect to the duties of the Agent hereunder.

6. COMPENSATION.

The Fund shall pay to the Agent, for its services rendered and its costs incurred in connection with the performance of its duties hereunder, such compensation and reimbursements as may from time to time be approved by vote of the Trustees.

7. DUTY OF CARE; INDEMNIFICATION.

The Agent will at all times act in good faith and exercise reasonable care in performing its duties hereunder. The Agent will not be liable or responsible for delays or errors resulting from circumstances beyond its control, including acts of civil or military authorities, national emergencies, labor difficulties, fire, mechanical breakdown beyond its control, flood or catastrophe, acts of God, insurrection, war, riots or failure beyond its control of transportation, communication or power supply.

The Agent may rely on certifications of the Clerk, the President, the Vice Chairman, the Executive Vice President, the Senior Vice President or the Treasurer of the Fund as to any action taken by the shareholders or Trustees, and upon instructions not inconsistent with this Agreement received from the President, Vice Chairman, the Executive Vice President, the Senior Vice President or the Treasurer of the Fund. If any officer of the Fund shall no longer be vested with authority to sign for the Fund, written notice thereof shall forthwith be given to the Agent by the Fund and, until receipt of such notice by it, the Agent shall be entitled to recognize and act in good faith upon certificates or other instruments bearing the signatures or facsimile signatures of such officers. The Agent may request advice of counsel for the Fund, at the expense of the Fund, with respect to the performance of its duties hereunder.

The Fund will indemnify and hold the Agent harmless from any and all losses, claims, damages, liabilities and expenses (including reasonable fees and expenses of counsel) arising out of (i) any action taken by the Agent in good faith consistent with the exercise of reasonable care in accordance with such certifications, instructions or advice, (ii) any action taken by the Agent in good faith consistent with the exercise of reasonable care in reliance upon any instrument or certificate for securities believed by it (a) to be genuine, and (b) to be executed by any person or persons authorized to execute the same; provided, however, that the Agent shall not be so indemnified in the event of its failure to obtain a proper signature guarantee to the extent the same is required by the Declaration of Trust, Bylaws, current Prospectus or Statement of Additional Information of the Fund or a vote of the Trustees, and such requirement has not been waived by vote of the Trustees, or (iii) any other action taken by the Agent in good faith consistent with the exercise of reasonable care in connection with the performance of its duties hereunder.

In the event that the Agent proposes to assert the right to be indemnified under this

4

Section 7 in connection with any action, suit or proceeding against it, the Agent shall promptly after receipt of notice of commencement of such action, suit or proceeding notify the Fund of the same, enclosing a copy of all papers served. In such event, the Fund shall be entitled to participate in such action, suit or proceeding, and, to the extent that it shall wish, to assume the defense thereof, and after notice from the Fund to the Agent of its election so to assume the defense thereof the Fund shall not be liable to the Agent for any legal or other expenses. The parties shall cooperate with each other in the defense of any such action, suit or proceeding. In no event shall the Fund be liable for any settlement of any action or claim effected without its consent.

8. MAINTENANCE OF RECORDS.

The Agent will maintain and preserve all records relating to its duties under this Agreement in compliance with the requirements of applicable statutes, rules and regulations, including, without limitation, Rule 31a-1 under the Investment Company Act of 1940. Such records shall be the property of the Fund and shall at all times be available for inspection and use by the officers and agents of the Fund. The Agent shall furnish to the Fund such information pertaining to the shareholder accounts of the Fund and the performance of its duties hereunder as the Fund may from time to time request. The Agent shall notify the Fund promptly of any request or demand by any third party to inspect the records of the Fund maintained by it and will act upon the instructions of the Fund in permitting or refusing such inspection.

9. FUND ACCOUNTS.

All moneys of the Fund from time to time made available for the payment of distributions to shareholders or redemptions of shares, or otherwise coming into the possession or control of the Agent or its officers, shall be deposited and held in one or more accounts maintained by the Agent solely for the benefit of the Funds.

10. INSURANCE.

The Agent will at all times maintain in effect insurance coverage, including, without limitation, Errors and Omissions, Fidelity Bond and Electronic Data Processing coverages, at levels of coverage consistent with those customarily maintained by other high quality investor servicing agents for registered investment companies and with such policies as the Trustees may from time to time adopt.

11. EMPLOYEES.

The Agent shall be responsible for the employment, control and conduct of its agents and employees and for injury to such agents or employees or to others caused by such agents or employees. The Agent shall assume full responsibility for its agents and employees under applicable statutes and agrees to pay all applicable employer taxes thereunder with respect to such agents and employees, and such agents and employees shall in no event be considered to be agents or employees of the Fund.

5

12. TERMINATION.

This Agreement shall continue indefinitely until terminated by not less than ninety (90) days prior written notice given by the Fund to the Agent, or by not less than six months prior written notice given by the Agent to the Fund.

In the event that in connection with any such termination a successor to any of the Agent’s duties or responsibilities hereunder is designated by the Fund by written notice to the Agent, the Agent will cooperate fully in the transfer of such duties and responsibilities, including provision for assistance by the Agent’s personnel in the establishment of books, records and other data by such successor. The Fund will reimburse the Agent for all expenses incurred by the Agent in connection with such transfer.

13. MISCELLANEOUS.

This Agreement shall be construed and enforced in accordance with and governed by the laws of The Commonwealth of Massachusetts.

The captions in this Agreement are included for convenience of reference only and in no way define or limit any of the provisions of this Agreement or otherwise affect their construction or effect. This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument.

A copy of the Declaration of Trust (including any amendments thereto) 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 as trustees and not individually and that the obligations of or arising out of this instrument are not binding upon any of the Trustees or officers or shareholders individually, but binding only upon the assets and property of the Fund.

6

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their duly authorized officers as of the date and year first above written.

THE PUTNAM FUNDS, listed on Appendix A

By /s/ Jonathan S. Horwitz

Name: Jonathan S. Horwitz

Title: Executive Vice President, Principal

Executive Officer and Compliance Liaison

PUTNAM INVESTOR SERVICES, INC.

By /s/ Steven D. Krichmar

Name: Steven D. Krichmar

Title: President

PUTNAM INVESTMENT MANAGEMENT, LLC

By /s/ James P. Pappas

Name: James P. Pappas

Title: Director of Trustee Relations and

Authorized Person

7

APPENDIX A

PUTNAM FUNDS

As amended as of November 20, 2014

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

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 Mortgage Opportunities Fund

-Putnam Multi-Cap Core Fund

-Putnam Retirement Income Fund Lifestyle 2

-Putnam Retirement Income Fund Lifestyle 3

8

-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

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

The Putnam Fund for Growth and Income

Putnam High Yield Advantage Fund

Putnam High Yield Trust

Putnam Income Fund

Putnam International Equity Fund

Putnam Investment Funds

-Putnam Capital Opportunities Fund

-Putnam Growth Opportunities Fund

-Putnam International Capital Opportunities Fund

-Putnam International Growth Fund

-Putnam Multi-Cap Value Fund

-Putnam Research Fund

-Putnam Small Cap Value Fund

Putnam Investors Fund

Putnam Massachusetts Tax Exempt Income Fund

Putnam Michigan Tax Exempt Income Fund

Putnam Minnesota Tax Exempt Income Fund

Putnam Money Market Fund

Putnam Multi-Cap Growth Fund

Putnam New Jersey Tax Exempt Income Fund

Putnam New York Tax Exempt Income Fund

Putnam Ohio Tax Exempt Income Fund

Putnam Pennsylvania Tax Exempt Income Fund

Putnam RetirementReady^® Funds

-Putnam Retirement Income Fund Lifestyle 1

-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 Tax Exempt Income Fund

9

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

-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

THE PUTNAM FUNDS, listed on Appendix A

By /s/ Jonathan S. Horwitz

Name: Jonathan S. Horwitz

Title: Executive Vice President, Principal

Executive Officer and Compliance Liaison

10

PUTNAM INVESTOR SERVICES, INC.

By /s/ Steven D. Krichmar

Name: Steven D. Krichmar

Title: President

PUTNAM INVESTMENT MANAGEMENT, LLC

By /s/ James P. Pappas

Name: James P. Pappas

Title: Director of Trustee Relations and

Authorized Person

11

EX-99.H OTH MAT CONT 23 a_ssbsubacctgmod1.htm a_ssbsubacctgmod1.htm

EXECUTION COPY

MASTER SUB-ACCOUNTING SERVICES AGREEMENT

This AGREEMENT is made as of January 1, 2007 by and between PUTNAM INVESTMENT MANAGEMENT, LLC, a Delaware limited liability company, having its principal place of business at 1 Post Office Square, Boston, Massachusetts 02109 (the “Administrator”), and STATE STREET BANK AND TRUST COMPANY, a Massachusetts trust company, having its principal place of business at 225 Franklin Street, Boston, Massachusetts 02110 (the "Sub-Accounting Agent").

WITNESSETH:

WHEREAS, pursuant to various management or administration agreements (collectively, the “Administration Agreement”) by and between the Administrator and each management investment company party thereto (and each management investment company that becomes a party thereto), the Administrator has been retained to provide, and provides, certain fund accounting and recordkeeping services;

WHEREAS, the Administrator may contract, subcontract or otherwise arrange for the Sub-Accounting Agent’s provision of certain of the aforementioned services, including the fund accounting and recordkeeping services set forth below;

WHEREAS, the Administrator desires to retain the Sub-Accounting Agent to perform certain fund accounting and recordkeeping services with regard to each management investment company for which it provides fund accounting and recordkeeping services under the Administration Agreement, as more particularly identified on Appendix A hereto (each such management investment company and each management investment company made subject to this Agreement in accordance with Section 11.5 below shall hereinafter be referred to as a “Fund” and collectively as the “Funds”);

WHEREAS, each Fund is authorized to issue common stock or shares of beneficial interest (“Shares”), and some Funds are authorized to issue Shares in separate series, with each such series representing interests in a separate portfolio of securities and other assets, as more particularly identified on Appendix A hereto (each such series and each series made subject to this Agreement in accordance with Section 11.6 below shall hereinafter be referred to as “Portfolio” with respect to that Fund, but for any Fund that does not have any separate series, then any reference to the “Portfolio” is a reference to that Fund; and

WHEREAS, the Sub-Accounting Agent is willing to perform such services upon the terms and conditions hereinafter set forth.

NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter contained, the parties hereto agree as follows:

SECTION 1. DUTIES OF THE SUB-ACCOUNTING AGENT.

SECTION 1.1 BOOKS OF ACCOUNT.

The Sub-Accounting Agent shall maintain the books of account of each Portfolio and shall perform the duties described in Appendix B in the manner prescribed by such Portfolio’s currently effective prospectus, statement of additional information or other governing document, certified copies of which have been supplied to the Sub-Accounting Agent (a "governing document").

The Administrator shall provide timely prior notice to the Sub-Accounting Agent of any modification in the manner in which calculations are to be performed as prescribed in any revision to such Portfolio’s governing document and shall supply the Sub-Accounting Agent with certified copies of all amendments and/or supplements to the governing documents in a timely manner. For purposes of calculating the net asset value of a Portfolio, the Sub-Accounting Agent shall value each Portfolio’s portfolio securities utilizing prices obtained from sources designated by the Administrator (collectively, the “Authorized Price Sources”) on a price source authorization substantially in the form attached hereto as Exhibit A, as the same may be amended from time to time, or otherwise designated by means of Proper Instructions (as such term is defined in Section 2.2 below) (the “Price Source Authorization”). The Sub-Accounting Agent shall not be responsible for any revisions to calculation methods unless such revisions are communicated in writing by the Administrator to the Sub-Accounting Agent.

SECTION 1.2 RECORDS.

The Sub-Accounting Agent shall create and maintain all records relating to its activities and obligations under this Agreement in such a manner as will meet the obligations of the Administrator with respect to each Fund under the Investment Company Act of 1940, as amended (the “1940 Act”), specifically Section 31 thereof and Rules 31a-1 and 31a-2 thereunder. All such records shall be the property of the applicable Fund and shall at all times during the regular business hours of the Sub-Accounting Agent be open for inspection by duly authorized officers, employees or agents of the applicable Fund and employees and agents of the Securities and Exchange Commission. Subject to Section 3 below, the Sub-Accounting Agent shall preserve for the period required by law the records required to be maintained thereunder.

The Administrator acknowledges that, in keeping the books of account of each Fund and/or making the calculations described herein with respect to Fund property released and delivered pursuant to Section 2.2(14), or purchased pursuant to Section 2.6(7) of such Fund’s custodial services agreement with State Street Bank and Trust Company (the “Custody Contract”), if any, or pursuant to comparable provisions of other custodial services agreements applicable to the Fund, the Sub-Accounting Agent is authorized and instructed to rely upon information provided to it by such Fund, such Fund’s counterparty(ies), or the agents of either of them.

2.

SECTION 1.3 APPOINTMENT OF AGENTS.

The Sub-Accounting Agent may at its own expense employ one or more of its affiliates as agents in the performance of its duties and the exercise of its rights under this Agreement, provided that the employment of such agents shall not reduce the Sub-Accounting Agent’s obligations or liabilities hereunder.

SECTION 2. DUTIES OF THE ADMINISTRATOR.

SECTION 2.1 DELIVERY OF INFORMATION.

The Administrator shall provide, or shall cause a third party to provide, timely notice to the Sub-Accounting Agent of certain data as a condition to the Sub-Accounting Agent's performance described in Section 1 above. The data required to be provided pursuant to this section is set forth on Schedule A hereto, which schedule may be separately amended or supplemented by the parties from time to time.

The Sub-Accounting Agent is authorized and instructed to rely upon the information it receives from the Administrator or any third party designated by the Administrator to provide such information, including without limitation as set forth on Schedule A.

SECTION 2.2 PROPER INSTRUCTIONS.

The Administrator and any other person duly authorized by it shall communicate to the Sub-Accounting Agent by means of Proper Instructions. Proper Instructions shall mean (i) a writing signed or initialed by one or more persons as the Administrator shall have from time to time authorized in writing or (ii) communication effected directly between the Administrator or its third-party agents (each, a “Third Party Agent”) and the Sub-Accounting Agent by electro-mechanical or electronic devices, provided that the Administrator and the Sub-Accounting Agent agree to security procedures. The Sub-Accounting Agent may rely upon any Proper Instruction reasonably believed by it to be genuine and to have been properly issued by or on behalf of the Administrator. Oral instructions shall be considered Proper Instructions if the Sub-Accounting Agent reasonably believes them to have been given by a person authorized to give such instructions. The Administrator shall cause all oral instructions to be confirmed in accordance with clauses (i) or (ii) above, as appropriate. The Administrator shall give timely Proper Instructions to the Sub-Accounting Agent in regard to matters affecting accounting practices and the Sub-Accounting Agent's performance pursuant to this Agreement.

SECTION 3. STANDARD OF CARE; LIMITATION OF LIABILITY.

The Sub-Accounting Agent shall be held to the exercise of reasonable care in carrying out the provisions of this Agreement, but shall be kept indemnified by and shall be without liability to the Administrator for any action taken or omitted by it in good faith without negligence, bad faith, willful misconduct, violation of law applicable to the Sub-Accounting Agent in its capacity as a fund accounting agent and that affects the Sub-Accounting Agent’s performance of the Services hereunder, or material breach of this Agreement (provided, however, that the Sub-

3.

Accounting Agent shall have the opportunity to cure, within thirty (30) days of its receipt of written notice from the Administrator, solely those breaches capable of cure without material adverse impact to the Administrator, provided, in each such instance where the Sub-Accounting Agent is aware of an event related to such notice, the Sub-Accounting Agent had previously informed the Administrator promptly of such event; any such communication from the Sub-Accounting Agent to the Administrator shall not be used as or considered as an admission of fault and will be provided solely as an accommodation to the Administrator), including, without limitation, acting in accordance with any Proper Instruction. The Sub-Accounting Agent shall be entitled to rely on and may act upon the advice of counsel (who may be counsel for the Administrator or the Fund) on all matters, and shall be without liability for any action reasonably taken or omitted pursuant to such advice. Without in any way limiting the generality of the foregoing, the Sub-Accounting Agent shall in no event be liable for any loss or damage to the extent arising from causes beyond its control including, without limitation, delay or cessation of services hereunder or any damages resulting therefrom as a result of work stoppage, power or other mechanical failure, natural disaster, governmental action, communication disruption or other impossibility of performance, or causes commonly referred to as “Acts of God”.

In the event of equipment failure, work stoppage, governmental action, communication disruption or other impossibility of performance beyond the Sub-Accounting Agent’s control, the Sub-Accounting Agent shall take reasonable steps to minimize service interruptions. The Sub-Accounting Agent shall enter into and shall maintain in effect with appropriate parties one or more agreements making reasonable provision for (i) periodic back-up of the computer files and data with respect to the Funds; and (ii) emergency use of electronic data processing equipment to provide services under this Agreement.

The Sub-Accounting Agent shall not be liable for any special, indirect, incidental, or consequential damages of any kind whatsoever (including, without limitation, attorneys’ fees) in any way due to the Administrator’s use of the accounting services or the performance of or failure to perform the Sub-Accounting Agent’s obligations under this Agreement. The Administrator shall not be liable for any special, indirect, incidental, or consequential damages of any kind whatsoever (including, without limitation, attorneys’ fees) in any way due to the performance of or failure to perform the Administrator’s obligations under this Agreement. The aforementioned disclaimer applies without limitation to claims regardless of the form of action, whether in contract, tort (including negligence), strict liability or otherwise, and regardless of whether such damages are foreseeable.

The Administrator, any Third Party Agent or any Authorized Price Source from which the Sub-Accounting Agent shall receive or obtain certain records, reports and other data utilized or included in the sub-accounting services provided hereunder is solely responsible for the contents of such information including, without limitation, the accuracy thereof and the Administrator agrees to make no claim against the Sub-Accounting Agent arising out of the contents of such third-party data including, but not limited to, the accuracy thereof. Except as otherwise required by the Price Source Authorization with respect to the use of data obtained from Authorized Price Sources, the Sub-Accounting Agent shall have no responsibility to review, confirm or otherwise assume any duty with respect to the accuracy or completeness of any such information and, it shall be without liability for any loss or damage suffered as a result of the Sub-Accounting

4.

Agent’s reliance on and utilization of such information. The Sub-Accounting Agent shall have no responsibility and shall be without liability for any loss or damage caused by the failure of the Administrator or any Third Party Agent to provide it with the information required by Section 2.1 above. Further, and without in any way limiting the generality of the foregoing, the Sub-Accounting Agent shall have no liability in respect of any loss, damage or expense suffered by the Administrator, any Fund or any third party, insofar as such loss, damage or expense arises from the performance of the Sub-Accounting Agent’s duties hereunder by reason of the Sub-Accounting Agent’s reliance upon records that were maintained for the Administrator or any Fund by any entity other than the Sub-Accounting Agent prior to the Administrator’s appointment of the Sub-Accounting Agent pursuant to this Agreement.

The Administrator agrees to indemnify and hold the Sub-Accounting Agent free and harmless from any expense, loss, damage or claim, including reasonable attorney's fees, suffered by the Sub-Accounting Agent and caused by or resulting from the acts or omissions of the Administrator or any third party whose services the Sub-Accounting Agent must rely upon in performing the services hereunder, except to the extent that any such expense, loss, damage or claim is caused by or results from the Sub-Accounting Agent’s own negligence, bad faith, willful misconduct, violation of law applicable to the Sub-Accounting Agent in its capacity as a fund accounting agent and that affects the Sub-Accounting Agent’s performance of the Services hereunder, or material breach of this Agreement (provided, however, that the Sub-Accounting Agent shall have the opportunity to cure, within thirty (30) days of its receipt of written notice from the Administrator, solely those breaches capable of cure without material adverse impact to the Administrator, provided, in each such instance where the Sub-Accounting Agent is aware of an event related to such notice, the Sub-Accounting Agent had previously informed the Administrator promptly of such event; any such communication from the Sub-Accounting Agent to the Administrator shall not be used as or considered as an admission of fault and will be provided solely as an accommodation to the Administrator).

The Administrator acknowledges and agrees that, with respect to investments any Portfolio maintains with an entity which may from time to time act as a transfer agent for uncertificated shares of registered investment companies (the “Underlying Transfer Agent”), such Underlying Transfer Agent is the sole source of information on the number of shares held by it on behalf of a Portfolio and that the Sub-Accounting Agent has the right to rely on holdings information furnished by the Underlying Transfer Agent to the Sub-Accounting Agent in performing its duties under this Agreement.

SECTION 4. REPRESENTATIONS AND WARRANTIES.

The Administrator represents and warrants to the Sub-Accounting Agent that:

(a) It is duly incorporated or organized, validly existing and in good standing in its jurisdiction of incorporation or organization and is qualified to conduct its business in every jurisdiction where its business is conducted except where the failure to be so qualified would not have a material adverse affect on the Administrator;

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(b) The execution, delivery and performance of this Agreement, all documents and instruments to be delivered hereunder or thereunder and all transactions contemplated hereunder or thereunder have been duly authorized by all necessary action;

(c) The person executing this Agreement on its behalf has been duly authorized to act on its behalf;

(d) This Agreement constitutes its legal, valid, binding and enforceable agreement;

(e) It has obtained all authorizations, approvals and consents of any governmental body required in connection with this Agreement and all transactions contemplated hereunder and such authorizations are in full force and effect; and

(f) The execution, delivery and performance of this Agreement and the transactions hereunder will not violate any agreement, law, ordinance, charter, by-law, rule or regulation applicable to it or to any Fund, or by which it or any Fund is bound or by which any of its or any Fund’s assets are affected. Further, the Administrator hereby acknowledges and agrees that it shall promptly notify the Sub-Accounting Agent of any statute, regulation, rule, or other regulatory requirement or policy governing the Administrator or the Funds, and any change thereto, which may affect the Sub-Accounting Agent’s responsibilities under this Agreement.

The Sub-Accounting Agent represents and warrants to the Administrator that:

(a) It is a Massachusetts trust company, duly organized and existing under the laws of The Commonwealth of Massachusetts and is qualified to conduct its business in every jurisdiction where its business is conducted except where the failure to be so qualified would not have a material adverse affect on the Sub-Accounting Agent;

(b) The execution, delivery and performance of this Agreement, all documents and instruments to be delivered hereunder or thereunder and all transactions contemplated hereunder or thereunder have been duly authorized by all necessary action;

(c) The person executing this Agreement on its behalf has been duly authorized to act on its behalf;

(d) This Agreement constitutes its legal, valid, binding and enforceable agreement;

(e) It has obtained all authorizations, approvals and consents of any governmental body required in connection with this Agreement and all transactions contemplated hereunder and such authorizations are in full force and effect; and

(f) The execution, delivery and performance of this Agreement and the transactions hereunder will not violate any agreement, law, ordinance, charter, by-law, rule or regulation applicable to it, or by which it is bound or by which any of its assets are affected. Further, the Sub-Accounting Agent hereby acknowledges and agrees that it shall promptly notify the Administrator of any statute, regulation, rule, or other regulatory requirement or policy governing the Sub-Accounting Agent,

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and any change thereto, which may affect the Administrator’s responsibilities under this Agreement.

SECTION 5. COMPENSATION OF SUB-ACCOUNTING AGENT.

The Sub-Accounting Agent shall be entitled to reasonable compensation for its services and expenses as Sub-Accounting Agent, as agreed upon from time to time in writing between the Administrator and the Sub-Accounting Agent.

SECTION 6. TERM OF AGREEMENT.

(a) This Agreement shall become effective as of its execution and shall continue in full force and effect for an initial term of seven (7) years from the date hereof, and shall automatically renew for additional consecutive three (3) year terms, unless either party gives one hundred eighty (180) days’ prior written notice to the other of its intent not to renew. If this Agreement is terminated (the effective date of such termination being referred to as the “Termination Date”), the Sub-Accounting Agent shall, at the reasonable request of the Administrator, and subject to the consent of the Sub-Accounting Agent (which consent shall not be unreasonably withheld or delayed), continue to provide services hereunder for a period (the “Extension Period”) not to exceed ninety (90) days from the Termination Date, and the compensation payable to the Sub-Accounting Agent for its services and expenses during such Extension Period shall not exceed one hundred and five percent (105%) (per annum) of the compensation last agreed upon by the Administrator and the Sub-Accounting Agent and in effect immediately prior to the Termination Date.

(b) In the event that the Agreement is terminated by the Administrator, other than for cause, either in its entirety, with respect to any particular Fund, or with respect to its applicability to any particular Portfolio, as may be applicable, prior to the five (5) year anniversary of the date hereof (the “Anniversary Date”), and the Sub-Accounting Agent has not terminated either this Agreement or any agreement pursuant to which the Sub-Accounting Agent provides custody services to the Funds, either in its entirety, with respect to such particular Fund, or with respect to its applicability to such particular Portfolio, as applicable, the Administrator shall pay to the Sub-Accounting Agent, in lieu of any other fees, expenses, termination penalties, damages or other amounts (except as identified in paragraph (c) below), an early termination fee equal to the present value, using a discount rate of seven percent (7%), compounded annually, of the remaining fees which would have been due by the Administrator to the Sub-Accounting Agent for Services provided to the Funds, to such particular Fund, or to such particular Portfolio, as applicable, for the period from the Termination Date until the Anniversary Date if the Agreement had not been terminated either in its entirety, with respect to such particular Fund, or with respect to its applicability to such particular Portfolio, as applicable (the “Remaining Fees”) which Remaining Fees shall be determined using the average monthly compensation for its services (prior to the application of any earnings credits) earned by the Sub-Accounting Agent hereunder with respect to all Funds, such particular Fund, or such particular Portfolio, as applicable, during the 12-month period (or if shorter, such lesser period of time) preceding such Termination Date (the “Early Termination Fee”).

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For the avoidance of doubt, the Administrator will not be required to make any such Early Termination Fee payment (other than as set forth in paragraph (e) below) if this Agreement is terminated on or after the Anniversary Date or by the Administrator for cause at any time.

(c) Notwithstanding the provisions of paragraph (b) above, no Early Termination Fee shall be payable in the event (each, a “Liquidation, Merger or Consolidation Event”) that a Fund or Portfolio is

(i) liquidated; or

(ii) merged into or consolidated with another Fund or Portfolio with respect to which the Sub-Accounting Agent provides Services pursuant to this Agreement; or

(iii) merged into or consolidated with another investment company or series of an investment company (each series representing interests in a separate portfolio of securities and other assets) with respect to which the Sub-Accounting Agent provides fund accounting services (either as an accounting agent or sub-accounting agent),

provided, that in each case of (i) and (ii) above, the aggregate amount of fees for fund accounting services provided by the Sub-Accounting Agent with respect to all Funds and Portfolios covered by this Agreement immediately after, and taking into consideration the effect of, such Liquidation, Merger or Consolidation Event (the “Projected Fees”) shall be equal to or greater than the aggregate amount of fees for fund accounting services provided by the Sub-Accounting Agent pursuant to this Agreement, measured as of the date of this Agreement (the “Existing Fees”);

and further provided, that in each case of (iii) above, (A) the Projected Fees plus (B) the Incremental Fees (as defined below), shall be equal to or greater than the Existing Fees.

For purposes of this Section 6(c), the Projected Fees shall equal the fund accounting fees, with respect to such Funds and Portfolios subject to this Agreement immediately after such Liquidation, Merger or Consolidation Event, projected to be earned by the Sub-Accounting Agent on an annualized basis for the ensuing twelve-month period, with no adjustments for market fluctuations or subscription and redemption activity.

For purposes of this Section 6(c), the Existing Fees shall equal the fund accounting fees, with respect to such Funds and Portfolios on the date of this Agreement, projected to be earned by the Sub-Accounting Agent on an annualized basis for the ensuing twelve-month period, with no adjustments for market fluctuations or subscription and redemption activity.

For purposes of this Section 6(c), the “Other Contract” shall mean a contractual arrangement pursuant to which the Sub-Accounting Agent provides fund accounting services that may not be terminated earlier than the Anniversary Date and whose fee schedule is fixed until the Anniversary Date.

For purposes of this Section 6(c), the “Incremental Fees” shall mean (A) the fund accounting fees with respect to fund accounting services under the Other Contract that are projected to be

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earned by the Sub-Accounting Agent on an annualized basis for the ensuing twelve-month period, with no adjustments for market fluctuations or subscription and redemption activity, immediately after such Liquidation, Merger or Consolidation Event, less (B) the fund accounting fees with respect to fund accounting services under the Other Contract that were projected to have been earned by the Sub-Accounting Agent on an annualized basis for the ensuing twelve-month period, with no adjustments for market fluctuations or subscription and redemption activity, immediately prior to such Liquidation, Merger or Consolidation Event.

(d) Upon any termination of this Agreement pursuant to paragraph (b) above, the Administrator shall pay to the Sub-Accounting Agent all accrued and unpaid fees and expenses, whether the same have been billed or remain unbilled, and shall reimburse Sub-Accounting Agent for any reasonable de-conversion costs associated with such termination.

(e) Notwithstanding any term herein to the contrary, termination of this Agreement with respect to the coverage of any one particular Fund or Portfolio shall in no way affect the rights and duties under this Agreement with respect to any other Fund or Portfolio.

(f) Notwithstanding any term herein to the contrary, this Agreement may, at the sole option of the Sub-Accounting Agent, be terminated (in its entirety, with respect to any particular Fund, or with respect to its applicability to any particular Portfolio, as may be applicable) without prior notice by the Sub-Accounting Agent in the event of (i) any termination by a Fund of its custodial services agreement with State Street Bank and Trust Company (in each such case, in such agreement’s entirety, with respect to any particular Fund, or with respect to its applicability to any particular Portfolio, as may be applicable) or (ii) any termination of the Administration Agreement or the termination or resignation of the Administrator under the Administration Agreement (in each such case, in such agreement’s entirety, with respect to any particular Fund, or with respect to its applicability to any particular Portfolio, as may be applicable).

SECTION 7. SUCCESSOR AGENT.

If a successor fund accounting agent with respect to any Fund, or Portfolio thereof, shall be appointed by the Administrator, the Sub-Accounting Agent shall upon termination deliver to such successor agent at the office of the Sub-Accounting Agent all records of such Fund or Portfolio thereof, as applicable, held by it hereunder. If no such successor agent shall be appointed, the Sub-Accounting Agent shall have the right at its office to deliver such records to the Administrator.

SECTION 8. AUDIT RIGHTS; REPORTS TO ADMINISTRATOR BY INDEPENDENT PUBLIC ACCOUNTANTS

SECTION 8.1 AUDIT RIGHTS.

(a) To the extent required by applicable law, rule or regulation and upon request of the Administrator (which shall include reasonable advance notice), the Sub-Accounting Agent shall allow the Administrator’s regulators or supervisory authorities to perform periodic on-site audits as may be reasonably required to examine the Sub-Accounting Agent’s performance of the services contemplated by this Agreement (the “Services”). Notwithstanding the foregoing, prior

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to the performance of any audits of the Sub-Accounting Agent’s performance of the Services, the Administrator will request that such regulator or supervisory authority to the extent possible shall coordinate such audit through the Sub-Accounting Agent’s primary regulator, the United States Federal Reserve Bank of Boston.

(b) Upon request of the Administrator (which shall include reasonable advance notice), the Sub-Accounting Agent shall allow the Administrator and its auditors (including internal audit staff and external auditors) and compliance personnel to perform periodic on-site audits as may be reasonably required to examine the Sub-Accounting Agent’s performance of the Services.

(c) Notwithstanding the audit and inspection rights conferred by the foregoing sub-section, the Sub-Accounting Agent reserves the right to impose reasonable limitations on the number, frequency, timing and scope of audits and inspections requested by the Administrator so as to prevent or minimize any potential impairment or disruption of its operations, distraction of its personnel or breaches of security or confidentiality; provided, however, that the Sub-Accounting Agent may not limit the number, frequency or timing of audits and inspections by regulatory bodies with supervisory authority over the Administrator or by the Administrator resulting from a regulatory problem at the Sub-Accounting Agent and affecting the Sub-Accounting Agent’s ability to provide the Services hereunder or any material weakness or significant deficiency in the Sub-Accounting Agent’s internal controls. In addition, the Sub-Accounting Agent shall be entitled to impose a commercially reasonable per person hourly charge for the cooperation and assistance of its personnel in connection with any audit in excess of one (1) in any twelve (12) month period; provided, however, that no such charge may be imposed in connection with any audit or inspection by any regulatory body with supervisory authority over the Administrator or by the Administrator resulting from a regulatory problem at the Sub-Accounting Agent and affecting the Sub-Accounting Agent’s ability to provide the Services hereunder or any material weakness or significant deficiency in the Sub-Accounting Agent’s internal controls. Nothing contained in this section shall obligate the Sub-Accounting Agent to provide access to or otherwise disclose: (i) any information that is unrelated to the Administrator or the Funds and the provision of the Services to the Administrator; (ii) any information which is treated as confidential under the Sub-Accounting Agent’s corporate policies, including, without limitation, internal audit reports, compliance or risk management plans or reports, work papers and other reports and information relating to management functions; or (iii) any other documents, reports or other information that the Sub-Accounting Agent is obligated to maintain in confidence as a matter of law or regulation. In addition, any access provided hereunder to technology shall be limited to a demonstration by the Sub-Accounting Agent of the functionality thereof and a reasonable opportunity to communicate with the Sub-Accounting Agent personnel regarding such technology.

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SECTION 8.2 REPORTS TO ADMINISTRATOR BY INDEPENDENT PUBLIC ACCOUNTANTS

The Sub-Accounting Agent shall provide the Administrator, at such times as the Administrator may reasonably require, with reports by independent public accountants on the accounting system, internal accounting control and procedures relating to the services provided by the Sub-Accounting Agent under this Agreement; such reports shall be of sufficient scope and in sufficient detail as may reasonably be required by the Administrator to provide reasonable assurance that any material inadequacies would be disclosed by such examination, and, if there are no such inadequacies, the reports shall so state.

SECTION 8.3 ADDITIONAL SUB-CERTIFICATIONS AND REPORTS

The Sub-Accounting Agent shall provide to the Administrator: (a) sub-certifications in connection with Sarbanes-Oxley Act of 2002 certification requirements; and (b) periodic reports and reasonable documentation for delivery to the Funds’ Chief Compliance Officer in connection with Rule 38a-1 under the 1940 Act with respect to the Services and the Sub-Accounting Agent’s compliance with its operating policies and procedures related thereto.

SECTION 9. INCLUDED SERVICE ENHANCEMENTS.

If, in the ordinary course of its business, the Sub-Accounting Agent enhances core system processing functionality that it uses in connection with the Services, the Sub-Accounting Agent shall use such enhanced core system processing enhancements in performing the Services hereunder, at no additional charge to the Administrator, as soon as the Sub-Accounting Agent reasonably determines that such use is appropriate. To the extent the Sub-Accounting Agent reasonably determines that such enhanced core system processing enhancements are relevant to the Administrator’s receipt of the Services, the Sub-Accounting Agent shall inform the Administrator of such core system processing enhancements.

SECTION 10. CONFIDENTIALITY.

Each party hereto agrees that it shall treat as confidential all information provided by the other party (the “Disclosing Party”) to such party (the “Recipient”) or to which the Recipient obtains access and that relates to the Disclosing Party, including information regarding its business, financial affairs, operations or otherwise, including without limitation, securities holdings and trading information of a Portfolio or Fund (“Confidential Information”). In maintaining the confidentiality of the Confidential Information of a Disclosing Party, each Recipient shall exercise the same degree of care that such person exercises with respect to its own Confidential Information of a similar nature, including the use of customary data protection procedures, and in no event less than a reasonable degree of care. All Confidential Information of a Disclosing Party shall be used by the Recipient solely for the purpose of rendering or receiving services pursuant to this Agreement and shall not be disclosed to any party other than such Recipient’s (i) employees and contractors who have a need-to-know for purposes of performing such Recipient’s obligations under this Agreement, provided, that, such persons and entities are bound by confidentiality provisions at least as stringent as those contained herein, (ii) regulators or examiners, and (iii) auditors and legal counsel, to the extent required in connection with services provided by such parties to Recipient.

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The Recipient shall notify the Disclosing Party of any unauthorized use or disclosure of Confidential Information of the Disclosing Party of which the Recipient becomes aware. The parties agree that disclosure of Confidential Information of a Disclosing Party may give rise to an irreparable injury to such Disclosing Party inadequately compensable in damages. Accordingly, the Disclosing Party may seek (without the posting of any bond or other security) injunctive relief against the breach of the foregoing undertaking of confidentiality and nondisclosure, in addition to any other legal remedies which may be available.

The foregoing obligations of confidentiality and non-disclosure shall not be applicable to any information that the Recipient demonstrates (i) is publicly available when provided or thereafter becomes publicly available, other than through disclosure by the Recipient or any of its affiliates, or that is independently derived by the Recipient without the use of any information provided by the Disclosing Party, (ii) that is required in any legal or regulatory proceeding, investigation, audit, examination, subpoena, civil investigative demand or other similar process, or by operation of law or regulation (collectively, “Legal Process”), or (iii) where the Recipient has received the prior written consent of the Disclosing Party. In the event that a Recipient is requested by or pursuant to, or required by, Legal Process to disclose any Confidential Information of any other party to this Agreement, such Recipient will, to the extent not legally prohibited, provide the Disclosing Party with prompt notice of such Legal Process in order to enable the Disclosing Party, at its own expense, to seek an appropriate protective order or other remedy (and, if the Disclosing Party seeks such order, the Recipient will provide such cooperation as the Disclosing Party shall reasonably request at the Disclosing Party’s expense) to resist or narrow the scope of such request or legal process, or waive compliance, in whole or in part, with the terms of this Section 10. In the event that such protective order or other remedy is not obtained or the Disclosing Party waives such compliance, only that portion of the Confidential Information may be disclosed as the Recipient, as advised by counsel, is legally required to disclose and the Recipient will request that all such Confidential Information so disclosed will be accorded confidential treatment. Confidential Information disclosed in combination with other information that is not Confidential Information is not deemed to fall within one of the foregoing exceptions by reason of such combination.

Furthermore, and notwithstanding anything in this section to the contrary, the Sub-Accounting Agent may aggregate Fund or Portfolio data with similar data of other customers of the Sub-Accounting Agent (“Aggregated Data”) and may use Aggregated Data for purposes of constructing statistical models so long as such Aggregated Data represents a sufficiently large sample that no Fund or Portfolio data can be identified either directly or by inference or implication.

All of the undertakings and obligations relating to confidentiality and nondisclosure, whether contained in this Section or elsewhere in this Agreement or any schedule or exhibit hereto shall survive the termination or expiration of this Agreement for a period of three (3) years.

SECTION 11. GENERAL.

SECTION 11.1 MASSACHUSETTS LAW TO APPLY. This Agreement shall be governed by, construed and the provisions thereof interpreted under and in accordance with laws of The Commonwealth of Massachusetts excluding that body of law applicable to conflicts of law.

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SECTION 11.2 PRIOR AGREEMENTS. This Agreement supersedes and terminates, as of the date hereof, any prior agreements between the Administrator and the Sub-Accounting Agent relating to fund accounting and recordkeeping services regarding each Fund.

SECTION 11.3 ASSIGNMENT. This Agreement may not be assigned by (a) the Administrator without the prior written consent of the Sub-Accounting Agent or (b) by the Sub-Accounting Agent without the prior written consent of the Administrator, except that either party may, without such prior consent, assign to an entity controlling, controlled by or under common control with such party or to a successor of all of or a substantial portion of its business; however, such assignment shall not relieve the assigning party of its responsibilities hereunder.

SECTION 11.4 INTERPRETIVE AND ADDITIONAL PROVISIONS. In connection with the operation of this Agreement, the Sub-Accounting Agent and the Administrator may from time to time agree on such provisions interpretive of or in addition to the provisions of this Agreement as may in their joint opinion be consistent with the general tenor of this Agreement. Any such interpretive or additional provisions shall be in a writing signed by all parties and shall be annexed hereto, provided that no such interpretive or additional provisions shall contravene any applicable federal or state regulations or any provision of a Fund’s governing documents. No interpretive or additional provisions made as provided in the preceding sentence shall be deemed to be an amendment of this Agreement.

SECTION 11.5 ADDITIONAL FUNDS. In the event that the Administrator desires to have the Sub-Accounting Agent render services hereunder with respect to any management investment company in addition to those listed on Appendix A hereto, it shall so notify the Sub-Accounting Agent in writing, and if the Sub-Accounting Agent agrees in writing to provide such services, such management investment company shall become a Fund hereunder and the Sub-Accounting Agent and the Administrator shall be bound by all terms and conditions and provisions hereof with respect to such Fund.

SECTION 11.6 ADDITIONAL PORTFOLIOS. In the event that any Fund establishes one or more series of Shares in addition to those set forth on Appendix A hereto with respect to which the Administrator desires to have the Sub-Accounting Agent render services as sub-accounting agent under the terms hereof, the Administrator shall so notify the Sub-Accounting Agent in writing, and if the Sub-Accounting Agent agrees in writing to provide such services, such series of Shares shall become a Portfolio hereunder and the Sub-Accounting Agent and the Administrator shall be bound by all terms and conditions and provisions hereof with respect to such Portfolio.

SECTION 11.7 REMOTE ACCESS SERVICES ADDENDUM. The Administrator and the Sub-Accounting Agent hereby agree to the terms of the Remote Access Services Addendum hereto.

SECTION 11.8 AMENDMENTS. This Agreement may be modified or amended from time to time only by mutual written agreement of the parties hereto.

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SECTION 11.9 NOTICES. Any notice, instruction or other instrument required to be given hereunder may be delivered in person to the offices of the parties as set forth herein during normal business hours or delivered prepaid registered mail, overnight courier or by telex, cable or telecopy to the parties at the following addresses or such other addresses as may be notified by any party from time to time.

To the Administrator: PUTNAM INVESTMENT MANAGEMENT, LLC

1 Post Office Square

Boston, Massachusetts 02109

Attention: Susan G. Malloy, Managing Director

Telephone: 617-760-5050

with a copy to: PUTNAM INVESTMENT MANAGEMENT, LLC

1 Post Office Square

Boston, Massachusetts 02109

Francis J. McNamara, III, Senior Managing Director and

General Counsel

Telephone: 617-760-1722

To the Sub-Accounting Agent: STATE STREET BANK AND TRUST COMPANY

Lafayette Corporate Center

2 Avenue de Lafayette

Boston, Massachusetts 02111

Attention: Robert F. Dame, Senior Vice President

Telephone: 617-662-4036

Telecopy: 617-662-4040

Such notice, instruction or other instrument shall be deemed to have been served in the case of a registered letter at the expiration of five business days after posting, in the case of overnight courier, upon receipt, in the case of cable twenty-four hours after dispatch and, in the case of telex or telecopy, immediately on dispatch and if delivered by cable, telex or telecopy outside normal business hours it shall be deemed to have been received at the next time after delivery when normal business hours commence. Evidence that the notice was properly addressed, stamped and put into the post shall be conclusive evidence of posting.

SECTION 11.10 COUNTERPARTS. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, and all such counterparts taken together shall constitute one and the same agreement.

SECTION 11.11 SEVERABILITY; WAIVER. If any provision or provisions of this Agreement shall be held to be invalid, unlawful or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired. The failure of a party hereto to insist upon strict adherence to any term of this Agreement on any occasion or the failure of a party hereto to exercise or any delay in exercising any right or remedy under this Agreement shall not constitute a waiver of any such term, right or remedy or a waiver of any other rights or

14.

remedies and no single or partial exercise of any right or remedy under this Agreement shall prevent any further exercise of the right or remedy or the exercise of any other right or remedy.

SECTION 11.12 REPRODUCTION OF DOCUMENTS. This Agreement and all schedules, addenda, exhibits, appendices, attachments and amendments hereto may be reproduced by any photographic, photostatic, microfilm, micro-card, miniature photographic or other similar process. The parties hereto all/each agree that any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding, whether or not the original is in existence and whether or not such reproduction was made by a party in the regular course of business, and that any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence.

REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

15.

SIGNATURE PAGE

IN WITNESS WHEREOF, each of the parties has caused this instrument to be executed in its name and behalf by its duly authorized representative under seal as of the date first above written.

SIGNATURE ATTESTED TO BY: PUTNAM INVESTMENT

MANAGEMENT, LLC

By: Robert T. Burns__________ By: Steven D. Krichmar_

Robert T. Burns Steven D. Krichmar

Managing Director Chief of Operations, Senior

Managing Director

SIGNATURE ATTESTED TO BY: STATESTREETBANKAND

TRUST COMPANY

By: Stephanie L. Poster By: Joseph L. Hooley________

Stephanie L. Poster Joseph L. Hooley

Vice President and Senior Managing Counsel Executive Vice President

APPENDIX A

TO

MASTER ACCOUNTING SERVICES AGREEMENT

As amended as of March 23, 2015

Putnam American Government Income Fund

Putnam Arizona Tax Exempt Income Fund

Putnam Asset Allocation Funds

-Balanced Portfolio

-Conservative Portfolio

-Growth Portfolio

Putnam California Tax Exempt Income Fund

Putnam Convertible Securities Fund

Putnam Diversified Income Trust

Putnam Equity Income Fund

Putnam Europe Equity Fund

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 Asset Allocation: Equity Portfolio

- Putnam Capital Spectrum 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 Fund

- Putnam International Value Fund

- Putnam Low Volatility Equity Fund

- Putnam Money Market Liquidity Fund

- Putnam Mortgage Opportunities 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

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

The Putnam Fund for Growth and Income

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 Michigan Tax Exempt Income Fund

Putnam Minnesota Tax Exempt Income Fund

Putnam Money Market Fund

Putnam Mortgage Recovery 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 Retirement Income Fund Lifestyle 1

-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 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

-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 Voyager Fund

3-23-2015

APPENDIX B

TO

MASTER ACCOUNTING SERVICES AGREEMENT

DUTIES OF SUB-ACCOUNTING AGENT*

(i) Record each Portfolio’s investment, capital share and income and expense activities;

(ii) Establish amortization calculations in accordance with Administrator’s amortization authorizations;

(iii) Maintain ledgers for investment securities;

(iv) Maintain historical tax lots for each security;

(v) Reconcile cash and investment balances to the custodian’s records;

(vi) Post entries to and prepare each Portfolio’s daily trial balance;

(vii) Calculate fee-based expenses and set-up expense accruals;

(viii) Calculate capital gains and losses;

(ix) Calculate net income of each Portfolio;

(x) Pursuant to Price Source Authorization duly executed by Administrator, receive quotes regarding portfolio investments;

(xi) Compute the net asset value (“NAV”) of each Portfolio daily;

(xii) Disseminate NAV, distribution and other Portfolio data as authorized by Administrator;

(xiii) Compute each Portfolio’s yield and, if required by Administrator, portfolio average dollar-weighted maturity;

(xiv) For multi-managed Portfolios, calculate NAV and maintain books, ledgers, and capital at manager level (none of which in the capacity of an official book or recordkeeper);

(xv) Maintain a separate portfolio to calculate a tax basis for each Portfolio’s investments, as directed by Administrator (not in the capacity of an official book or recordkeeper);

(xvi) Prepare a monthly proof package of accounting reports mutually agreed upon, including, as applicable, the following:

Account Position Appraisal (details holdings, shares, value)
Trial balance reflecting all “as of” activity
Capital Stock Roll-forward
Base Equivalent Cash Statement
Detail Gains and Loss report
Cost of securities held
Accretion and amortization of cost
Open Trades

Forward contracts and swap receivables and payables
Income
Distributions
Paid In Capital
Unrealized Gains and Losses
Cost Roll Forward
Interest-only yield and impairment spreadsheets
Cash to Custodian reconciliations, as may be applicable;

(xvii) Prepare and transmit to Administrator, or such other entities or persons as the Administrator may instruct from time to time, such quarterly reports of Portfolio data as may be mutually agreed upon by the parties hereto; and

(xviii) Daily portfolio reconciliation for attribution and performance.

* Details with respect to such duties may be set forth in mutually acceptable service level documents.

EXHIBIT A

TO

MASTER ACCOUNTING SERVICES AGREEMENT

Form of Price Source Authorization

SCHEDULE A

TO

MASTER ACCOUNTING SERVICES AGREEMENT

INFORMATION REQUIRED TO BE SUPPLIED RESPONSIBLE PARTY

Portfolio Trade Authorizations Investment Adviser

Currency Transactions Investment Adviser

Cash Transaction Report Custodian

Portfolio Prices Third Party Vendors/Investment Adviser

Exchange Rates Third Party Vendors/Investment Adviser

Capital Stock Activity Report Transfer Agent

Dividend/Distribution Schedule Investment Adviser

Dividend/Distribution Declaration Investment Adviser

Dividend Reconciliation/Confirmation Transfer Agent

Corporate Actions Third Party Vendors/Custodian

Service Provider Fee Schedules Investment Adviser

Expense Budget Investment Adviser/Administrator

Amortization Policy Investment Adviser

Accounting Policy/Complex Investments Investment Adviser

Audit Management Letter Auditor

Annual Shareholder Letter Investment Adviser

Annual/Semi-Annual Reports Investment Adviser/Administrator

EX-99.M 12B-1 PLAN 24 a_nf52amod1.htm a_nf52amod1.htm

Schedule of Dealer Service Agreements
1ST DISCOUNT BROKERAGE, INC.
1ST GLOBAL CAPITAL CORP.
A. P. SECURITIES, INC.
A.G. QUINTAL INVESTMENT COMPANY INC.
AARON CAPITAL INCORPORATED
ABACUS INTERNATIONAL CAPITAL CORP.
ABACUS INVESTMENTS, INC
ABEL/NOSER CORP.
ABRAMSON FINANCIAL, LLC
ACA/PRUDENT INVESTORS PLANNING
ACAP FINANCIAL INC.
ACCELERATED CAPITAL GROUP, INC.
ACCESS FINANCIAL GROUP, INC.
ACCESS INVESTMENTS, INC
ACE DIVERSIFIED CAPITAL, INC.
ACP SECURITIES, LLC
ACTINVER SECURITIES, INC.
ADCAP SECURITIES LLC
ADIRONDACK TRADING GROUP LLC
ADP BROKER-DEALER, INC.
ADVANCE CAPITAL SERVICES, INC.
ADVANCED ADVISOR GROUP, LLC
ADVISORS CLEARING NETWORK, INC.
ADVISORY GROUP EQUITY SERVICES LTD.
AEGIS CAPITAL CORP.
AEGIS INVESTMENTS, INC.
AK CAPITAL LLC
AKAR CAPITAL MANAGEMENT, INC.
ALAMO CAPITAL
ALEXANDER CAPITAL, L.P.
ALEXANDER INVESTMENT SERVICES CO.
ALLEGHENY INVESTMENTS, LTD.
ALLEGIANCE CAPITAL LLC
ALLEGIS INVESTMENT SERVICES, LLC
ALLEN & COMPANY OF FLORIDA, INC.
ALLEN C. EWING & CO.
ALLEN, MOONEY & BARNES BROKERAGE SVCS
ALLIANCE ADVISORY & SECURITIES, INC.
ALLIANCE FINANCIAL GROUP, INC.
ALLIANT SECURITIES, INC. TURNER, NORD,
ALLIED ASSET MANAGEMENT, INC.
ALLISON-WILLIAMS COMPANY
ALMAX FINANCIAL SOLUTIONS, LLC
ALPINE SECURITIES CORPORATION
ALTON SECURITIES GROUP INC.
AMEGY INVESTMENTS, INC.
AMERICA NORTHCOAST SECURITIES, INC.

AMERICAN CAPITAL PARTNERS, LLC
AMERICAN DIVERSIFIED FINANCIAL GROUP LLC
AMERICAN EQUITY INVESTMENT CORPORATION
AMERICAN FINANCIAL ASSOCIATES, INC.
AMERICAN FINANCIAL SECURITIES, INC.
AMERICAN FUNDS & TRUSTS INCORPORATED
AMERICAN HERITAGE SECURITIES, INC.
AMERICAN INDEPENDENT SECURITIES GROUP,
AMERICAN INVESTORS CO
AMERICAN INVESTORS GROUP, INC.
AMERICAN MUNICIPAL SECURITIES, INC.
AMERICAN NETWORK SECURITIES CORP.
AMERICAN PORTFOLIOS FINANCIAL SERVICES,
AMERICAN TRUST INVESTMENT SERVICES, INC.
AMERICAN WEALTH MANAGEMENT, INC.
AMERIPRISE FINANCIAL SERVICES, INC.
AMERIPRISE FINANCIAL SERVICES, INC.
AMERITAS INVESTMENT CORP
AMERIVET SECURITIES, INC.
ANDREW GARRETT INC.
ANOVEST FINANCIAL SERVICES, INC.
AON BENFIELD SECURITIES, INC.
AOS, INC.
APEX CLEARING CORPORATION
ARBOR COURT CAPITAL, LLC
ARETE WEALTH MANAGEMENT, LLC
ARIVE CAPITAL MARKETS
ARLINGTON SECURITIES, INCORPORATED
ARQUE CAPITAL, LTD.
ARVEST INVESTMENTS, INC.
ASHTON YOUNG, INC.
ASIA PACIFIC FINANCIAL MANAGEMENT GROUP,
ASPEN EQUITY PARTNERS, LLC
ASSOCIATED INVESTMENT SERVICES, INC.
ATIS, INC
ATLANTIC SECURITIES, INC.
AUFHAUSER SECURITIES, INC.
AURORA FINANCIAL
AURORA SECURITIES
AUSDAL FINANCIAL PARTNERS, INC.
AVALON INVESTMENT & SECURITIES GROUP,
AVENTURA SECURITIES, LLC
AVISEN SECURITIES, INC.
AVONDALE PARTNERS, LLC
AXA ADVISORS, LLC
AXIOM CAPITAL MANAGEMENT, INC.
B. C. ZIEGLER AND COMPANY
B.B. GRAHAM & COMPANY, INC.

BAIRD, PATRICK & CO., INC.
BAKER & COMPANY
BAKER TILLY CAPITAL, LLC
BALLEW INVESTMENTS, INC.
BANK OF AMERICA NT & SA
BANKERS & INVESTORS CO.
BARCLAYS CAPITAL INC.
BARRETT & COMPANY, INC.
BARRINGTON RESEARCH ASSOCIATES, INC.
BATES SECURITIES, INC.
BAY MUTUAL FINANCIAL, LLC
BB&T SECURITIES, LLC
BCG SECURITIES, INC.
BEACONSFIELD FINANCIAL SERVICES, INC.
BEAR STEARNS SECURITIES CORP
BEARD FINANCIAL SERVICES, INC.
BEDMINSTER FINANCIAL GROUP, LIMITED
BENCHMARK INVESTMENTS, INC.
BENJAMIN F. EDWARDS & COMPANY, INC.
BENJAMIN SECURITIES, INC.
BERGHOFF & COMPANY, INC.
BERNARD HEROLD & CO., INC.
BERNARDI SECURITIES, INC.
BERTHEL, FISHER & CO FINANCIAL SERVICES,
BESTVEST INVESTMENTS, LTD.
BFT FINANCIAL GROUP, LLC
BILL FEW SECURITIES, INC.
BISHOP, ROSEN & CO., INC.
BLACK OAK SECURITIES, INC.
BLAKESLEE AND BLAKESLEE INC.
BLEY INVESTMENTS GROUP, INC.
BLUE CREEK SECURITIES INC
BMO HARRIS FINANCIAL ADVISORS, INC.
BNP PARIBAS SECURITIES CORP.
BODELL OVERCASH ANDERSON & CO., INC.
BOENNING & SCATTERGOOD, INC.
BOLTON GLOBAL CAPITAL
BORNHOFT GROUP
BPU INVESTMENT MANAGEMENT, INC.
BRANDON INVESTMENTS, INC.
BRANDT, KELLY & SIMMONS SECURITIES, LLC
BRAZOS SECURITIES, INC.
BRIGHTON SECURITIES CORP.
BRILL SECURITIES, INC.
BRINKER CAPITAL
BRISTOL FINANCIAL SERVICES, INC
BROKER DEALER FINANCIAL SERVICES CORP.
BROKERAGESELECT

BROKERS INTERNATIONAL FINANCIAL SERVICES
BROOKLIGHT PLACE SECURITIES, INC.
BROWN ASSOCIATES, INC.
BROWN, LISLE/CUMMINGS, INC.
BRYAN FUNDING, INC.
BTS SECURITIES CORPORATION
BUCK KWASHA SECURITIES LLC
BUCKMAN, BUCKMAN & REID, INC.
BUCKRAM SECURITIES LTD
BUELL SECURITIES CORP.
BURKE, LAWTON, BREWER & BURKE, LLC
BUTTONWOOD PARTNERS, INC.
C A BOTZUM & CO.
C C F INVESTMENTS, INC.
C R I SECURITIES
C. G. MENK & ASSOCIATES, INC.
C. R. DAVIS & COMPANY
CABOT LODGE SECURITIES LLC
CADARET, GRANT & CO., INC.
CALDWELL INTERNATIONAL SECURITIES
CALDWELL SECURITIES, INC
CALLAWAY FINANCIAL SERVICES, INC.
CALTON & ASSOCIATES, INC.
CAMBRIDGE INVESTMENT RESEARCH, INC.
CAMDEN FINANCIAL SERVICES
CANTELLA & CO., INC.
CANTONE RESARCH INC.
CAPE FEAR SECURITIES, INC.
CAPE SECURITIES INC.
CAPFINANCIAL SECURITIES, LLC.
CAPITAL BROKERAGE CORPORATION
CAPITAL CITY SECURITIES, LLC
CAPITAL DIRECTIONS, INC.
CAPITAL FINANCIAL SERVICES, INC.
CAPITAL GUARDIAN, LLC
CAPITAL INVESTMENT BROKERAGE, INC.
CAPITAL INVESTMENT GROUP, INC.
CAPITAL MANAGEMENT SECURITIES, INC.
CAPITAL ONE INVESTMENT SERVICES LLC
CAPITAL PORTFOLIO MANAGEMENT, INC.
CAPITAL RESEARCH BROKERAGE SERVICES, LLC
CAPITAL SECURITIES INVESTMENT
CAPITAL SYNERGY PARTNERS
CAPITOL SECURITIES MANAGEMENT, INC.
CAPROCK SECURITIES, INC.
CARDINAL INVESTMENTS, INC.
CAREY, THOMAS, HOOVER, & BREAULT, INC.
CARL M HENNIG & CO

CARL P. SHERR & CO., LLC
CARTER, TERRY & COMPANY, INC.
CARTHAGE GROUP INC.
CARTY & COMPANY, INC.
CARY STREET PARTNERS LLC
CASCADE FINANCIAL MANAGEMENT, INC.
CASCADE INVESTMENT GROUP, INC.
CASTLE HILL CAPITAL PARTNERS, INC.
CBIZ FINANCIAL SOLUTIONS, INC.
CCO INVESTMENT SERVICES CORP.
CELADON FINANCIAL GROUP LLC
CENTARA CAPITAL SECURITIES, INC.
CENTAURUS FINANCIAL, INC.
CENTENNIAL SECURITIES COMPANY, INC.
CENTER STREET SECURITIES, INC.
CENTERRE CAPITAL LLC
CENTRAL STATES CAPITAL MARKETS, LLC
CEROS FINANCIAL SERVICES, INC.
CERTUSSECURITIES, INC.
CETERA ADVISOR NETWORKS LLC
CETERA ADVISORS LLC
CETERA FINANCIAL SPECIALISTS LLC
CETERA INVESTMENT SERVICES LLC
CFD INVESTMENTS, INC.
CFS SECURITIES, INC.
CHAMPION CAPITAL CORPORATION
CHAPIN DAVIS, INC.
CHARLES JORDAN & CO., LLC
CHARLES SCHWAB & CO., INC.
CHAUNER SECURITIES, INC.
CHELSEA FINANCIAL SERVICES
CHESTER HARRIS & COMPANY, INCORPORATED
CHURCH, GREGORY, ADAMS SECURITIES
CITIGROUP GLOBAL MARKETS INC.
CITY NATIONAL SECURITIES, INC.
CITY SECURITIES CORPORATION
CLARK DODGE & CO., INC.
CLARK NOBIL & COMPANY
CLARK SECURITIES, INC.
CLARY INVESTMENT AND INSURANCE PLANNING
CLASSIC, LLC
CLEARY GULL INC.
CLIENT ONE SECURITIES LLC
CLINGER & CO., INC.
CNA INVESTOR SERVICES, INC.
CNS SECURITIES, LLC
COASTAL EQUITIES, INC.
COBURN & MEREDITH, INC.

COKER & PALMER, INC.
COLONIAL SECURITIES, INC.
COLONY PARK FINANCIAL SERVICES LLC.
COLORADO FINANCIAL SERVICE CORPORATION
COMERICA SECURITIES,INC.
COMMONWEALTH FINANCIAL GROUP, INC.
COMMONWEALTH FINANCIAL NETWORK
COMMUNITYAMERICA FIN SOLUTIONS, LLC
COMPASS SECURITIES CORPORATION
COMPREHENSIVE ASSET MGMT AND SERVICING
CONCORDE INVESTMENT SERVICES, LLC
CONFIDENTIAL MGMT FINANCIAL SERVICES,
CONNERS & CO., INC.
CONOVER SECURITIES CORPORATION
CONSOLIDATED FINANCIAL INVESTMENTS, INC.
CONSOLIDATED SECURITIES
CONSTELLATION WEALTH ADVISORS LLC
CONTINENTAL INVESTORS SERVICES, INC.
COOMBE FINANCIAL SERVICES, INC
COOPER MALONE MCCLAIN, INC.
COORDINATED CAPITAL SECURITIES, INC.
COR CLEARING LLC
CORECAP INVESTMENTS, INC
CORINTHIAN PARTNERS, L.L.C.
CORNERSTONE FINANCIAL SERVICES, INC.
CORPORATE INVESTMENTS GROUP, INC.
CORRELL CO. INVESTMENT SERVICES CORP.
COSSE' INTERNATIONAL SECURITIES, INC.
COUGHLIN & COMPANY INC.
COUNTRY CLUB FINANCIAL SERVICES, INC.
CP CAPITAL SECURITIES, INC.
CRAIG-HALLUM CAPITAL GROUP LLC
CREATIVE RESOURCES BROKER SERVICES, LLC
CREDIT SUISSE SECURITIES (USA) LLC
CRESAP, INC.
CRESCENT SECURITIES GROUP, INC.
CRESSMAN ESSER SECURITIES, INC.
CREWS & ASSOCIATES, INC.
CROWN CAPITAL SECURITIES, L.P.
CUNA BROKERAGE SERVICES, INC.
CURBSTONE FINANCIAL MANAGEMENT
CURREN & COMPANY
CUSO FINANCIAL SERVICES, L.P.
CUTTER AND COMPANY BROKERAGE, INC.
CV BROKERAGE, INC
CW SECURITIES, LLC
D. B. MCKENNA & CO., INC.
D.A. DAVIDSON & CO.

D.H. HILL SECURITIES, LLLP
D.M. KELLY & COMPANY
DALTON STRATEGIC INVESTMENT SERVICES
DART, PAPESH & COMPANY, INCORPORATED
DARWOOD ASSOCIATES INCORPORATED
DAUTRICH, SEILER FINANCIAL SERVICES,
DAVENPORT & COMPANY LLC
DAVID A. NOYES & COMPANY
DAVID HARRIS & CO., INC.
DAVID LERNER ASSOCIATES, INC.
DAVINCI CAPITAL MANAGEMENT INC.
DAWSON JAMES SECURITIES, INC.
DEAWM DISTRIBUTORS, INC.
DELTA TRUST INVESTMENTS, INC.
DEMPSEY FINANCIAL NETWORK, INC.
DEMPSEY LORD SMITH, LLC
DESPAIN FINANCIAL CORPORATION
DESTINY CAPITAL SECURITIES CORPORATION
DETWILER FENTON & CO.
DETWILER FENTON WEALTH MANAGEMENT INC
DEUTSCHE BANK SECURITIES INC.
DEVENIR, LLC
DFP EQUITIES, INC.
DFPG INVESTMENTS, INC.
DIAMANT INVESTMENT CORPORATION
DILLON - GAGE SECURITIES, INC.
DINOSAUR SECURITIES, L.L.C.
DIVERSIFIED CAPITAL CORPORATION
DIVERSIFIED RESOURCES, LLC
DIVERSIFIED SECURITIES, INCORPORATED
DMG SECURITIES,INC.
DOMINICK & DOMINICK LLC
DOMINION INVESTOR SERVICES, INC.
DON ALEXANDER INVESTMENTS, INC.
DONEGAL SECURITIES, INC.
DORN & CO., INC.
DORSEY & COMPANY, INC.
DOUBLE EAGLE SECURITIES OF AMERICA, INC
DOUGHERTY & COMPANY LLC
DP ASSET MANAGEMENT, INC.
DUNCAN-WILLIAMS, INC
DUNDEE SECURITIES INC.
DYNASTY CAPITAL PARTNERS, INC.
ETRADE CLEARING, LLC
E. E. POWELL & COMPANY INC.
E.S. FINANCIAL SERVICES, INC.
EAGLE EQUITIES, INC.
EAGLE LEDGE CAPITAL, LLC

EAGLEVIEW SECURITIES, INC
EARLYBIRDCAPITAL, INC.
EASTERN POINT SECURITIES, INC.
EBH SECURITIES, INC.
ECM SECURITIES CORP.
ECONOMY SECURITIES, INCORPORATED
EDI FINANCIAL, INC.
EDWARD JONES
EDWIN C. BLITZ INVESTMENTS, INC
EFC FINANCIAL SERVICES, LLC
EK RILEY INVESTMENTS, LLC
ELE WEALTH ADVISORS, INC.
ELISH & ELISH INC.
EMERGENT FINANCIAL GROUP, INC.
EMERGING GROWTH EQUITIES, LTD.
EMERSON EQUITY LLC
EMPLOYEE BENEFITS INVESTMENT GROUP, INC.
ENSEMBLE FINANCIAL SERVICES, INC.
ENVOY SECURITIES, LLC
EQUABLE SECURITIES CORPORATION
EQUINOX SECURITIES, INC.
EQUITY INVESTMENT SERVICES, INC
EQUITY SERVICES, INC.
ESPOSITO SECURITIES, LLC
ESSEX FINANCIAL SERVICES, INC.
ESSEX NATIONAL SECURITIES, LLC
ESSEX SECURITIES LLC
ETC BROKERAGE SERVICES, LLC
EURO PACIFIC CAPITAL, INC.
E-W INVESTMENTS, INC.
EXCEL SECURITIES & ASSOCIATES, INC
FAIRPORT CAPITAL, INC.
FAMILY INVESTORS COMPANY
FAMILY MANAGEMENT SECURITIES, LLC
FARMERS FINANCIAL SOLUTIONS, LLC
FAS CORP.
FB EQUITY SALES CORPORATION OF MICHIGAN
FBT INVESTMENTS, INC.
FCG ADVISORS, LLC
FEDERATED SECURITIES, INC.
FELDSTEIN FINANCIAL GROUP, LLC
FELTL & COMPANY
FENWICK SECURITIES, INC.
FIDUCIARY ADVISORS, LLC
FIELDPOINT PRIVATE SECURITIES LLC
FINANCE 500, INC
FINANCIAL AMERICA SECURITIES, INC.
FINANCIAL NORTHEASTERN SECURITIES, INC

FINANCIAL PLANNING CONSULTANTS, INC
FINANCIAL SECURITY MANAGEMENT,
FINANCIAL SERVICES INTERNATIONAL CORP
FINANCIAL TELESIS
FINANCIAL WEST GROUP
FINTEGRA, LLC
FINTRUST BROKERAGE SERVICES, LLC
FIRST ALLIED SECURITIES, INC
FIRST AMERICAN SECURITIES, INC.
FIRST ASSET FINANCIAL INC
FIRST BANKERS' BANC SECURITIES, INC
FIRST BROKERAGE AMERICA, L.L.C
FIRST CANTERBURY SECURITIES, INC
FIRST CITIZENS FINANCIAL PLUS, INC.
FIRST CITIZENS INVESTOR SERVICES, INC.
FIRST CITIZENS SECURITIES CORPORATION
FIRST CLEARING, LLC
FIRST COMMAND FINANCIAL PLANNING, INC.
FIRST DALLAS SECURITIES, INC.
FIRST EMPIRE SECURITIES, INC.
FIRST FINANCIAL EQUITY CORPORATION
FIRST FINANCIAL SECURITIES OF AMERICA,
FIRST GEORGETOWN SECURITIES, INC.
FIRST HEARTLAND CAPITAL, INC
FIRST HONOLULU SECURITIES, INC
FIRST INDEPENDENT FINANCIAL SERVICES,
FIRST INVESTORS CORPORATION
FIRST KENTUCKY SECURITIES CORPORATION
FIRST LIBERTIES SECURITIES, INC
FIRST MANHATTAN CO
FIRST MIDWEST SECURITIES, INC
FIRST NATIONAL CAPITAL MARKETS, INC.
FIRST REPUBLIC SECURITIES COMPANY, LLC
FIRST SAVINGS SECURITIES, INC.
FIRST SOUTHEAST INVESTOR SERVICES, INC.
FIRST STATE FINANCIAL MANAGEMENT, INC.
FIRST WESTERN ADVISORS
FIRST WESTERN SECURITIES, INC.
FIRSTRADE SECURITIES INC.
FLORIDA ATLANTIC SECURITIES CORP
FMN CAPITAL CORPORATION
FMSBONDS, INC
FNBB CAPITAL MARKETS, LLC
FOLGER NOLAN FLEMING DOUGLAS
FOLIOFN INVESTMENTS, INC
FOOTHILL SECURITIES, INC
FORDHAM FINANCIAL MANAGEMENT, INC
FORESIGHT INVESTMENTS, LLC

FOREST SECURITIES,INC
FORESTERS EQUITY SERVICES, INC
FORTUNE FINANCIAL SERVICES, INC
FOUNDERS FINANCIAL SECURITIES LLC
FOURTH STREET FINANCIAL GROUP, INC
FRANKLIN TEMPLETON FINANCIAL SERVICES
FREEDOM INVESTORS CORP
FREIMARK BLAIR & COMPANY, INC
FROST BROKERAGE SERVICES, INC
FSB PREMIER WEALTH MANAGEMENT, INC.
FSC SECURITIES CORPORATION
FTB ADVISORS, INC
FULCRUM SECURITIES, LLC
FUND INVESTORS, INC
G - W BROKERAGE GROUP, INC.
G. A. REPPLE & COMPANY
G.F. INVESTMENT SERVICES, LLC
G.L.S. & ASSOCIATES, INC
G.RESEARCH, INC
GAGE-WILEY & CO., INC
GARDEN STATE SECURITIES, INC.
GARDNER FINANCIAL SERVICES, INC.
GARY GOLDBERG & CO., INC.
GATEWAY FINANCIAL AGENCY CORPORATION
GBS RETIREMENT SERVICES, INC
GENEOS WEALTH MANAGEMENT, INC
GENERAL SECURITIES CORP
GEORGE K. BAUM & COMPANY
GERSON, HOROWITZ, GREEN SECURITIES CORP
GFA SECURITIES, LLC
GILFORD SECURITIES INCORPORATED
GILL CAPITAL PARTNERS
GIRARD SECURITIES, INC.
GLADOWSKY CAPITAL MANAGEMENT CORP.
GLEN EAGLE ADVISORS LLC
GLOBAL BROKERAGE SERVICES, INC
GLOBAL INVESTOR SERVICES, L.C
GLOBAL MARKETS, LLC
GLOBALINK SECURITIES, INC.
GLP INVESTMENT SERVICES, LLC
GOELZER INVESTMENT MANAGEMENT, INC
GOLD COAST SECURITIES, INC
GOLDK INVESTMENT SERVICES, INC
GOLDMAN SACHS EXECUTION &
GOODWIN SECURITIES, INC
GOOGINS & ANTON, INC
GOULD, AMBROSON & ASSOCIATES LTD
GRADIENT SECURITIES, LLC

GRAMERCY SECURITIES, INC
GRANT WILLIAMS L.P
GRB FINANCIAL LLC
GREAT AMERICAN ADVISORS, INC.
GREAT AMERICAN INVESTORS, INC
GREAT NATION INVESTMENT CORPORATION
GREENBERG FINANCIAL GROUP
GREENBRIER DIVERSIFIED, INC
GREENMAN PARKER CONNALLY GREENMAN
GREENTREE INVESTMENT SERVICES, INC
GREGORY J. SCHWARTZ & CO., INC.
GRF CAPITAL INVESTORS, INC.
GRIFFINEST ASIA SECURITIES, LLC
GRODSKY ASSOCIATES, INC.
GUZMAN & COMPANY
GVC CAPITAL LLC
GW & WADE ASSET MANAGEMENT COMPANY, LLC
GWFS EQUITIES, INC.
GWN SECURITIES INC.
H C WAINWRIGHT & CO
H D VEST INVESTMENT SERVICES INC
H. BECK, INC.
H. C. DENISON CO.
H. KAWANO & CO., INC.
H.D. BRENT & COMPANY, INC.
HALLIDAY FINANCIAL, LLC
HAMILTON CAVANAUGH INVESTMENT BROKERS,
HANCOCK INVESTMENT SERVICES, INC.
HANCOCK SECURITIES GROUP, LLC
HAND SECURITIES, INC
HANSON MCCLAIN RETIREMENT NETWORK, LLC
HANTZ FINANCIAL SERVICES, INC.
HAPOALIM SECURITIES USA, INC.
HARBOR FINANCIAL SERVICES, LLC
HARBOR INVESTMENT ADVISORY, LLC
HARBOR LIGHT SECURITIES, LLC
HARBOUR INVESTMENTS, INC.
HARGER AND COMPANY, INC.
HAROLD DANCE INVESTMENTS
HARTFORD SECURITIES DISTRIBUTION CMPY
HARVEST FINANCIAL CORPORATION
HARVESTONS SECURITIES, INC.
HAZARD & SIEGEL, INC.
HAZLETT, BURT & WATSON, INC.
HBW SECURITIES LLC
HEALTHCARE COMMUNITY SECURITIES
HEARTLAND INVESTMENT ASSOCIATES, INC.
HEFREN-TILLOTSON, INC.

HEIM, YOUNG & ASSOCIATES, INC.
HENLEY & COMPANY LLC
HENNION & WALSH, INC.
HERBERT J. SIMS & CO. INC.
HERITAGE CAPITAL GROUP, INC.
HERNDON PLANT OAKLEY, LTD.
HEWITT FINANCIAL SERVICES LLC
HIGH POINT CAPITAL GROUP, INC.
HIGHLAND FINANCIAL, LTD.
HIGHLANDER CAPITAL GROUP, INC.
HIGHTOWER SECURITIES, LLC
HOLLOWAY & ASSOCIATES, INC.
HORAN SECURITIES, INC.
HORIZON FINANCIAL INVESTMENT CORPORATION
HORNOR, TOWNSEND & KENT, INC.
HP SECURITIES, INC.
HSBC SECURITIES (USA) INC.
HUCKIN FINANCIAL GROUP, INC.
HUDSON HERITAGE CAPITAL MANAGEMENT, INC.
HUNTER ASSOCIATES, INC.
HUNTER SCOTT FINANCIAL , LLC
HUNTLEIGH SECURITIES CORPORATION
HYUNDAI SECURITIES (AMERICA) INC.
IBN FINANCIAL SERVICES, INC.
ICMA RC SERVICES INC
IFS SECURITIES
IMS SECURITIES, INC.
INDEPENDENCE CAPITAL CO., INC.
INDEPENDENT FINANCIAL GROUP, LLC
INDIANA MERCHANT BANKING AND BROKERAGE
INDIANA SECURITIES LLC
INFINITY FINANCIAL SERVICES
ING INVESTMENT ADVISORS, LLC
INGALLS & SNYDER, LLC
INNOVATION PARTNERS LLC
INSIGHT SECURITIES, INC
INSTITUTIONAL SECURITIES CORPORATION
INTEGRAL FINANCIAL LLC
INTEGRATED FINANCIAL PLANNING SERVICES
INTEGRATED TRADING AND INVESTMENTS, INC.
INTEGRITY BROKERAGE SERVICES, INC.
INTERCAROLINA FINANCIAL SERVICES, INC.
INTERNATIONAL ASSETS ADVISORY, LLC
INTERNATIONAL MONEY MANAGEMENT GROUP,
INTERNATIONAL RESEARCH SECURITIES, INC.
INTERPACIFIC INVESTORS SERVICES, INC.
INTERRA CLEARING SERVICES INC
INTERVEST INTERNATIONAL EQUITIES

INVERNESS SECURITIES, LLC
INVESTACORP, INC.
INVESTMENT ARCHITECTS, INC.
INVESTMENT NETWORK, INC.
INVESTMENT PERSPECTIVES SECURITIES, LTD.
INVESTMENT PLACEMENT GROUP
INVESTMENT PLANNERS, INC.
INVESTMENT PROFESSIONALS, INC.
INVESTMENT SECURITY CORPORATION
INVESTMENTS BY PLANNERS, INC.
INVESTMENTS FOR YOU, INC.
INVESTORS BROKERAGE OF TEXAS, LTD.
INVESTORS CAPITAL CORP.
INVESTORS PLANNING SERVICES, CORP
INVESTORS PROPERTIES, INC.
ISAAK BOND INVESTMENTS, INC.
J J B HILLIARD
J R M SECURITIES
J. ALDEN ASSOCIATES, INC.
J. D. SEIBERT & COMPANY, INC.
J. J. & M. GELDZAHLER
J.A. GLYNN INVESTMENTS, LLC.
J.D. NICHOLAS & ASSOCIATES, INC.
J.H. DARBIE & CO., INC.
J.K. FINANCIAL SERVICES, INC.
J.P. MORGAN SECURITIES LLC
J.P. MORGAN SECURITIES LLC
J.P. TURNER & COMPANY, L.L.C.
J.W. COLE FINANCIAL, INC.
JACK V. BUTTERFIELD INVESTMENT COMPANY
JACKSON & SMITH INVESTMENT SECURITIES, LLC
JACQUES FINANCIAL, LLC
JAMES FOX SECURITIES, INC.
JAMES I. BLACK & COMPANY
JAMES T. BORELLO & CO.
JAMES W HUMBARD
JANNEY MONTGOMERY SCOTT LLC
JBS LIBERTY SECURITIES, INC.
JDL SECURITIES CORPORATION
JEFFERIES LLC
JETTRADE, INC.
JHS CAPITAL ADVISORS INC
JOHN HANCOCK FUNDS INC
JOHN JAMES INVESTMENTS LTD
JOHNSON SECURITIES, INC.
JOHNSTON, LEMON & CO. INCORPORATED
JOSEPH GUNNAR & CO. LLC
JRL CAPITAL CORPORATION

K. W. CHAMBERS & CO.
KAISER AND COMPANY
KALOS CAPITAL, INC.
KASHNER DAVIDSON SECURITIES CORPORATION
KCD FINANCIAL, INC.
KCG SECURITIES, LLC
KEELEY INVESTMENT CORP
KENNETH, JEROME & CO.,INC.
KENSINGTON CAPITAL CORP.
KERCHEVILLE & COMPANY, INC
KEVIN HART KORNFIELD & COMPANY, INC.
KEY INVESTMENT SERVICES LLC
KEY WEST INVESTMENTS, LLC
KEYBANC CAPITAL MARKETS INC.
KEYSTONE CAPITAL CORPORATION
KINETICS FUNDS DISTRIBUTORS, INC
KMS FINANCIAL SERVICES, INC.
KOONCE SECURITIES, INC.
KOVACK SECURITIES INC.
KOVITZ SECURITIES, LLC
KUYKENDALL & SCHNEIDER, INC.
KW SECURITIES CORPORATION
L & M FINANCIAL SERVICES INC
L. B. FISHER & COMPANY
L.M. KOHN & COMPANY
L.O. THOMAS & CO. INC.
LABRUNERIE FINANCIAL SERVICES, INC.
LADENBURG THALMANN & CO. INC.
LAIDLAW & COMPANY (UK) LTD
LANDAAS & COMPANY
LANDOLT SECURITIES, INC.
LANTERN INVESTMENTS, INC.
LARA, MAY & ASSOCIATES, LLC
LARADORBECKER SECURITIES CORPORATION
LARIMER CAPITAL CORPORATION
LARSON FINANCIAL SECURITIES, LLC
LASALLE ST SECURITIES, L.L.C
LAWSON FINANCIAL CORPORATION
LAZARD CAPITAL MARKETS LLC
LAZARD FRERES & CO. LLC
LEBENTHAL & CO., LLC
LEERINK PARTNERS LLC
LEGACY ASSET SECURITIES, INC.
LEGEND EQUITIES CORPORATION
LEGEND SECURITIES, INC.
LEHMAN BROTHERS INC
LEIGH BALDWIN & CO., LLC
LENOX FINANCIAL SERVICES, INC.

LEONARD SECURITIES, INC
LESKO SECURITIES INC
LEUMI INVESTMENT SERVICES INC.
LEWIS FINANCIAL GROUP, L.C.
LEXINGTON INVESTMENT COMPANY, INC.
LIBERTY CAPITAL INVESTMENT CORPORATION
LIBERTY GROUP, LLC
LIBERTY PARTNERS FINANCIAL SERVICES, LLC
LIEBLONG & ASSOCIATES, INC.
LIFEMARK SECURITIES CORP.
LINCOLN DOUGLAS INVESTMENTS, LLC
LINCOLN FINANCIAL ADVISORS CORPORATION
LINCOLN FINANCIAL SECURITIES CORPORATION
LINCOLN INVESTMENT PLANNING, INC.
LION STREET FINANCIAL,LLC
LOCKTON FINANCIAL ADVISORS, LLC
LOMBARD SECURITIES INCORPORATED
LONG ISLAND FINANCIAL GROUP, INC.
LORIA FINANCIAL GROUP, LLC
LORING WARD SECURITIES INC.
LOWELL & COMPANY, INC.
LOYAL3 SECURITIES INC.
LPL FINANCIAL CORPORATION
LUCIA SECURITIES, LLC
LUCIEN, STIRLING & GRAY FINANCIAL
M HOLDINGS SECURITIES, INC.
M. E. ALLISON & CO., INC.
M. GRIFFITH INVESTMENT SERVICES, INC.
M. H. LEBLANG, INC.
M. ZUCKER, INC
MACK INVESTMENT SECURITIES, INC.
MADISON AVENUE SECURITIES, INC.
MAINE SECURITIES CORPORATION
MAITLAND SECURITIES, INC.
MANARIN SECURITIES CORPORATION
MANNA CAPITAL MANAGEMENT
MAPLEWOOD INVESTMENT ADVISORS, INC.
MARC J. LANE & COMPANY
MARSCO INVESTMENT CORPORATION
MARTIN NELSON & CO., INC.
MASON SECURITIES, INC.
MATRIX CAPITAL GROUP, INC.
MAXIM GROUP LLC
MAXWELL SIMON, INC
MAYHILL AGENCY, LLC
MBSC SECURITIES CORPORATION
MCADAMS WRIGHT RAGEN, INC
MCCLURG CAPITAL CORPORATION

MCCOURTNEY-BRECKENRIDGE & COMPANY
MCCRACKEN ADVISORY PARTNERS CORPORATION
MCDERMOTT INVESTMENT SERVICES, LLC
MCDONALD PARTNERS LLC
MCDUFFIE/MORRIS FINANCIAL GROUP, INC.
MCG SECURITIES LLC
MCLAUGHLIN RYDER INVESTMENTS, INC.
MCNALLY FINANCIAL SERVICES CORPORATION
MEANS INVESTMENT CO., INC
MERCAP SECURITIES, LLC
MERCER ALLIED COMPANY, L.P.
MERIDIEN FINANCIAL GROUP, INC.
MERITUS FINANCIAL GROUP, INC
MERRILL LYNCH PIERCE
MERRIMAC CORPORATE SECURITIES, INC.
MESIROW FINANCIAL, INC.
METLIFE SECURITIES INC.
MEYERS ASSOCIATES, L.P.
MFS FUND DISTRIBUTORS, INC
MGO SECURITIES CORP.
MHA FINANCIAL CORP
MICHIGAN SECURITIES, INC.
MID ATLANTIC CAPITAL CORPORATION
MIDAMERICA FINANCIAL SERVICES, INC.
MID-ATLANTIC SECURITIES, INC.
MIDDLEGATE SECURITIES LTD.
MIDWESTERN SECURITIES TRADING COMPANY,
MINISTRY PARTNERS SECURITIES, LLC
MINSHALL & COMPANY INC.
MITSUBISHI UFJ MORGAN STANLEY SECURITIES
MIZUHO INVESTORS SECURITIES
MMC SECURITIES CORP.
MML DISTRIBUTORS, LLC
MML INVESTORS SERVICES, LLC
MOLONEY SECURITIES CO., INC.
MONARCH CAPITAL GROUP, LLC
MONETA SECURITIES CORPORATION
MONEY CONCEPTS CAPITAL CORP
MONEY MANAGEMENT ADVISORY, INC.
MONTAGE SECURITIES, LLC
MOORS & CABOT, INC.
MORGAN KEEGAN & CO INC
MORGAN STANLEY SMITH BARNEY LLC
MORGAN WILSHIRE SECURITIES, INC.
MORRIS GROUP, INC.
MORTON SEIDEL & COMPANY, INC.
MOUNTAIN RIVER SECURITIES
MSC - BD, LLC

MSCS FINANCIAL SERVICES LLC
MULTI-BANK SECURITIES, INC.
MULTIPLE FINANCIAL SERVICES, INC.
MUNICIPAL CAPITAL MARKETS GROUP, INC.
MURPHY & DURIEU
MUTUAL FUNDS ASSOCIATES INC.
MUTUAL OF OMAHA INVESTOR SERVICES, INC.
MUTUAL SECURITIES, INC.
MUTUAL TRUST CO. OF AMERICA SECURITIES
MV SECURITIES GROUP, INC.
MWA FINANCIAL SERVICES INC.
N.I.S. FINANCIAL SERVICES, INC.
NANCY BARRON & ASSOCIATES, INC.
NATIONAL ALLIANCE SECURITIES, LLC
NATIONAL FINANCIAL
NATIONAL PENSION & GROUP CONSULTANTS,
NATIONAL PLANNING CORPORATION
NATIONAL SECURITIES CORPORATION
NATIONS FINANCIAL GROUP, INC.
NATIONWIDE INVESTMENT SERVICES
NATIONWIDE PLANNING ASSOCIATES INC.
NATIONWIDE SECURITIES, LLC
NEIDIGER, TUCKER, BRUNER, INC.
NELNET CAPITAL LLC
NELSON IVEST BROKERAGE SERVICES, INC.
NELSON SECURITIES,INC.
NESTLERODE & LOY, INC.
NETHERLAND SECURITIES, INC.
NETWORK 1 FINANCIAL SECURITIES INC.
NEUBERGER BERMAN LLC
NEW ENGLAND SECURITIES CORPORATION
NEW HORIZONS ASSET MANAGEMENT GROUP, LLC
NEWBRIDGE SECURITIES CORPORATION
NEWPORT COAST SECURITIES, INC.
NEWPORT GROUP SECURITIES, INC.
NEXT FINANCIAL GROUP, INC.
NFP ADVISOR SERVICES, LLC
NGC FINANCIAL, LLC
NI ADVISORS
NIA SECURITIES, L.L.C.
NIAGARA INTERNATIONAL CAPITAL LIMITED
NICOL INVESTORS CORPORATION
NMS FINANCIAL SERVICES, LLC
NOBLE FINANCIAL CAPITAL MARKETS
NORTH NASSAU ADVISORS, LLC
NORTH RIDGE SECURITIES CORP.
NORTH STAR INVESTMENT SERVICES, INC.
NORTH WOODWARD FINANCIAL CORP.

NORTHEAST SECURITIES, INC.
NORTHERN CAPITAL SECURITIES CORPORATION
NORTHERN LIGHTS DISTRIBUTORS, LLC
NORTHERN SECURITIES, INC.
NORTHLAND SECURITIES, INC.
NORTHWEST INVESTMENT ADVISORS, INC.
NORTHWESTERN MUTUAL INVESTMENT SERVICES,
NPB FINANCIAL GROUP, LLC
NYLIFE DISTRIBUTORS LLC
NYLIFE SECURITIES LLC
O N EQUITY SALES CORP
OAK GROVE INVESTMENT SERVICES, INC.
OAK TREE SECURITIES, INC.
OAKBRIDGE FINANCIAL SERVICES, INC.
OBERWEIS SECURITIES, INC.
OFG FINANCIAL SERVICES, INC.
OHANESIAN / LECOURS, INC.
OLMSTED & MULHALL, INC.
OMEGA SECURITIES, INC.
OMNI FINANCIAL SECURITIES, INC.
ONEAMERICA SECURITIES, INC.
ONEIDA WEALTH MANAGEMENT, INC.
OPPENHEIMER & CO. INC.
OPTIONSXPRESS, INC.
ORIENTAL FINANCIAL SERVICES CORP.
OSCAR GRUSS & SON INCORPORATED
PACIFIC FINANCIAL ASSOCIATES, INC.
PACKERLAND BROKERAGE SERVICES, INC.
PAINTER, SMITH AND AMBERG INC.
PARADIGM EQUITIES, INC.
PARK AVENUE SECURITIES LLC
PARK CITY CAPITAL, INC.
PARKLAND SECURITIES, LLC
PARSONEX SECURITIES, INC.
PAULSON INVESTMENT COMPANY, INC.
PEACHTREE CAPITAL CORPORATION
PEAK BROKERAGE SERVICES, LLC
PENATES GROUP, INC.
PENROD FINANCIAL SERVICES, INC.
PENSION SERVICE ASSOCIATES SECURITIES
PENTEGRA DISTRIBUTORS INC.
PEOPLE'S SECURITIES, INC.
PERKINS, SMART & BOYD, INC.
PERRYMAN SECURITIES, INC.
PERSHING LLC
PETERSEN INVESTMENTS, INC.
PFA SECURITY ASSET MANAGEMENT, INC.
PFLUEGER & BAERWALD INC.

PFS INVESTMENTS INC.
PHILADELPHIA INVESTORS, LTD.
PHILIP J. GREENBLATT SECURITIES LTD
PHILLIPS & COMPANY SECURITIES INC.
PHX FINANCIAL, INC.
PINNACLE EQUITY MANAGEMENT, INC.
PINNACLE INVESTMENTS, LLC
PIPER JAFFRAY & CO.
PLAN B INVESTMENTS, INC.
PLAN PROFESSIONALS LIMITED
PLANMEMBER SECURITIES CORPORATION
PLANNED FINANCIAL PROGRAMS, INC.
PLANNED INVESTMENT CO., INC.
PLANNERS FINANCIAL SERVICES, INC.
PNC CAPITAL MARKETS LLC
PNC INVESTMENTS LLC
PODESTA & CO.
POLAR INVESTMENT COUNSEL, INC.
PORT SECURITIES, INC.
PORTFOLIO ADVISORS ALLIANCE, INC.
PORTFOLIO BROKERAGE SERVICES, INC.
PORTFOLIO RESOURCES GROUP, INC.
PORTSMOUTH FINANCIAL SERVICES
PPI EMPLOYEE BENEFITS
PREFERRED CLIENT GROUP, INC.
PREMIER SECURITIES OF AMERICA, INC.
PRESIDENTIAL BROKERAGE, INC.
PRIMESOLUTIONS SECURITIES, INC.
PRIMEX
PRINCOR FINANCIAL SERVICES INC
PRIVATE CLIENT SERVICES, LLC
PRIVATE PORTFOLIO, INC.
PROEQUITIES, INC.
PROF BROKER-DEALER FINANCIAL PLANNING,
PROFESSIONAL TRADING SERVICES BROKERAGE,
PROFINANCIAL, INC.
PROSPERA FINANCIAL SERVICES, INC.
PROTECTED INVESTORS OF AMERICA
PROVIDENT PRIVATE CAPITAL PARTNERS, INC.
PRUCO SECURITIES, LLC.
PRUDENTIAL RETIREMENT
PSA EQUITIES, INC.
PTI SECURITIES & FUTURES L.P.
PUPLAVA SECURITIES, INC.
PURSHE KAPLAN STERLING INVESTMENTS, INC.
PWA SECURITIES, INC.
PYRAMID FUNDS CORPORATION
QUAYLE & CO SECURITIES

QUEENS ROAD SECURITIES, LLC
QUEST CAPITAL STRATEGIES, INC.
QUEST SECURITIES, INC.
QUESTAR CAPITAL CORPORATION
QUINCY CASS ASSOCIATES, INCORPORATED
R & R PLANNING GROUP LTD
R. SEELAUS & CO.,INC.
R.M. DUNCAN SECURITIES, INC.
R.M. STARK & CO., INC.
RAFFERTY CAPITAL MARKETS INC
RAMIREZ & CO INC
RAPHAEL ARYEH
RAYMOND JAMES & ASSOCIATES, INC.
RAYMOND JAMES (USA) LTD.
RAYMOND JAMES FINANCIAL SERVICES, INC.
RBC CAPITAL MARKETS CORP
RD CAPITAL GROUP, INC.
RDM INVESTMENT SERVICES, INC.
RED CAPITAL MARKETS INC
REDWINE & COMPANY, INC.
REGAL SECURITIES, INC.
REGIONAL INVESTMENT SERVICES, INC.
REGISTER FINANCIAL ASSOCIATES, INC.
REGULUS ADVISORS, LLC
RELIANCE WORLDWIDE INVESTMENTS, LLC
RENSSELAER SECURITIES CORP.
REPEX & CO., INC.
RESOURCE HORIZONS GROUP LLC
RETIREMENT PLANNING, INC.
REVERE SECURITIES LLC
RHODES SECURITIES, INC.
RICE PONTES CAPITAL, INC.
RICHARDS, MERRILL & PETERSON, INC.
RICHFIELD ORION INTERNATIONAL, INC.
RIDGEWAY & CONGER, INC.
RIEDL FIRST SECURITIES COMPANY OF KANSAS
RIM SECURITIES LLC
RJJ PASADENA SECURITIES, INC.
RNR SECURITIES, L.L.C.
ROBERT R. MEREDITH & CO., INC.
ROBERT W. BAIRD & CO. INCORPORATED
ROBERTS & RYAN INVESTMENTS INC.
ROBINSON & LUKENS, INC.
ROBINSON & ROBINSON, INC.
ROCKWELL GLOBAL CAPITAL LLC
RODGERS BROTHERS, INC.
ROGAN & ASSOCIATES, INC.
ROMANO BROTHERS AND COMPANY

ROOSEVELT & CROSS, INCORPORATED
ROOSEVELT EQUITY CORPORATION
ROSS SECURITIES CORPORATION
ROSS, SINCLAIRE & ASSOCIATES, LLC
ROTH CAPITAL PARTNERS, LLC
ROTHMAN SECURITIES, INC.
ROTHSCHILD INVESTMENT CORPORATION
ROYAL ALLIANCE ASSOCIATES, INC.
ROYAL SECURITIES COMPANY
RYAN FINANCIAL, INC.
S.G. LONG & COMPANY
S.L. REED & COMPANY
SAFEGUARD SECURITIES, INC.
SAGE, RUTTY & CO., INC.
SAGEPOINT FINANCIAL INC
SAMCO CAPITAL MARKETS, INC.
SANCTUARY SECURITIES, LLC
SANDERS MORRIS HARRIS INC.
SANDLAPPER SECURITIES, LLC
SANTANDER SECURITIES LLC
SAPERSTON ASSET MANAGEMENT, INC.
SATURNA BROKERAGE SERVICES, INC
SAXONY SECURITIES, INC.
SCF SECURITIES, INC.
SCH ENTERPRISES, INC.
SCHLITT INVESTOR SERVICES, INC.
SCOTT JAMES GROUP, INC.
SCOTT T. TAYLOR, LTD.
SCOTTRADE, INC.
SCOTTSDALE CAPITAL ADVISORS CORP
SDDCO BROKERAGE ADVISORS LLC
SEARLE & CO.
SECU BROKERAGE SERVICES, INC.
SECURE PLANNING, INC.
SECUREVEST FINANCIAL GROUP
SECURIAN FINANCIAL SERVICES, INC.
SECURITIES AMERICA, INC.
SECURITIES CAPITAL CORPORATION
SECURITIES EQUITY GROUP
SECURITIES MANAGEMENT AND RESEARCH, INC.
SECURITIES RESEARCH, INC.
SECURITIES SERVICE NETWORK, INC.
SEI INVESTMENTS DISTRIBUTION CO.
SEI TRUST
SELKIRK INVESTMENTS, INC.
SENATE SECURITIES
SENTINEL SECURITIES, INC.
SFA FINANCIAL, LLC

SHAREHOLDERS SERVICE GROUP, INC.
SHAREMASTER
SHEARSON FINANCIAL SERVICES, LLC
SIGMA FINANCIAL CORPORATION
SIGNAL SECURITIES, INC.
SIGNATOR FINANCIAL SERVICES, INC.
SIGNATOR INVESTORS, INC.
SIGNATURE SECURITIES GROUP CORPORATION
SII INVESTMENTS, INC.
SILBER BENNETT FINANCIAL, INC.
SILICON VALLEY SECURITIES, INC.
SILVER OAK SECURITIES, INCORPORATED
SISUNG SECURITIES CORPORATION
SKA SECURITIES, INC.
SLAVIC INVESTMENT CORPORATION
SMBC FRIEND SECURITIES CO. LTD
SMC FINANCIAL, INC.
SMITH HAYES FINANCIAL SERVICES
SMITH, BROWN & GROOVER, INC.
SMITH, MOORE & CO.
SNC CAPITAL MANAGEMENT CORP.
SNOWDEN ACCOUNT SERVICES, INC.
SOCIETE GENERALE AMERICAS SECS
SOMERSET SECURITIES, INC.
SORRENTO PACIFIC FINANCIAL, LLC
SORSBY FINANCIAL CORP.
SOURCE CAPITAL GROUP, INC.
SOUTHEAST INVESTMENTS, N.C., INC.
SOUTHERN PACIFIC SECURITIES, INC.
SOUTHERN TRUST SECURITIES, INC.
SOUTHWEST SECURITIES, INC.
SOVEREIGN LEGACY SECURITIES, INC.
SPENCER EDWARDS, INC.
SPENCER-WINSTON SECURITIES CORPORATION
SPIRE SECURITIES, LLC
SPROTT GLOBAL RESOURCE INVESTMENTS
ST. BERNARD FINANCIAL SERVICES, INC.
ST. GERMAIN SECURITIES, INC.
STACEY BRAUN FINANCIAL SERVICES, INC.
STANCORP EQUITIES, INC.
STANDARD INVESTMENT CHARTERED
STANNARD FINANCIAL SERVICES, LLC
STATETRUST INVESTMENTS INC.
STEELPOINT SECURITIES, LLC
STEPHEN A. KOHN & ASSOCIATES, LTD.
STEPHENS INC
STERLING MONROE SECURITIES, LLC
STERN FISHER EDWARDS INC

STERNE AGEE FINANCIAL SERVICES
STERNE, AGEE & LEACH, INC.
STIFEL, NICOLAUS & COMPANY, INCORPORATED
STOCKCROSS FINANCIAL SERVICES, INC.
STONEWALL INVESTMENTS, INC.
SUCCESS TRADE SECURITIES, INC.
SUMMIT BROKERAGE SERVICES, INC.
SUMMIT EQUITIES, INC.
SUNBELT SECURITIES, INC.
SUN'S BROTHERS SECURITIES INC.
SUNSET FINANCIAL SERVICES, INC.
SUNSTREET SECURITIES, LLC
SUNTRUST INVESTMENT SERVICES, INC.
SUPERIOR FINANCIAL SERVICES, INC.
SWARTWOOD, HESSE INC.
SWBC INVESTMENT SERVICES, LLC
SWENEY CARTWRIGHT & COMPANY
SWS FINANCIAL SERVICES, INC.
SYCAMORE FINANCIAL GROUP
SYKES FINANCIAL SERVICES LLC
SYMPHONIC SECURITIES LLC
SYNDICATED CAPITAL, INC.
SYNOVUS SECURITIES, INC.
T.R. WINSTON & COMPANY, LLC
T.S. PHILLIPS INVESTMENTS, INC.
TAG SECURITIES, INC.
TANDEM SECURITIES, INC.
TAYLOR CAPITAL MANAGEMENT INC
TCADVISORS NETWORK INC.
TCFG WEALTH MANAGEMENT, LLC
TD AMERITRADE CLEARING, INC.
TECKMEYER FINANCIAL SERVICES, L.L.C.
TFS SECURITIES, INC.
THE BAKER GROUP, LP
THE CAPITAL GROUP SECURITIES, INC.
THE GARBACZ GROUP INC.
THE GMS GROUP, LLC
THE HUNTINGTON INVESTMENT COMPANY
THE INVESTMENT CENTER, INC.
THE JEFFREY MATTHEWS FINANCIAL GROUP,
THE KELT GROUP, LLC
THE LEADERS GROUP, INC.
THE LOGAN GROUP SECURITIES
THE OAK RIDGE FINANCIAL SERVICES GROUP,
THE SECURITIES CENTER, INC.
THE STRATEGIC FINANCIAL ALLIANCE, INC.
THE TAVENNER COMPANY
THE WINDMILL GROUP, INC.

THE WINNING EDGE FINANCIAL GROUP, INC.
THOMPSON DAVIS & CO., INC.
THORNHILL SECURITIES, INC.
THORNTON FARISH INC.
THOROUGHBRED FINANCIAL SERVICES, LLC
THRIVENT INVESTMENT MANAGEMENT INC.
THURSTON, SPRINGER, MILLER, HERD & TITAK
TIAA-CREF INDIVIDUAL & INSTITUTIONAL
TIMECAPITAL SECURITIES CORPORATION
TITAN SECURITIES
TLS FINANCIAL SERVICES, INC.
TOCQUEVILLE SECURITIES L.P.
TOUCHSTONE SECURITIES, INC.
TRADE MANAGE CAPITAL, INC.
TRADE-PMR INC.
TRADERFIELD SECURITIES INC.
TRADESTATION SECURITIES, INC.
TRADITION ASIEL SECURITIES INC.
TRANSAM SECURITIES, INC.
TRANSAMERICA FINANCIAL ADVISORS, INC
TREVOR, COLE, REID, & MONROE, INC.
TRG ADVISORS, INC.
TRIAD ADVISORS, INC.
TRICOR FINANCIAL, LLC
TRIDENT PARTNERS LTD.
TRUBEE, COLLINS & CO., INC.
TRUSTCORE INVESTMENTS, INC.
TRUSTFIRST INC.
TRUSTMONT FINANCIAL GROUP, INC.
U. S. BOSTON CAPITAL CORPORATION
U.S. BROKERAGE, INC.
U.S. INVESTORS, INC.
UBS FINANCIAL SERVICES INC.
UBS SECURITIES LLC
UHLMANN PRICE SECURITIES, LLC
UMB FINANCIAL SERVICES, INC.
UMPQUA INVESTMENTS, INC.
UNIFIED FINANCIAL SECURITIES, INC.
UNION CAPITAL COMPANY
UNIONBANC INVESTMENT SERVICES, LLC
UNITED BROKERAGE SERVICES, INC
UNITED PLANNERS' FINANCIAL SERVICES OF
UNIVEST INVESTMENTS, INC
UNIVEST SECURITIES, INC.
UPROMISE INVESTMENTS, INC.
USA FINANCIAL SECURITIES CORPORATION
USAA INVESTMENT MANAGEMENT COMPANY
USCA SECURITIES LLC

USI SECURITIES, INC.
V. M. MANNING & CO., INC.
VALIC FINANCIAL ADVISORS, INC.
VALLEY NATIONAL INVESTMENTS, INC.
VALMARK SECURITIES, INC.
VALOR FINANCIAL SECURITIES LLC
VANDERBILT SECURITIES, LLC
VANGUARD CAPITAL
VANGUARD MARKETING CORPORATION
VARIABLE INVESTMENT ADVISORS, INC.
VAUGHAN AND COMPANY SECURITIES, INC.
VBC SECURITIES, LLC
VECTORGLOBAL WMG
VERITAS INDEPENTDENT PARTNERS, LLC
VERITY INVESTMENTS, INC.
VESTECH SECURITIES, INC.
VESTOR CAPITAL SECURITIES, LLC
VFINANCE INVESTMENTS, INC
VIEWTRADE SECURITIES, INC.
VINING SPARKS IBG LIMITED
VISION BROKERAGE SERVICES LLC
VISION FINANCIAL MARKETS LLC
VISUN SECURITIES CORPORATION
VORPAHL WING SECURITIES
VOYA FINANCIAL ADVISORS, INC
VOYA FINANCIAL PARTNERS, LLC
VSR FINANCIAL SERVICES, INC.
W H COLSON SECURITIES
W&S BROKERAGE SERVICES, INC
W.R. HAMBRECHT + CO., LLC
WADDELL & REED, INC.
WADSWORTH INVESTMENT CO., INC.
WALL STREET FINANCIAL GROUP, INC.
WALL STREET STRATEGIES, INC.
WARD'S FINANCIAL SERVICES, LTD.
WARNER FINANCIAL INTERNATIONAL
WASHINGTON SECURITIES CORPORATION
WAVELAND CAPITAL PARTNERS LLC
WAYNE HUMMER INVESTMENTS L.L.C.
WBB SECURITIES, LLC
WEALTHSTONE EQUITIES, INC.
WEDBUSH SECURITIES INC.
WEITZEL FINANCIAL SERVICES, INC.
WELLER, ANDERSON & CO., LTD.
WELLFLEET INVESTMENTS LLC
WELLINGTON SHIELDS & CO., LLC
WELLS FARGO SECURITIES LLC
WESBANCO SECURITIES, INC.

WESCOM FINANCIAL SERVICES
WESTCHESTER CAPITAL PLANNING, INC.
WESTCO INVESTMENT CORP.
WESTERN EQUITY GROUP, INC.
WESTERN FINANCIAL CORPORATION
WESTERN GROWERS FINANCIAL SERVICES, INC.
WESTERN INTERNATIONAL SECURITIES, INC.
WESTFIELD INVESTMENT GROUP, INC.
WESTMINSTER FINANCIAL SECURITIES, INC.
WESTON SECURITIES CORPORATION
WESTPARK CAPITAL, INC.
WESTPORT CAPITAL MARKETS, LLC
WESTPORT RESOURCES INVESTMENT SERVICES,
WESTROCK CAPITAL MANAGEMENT, INC.
WFG INVESTMENTS, INC.
WHEELHOUSE SECURITIES CORPORATION
WHITE MOUNTAIN CAPITAL, LLC
WHITE, WELD & CO. SECURITIES, LLC
WHITEHALL-PARKER SECURITIES, INC.
WHITEWOOD GROUP, INC
WIC CORP.
WILBANKS SECURITIES, INC.
WILEY BROS.-AINTREE CAPITAL, LLC
WILLIAM BLAIR & COMPANY L.L.C.
WILLIAM C. BURNSIDE & COMPANY, INC.
WILLOW COVE INVESTMENT GROUP, INC.
WILMINGTON CAPITAL SECURITIES, LLC
WILMINGTON TR RET AND INST SVC CO
WILSON STEPHENSON INCORPORATED
WILSON-DAVIS & CO., INC.
WINDHAM FINANCIAL SERVICES, INC.
WINSLOW, EVANS & CROCKER, INC.
WISCONSIN DISCOUNT SECURITIES
WOLF A. POPPER, INC.
WOOD (ARTHUR W.) COMPANY, INC.
WOODBURY FINANCIAL SERVICES, INC.
WOODLANDS SECURITIES CORPORATION
WOODMEN FINANCIAL SERVICES, INC.
WOODSTOCK FINANCIAL GROUP, INC.
WORLD CAPITAL BROKERAGE, INC.
WORLD CHOICE SECURITIES, INC.
WORLD EQUITY GROUP, INC.
WORLD TRADE FINANCIAL CORPORATION
WORLD TREND FINANCIAL PLANNING SERVICES,
WORTH FINANCIAL GROUP INC.
WRP INVESTMENTS, INC.
WULFF, HANSEN & CO.
WUNDERLICH SECURITIES, INC.

WWK INVESTMENTS, INC.
YORK SECURITIES, INC.
ZEUS SECURITIES, INC.
ZIONS DIRECT, INC.
ZIV INVESTMENT COMPANY

EX-99.M 12B-1 PLAN 25 a_nf53amod1.htm a_nf53amod1.htm

Schedule of Financial Institution Service Agreements

ALLSTATE FINANCIAL SERVICES, LLC

ASSOCIATED TRUST COMPANY

BANCWEST INVESTMENT SERVICES, INC.

BANK OF OKLAHOMA NA

BANKOH INVESTMENT SERVICES, INC.

BB&T INVESTMENT SERVICES, INC.

BBVA SECURITIES INC.

BENEFIT TRUST COMPANY

BMO HARRIS BANK N.A.

BNP PARIBAS NY BRANCH

BOSC, INC.

BROWN BROTHERS HARRIMAN & CO.

CALDWELL TRUST COMPANY

CAPITAL BROKERAGE CORPORATION

CAPITAL ONE INVESTMENT SERVICES LLC

CHASE INVESTMENT SERVICES CORP

CIRCLE TRUST COMPANY

CITIZENS FIRST SAVINGS BANK

CITY NATIONAL BANK

COMERICA BANK

COMMERCE BANK NA

COMMERCE BROKERAGE SERVICES, INC.

COMMUNITY BANK N. A.

DUBUQUE BANK & TRUST COMPANY

FIDUCIARY TRUST COMPANY

FIFTH THIRD SECURITIES, INC

FIMCO SECURITIES GROUP, INC

FINANCIAL SYNERGY, INC.

FIRNOM & CO

FIRST CITIZENS INVESTOR SERVICES, INC.

FIRST NATIONAL BANK

FIRST SOUTHWEST COMPANY

GLENMEDE TRUST COMPANY

GLOBAL TRUST COMPANY

GOLDMAN, SACHS & CO.

HSBC SECURITIES (USA) INC.

HUNTINGTON TRUST COMPANY

INFINEX INVESTMENTS, INC.

INVEST FINANCIAL

INVESTMENT CENTERS OF AMERICA, INC.

INVESTORS BANK &

IRA SERVICES TRUST COMPANY

J.P. MORGAN INSTITUTIONAL INVESTMENTS

JP MORGAN CHASE BANK NA

KEY BANK

M&T SECURITIES, INC.

NAVY FEDERAL BROKERAGE SERVICES, LLC

NBC SECURITIES, INC.

NORTHERN TRUST SECURITIES, INC.

OLD NATIONAL BANK

PEOPLE'S SECURITIES, INC.

RELIANCE TRUST CO

ROCKLAND TRUST COMPANY

STANDARD INSURANCE COMPANY

SUNTRUST BANKS INC

TD AMERITRADE TRUST COMPANY

THE CATTLE NATIONAL BANK &

TRUST COMPANY OF AMERICA

U.S. BANCORP INVESTMENTS, INC

UMB BANK NA

UMB FINANCIAL SERVICES, INC.

US BANK NA

VOYA INSTITUTIONAL PLAN SERVICES LLC

WALL STREET ACCESS

WAYNE BANK

WELLS FARGO BANK NA

WELLS FARGO BANK/TRUST

WELLS FARGO SECURITIES LLC

WESTWOOD TRUST

EX-99.N 18F-3 PLAN 26 a_18f3mod.htm a_18f3mod.htm

PUTNAM FUNDS

Plan pursuant to Rule 18f-3(d) under the

Investment Company Act of 1940

Effective November 1, 1999, as most recently amended September 18, 2015

Each of the open-end investment companies managed by Putnam Investment Management, LLC (each a “Fund” and, together, the “Funds”) may from time to time issue one or more of the following classes of shares: Class A shares, Class B shares, Class C shares, Class M shares, Class R shares, Class R5 shares, Class R6 shares, Class T shares and Class Y shares. Each class is subject to such investment minimums and other conditions of eligibility as are set forth in the Funds’ registration statements or prospectuses and statements of additional information as from time to time in effect. The differences in expenses among these classes of shares, and the conversion and exchange features of each class of shares, are set forth below in this Plan. Except as noted below, expenses are allocated among the classes of shares of each Fund based upon the net assets of each Fund attributable to shares of each class. This Plan is subject to change, to the extent permitted by law and by the Agreement and Declaration of Trust and By-laws of each Fund, by action of the Trustees of each Fund. This Plan does not apply to the shares of Putnam Variable Trust or any other open-end investment company managed by Putnam Investment Management, LLC that may from time to time maintain a separate plan pursuant to Rule 18f-3 under the Investment Company Act of 1940.

CLASS A SHARES

Distribution and Service Fees

Class A shares pay distribution and service fees pursuant to plans (the “Class A Plans”) adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940 (the “1940 Act”). Class A shares also bear any costs associated with obtaining shareholder approval of the Class A Plans or any amendment to a Class A Plan. Pursuant to the Class A Plans, Class A shares may pay up to 0.35% of the relevant Fund’s average net assets attributable to the Class A shares (which percentage may be less for any Fund, as described in the Fund’s registration statement or prospectuses and statements of additional information as from time to time in effect). Amounts payable under the Class A Plans are subject to such further limitations as the Trustees may from time to time determine and as set forth in the registration statement or prospectus or statement of additional information of each Fund as from time to time in effect.

Investor Servicing Fees

Investor servicing fees (determined pursuant to the Memorandum regarding Investor Servicing Compensation Arrangements for the Funds as from time to time in effect) that are not specifically payable by Class R5 or Class R6 shares are allocated among the other classes of shares (Class A shares, Class B shares, Class C shares, Class M shares, Class R shares, Class T

shares and Class Y shares, as applicable) of each Fund based on the net assets of each Fund attributable to shares of each class.

Conversion Features

Class A shares do not convert to any other class of shares.

Exchange Features

Class A shares of any Fund other than Putnam Money Market Fund and Putnam Tax Exempt Money Market Fund may be exchanged, at the holder’s option, for Class A shares of any other Fund that offers Class A shares, without the payment of a sales charge, provided that Class A shares of such other Fund are available to residents of the relevant state.

Class A shares of Putnam Money Market Fund and Putnam Tax Exempt Money Market Fund may be exchanged, at the holder’s option, for Class A, Class B or Class C shares of any other Fund that offers such classes of shares in the relevant state without the current payment of a contingent deferred sales charge (a “CDSC”), but, in the case of exchanges for Class A shares of another Fund, may be subject to a front-end sales charge upon such exchange. The holding period for determining any CDSC applicable to the shares received in such exchange will include the holding period of the shares exchanged, and will be calculated using the schedule of any Fund into or from which shares have been exchanged that would result in the highest CDSC applicable to such Class A shares.

In addition, Class A shares of Putnam Money Market Fund that are offered in conjunction with Class Y shares of other Putnam Funds may be exchanged, at the holder’s option, for Class Y shares of such other Funds without the payment of a CDSC.

Class A shares of any Fund held by a shareholder eligible to purchase Class Y shares may also be exchanged, at the holder’s option, for Class Y shares of the same Fund, provided that the Class A shares are no longer subject to a CDSC and provided that Class Y shares of such Fund are available to residents of the relevant state.

Class A shares of any Fund held by a shareholder eligible to purchase Class R5 shares may also be exchanged, at the holder’s option, for Class R5 shares of the same Fund, provided that the Class A shares are no longer subject to a CDSC, provided that Class R5 shares of such Fund are available to residents of the relevant state and further provided that Class R5 shares of such Fund are available through the relevant retirement plan. No sales charges or other charges will apply to any such exchange.

Class A shares of any Fund held by a shareholder eligible to purchase Class R6 shares may also be exchanged, at the holder’s option, for Class R6 shares of the same Fund, provided that the Class A shares are no longer subject to a CDSC, provided that Class R6 shares of such Fund are available to residents of the relevant state and further provided that Class R6 shares of such Fund are available through the relevant retirement plan. No sales charges or other charges will apply to any such exchange.

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(i) The same-fund exchange privilege may be effected only if permitted by a shareholder’s dealer of record, (ii) the same-fund exchange privilege may not be available for all accounts and may not be offered by all dealers, financial institutions and other intermediaries through which a shareholder may hold shares, and (iii) the dealer of record through whom a shareholder holds shares may be authorized (e.g., under its account or similar agreement with a shareholder) to reject any same-fund exchange.

Initial Sales Charge

Class A shares are offered at a public offering price that is equal to their net asset value (“NAV”) plus a sales charge of up to 5.75% of the public offering price (which maximum may be less for any Fund, as described in the Fund’s registration statement or prospectus or statement of additional information as from time to time in effect). The sales charges on Class A shares are subject to reduction or waiver as permitted by Rule 22d-1 under the 1940 Act and as described in the applicable Fund registration statement or prospectus or statement of additional information as from time to time in effect.

Contingent Deferred Sales Charge

Purchases of Class A shares of $1 million or more (or $500,000 or more in the case of certain Funds as described in their registration statements or prospectuses or statements of additional information as from time to time in effect) that are redeemed before the first day of the month in which the nine-month anniversary of such purchases may be subject to a CDSC of 1.00% of either the purchase price or the NAV of the shares redeemed, whichever is less, as described in each Fund’s registration statement or prospectus or statement of additional information as from time to time in effect; provided that the period of time, and the percentage level of the CDSC, may be less for any Fund if so specified in the Fund’s registration statement or prospectus or statement of additional information as from time to time in effect.

Class A shares are not otherwise subject to a CDSC.

The CDSC on Class A shares is subject to reduction or waiver in certain circumstances, as permitted by Rule 6c-10 under the 1940 Act and as described in the applicable Fund registration statement or prospectus or statement of additional information as from time to time in effect.

CLASS B SHARES

Distribution and Service Fees

Class B shares pay distribution and service fees pursuant to plans adopted pursuant to Rule 12b-1 under the 1940 Act (the “Class B Plans”). Class B shares also bear any costs associated with obtaining shareholder approval of the Class B Plans or any amendment to a Class B Plan. Pursuant to the Class B Plans, Class B shares may pay up to 1.00% of the relevant

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Fund’s average net assets attributable to Class B shares (which percentage may be less for any Fund, as described in the Fund’s registration statement or prospectus or statement of additional information as from time to time in effect). Amounts payable under the Class B Plans are subject to such further limitations as the Trustees may from time to time determine and as set forth in the registration statement or prospectus or statement of additional information of each Fund as from time to time in effect.

Investor Servicing Fees

Investor servicing fees (determined pursuant to the Memorandum regarding Investor Servicing Compensation Arrangements for the Funds as from time to time in effect) that are not specifically payable by Class R5 or Class R6 shares are allocated among the other classes of shares (Class A shares, Class B shares, Class C shares, Class M shares, Class R shares, Class T shares and Class Y shares, as applicable) of each Fund based on the net assets of each Fund attributable to shares of each class.

Conversion Features

Class B shares automatically convert to Class A shares of the same Fund no later than the end of the month in which the eighth anniversary of the date of purchase occurs (or such earlier date as the Trustees of a Fund may authorize), except that Class B shares purchased through the reinvestment of dividends and other distributions on Class B shares convert to Class A shares at the same time as the shares with respect to which they were purchased are converted and Class B shares acquired by the exchange of Class B shares of another Fund will convert to Class A shares based on the time of the initial purchase. No sales charges or other charges will apply to any such conversion.

Exchange Features

Class B shares of any Fund may be exchanged, at the holder’s option, for Class B shares of any other Fund that offers Class B shares without the payment of a sales charge, provided that Class B shares of such other Fund are available to residents of the relevant state. The holding period for determining any CDSC will include the holding period of the shares exchanged, and will be calculated using the schedule of any Fund into or from which shares have been exchanged that would result in the highest CDSC applicable to such Class B shares.

Initial Sales Charge

Class B shares are offered at their NAV, without an initial sales charge.

Contingent Deferred Sales Charge

Class B shares that are redeemed within 6 years of purchase are subject to a CDSC of up to 5.00% of either the purchase price or the NAV of the shares redeemed, whichever is less (provided that the period of time, and the percentage level of the CDSC, may be less for any

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Fund if so specified in the Fund’s registration statement or prospectus or statement of additional information as from time to time in effect); such percentage declines the longer the shares are held, as described in the Funds’ registration statements or prospectuses and statements of additional information as from time to time in effect. Class B shares purchased with reinvested dividends or capital gains are not subject to a CDSC.

The CDSC on Class B shares is subject to reduction or waiver in certain circumstances, as permitted by Rule 6c-10 under the 1940 Act and as described in the applicable Fund’s registration statement or prospectus or statement of additional information as from time to time in effect.

CLASS C SHARES

Distribution and Service Fees

Class C shares pay distribution and service fees pursuant to plans adopted pursuant to Rule 12b-1 under the 1940 Act (the “Class C Plans”). Class C shares also bear any costs associated with obtaining shareholder approval of the Class C Plans or any amendment to a Class C Plan. Pursuant to the Class C Plans, Class C shares may pay up to 1.00% of the relevant Fund’s average net assets attributable to the Class C shares (which percentage may be less for any Fund, as described in the Fund’s registration statement or prospectus or statement of additional information as from time to time in effect). Amounts payable under the Class C Plans are subject to such further limitations as the Trustees may from time to time determine and as set forth in the registration statement or prospectus or statement of additional information of each Fund as from time to time in effect.

Investor Servicing Fees

Investor servicing fees (determined pursuant to the Memorandum regarding Investor Servicing Compensation Arrangements for the Funds as from time to time in effect) that are not specifically payable by Class R5 or Class R6 shares are allocated among the other classes of shares (Class A shares, Class B shares, Class C shares, Class M shares, Class R shares, Class T shares and Class Y shares, as applicable) of each Fund based on the net assets of each Fund attributable to shares of each class.

Conversion Features

Class C shares do not convert to any other class of shares.

Exchange Features

Class C shares of any Fund may be exchanged, at the holder’s option, for Class C shares of any other Fund that offers Class C shares without the payment of a sales charge, provided that Class C shares of such other Fund are available to residents of the relevant state. The holding period for determining any CDSC will include the holding period of the shares exchanged, and

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will be calculated using the schedule of any Fund into or from which shares have been exchanged that would result in the highest CDSC applicable to such Class C shares. Exchange privileges for Class C shares offered outside the United States may vary.

Class C shares of any Fund held by a shareholder eligible to purchase Class Y shares may be exchanged, at the holder’s option, for Class Y shares of the same Fund, provided that Class Y shares of such Fund are available to residents of the relevant state and provided that the Class C shares are no longer CDSC-eligible.

Class C shares of any Fund held by a shareholder eligible to purchase class A shares without a sales charge because the shareholder is a (i) client of a broker-dealer, financial institution, financial intermediary or registered investment advisor that is approved by Putnam Retail Management and charges a fee for advisory or investment services or (ii) client of a broker-dealer, financial institution, or financial intermediary that has entered into an agreement with Putnam Retail Management to offer shares through a fund “supermarket” or retail self-directed brokerage account (with or without the imposition of a transaction fee) may be exchanged, at the holder’s option, for Class A shares of the same Fund, provided that Class A shares of such Fund are available to residents of the relevant state and provided that the Class C shares are no longer CDSC-eligible.

(i) The same-fund exchange privilege may be effected only if permitted by a shareholder’s dealer of record, (ii) the same-fund exchange privilege may not be available for all accounts and may not be offered by all dealers, financial institutions and other intermediaries through which a shareholder may hold shares, and (iii) the dealer of record through whom a shareholder holds shares may be authorized (e.g., under its account or similar agreement with a shareholder) to reject any same-fund exchange.

Initial Sales Charge

Class C shares are offered at their NAV, without an initial sales charge.

Contingent Deferred Sales Charge

Class C shares are subject to a 1.00% CDSC if the shares are redeemed within one year of purchase; provided that the period of time, and the percentage level of the CDSC, may be less for any Fund if so specified in the Fund’s registration statement or prospectus or statement of additional information as from time to time in effect. Class C shares purchased with reinvested dividends or capital gains are not subject to a CDSC.

The CDSC on Class C shares is subject to reduction or waiver in certain circumstances, as permitted by Rule 6c-10 under the 1940 Act and as described in the applicable Fund’s registration statement or prospectus or statement of additional information as from time to time in effect.

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CLASS M SHARES

Distribution and Service Fees

Class M shares pay distribution and service fees pursuant to plans adopted pursuant to Rule 12b-1 under the 1940 Act (the “Class M Plans”). Class M shares also bear any costs associated with obtaining shareholder approval of the Class M Plans or any amendment to a Class M Plan. Pursuant to the Class M Plans, Class M shares may pay up to 1.00% of the relevant Fund’s average net assets attributable to Class M shares (which percentage may be less for any Fund, as described in the Fund’s registration statement or prospectus or statement of additional information as from time to time in effect). Amounts payable under the Class M Plans are subject to such further limitations as the Trustees may from time to time determine and as set forth in the registration statement or prospectus or statement of additional information of each Fund as from time to time in effect.

Investor Servicing Fees

Investor servicing fees (determined pursuant to the Memorandum regarding Investor Servicing Compensation Arrangements for the Funds as from time to time in effect) that are not specifically payable by Class R5 or Class R6 shares are allocated among the other classes of shares (Class A shares, Class B shares, Class C shares, Class M shares, Class R shares, Class T shares and Class Y shares, as applicable) of each Fund based on the net assets of each Fund attributable to shares of each class.

Conversion Features

Class M shares do not convert to any other class of shares.

Exchange Features

Class M shares of any Fund other than Putnam Money Market Fund may be exchanged, at the holder’s option, for Class M shares of any other Fund that offers Class M shares without the payment of a sales charge, provided that Class M shares of such other Fund are available to residents of the relevant state. Class M shares of Putnam Money Market Fund may be exchanged, at the holder’s option, for Class B, Class C or Class M shares of any other Fund that offers such classes of shares in the relevant state without the current payment of a CDSC, but, in the case of exchanges for Class M shares of another Fund, may be subject to a front-end sales charge upon such exchange. The holding period for determining any CDSC applicable to the shares received in such exchange will include the holding period of the shares exchanged, and will be calculated using the schedule of any Fund into or from which shares have been exchanged that would result in the highest CDSC applicable to such shares. Exchange privileges for Class M shares offered outside the United States may vary.

Class M shares of any Fund held by a shareholder eligible to purchase Class Y shares may

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also be exchanged, at the holder’s option, for Class Y shares of the same Fund, provided that Class Y shares of such Fund are available to residents of the relevant state.

(i) The same-fund exchange privilege may be effected only if permitted by a shareholder’s dealer of record, (ii) the same-fund exchange privilege may not be available for all accounts and may not be offered by all dealers, financial institutions and other intermediaries through which a shareholder may hold shares, and (iii) the dealer of record through whom a shareholder holds shares may be authorized (e.g., under its account or similar agreement with a shareholder) to reject any same-fund exchange.

Initial Sales Charge

Class M shares are offered at a public offering price that is equal to their NAV plus a sales charge of up to 3.50% of the public offering price (which maximum may be less for any Fund, as described in the Fund’s registration statement or prospectus or statement of additional information as from time to time in effect). The sales charges on Class M shares are subject to reduction or waiver as permitted by Rule 22d-1 under the 1940 Act and as described in the applicable Fund’s registration statement or prospectus or statement of additional information as from time to time in effect.

Contingent Deferred Sales Charge

Certain purchases of Class M that are redeemed within one year of purchase may be subject to a CDSC of up to 0.65% of either the purchase price or the NAV of the shares redeemed, whichever is less, as described in each Fund’s registration statement or prospectus or statement of additional information as from time to time in effect; provided that the period of time, and the percentage level of the CDSC, may be less for any Fund if so specified in the Fund’s registration statement or prospectus or statement of additional information as from time to time in effect. Class M shares are otherwise not subject to a CDSC.

The CDSC on Class M shares is subject to reduction or waiver in certain circumstances, as permitted by Rule 6c-10 under the 1940 Act and as described in the applicable Fund’s registration statement or prospectus or statement of additional information as from time to time in effect.

CLASS R SHARES

Distribution and Service Fees

Class R shares pay distribution and service fees pursuant to plans adopted pursuant to Rule 12b-1 under the 1940 Act (the “Class R Plans”). Class R shares also bear any costs associated with obtaining shareholder approval of the Class R Plans or any amendment to a Class R Plan. Pursuant to the Class R Plans, Class R shares may pay up to 1.00% of the relevant Fund’s average net assets attributable to Class R shares (which percentage may be less for any Fund, as described in the Fund’s registration statement or prospectus or statement of additional

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information as from time to time in effect). Amounts payable under the Class R Plans are subject to such further limitations as the Trustees may from time to time determine and as set forth in the registration statement or prospectus or statement of additional information of each Fund as from time to time in effect.

Investor Servicing Fees

Investor servicing fees (determined pursuant to the Memorandum regarding Investor Servicing Compensation Arrangements for the Funds as from time to time in effect) that are not specifically payable by Class R5 or Class R6 shares are allocated among the other classes of shares (Class A shares, Class B shares, Class C shares, Class M shares, Class R shares, Class T shares and Class Y shares, as applicable) of each Fund based on the net assets of each Fund attributable to shares of each class.

Conversion Features

Class R shares do not convert to any other class of shares.

Exchange Features

Class R shares of any Fund may be exchanged, at the holder’s option, for Class R shares of any other Fund that offers Class R shares without the payment of a sales charge, provided that Class R shares of such other Fund are available to residents of the relevant state.

Class R shares of any Fund held by a shareholder eligible to purchase Class R5 shares may also be exchanged, at the holder’s option, for Class R5 shares of the same Fund, provided that Class R5 shares of such Fund are available to residents of the relevant state and further provided that Class R5 shares of such Fund are available through the relevant retirement plan. No sales charges or other charges will apply to any such exchange.

Class R shares of any Fund held by a shareholder eligible to purchase Class R6 shares may also be exchanged, at the holder’s option, for Class R6 shares of the same Fund, provided that Class R6 shares of such Fund are available to residents of the relevant state and further provided that Class R6 shares of such Fund are available through the relevant retirement plan. No sales charges or other charges will apply to any such exchange.

(i) The same-fund exchange privilege may be effected only if permitted by a shareholder’s dealer of record, (ii) the same-fund exchange privilege may not be available for all accounts and may not be offered by all dealers, financial institutions and other intermediaries through which a shareholder may hold shares, and (iii) the dealer of record through whom a shareholder holds shares may be authorized (e.g., under its account or similar agreement with a shareholder) to reject any same-fund exchange.

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Initial Sales Charge

Class R shares are offered at their NAV, without any sales charge.

Contingent Deferred Sales Charge

Class R shares are not subject to any CDSC.

CLASS R5 SHARES

Distribution and Service Fees

Class R5 shares do not pay a distribution or service fee.

Investor Servicing Fees

Class R5 shares pay an investor servicing fee at the rates set forth for Class R5 shares in the Memorandum regarding Investor Servicing Compensation Arrangements for the Funds as from time to time in effect.

Conversion Features

Class R5 shares do not convert to any other class of shares.

Exchange Features

Class R5 shares of any Fund may be exchanged, at the holder’s option, for Class R5 shares of any other Fund that offers Class R5 shares without the payment of a sales charge, provided that Class R5 shares of such other Fund are available to residents of the relevant state, and further provided that shares of such other Fund are available through the relevant retirement plan.

Class R5 shares of any Fund held by a shareholder eligible to purchase Class A, Class R, Class R6 or Class Y shares may be exchanged, at the holder’s option, for Class A, Class R, Class R6 or Class Y shares of the same Fund, provided that Class A, Class R, Class R6 or Class Y shares are available to residents of the relevant state, and further provided that Class A, Class R, Class R6 or Class Y shares are available through the relevant retirement plan. No sales charges or other charges will apply to any such exchange.

(i) The same-fund exchange privilege may be effected only if permitted by a shareholder’s dealer of record, (ii) the same-fund exchange privilege may not be available for all accounts and may not be offered by all dealers, financial institutions and other intermediaries through which a shareholder may hold shares, and (iii) the dealer of record through whom a shareholder holds shares may be authorized (e.g., under its account or similar agreement with a

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shareholder) to reject any same-fund exchange.

Initial Sales Charge

Class R5 shares are offered at their NAV, without an initial sales charge.

Contingent Deferred Sales Charge

Class R5 shares are not subject to any CDSC.

CLASS R6 SHARES

Distribution and Service Fees

Class R6 shares do not pay a distribution or service fee.

Investor Servicing Fees

Class R6 shares pay an investor servicing fee at the rates set forth for Class R6 shares in the Memorandum regarding Investor Servicing Compensation Arrangements for the Funds as from time to time in effect.

Conversion Features

Class R6 shares do not convert to any other class of shares.

Exchange Features

Class R6 shares of any Fund may be exchanged, at the holder’s option, for Class R6 shares of any other Fund that offers Class R6 shares without the payment of a sales charge, provided that Class R6 shares of such other Fund are available to residents of the relevant state, and further provided that shares of such other Fund are available through the relevant retirement plan.

Class R6 shares of any Fund held by a shareholder eligible to purchase Class A, Class R, Class R5 or Class Y shares may be exchanged, at the holder’s option, for Class A, Class R, Class R5 or Class Y shares of the same Fund, provided that Class A, Class R, Class R5 or Class Y shares are available to residents of the relevant state, and further provided that Class A, Class R, Class R5 or Class Y shares are available through the relevant retirement plan. No sales charges or other charges will apply to any such exchange.

(i) The same-fund exchange privilege may be effected only if permitted by a shareholder’s dealer of record, (ii) the same-fund exchange privilege may not be available for all accounts and may not be offered by all dealers, financial institutions and other intermediaries through which a shareholder may hold shares, and (iii) the dealer of record through whom a

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shareholder holds shares may be authorized (e.g., under its account or similar agreement with a shareholder) to reject any same-fund exchange.

Initial Sales Charge

Class R6 shares are offered at their NAV, without an initial sales charge.

Contingent Deferred Sales Charge

Class R6 shares are not subject to any CDSC.

CLASS T SHARES

Distribution and Service Fees

Class T shares pay distribution and service fees pursuant to plans (the “Class T Plans”) adopted pursuant to Rule 12b-1 under the 1940 Act. Class T shares also bear any costs associated with obtaining shareholder approval of the Class T Plans or any amendment to a Class T Plan. Pursuant to the Class T Plans, Class T shares may pay up to 0.35% of the relevant Fund’s average net assets attributable to the Class T shares (which percentage may be less for any Fund, as described in the Fund’s registration statement or prospectus or statement of additional information as from time to time in effect). Amounts payable under the Class T Plans are subject to such further limitations as the Trustees may from time to time determine and as set forth in the registration statement or prospectus or statement of additional information of each Fund as from time to time in effect.

Investor Servicing Fees

Investor servicing fees (determined pursuant to the Memorandum regarding Investor Servicing Compensation Arrangements for the Funds as from time to time in effect) that are not specifically payable by Class R5 or Class R6 shares are allocated among the other classes of shares (Class A shares, Class B shares, Class C shares, Class M shares, Class R shares, Class T shares and Class Y shares, as applicable) of each Fund based on the net assets of each Fund attributable to shares of each class.

Conversion Features

Class T shares do not convert to any other class of shares.

Exchange Features

Class T shares of any Fund may be exchanged, at the holder’s option, for Class A or T shares of any other Fund that offers Class A or T shares without the payment of a CDSC, provided that Class A or T shares of such other Fund are available to residents of the relevant state. Such exchanges may be subject to an initial sales charge.

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Class T shares of Putnam Money Market Fund may also be exchanged, at the holder’s option, for Class B or Class C shares of any other Fund that offers such classes of shares in the relevant state. The holding period for determining any CDSC applicable to the shares received in the exchange will include the holding period of the shares exchanged, and will be calculated using the schedule of any Fund into or from which shares have been exchanged that would result in the highest CDSC applicable to such shares.

Initial Sales Charge

Class T shares are offered at a public offering price that is equal to their NAV plus a sales charge of up to 5.25% of the public offering price (which maximum may be less for certain Funds, as described in each Fund’s registration statement or prospectus or statement of additional information as from time to time in effect). The sales charges on Class T shares are subject to reduction or waiver as permitted by Rule 22d-1 under the 1940 Act and as described in the applicable Fund’s registration statement or prospectus or statement of additional information as from time to time in effect.

Contingent Deferred Sales Charge

Purchases of Class T shares that (1) were acquired by exchanging shares from another Fund that were purchased without an initial sales charge and (2) are redeemed before the first day of the month in which the nine-month anniversary of such original purchase are subject to a CDSC of 1.00% of either such original purchase price or the NAV of the shares redeemed, whichever is less, as described in each Fund’s registration statement or prospectus or statement of additional information from time to time in effect; provided that the period of time, and the percentage level of the CDSC, may be less for any Fund if so specified in the Fund’s registration statement or prospectus or statement of additional information as from time to time in effect. Class T shares are not otherwise subject to a CDSC.

The CDSC on Class T shares is subject to reduction or waiver in certain circumstances, as permitted by Rule 6c-10 under the 1940 Act and as described in the Funds’ registration statements or prospectuses and statements of additional information as from time to time in effect.

CLASS Y SHARES

Distribution and Service Fees

Class Y shares do not pay a distribution or service fee.

Investor Servicing Fees

Investor servicing fees (determined pursuant to the Memorandum regarding Investor Servicing Compensation Arrangements for the Funds as from time to time in effect) that are not

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specifically payable by Class R5 or Class R6 shares are allocated among the other classes of shares (Class A shares, Class B shares, Class C shares, Class M shares, Class R shares, Class T shares and Class Y shares, as applicable) of each Fund based on the net assets of each Fund attributable to shares of each class.

Conversion Features

Class Y shares may be converted to Class A shares if an investor no longer satisfies the eligibility requirements for Class Y shares, as described in the applicable Fund’s registration statement or prospectus or statement of additional information as from time to time in effect. A shareholder’s Class Y shares will not be converted to Class A shares without prior notice from the relevant Fund. No sales charges or other charges will apply to any such conversion.

Exchange Features

Class Y shares of any Fund may be exchanged, at the holder’s option, for Class Y shares of any other Fund that offers Class Y shares without the payment of a sales charge, provided that Class Y shares of such other Fund are available to residents of the relevant state, and further provided that shares of such other Fund are available through the relevant retirement plan or platform.

Class Y shares of any Fund held by a shareholder eligible to purchase Class A or Class C shares may be exchanged, at the holder’s option, for Class A or Class C shares of the same Fund without payment of any initial sales charge, provided that Class A or Class C shares of such Fund are available to residents of the relevant state. Class A shares issued in such an exchange will not be subject to any initial sales charge; however, any subsequent purchases of Class A shares by the shareholder will be subject to the initial sales charge applicable to Class A shares (as described in the Fund’s registration statement or prospectus or statement of additional information as from time to time in effect).

In addition, Class Y shares of any Fund that are offered in conjunction with Class A shares of Putnam Money Market Fund may be exchanged, at the holder’s option, for Class A shares of Putnam Money Market Fund without the payment of a CDSC.

Class Y shares of any Fund held by a shareholder eligible to purchase Class R5 shares may also be exchanged, at the holder’s option, for Class R5 shares of the same Fund, provided that Class R5 shares of such Fund are available to residents of the relevant state and further provided that Class R5 shares of such Fund are available through the relevant retirement plan. No sales charges or other charges will apply to any such exchange.

Class Y shares of any Fund held by a shareholder eligible to purchase Class R6 shares may also be exchanged, at the holder’s option, for Class R6 shares of the same Fund, provided that Class R6 shares of such Fund are available to residents of the relevant state and further provided that Class R6 shares of such Fund are available through the relevant retirement plan. No sales charges or other charges will apply to any such exchange.

-14-

(i) The same-fund exchange privilege may be effected only if permitted by a shareholder’s dealer of record, (ii) the same-fund exchange privilege may not be available for all accounts and may not be offered by all dealers, financial institutions and other intermediaries through which a shareholder may hold shares, and (iii) the dealer of record through whom a shareholder holds shares may be authorized (e.g.*, under its account or similar agreement with a shareholder) to reject any same-fund exchange.

Initial Sales Charge

Class Y shares are offered at their NAV, without an initial sales charge.

Contingent Deferred Sales Charge

Class Y shares are not subject to any CDSC.

-15-


	As filed with the Securities and Exchange Commission on
<R>
	September 28, 2015
</R>


	SECURITIES AND EXCHANGE COMMISSION
	WASHINGTON, D.C. 20549
	----------------
	FORM N-1A

		----
	REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933	/ X /
		----
		----
	Pre-Effective Amendment No.	/ /
		----
		----
<R>
	Post-Effective Amendment No. 31	/ X /
</R>
	and	----
		----
	REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY	/ X /
	ACT OF 1940	----
		----
<R>
	Amendment No. 32	/ X /
</R>
	(Check appropriate box or boxes)	----
	---------------

	PUTNAM ARIZONA TAX EXEMPT INCOME FUND
	(Registration No. 33-37992; 811-06258)

	PUTNAM NEW JERSEY TAX EXEMPT INCOME FUND
	(Registration No. 33-32550; 811-05977)

	(Exact name of registrants as specified in charter)


		----
	REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933	/ X /
		----
		----
	Pre-Effective Amendment No.	/ /
		----
		----
<R>
	Post-Effective Amendment No. 40	/ X /
</R>
	and	----
		----
	REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY	/ X /
	ACT OF 1940	----
		----
<R>
	Amendment No. 41	/ X /
</R>
	(Check appropriate box or boxes)	----
	---------------

	PUTNAM MASSACHUSETTS TAX EXEMPT INCOME FUND
	Registration No. 33-5416; 811-04518

	PUTNAM MICHIGAN TAX EXEMPT INCOME FUND
	Registration No. 33-8923; 811-04529

	PUTNAM MINNESOTA TAX EXEMPT INCOME FUND
	Registration No. 33-8916; 811-04527

	PUTNAM OHIO TAX EXEMPT INCOME FUND
	Registration No. 33-8924; 811-04528

	(Exact name of registrants as specified in charter)


		----
	REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933	/ X /
		----
		----
	Pre-Effective Amendment No.	/ /
		----
		----
<R>
	Post-Effective Amendment No. 33	/ X /
</R>
	and	----
		----
	REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY	/ X /
	ACT OF 1940	----
		----
<R>
	Amendment No. 34	/ X /
</R>
	(Check appropriate box or boxes)	----
	---------------

	PUTNAM PENNSYLVANIA TAX EXEMPT INCOME FUND
	(Registration No. 33-28321; 811-05802)
	(Exact name of registrant as specified in charter)

	One Post Office Square, Boston, Massachusetts 02109
	(Address of principal executive offices)
	Registrants' Telephone Number, including Area Code (617) 292-1000


	---------------

	It is proposed that this filing will become effective
	(check appropriate box)
----
/ /	immediately upon filing pursuant to paragraph (b)
----
----
<R>
/ X /	on September 30, 2015 pursuant to paragraph (b)
</R>
----
----
/ /	60 days after filing pursuant to paragraph (a)(1)
----
----
/ /	on (date) pursuant to paragraph (a)(1)
----
----
/ /	75 days after filing pursuant to paragraph (a)(2)
----
----
/ /	on (date) pursuant to paragraph (a)(2) of Rule 485.
----

If appropriate, check the following box:
----
/ /	this post-effective amendment designates a new
----	effective date for a previously filed post-effective amendment.


	--------------
	ROBERT T. BURNS, Vice President
	PUTNAM ARIZONA TAX EXEMPT INCOME FUND
	PUTNAM MASSACHUSETTS TAX EXEMPT INCOME FUND
	PUTNAM MICHIGAN TAX EXEMPT INCOME FUND
	PUTNAM MINNESOTA TAX EXEMPT INCOME FUND
	PUTNAM NEW JERSEY TAX EXEMPT INCOME FUND
	PUTNAM OHIO TAX EXEMPT INCOME FUND
	PUTNAM PENNSYLVANIA TAX EXEMPT INCOME FUND
	One Post Office Square
	Boston, Massachusetts 02109
	(Name and address of agent for service)
	---------------


	Copy to:
	BRYAN CHEGWIDDEN, Esquire
	ROPES & GRAY LLP
	1211 Avenue of the Americas
	New York, New York 10036
	----------------------

Share class	Maximum sales charge (load) imposed on purchases (as a percentage of offering price)	Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, whichever is lower)
Class A	4.00%	1.00%*
Class B	NONE	5.00%**
Class C	NONE	1.00%***
Class M	3.25%	NONE
Class Y	NONE	NONE

Share class	Management fees	Distribution and service (12b-1) fees	Other expenses	Total annual fund operating expenses	Expense reimbursement^#	Total annual fund operating expenses after expense reimbursement
Class A	0.43%	0.22%†	0.27%	0.92%	(0.01)%	0.91%
Class B	0.43%	0.85%	0.27%	1.55%	(0.01)%	1.54%
Class C	0.43%	1.00%	0.27%	1.70%	(0.01)%	1.69%
Class M	0.43%	0.50%	0.27%	1.20%	(0.01)%	1.19%
Class Y	0.43%	N/A	0.27%	0.70%	(0.01)%	0.69%

Share class	1 year	3 years	5 years	10 years
Class A	$489	$681	$888	$1,485
Class B	$657	$789	$1,044	$1,675
Class B (no redemption)	$157	$489	$844	$1,675
Class C	$272	$535	$922	$2,008
Class C (no redemption)	$172	$535	$922	$2,008
Class M	$442	$693	$962	$1,731
Class Y	$70	$223	$389	$870

Fund	Management Fees (after applicable waivers)
The Arizona Fund	0.41%
The Massachusetts Fund	0.43%
The Michigan Fund	0.43%
The Minnesota Fund	0.43%
The New Jersey Fund	0.43%
The Ohio Fund	0.43%
The Pennsylvania Fund	0.43%

Portfolio managers	Joined funds	Employer	Positions over past five years
Thalia Meehan	2006	Putnam Management 1989 – Present	Portfolio Manager Previously, Team Leader, Tax Exempt Fixed Income Team
Paul Drury	2002	Putnam Management 1989 – Present	Portfolio Manager Previously, Tax Exempt Specialist
Susan McCormack	1999*	Putnam Management 1994 – Present	Portfolio Manager Previously, Tax Exempt Specialist

	Class A sales charge as a percentage of*:		Class M sales charge as a percentage of*:
Amount of purchase at offering price ($)	Net amount invested	Offering price**	Net amount invested	Offering price**
Under 50,000	4.17%	4.00%	3.36%	3.25%
50,000 but under 100,000	4.17	4.00	2.30	2.25
100,000 but under 250,000	3.36	3.25	1.27	1.25
250,000 but under 500,000	2.56	2.50	1.01	1.00
500,000 and above	NONE	NONE	N/A***	N/A***

	Percentage of average net assets
May 31, 2015	0.01%
May 31, 2014	0.01

File Nos.:
Arizona Fund 811-06258	Minnesota Fund 811-04527	Pennsylvania Fund 811-05802
Massachusetts Fund 811-04518	New Jersey Fund 811-05977
Michigan Fund 811-04529	Ohio Fund 811-04528	SP047 296545 9/15


FUND SYMBOLS	CLASS A	CLASS B	CLASS C	CLASS M	CLASS Y
<R>
Arizona Fund	PTAZX	PAZBX	PAZCX	PAZMX	PAZYX
Massachusetts Fund	PXMAX	PMABX	PMMCX	PMAMX	PMAYX
Michigan Fund	PXMIX	PMEBX	PMGCX	PMIMX	PMIYX
Minnesota Fund	PXMNX	PMTBX	PMOCX	PMNMX	PMNYX
New Jersey Fund	PTNJX	PNJBX	PNJCX	PNJMX	PNJYX
Ohio Fund	PXOHX	POXBX	POOCX	POHMX	POTYX
Pennsylvania Fund	PTEPX	PPNBX	PPNCX	PPAMX	PPTYX


	sai_61 - 2015/09
	sai_66 - 2015/09
	sai_75 - 2015/09
	sai_78 - 2015/09
</R>

Share class	1 year	3 years	5 years	10 years
<R>
Class A	$475	$636	$811	$1,316
</R>
Class B	$642	$740	$961	$1,499
Class B (no redemption)	$142	$440	$761	$1,499
Class C	$257	$486	$839	$1,834
Class C (no redemption)	$157	$486	$839	$1,834
Class M	$428	$645	$880	$1,555
Class Y	$55	$173	$302	$677

Share class	1 year	3 years	5 years	10 years
<R>
Class A	$484	$663	$858	$1,418
Class B	$652	$771	$1,013	$1,609
Class B (no redemption)	$152	$471	$813	$1,609
Class C	$267	$517	$892	$1,944
Class C (no redemption)	$167	$517	$892	$1,944
Class M	$437	$675	$932	$1,666
Class Y	$65	$205	$357	$798
</R>

Share class	1 year	3 years	5 years	10 years
Class A	$481	$654	$842	$1,384
Class B	$648	$759	$992	$1,567
Class B (no redemption)	$148	$459	$792	$1,567
Class C	$263	$505	$871	$1,900
Class C (no redemption)	$163	$505	$871	$1,900
Class M	$434	$663	$911	$1,622
Class Y	$61	$192	$335	$750

Share class	1 year	3 years	5 years	10 years
<R>
Class A	$476	$639	$816	$1,327
Class B	$643	$743	$966	$1,510
Class B (no redemption)	$143	$443	$766	$1,510
Class C	$258	$490	$845	$1,845
Class C (no redemption)	$158	$490	$845	$1,845
Class M	$429	$648	$886	$1,566
Class Y	$56	$176	$307	$689
</R>


PART I

<R>
FUND ORGANIZATION AND CLASSIFICATION	I-3
INVESTMENT RESTRICTIONS	I-4
</R>
CHARGES AND EXPENSES	I-7
PORTFOLIO MANAGERS	I-43
STATE TAXES	I-48
<R>
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMS AND	I-55
FINANCIAL STATEMENTS
</R>

PART II

HOW TO BUY SHARES	II-1
DISTRIBUTION PLANS	II-11
MISCELLANEOUS INVESTMENTS, INVESTMENT PRACTICES AND RISKS	II-19
TAXES	II-56
<R>
MANAGEMENT	II-71
DETERMINATION OF NET ASSET VALUE	II-90
INVESTOR SERVICES	II-92
SIGNATURE GUARANTEES	II-96
REDEMPTIONS	II-96
POLICY ON EXCESSIVE SHORT-TERM TRADING	II-97
SHAREHOLDER LIABILITY	II-97
DISCLOSURE OF PORTFOLIO INFORMATION	II-97
PROXY VOTING GUIDELINES AND PROCEDURES	II-99
</R>
SECURITIES RATINGS	II-100
<R>
APPENDIX A – PROXY VOTING GUIDELINES OF THE PUTNAM FUNDS	II-106
APPENDIX B – FINANCIAL STATEMENTS	II-130
</R>


			Amount of	Amount management
	Fiscal	Management	management	fee would have been
Fund name	year	fee paid	fee waived	without waivers
<R>
ARIZONA FUND	2015	$220,695	$6,997	$227,692
	2014	$229,545	$6,803	$236,348
</R>
	2013	$283,378	$0	$283,378
<R>
MASSACHUSETTS FUND	2015	$1,332,362	$0	$1,332,362
	2014	$1,466,973	$0	$1,466,973
</R>
	2013	$1,868,568	$0	$1,868,568


<R>
MICHIGAN FUND	2015	$306,687	$0	$306,687
	2014	$315,330	$0	$315,330
</R>
	2013	$362,014	$0	$362,014
<R>
MINNESOTA FUND	2015	$465,956	$0	$465,956
	2014	$472,090	$0	$472,090
</R>
	2013	$532,651	$0	$532,651
<R>
NEW JERSEY FUND	2015	$898,600	$0	$898,600
	2014	$1,011,857	$0	$1,011,857
</R>
	2013	$1,277,096	$0	$1,277,096
<R>
OHIO FUND	2015	$616,707	$0	$616,707
	2014	$616,112	$0	$616,112
</R>
	2013	$720,433	$0	$720,433
<R>
PENNSYLVANIA FUND	2015	$879,427	$0	$879,427
	2014	$917,519	$0	$917,519
</R>
	2013	$1,105,281	$0	$1,105,281
<R>
</R>


	Fiscal	Brokerage
Fund name	year	commissions
<R>
ARIZONA FUND	2015	$0
	2014	$22
	2013	$0
MASSACHUSETTS FUND	2015	$0
	2014	$145
	2013	$0
MICHIGAN FUND	2015	$0
	2014	$29
	2013	$0
MINNESOTA FUND	2015	$0
	2014	$44
	2013	$0
NEW JERSEY FUND	2015	$0
	2014	$100
	2013	$0
OHIO FUND	2015	$0
	2014	$57
	2013	$0
PENNSYLVANIA FUND	2015	$0
	2014	$86
	2013	$0
</R>


Fund name	Total	Portion of total reimbursement for
	reimbursement	compensation and contributions
<R>
ARIZONA FUND	$1,371	$938
MASSACHUSETTS FUND	$8,062	$5,516
MICHIGAN FUND	$1,867	$1,277
MINNESOTA FUND	$2,824	$1,932
NEW JERSEY FUND	$5,439	$3,721
OHIO FUND	$3,747	$2,564
PENNSYLVANIA FUND	$5,356	$3,664
</R>


		Dollar range of
	Dollar range of	Massachusetts	Dollar range of	Dollar range of
	Arizona Fund	Fund shares	Michigan Fund	Minnesota Fund
Name of Trustee	shares owned	owned	shares owned	shares owned

</R>
Liaquat Ahamed	$1-$10,000	$1-$10,000	$1-$10,000	$1-$10,000

Ravi Akhoury	$1-$10,000	$1-$10,000	$1-$10,000	$1-$10,000

Barbara M. Baumann	$1-$10,000	$1-$10,000	$1-$10,000	$1-$10,000

Jameson A. Baxter	$1-$10,000	$1-$10,000	$1-$10,000	$1-$10,000

<R>
</R>
Robert J. Darretta	$1-$10,000	$1-$10,000	$1-$10,000	$1-$10,000

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

<R>
John A. Hill	$1-$10,000	$1-$10,000	$1-$10,000	$1-$10,000

Paul L. Joskow	$1-$10,000	$1-$10,000	$1-$10,000	$1-$10,000

</R>
Kenneth R. Leibler	$1-$10,000	$1-$10,000	$1-$10,000	$1-$10,000

Robert E. Patterson	$1-$10,000	$1-$10,000	$1-$10,000	$1-$10,000

George Putnam, III	$10,001-$50,000	$50,001-$100,000	$10,001-$50,000	$10,001-$50,000

W. Thomas Stephens	$1-$10,000	$1-$10,000	$1-$10,000	$1-$10,000

* Robert L. Reynolds	$1-$10,000	$1-$10,000	$1-$10,000	$1-$10,000


				Aggregate dollar
				range of shares
			Dollar range of	held in all of the
	Dollar range of	Dollar range of	Pennsylvania	Putnam funds
	New Jersey Fund	Ohio Fund shares	Fund shares	overseen by
Name of Trustee	shares owned	owned	owned	Trustee

Liaquat Ahamed	$1-$10,000	$1-$10,000	$1-$10,000	over $100,000

Ravi Akhoury	$1-$10,000	$1-$10,000	$1-$10,000	over $100,000

Barbara M. Baumann	$1-$10,000	$1-$10,000	$1-$10,000	over $100,000

Jameson A. Baxter	$1-$10,000	$1-$10,000	$1-$10,000	over $100,000

<R>
</R>
Robert J. Darretta	$1-$10,000	$1-$10,000	$1-$10,000	over $100,000

Katinka Domotorffy	$1-$10,000	$1-$10,000	$1-$10,000	over $100,000

<R>
John A. Hill	$1-$10,000	$1-$10,000	$1-$10,000	over $100,000

Paul L. Joskow	$1-$10,000	$1-$10,000	$1-$10,000	over $100,000

</R>
Kenneth R. Leibler	$1-$10,000	$1-$10,000	$1-$10,000	over $100,000

Robert E. Patterson	$1-$10,000	$1-$10,000	$1-$10,000	over $100,000

George Putnam, III	$10,001-$50,000	$10,001-$50,000	$10,001-$50,000	over $100,000

W. Thomas Stephens	$1-$10,000	$1-$10,000	$1-$10,000	over $100,000

* Robert L. Reynolds	$1-$10,000	$1-$10,000	$1-$10,000	over $100,000


Audit, Compliance and Distributions Committee*	12
Board Policy and Nominating Committee	3
Brokerage Committee	3
Contract Committee	9
</R>
Executive Committee	1
Investment Oversight Committees
<R>
Investment Oversight Committee A	6
Investment Oversight Committee B	6
Pricing Committee	5


<R>
Arizona Fund
		Pension or	Estimated	Total
		retirement	annual benefits	compensation
	Aggregate	benefits accrued	from all Putnam	from all
	compensation	as part of fund	funds upon	Putnam
Trustees	from the fund	expenses	retirement(1)	funds(2)

Liaquat Ahamed/2012(3)	$167	N/A	N/A	$285,000

Ravi Akhoury/2009	$167	N/A	N/A	$285,000

Barbara M. Baumann/2010(3)	$167	N/A	N/A	$285,000

Jameson A. Baxter/1994(3)(4)	$243	$0	$110,500	$435,625

Charles B. Curtis/2001 (5)	$167	$0	$113,900	$285,000

Robert J. Darretta/2007(3)	$161	N/A	N/A	$273,000

Katinka Domotorffy /2012(3)	$167	N/A	N/A	$285,000

John A. Hill/1985(3)	$167	$0	$161,700	$285,000

Paul L. Joskow/1997(3)	$167	$0	$113,400	$285,000

Kenneth R. Leibler/2006	$182	N/A	N/A	$310,000

Robert E. Patterson/1984	$182	$0	$106,500	$310,000

George Putnam, III/1984	$167	$0	$130,300	$285,000

W. Thomas Stephens/1997(6)	$167	$0	$107,100	$285,000
</R>

Robert L. Reynolds/2008(7)	N/A	N/A	N/A	N/A


<R>
Ohio Fund
		Pension or	Estimated annual	Total
		retirement	benefits from all	compensation
	Aggregate	benefits accrued	Putnam funds	from all
	compensation	as part of fund	upon	Putnam
Trustees	from the fund	expenses	retirement(1)	funds(2)

Liaquat Ahamed/2012(3)	$456	N/A	N/A	$285,000

Ravi Akhoury/2009	$456	N/A	N/A	$285,000

Barbara M. Baumann/2010(3)	$456	N/A	N/A	$285,000

Jameson A. Baxter/1994(3)(4)	$661	$0	$110,500	$435,625

Charles B. Curtis/2001 (5)	$456	$0	$113,900	$285,000

Robert J. Darretta/2007(3)	$437	N/A	N/A	$273,000

Katinka Domotorffy /2012(3)	$456	N/A	N/A	$285,000

John A. Hill/1985(3)	$456	$0	$161,700	$285,000

Paul L. Joskow/1997(3)	$456	$0	$113,400	$285,000

Kenneth R. Leibler/2006	$495	N/A	N/A	$310,000

Robert E. Patterson/1984	$495	$0	$106,500	$310,000

George Putnam, III/1984	$456	$0	$130,300	$285,000

W. Thomas Stephens/1997(6)	$456	$0	$107,100	$285,000

</R>
Robert L. Reynolds/2008(7)	N/A	N/A	N/A	N/A


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

<R>
ARIZONA FUND	$941	$1,090	$5,237	$3,232	$415	$11,645	$3,933
MASSACHUSETTS FUND	$1,639	$1,899	$9,125	$5,631	$722	$20,289	$6,852
MICHIGAN FUND	$979	$1,134	$5,448	$3,362	$431	$12,114	$4,091
MINNESOTA FUND	$1,036	$1,200	$5,766	$3,558	$456	$12,820	$4,330
NEW JERSEY FUND	$1,374	$1,592	$7,646	$4,718	$605	$17,002	$5,742
OHIO FUND	$1,151	$1,334	$6,408	$3,954	$507	$14,248	$4,812
PENNSYLVANIA FUND	$1,305	$1,512	$7,264	$4,482	$575	$16,152	$5,454


		Shareholder name	Percentage
Fund name	Class	and address	owned (%)

<R>
ARIZONA FUND	A	National Financial Services, LLC	10.20%
		for the Exclusive Benefit of
		Our Customers
		499 Washington Blvd.
		Attn: Mutual Funds Dept 4th Fl
		Jersey City, NJ 07310-2010

	A	First Clearing LLC	9.72%
		Special Custody Acct for the
		Exclusive Benefit of Customer
		2801 Market St.
		Saint Louis, MO 63103-2523

	A	Morgan Stanley Smith Barney	8.62%
		Harborside Financial Center
		Plaza 2, 3rd Floor
		Jersey City, NJ 07311


		Total	Sales charges retained	Contingent
		front-end	by Putnam Retail	deferred
	Fiscal	sales	Management after dealer	sales
Fund name	year	charges	concessions	charges
<R>
ARIZONA FUND	2015	$37,196	$5,893	$0
	2014	$32,117	$5,237	$0
	2013	$89,283	$18,964	$0
MASSACHUSETTS FUND	2015	$113,511	$19,262	$0
	2014	$77,484	$12,307	$2,835
	2013	$448,068	$70,717	$20,344
MICHIGAN FUND	2015	$41,094	$11,163	$0
	2014	$29,072	$4,583	$0
	2013	$98,523	$14,960	$0
MINNESOTA FUND	2015	$56,581	$9,347	$1,674
	2014	$22,549	$3,087	$0
	2013	$90,709	$13,253	$1,749
NEW JERSEY FUND	2015	$92,850	$14,313	$0
	2014	$79,214	$13,008	$2,674
	2013	$380,404	$60,054	$0
OHIO FUND	2015	$69,908	$11,135	$14,120
	2014	$65,044	$10,335	$0
	2013	$179,345	$29,244	$0
PENNSYLVANIA FUND	2015	$161,892	$25,848	$0
	2014	$91,357	$13,881	$0
	2013	$390,554	$60,291	$0
</R>


Fund name	Fiscal year	Contingent deferred sales charges
<R>
ARIZONA FUND	2015	$0
	2014	$0
	2013	$0
MASSACHUSETTS FUND	2015	$2,837
	2014	$2,406
	2013	$3,632
MICHIGAN FUND	2015	$0
	2014	$3,186
	2013	$38
MINNESOTA FUND	2015	$181
	2014	$0
	2013	$0
NEW JERSEY FUND	2015	$210
	2014	$6,877
	2013	$2,247
OHIO FUND	2015	$1,130
	2014	$605
	2013	$878
PENNSYLVANIA FUND	2015	$1,624
	2014	$4,572
	2013	$4,117
</R>


			Sales charges retained by
	Fiscal	Total front-end	Putnam Retail Management
Fund name	year	sales charges	after dealer concessions
<R>
ARIZONA FUND	2015	$0	$0
	2014	$0	$0
	2013	$182	$22
MASSACHUSETTS FUND	2015	$574	$101
	2014	$2,375	$321
	2013	$4,334	$479
MICHIGAN FUND	2015	$15	$1
	2014	$665	$48
	2013	$647	$67
MINNESOTA FUND	2015	$0	$0
	2014	$20	$2
	2013	$617	$117
NEW JERSEY FUND	2015	$1,334	$277
	2014	$285	$46
	2013	$3,714	$471
OHIO FUND	2015	$538	$117
	2014	$396	$66
	2013	$3,300	$607
PENNSYLVANIA FUND	2015	$4,125	$377
	2014	$3,029	$205
	2013	$9,971	$1,764
</R>


ARIZONA FUND	$29,879
MASSACHUSETTS FUND	$175,470
MICHIGAN FUND	$40,400
MINNESOTA FUND	$61,559
NEW JERSEY FUND	$118,006
OHIO FUND	$81,272
PENNSYLVANIA FUND	$115,874
</R>


					Other accounts (including
					separate accounts,
			Other accounts that pool		managed account programs
Portfolio	Other SEC-registered open-		assets from more than one		and single-sponsor defined
managers	end and closed-end funds		client		contribution plan offerings)

	Number		Number		Number
	of		of		of
	accounts	Assets	accounts	Assets	accounts	Assets

<R>
Thalia Meehan	15	$7,038,000,000	0	0	1	$500,000

Paul Drury	15	$7,038,000,000	0	0	0	0

Susan McCormack	15	$7,038,000,000	0	0	1	$1,400,000


					Other accounts (including
					separate accounts, managed
			Other accounts that pool		account programs and
Portfolio	Other SEC-registered open-		assets from more than one		single-sponsor defined
managers	end and closed-end funds		client		contribution plan offerings)

	Number		Number		Number
	of		of		of
	accounts	Assets	accounts	Assets	accounts	Assets

<R>
Thalia Meehan	15	$7,018,600,000	0	0	1	$500,000

Paul Drury	15	$7,018,600,000	0	0	0	0

Susan McCormack	15	$7,018,600,000	0	0	1	$1,400,000


Fund	Portfolio managers	Dollar range of shares owned
THE ARIZONA FUND	Thalia Meehan	$0
	Paul Drury	$0
	Susan McCormack	$0
THE MASSACHUSETTS FUND	Thalia Meehan	$100,001-$500,000
	Paul Drury	$10,001-$50,000
	Susan McCormack	$1-$10,000
<R>
MICHIGAN FUND	Thalia Meehan	$0
	Paul Drury	$0
	Susan McCormack	$0
MINNESOTA FUND	Thalia Meehan	$0
	Paul Drury	$0
	Susan McCormack	$0
NEW JERSEY FUND	Thalia Meehan	$0
	Paul Drury	$0
	Susan McCormack	$0
OHIO FUND	Thalia Meehan	$0
	Paul Drury	$0
	Susan McCormack	$0
PENNSYLVANIA FUND	Thalia Meehan	$0
	Paul Drury	$0
	Susan McCormack	$0
</R>


	CLASS A		CLASS M
		Amount of sales		Amount of sales
		charge		charge
		reallowed to		reallowed to
	Sales charge as	dealers as a	Sales charge as	dealers as a
Amount of transaction at	a percentage of	percentage of	a percentage of	percentage of
offering price ($)	offering price	offering price	offering price	offering price

Under 50,000	5.75%	5.00%	3.50%	3.00%
50,000 but under 100,000	4.50	3.75	2.50	2.00
100,000 but under 250,000	3.50	2.75	1.50	1.00
250,000 but under 500,000	2.50	2.00	1.00	1.00
500,000 but under 1,000,000	2.00	1.75	1.00	1.00
1,000,000 and above	NONE	NONE	N/A*	N/A*